Course Description: This course deals with the basic requirements related to qualified subchapter S trusts, or QSSTs. In this course we will discuss election procedures (including termination of the QSST), and address the tax principles associated with these trusts. 

Course Level: Intermediate

Course Prerequisites: This course presumes a basic understanding of the requirements and tax principles involving S corporations.

Delivery Method: Self-study

At the end of this course, you will be able to: 

• Describe the threshold distribution qualification for QSSTs; 
• Identify two (2) special situations regarding distributions; 
• Describe the four (4) provisions that are required for a trust to qualify as a QSST;
• Understand who must make a QSST election; 
• Describe the basic components of a valid QSST election; 
• Identify the deadline for filing a QSST election; 
• Describe the circumstances and consequences involving revocation and termination of QSST elections;
• Understand the basic tax consequences of a QSST; Describe the tax consequences of failing to make a proper QSST election or the termination of such election; and 
• Identify the tax results from the sale of S corporation stock by a QSST.

CPE

2

CLE

N/A