Debt discharge controversy for owners of S corporations

Article Abstract:

The authors discuss the problems associated with taxation of cancellation of debt income for S corporations.

Author: Martin, Mark R., Tierney, James E.
Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 2000

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Supreme Court hands windfall to owners of insolvent S corporations

Article Abstract:

The authors discuss the US Supreme Court's decision in Gitlitz, in which conflicts regarding the taxation of cancellation of debt income and S corporation passthrough rules were resolved in favor of the taxpayer.

Author: Martin, Mark R., Tierney, James E.
Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 2001

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Suspended passive activity losses survive S election

Article Abstract:

The authors discuss the US Court of Appeals for the 10th Circuit's decision in St. Charles Investment Co., in which the court ruled that a C corporation's passive activity losses could carry over after their conversion to a S corporation.

Author: Martin, Mark R., Tierney, James E.
Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 2001
Cases, Close corporations, Closely held corporations, Passive activity (Taxation)

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Subjects list: United States, Extinguishment of debts, Taxation, Debt cancellation, Laws, regulations and rules, Corporate income taxes, S corporations
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