Who Gets the Income? Assignment Issues in S Corporations

1 IRS CE/CTEC/NASBA CPE*

This program examines the federal income tax assignment-of-income doctrine and its application to individuals and closely held corporations. Participants review the §61 gross-income foundation and the judicial rule that service income is taxed to the person who earns it, the two-element control test for taxing service income to a corporation, and the employment-agreement and corporate-documentation requirements needed to support proper assignment of income among the taxpayer, an S corporation, or another entity.
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*Self-Study recording available for IRS CE Credit only (NO CPE)

NASBA Field of Study: Taxes

IRS Program #: 7Q3WU-T-00960-26
CTEC Course #: 6248-CE-00314