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Internal Revenue Service (IRS) concerning the incorrect reporting of income tax return and payment of the taxes by a qualified subchapter S trust (QSST). IRS found that improper filing and payment of taxes by the QSST rather than the income beneficiary were not circumstances described in the U...
Part 3: Qualified Subchapter S Trust Election This section is only for trusts applying for S corporation status. In case, you are a trust applying for S Corp status, then you will have to mention the beneficiary’s name, address, social security number, and the trust’s name, address, an...
IRS Form 2553 can be a game-changer for the right company. The potential tax savings will undoubtedly pique the interest of many C corps and LLCs. But don’t jump into making an S corp election without careful thought and consideration. ...
Internal Revenue Service (IRS) regarding the entrance of subchapter S corporation Xavier Inc. into an asset purchase agreement to sell property to Yofi Corp. Conditions for the corporation to be eligible to use the installment method of reporting income from the sale; Agreement of the IRS ...
Reports on the ruling by the United States Internal Revenue Service that a deemed sale of stock held by a qualified subchapter S trust (QSST) is taxable to the trust and not to the beneficiary. Acquisition of stoc...
Focuses on the invalidity of a limited partnership's (LP) election not to be treated as a partnership in the U.S. Exclusion of an unincorporated organization from the application of the provisions of Subchapter K; Requirement for the LP to file as a partnership for federal tax purposes; ...