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Sect. 2014: Temporary reduction in S-Corporation built-in gain recognition period - Emil Estafanous, CPA : Emil Estafanous, CPA

Sect. 2014: Temporary reduction in S-Corporation built-in gain recognition period

Under the Small Business Jobs Act, if the fifth year of an S Corporation’s recognition period ends before their 2011 taxable year begins, then no entity-level tax is imposed on the net recognized built-in gain for the 2011 tax year. Built-in Gains are reported on Form 1120S Schedule D, Capital Gains and Losses and Built-in Gains. The 2011 Instructions for Schedule D, Form 1120S, will be revised and made available on the IRS Forms and Publications page.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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