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- W270018509 abstract "EXECUTIVE SUMMARY * An S corporation may have accumulated earnings and profits (EP it is assessed at the highest corporate marginal income tax rate-generally, 35%. * If the corporation continues to have EP only C corporations can. However, if the S corporation was previously a C corporation, it may have accumulated E&P from years when it was a C corporation. Similarly, if an S corporation was a party to a tax-free reorganization with another corporation that had accumulated E&P, the S corporation may have inherited the other corporation's accumulated E&P. S corporations that have accumulated C corporation E&P can have both problems and opportunities. This article examines both and explores solutions. POSSIBLE PROBLEMS An S corporation with E&P may have either or both of two problems: the IRC [section] 1375 passive investment income tax (sometimes called the tax) and the possible loss of its S corporation status. If the gross passive investment income (interest, dividends, certain types of rent, etc.) exceeds 25% of gross receipts, the corporation may be subject to the sting tax on its net passive investment income (gross passive investment income minus expenses of earning that income). This is not a problem if the S corporation has no accumulated E&P. However, if it does have both E&P and excess passive investment income, some of the excess net passive investment income may be subject to tax at the highest corporate income tax rate (currently 35%--thus the sting). The tax will not apply to a year in which there is no taxable income. Furthermore, the IRS can waive this tax if the corporation mistakenly determined that it had no E&P and it distributes the E&P within a reasonable time after its discovery (section 1375(d)). The request to waive the passive investment income tax is made to the IRS in the district where the Form 1120S, U.S. Income Tax Return for an S Corporation, was filed. The S corporation bears the burden of proof for showing the mistake was inadvertent. The request must contain a written statement including a description of when and how the mistaken determination was made, along with a description of any steps taken to distribute the E&P after they were discovered (see Treas. Reg. [section] 1.1376-1(d)). If the distributions have not yet been made, the request must include a schedule of proposed distributions and an explanation of why the timetable is reasonable. …" @default.
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- W270018509 date "2011-01-01" @default.
- W270018509 modified "2023-09-24" @default.
- W270018509 title "Taking the Sting out of S Corporations' Earnings and Profits: Taxpayers Can Elect Several Methods to Avoid a Sizable Tax Bite" @default.
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