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Credit Hours: 1
By: Bob Jennings CPA, EA
IRS Number: 5KBKR-T-00148-14-S
Usually when the owner of an “S” corporation is ready to sell his or her company they are only interested in selling the stock in the “S” corporation. Occasionally there are exceptions to this treatment. If the seller is willing to accept a significantly lower purchase price the buyer may be enticed to buy stock rather than assets. In a 338 election, the buyer’s new corporation buys the stock of the seller’s old “S” corporation to ensure transfer of any contracts without legal ramifications, but the IRS treats it as an asset purchase to avoid disqualifying the new “S” corporation. We illustrate the proper treatment, elections and forms, with examples and completed forms of the 338 election.
2014 Course Version
Upon completion of this course the student will be able to correctly make a 338 step up basis election and understand the appropriate financial situation when the election should be considered
Field of Study
**One exam credit is included at no charge with each product purchased. Additional exam credits can be purchased above. Exams can be taken up to 1 year from purchase date.
Credit Hours: 1
by Bob Jennings CPA, EA
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