Corporate Taxation

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you inherited $100,000,000 from your grandparents.

Thus, with this new money, you will establish a new business in the form of either a C-Corp or a Partnership. Subsequently, you will report on the non-tax reasons for your choice of entity. Then you will enter into numerous transactions, some which will be taxable while others are not. Here, you can discuss new formations, deductible expenses, inclusion of income, basis changes, and distributions. Your choice on entity will determine the taxability of the transactions you choose. Additionally, provide a sample income statement, balance sheet or K-1 to show a snapshot of your business activity.

Them pretend that your businesses have done very well under your management and during this time, you have amassed a large amount of assets. Thus, with these assets, Talk to me about your propsd estate planning ideas so that you can save on taxes.

Additionally, I would like to see distributions, salaries, additions, initial formations, dividends, etc coming out of each of these entities with a discussion of the associated taxes. You also may want to include liability planning.

Here is an example…

Grandpop and Grandmom died and left $100MM to their 5 grandkids. The first kid started up a sole proprietorship with his dental business. Kid #2 and #3 started a C corp. that manufactured clothing. Kid #4 and #5 started a partnership that provided investment advice. Now, why did these kids chose the structure they did? Who has liability and who doesn’t. What else can they contribute to the new businesses? What happens if other new owners or partners come into the business? Show me show transactions like salaries, dividends, withdrawals,etc. How much tax did they pay? What are their basis in this businesses. What is taxable and what isn’t. Additionally, many years later, as these children have matured and started their own families, should they start their own tax planning techniques to save on Federal Estate Tax and possibly pass on the businesses to the next generation. How can these people save taxes?

I am looking for some creative scenarios that tie together the tax concepts we discussed in class. Please provide your work on Powerpoint with at least 10 slides.

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