IRS hands greater flexibility to S corporations

Article Abstract:

Congress' revisions to S-corporation rules should provide S corporations added flexibility in business succession and estate planning. The revisions, which were enacted as part of the Small Business Job Protection Act of 1996, will result in several changes to subchapter S of the Internal Revenue Code. The changes include allowing up to 75 shareholders to own an S corporation instead of only 35 shareholders. S corporations will also no longer be limited to owning less than 80% of their C-corporation subsidiaries.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Business Regulation NEC, Economic policy, Commercial law, Estate planning, S corporations, United States. Congress, Succession planning (Business)

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The only constants: taxes and tax law changes

Article Abstract:

The Taxpayer Relief Act of 1997 contains provisions that affect tax management strategies. The law mandates an increase in the unified credit for property that can be transferred by a taxpayer. Also, family business owners can avail of the $1.3 million exclusion under the new law. Other tax rules affected by the Taxpayer Relief Act include gift taxes, deferred estate taxes, conservation easements, charitable remainder trust and charitable planning.

Tax Management, Methods, Analysis, Tax accounting, Tax planning, Estate tax, Estate taxes, Gift tax

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Will proposed IRS rules simplify client planning? The IRS "Check the Box" revisions could make life easier for businesses, but some pitfalls may remain

Article Abstract:

The "Check the Box" regulations promulgated by the Internal Revenue Service in May 1996 should simplify business and estate planning by unincorporated companies by providing for a choice of entity tax schedules while encouraging limited partnerships to become limited liability companies. One problem with the proposal is its incompatibility with the LLC statutes contained in the tax codes of certain states.

Corporate Income Taxes, Column, Business enterprises, Limited liability companies, Tax policy

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