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This course is designed to facilitate your understanding of the use of qualified subchapter S subsidiaries. This course will acquaint you with the eligibility criteria for Qsubs, provide you with an understanding of the election procedures required to create a Qsub, and address the tax consequences of making a valid Qsub election. In addition, this course covers the basic rules related to terminations of Qsub status. You will get insights on different types of scenarios, such as situations where a Qsub's separate corporate status is respected for tax purposes.
After completing this course you will be able to:
• Identify the basic requirements for Qsub election;
• Recognize the effective date options for Qsub elections;
• Identify the relief available for untimely elections;
• Determine the tax effect on the parent and subsidiary after making a valid Qsub election;
• Analyze the specific timing issues that may arise with respect to Qsub elections and deemed liquidations;
• Determine the timing of deemed liquidations in regards to the acquisition of a subsidiary subsequent to a Qsub election;
• Navigate the arguments for two reporting alternatives regarding LIFO recapture when a Qsub is acquired from a consolidated group;
• Determine the effect of a termination of Qsub status and application of the five-year rule;
• Apply the separate entity rule and determine when the separate corporate status of a Qsub is respected for tax purposes; and
• Identify situations in which a separate Qsub EIN is needed.
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