eLearning

Electing Small Business Trusts

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DESCRIPTION

This course is designed to facilitate your understanding of the use of electing small business trusts (ESBTs) as shareholders of an S corporation 

Educational Objectives
• Describe the qualifications for an ESBT 
• Define “beneficiary” as that term relates to ESBTs 
• Understand the rules and restrictions regarding distributee trusts 
• List the information required in an ESBT election
• Understand the options available for making a late ESBT election 
• Identify the requirement for revoking an ESBT election
• Describe the basic tax implications associated with ESBTs 
• Understand how to allocate gain from the sale of S corporation stock by an ESBT 
• Describe the consequences of charitable contributions made by an ESBT
• Identify the tax results when an ESBT terminates