The closely held corporation tax workbook
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The closely held corporation tax workbook

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Published by Panel Publishers in Greenvale, N.Y .
Written in English



  • United States.


  • Close corporations -- Taxation -- United States.,
  • Close corporations -- United States.

Book details:

Edition Notes

Tax forms supplement issued separately.

StatementStephen J. Anderson.
LC ClassificationsKF6484 .A96 1989
The Physical Object
Paginationxii, 328 p. :
Number of Pages328
ID Numbers
Open LibraryOL2051248M
ISBN 100916592774
LC Control Number88028936

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Managing Closely Held Corporations: A Legal Guidebook Refer to this guide for your closely held corporation questions. This book discusses the important key roles and duties, as well as the legal principles governing them, and provides expert guidance and a thorough understanding of special concerns involved. ISBN: OCLC Number: Notes: Updated by supplement: The closely held corporation desk book. Includes index. Description. Special problems of professional corporations / Converse Murdoch Estate planning considerations / William B. Lynch Redemptions and liquidations / Stephen H. Paley Taxable acquisitions and sales of the closely held corporation / JohnD. Hopkins Corporations and shareholders: update / Heilbronner. Series Title. Covers "cradle-to-grave" business planning, from choosing the right business entity to winding up the business. Includes overviews of employment law and tax issues, sample drafted forms, and helpful exhibits and checklists. Use this book to efficiently handle: Allocating formation responsibilities among the attorney, the accountant, and the client.

Closely held corporation. A corporation is a closely held corporation if at any time during the last half of the tax year more than 50% in value of its outstanding stock is directly or indirectly owned, by or for not more than five individuals, and the corporation is not a personal service corporation.   Generally, a closely held corporation is a corporation that: Has more than 50% of the value of its outstanding stock owned (directly or indirectly) by 5 or fewer individuals at any time during the last half of the tax year, and Isn't a personal service corporation.   With respect to this second level of tax, the owners of a closely held C corporation will have to be mindful of the separate legal status of the corporation, lest they transact with the corporation in such a way as to inadvertently cause a constructive distribution by the corporation that is treated as a taxable dividend to its owners.   Over the last thirty years, I have reviewed the income tax returns of many closely held corporations and partnerships. Quite often, on Schedule L (the balance sheet), I will see an entry for “other assets” or “other liabilities,” which are described on the attached explanatory statement as loans to or from affiliates, as the case may be. I then ask a series of questions: did the board.

Workbook Chapter 9: Entity 9 Chapter 9: Entity This chapter is designed to further a reader’s understanding of certain tax aspects of closely-held corporations. It is not intended to be a complete exposition on any subject. The following four topics .   Closely Held Corporation Taxes. A closely held corporation may be a C corporation or S corporation, which is an important classification for tax you form a closely held corporation, and it meets the IRS criteria for S corporation status, all profits are passed through to the owners' personal tax returns. Business owners are often concerned about how to withdraw cash from their closely-held C corporations at a minimum tax cost. The simplest way to withdraw cash from the corporation is to distribute cash as a dividend. However, a dividend distribution is generally not tax efficient because it is taxable to the recipient to the extent of the corporation's "earnings and profits," but NOT.   Closely Held Corporation: A closely held corporation is any company that has only a limited number of shareholders; its stock is publicly traded on occasion but not on a .