This course will review the tax implications of incorporating a new corporation. Instructor Lynne Glennon will explain the tax policy and basic requirements of Section 351 in formation of a new business and transfers of property to previously existing corporations.
Upon successful completion of this course, participants will be able to:
- Cite the requirements in order to qualify for a tax-free transaction under §351.
- Determine the amount of any gain or loss which must be recognized on a transfer to a corporation with and without boot.
- Identify the steps in the process of calculating the basis in stock received under IRC §358(a) and determine its holding period for both the shareholder and the corporation.
- Identify the appropriate application of depreciation for the corporation on assets received in §351 transactions.
- Cite the rules with respect to the assumption of liabilities as part of the §351 transaction.
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