Current Developments in S Corporations (Part II)

There have been numerous tax law changes in the past few years, each of which has included provisions that affected S corporations. This year Treasury issued final regulations that provide guidance on changes made by the AJCA and the GO Zone Act to the rules governing S corporations.50 Specifically,...

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Bibliographic Details
Published in:The Tax Adviser 2008-11, Vol.39 (12), p.760
Main Authors: Burton, Hughlene, Karlinsky, Stewart S
Format: Article
Language:English
Subjects:
Beneficiaries
C corporations
Electing Small Business Trust
Elections
Income tax returns
Income taxes
Liability
Limited liability companies
Powers of appointment
S corporations
Small business
Stockholders
Tax regulations
Tax returns
Taxpayers
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Summary:There have been numerous tax law changes in the past few years, each of which has included provisions that affected S corporations. This year Treasury issued final regulations that provide guidance on changes made by the AJCA and the GO Zone Act to the rules governing S corporations.50 Specifically, the regulations address three S corporation issues: 1. The S corporation family shareholder rules, 2. The definition of "powers of appointment" and "potential current beneficiaries" regarding an electing small business trust (ESBT), and 3. The allowance of suspended losses to the former spouse of an S corporation shareholder.
ISSN:0039-9957