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.

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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.

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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.

Cases, Close corporations, Closely held corporations, Passive activity (Taxation)

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