Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast August, 16 2019, Episode 44 Listen as Lynn Nichols provides commentary on 4 Items pertaining to current developments in U.S. tax law. Extension Granted to File S Corp Asset Disposition Election The IRS granted an extension for a limited liability company to make a section 336(e) election regarding the LLC’s acquisition of the stock of an S corporation from an S corporation shareholder. [LTR 201930001, 4/29/2019, rel. 7/26/2019]   S Corporation’s Reorganization Won't Trigger Gain The IRS ruled that an S corporation whose shareholders disagreed over the business operation could form two new S corporations and contribute half of the assets to each in liquidation of the parent company without triggering gain and that the earnings and profits and accumulated adjustment accounts of the new companies will be allocated under section 312(h). [LTR 201930011, 4/30/2019, rel. 7/26/2019]   Guidance Issued on Making, Revoking Bonus Depreciation Elections The IRS has issued g