Enhancing the exemption: how to make sure small business corporation shares qualify

Article Abstract:

Practitioners have taken notice of certain technical inadequacies in the small business corporation (SBC) rules of taxing SBCs. In the holding period, SBC shares face an asset and ownership test that is most likely to deny exemption possibilities. Financial managers have also decried the guideline specifying that asset-transferred treasury shares are to be owned by an unrelated party unless issued as part of a transaction. Such a regulation prevents the sale of additional active business shares retained just prior to any sale.

S corporations

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US survey shows opposition to fair market value accounting

Article Abstract:

Financial institutions in the US are required by the Federal Deposit Insurance Corporation Improvement Act of 1991 and the Financial Accounting Standards Board's Standard 107 to reveal the fair market value of their financial instruments. However, a survey of bankers, analysts and other financial statement users reveal a strong opposition against fair market value accounting. Respondents showed a marked preference for the use of historical cost combined with supplemental fair market disclosure.

Standards, Laws, regulations and rules, Financial services industry, Financial services, Accounting, Surveys, Financial Accounting Standards Board

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Getting personal

Article Abstract:

Most chartered accountants misguidedly consider the preparation and review of personal financial statements as a short-term market only. These professionals need to reconsider this perception because personal financial statements can actually be used to address different client needs. Moreover, they can help in generating additional client engagements, including tax planning, estate planning and personal financial planning.

Personal finance, Practice, Accountants

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