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Form Instructions 2553 for Lewisville Texas: What You Should Know

City of Portland in 2022. Section 1362 — What Is It? Sec. 1362 is one of the most misunderstood tax provisions, but it is what makes the S corporation election easier for an attorney to properly implement in Portland, OR. What is Section 1362? The U.S. Income Tax Code defines Section 1362 as: (a) Qualified property (within the meaning of section 367 of title 26) of an S corporation (as defined in section 1361) at any time in a tax year for which the corporation is taxed on the basis of its gross income and without regard to items of property passing from the assets of the S corporation to the assets of its shareholders. In this section, “qualified property” refers to property from a former S corporation used to provide (other than to the same shareholders) (c) the same services as those provided to the shareholders of the former S corporation by the predecessor S corporation in any tax year of the successor S corporation after the predecessor S corporation ceases to be a qualified corporation. To satisfy the first sentence (c), a successor S corporation must acquire at any time within its first 10 taxable years of existence the property at which the predecessor S corporation was formerly engaged in the same capacity and provide those services to the same shareholders. Therefore, a corporation can not lose its status as a qualified property owning shareholder by acquiring the same qualified property without paying a 10% or greater gain on the acquisition. So, “qualified property” means property at least as valuable as any property owned by the former S corporation when it began to provide a similar service. This property must be identical to the property the predecessor company sold and provided to shareholders. The successor S corporation's use of the property must be identical to that used by the predecessor to provide services to the shareholders that was available before the predecessor discontinued providing similar services. That is, the successor S corporation cannot change a service that was available for the predecessor to provide during the 10 years the predecessor business was in existence. In other words, the successor S corporation can't substitute a different service for that used by the predecessor. Example.  Say you own a building, a building that was converted by a predecessor S corporation. It was valued as of its conversion at 100 million. When that 100 million building was sold, the buyer purchased it for 120 million. He pays tax on his property at the same rate as the building's prior owners.

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