As I mentioned in the first part of the series, the news is not all bad for those facing unwanted excise taxes. A private foundation (PF) can avoid excise taxes if it owns less than 2% of the S corporation stock. A charity may hold S corporation for five years if no more than 20%… Continue Reading
Category Archives: Excise Tax
Subscribe to Excise Tax RSS FeedThe Absence of Symmetry (Part 1 of 2)
Posted in Business Tax, Excise Tax“New Jersey and You: Perfect Together”, the State’s tourism slogan, will never be borrowed to describe gifts of S corporation stock. An S corporation, simply put, is a corporation that elects to be taxed under sub chapter ”S” of the Internal Revenue Code, and essentially borrows rules from both standard C corporations and partnerships. What is striking… Continue Reading