Exercise caution when taking advantage of new S corporation legislation.
The Tax Adviser - Vol. 28 Nbr. 7, July 1997
St. Clair, Scott
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Relaxation of several restrictions on S corporations enacted under the Small Business Job Protection Act of 1996 may make electing qualified subchapter S subsidiary (QSSS) treatment more attractive, but there may be other adverse tax consequences to making such an election. Members of consolidated groups with excess loss accounts or deferred intercompany transactions may trigger gain recognition by electing S status. State tax laws may not yet be updated to conform with federal laws, and the QSSS election may not be respected for state tax purposes.
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Exercise caution when taking advantage of new S corporation legislation.
By the time this article is published, the 1996 legislation relating to S corporations will have been in effect for almost a year. Much has been written on the new provisions, which range from increasing the ...
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