Taxation

What is the meaning of the statement ‘‘U.S. persons are taxed on their worldwide income’’? Liang, a U.S. citizen, owns 100% of ForCo, a foreign corporation not engaged in a U.S. trade or business. Absent any dividends or Subpart F inclusions, is Liang subject to any U.S. income tax on the profits of ForCo?

Print out a copy of the S corporation Schedule M–3. Compare it to the partnership Schedule M–3. On one PowerPoint slide, list the four most important differences between the forms.

What are the tax consequences if the shareholders engage in a partial COMMUNICATIONS liquidation of an S corporation?

Summarize your findings in a PowerPoint presentation for your classmates.

Use a spreadsheet program to graph the growth in the number of S COMMUNICATIONS corporation returns filed. Obtain data for these years: 1975, 1980, 1985, 1990, 1995, 2000, and 2005. In a note to your instructor, explain the trends that you found in S returns filed.

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