A business entity’s classification for federal tax purposes is critical to correctly reporting its activities and strategizing to minimize its tax liability. Certain domestic and foreign entities or activities have elections available that give great flexibility to how federal law taxes the entity. This course will review the classification rules, the election options available, and relevant issues for each election, including eligibility, making the election, revoking the election, and late elections.

Learning Objectives

  • Identify how and when partnerships can elect out of partnership treatment via the qualified joint venture and Sec. 761(a) elections.
  • Explain how a corporation makes a timely or late S election and the consequences thereof.
  • Explain the default treatment and election options for domestic eligible entities, such as a limited liability company.
  • Explain the default treatment and election options for foreign eligible entities.
  • Analyze the advantages, disadvantages, and tax consequences to the various entity elections available.


Education Information

IRS Program Number: NMVBP-T-00153-20-S

Length: 100 minutes plus optional question-and-answer session (no CE)

Prerequisite: None

Advanced Preparation: None

Program Level: Intermediate

Delivery Method: Self-Study

Field of Study: Federal Tax Law (IRS);

Credit hours: 2 IRS

Instructor: Thomas Gorczynski, EA, CTP, USTCP Click here to learn more about the instructor

All continuing education credit is provided through Gregory & Associates, Inc. which is doing business as Compass Tax Educators. Click here for more information regarding our education policies.

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