Related Posts
What software do you use on a daily basis?
How's the wlb here?
Additional Posts in Tax Bowl
Is the market due for a correction anytime soon?
DM me for referrals!
What is Op Transfer Pricing
I miss BNA 🥺
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.





Watch out for these traps (educational purposes only):
1. Distributions are taxable as dividends to extent of current or accumulated E&P. So even if a company has large historical losses if the company has positive E&P in current year and pays a distribution it is a taxable dividend.
2. If company acquires stock of Target solely for their own voting stock and Target survives that is a B Reorg and the Acquiring Company’s basis in Target stock is equal to the basis of the former Target shareholders (which might be low or even zero). As long as Acquiring owns 80 percent of Target and could liquidate tax free under 332 they don’t need to record Deferred Tax on outside basis difference in Target stock. But if they ever decide to sell they need to record DTL.
3. If you are acquiring a Target from another group mid year be careful about paying for carryovers. Target consolidated group has until the end of their tax year to use up any carryovers in which case nothing will get allocated out to Target.
4. 382 is nasty - don’t go it alone get help from a specialist. Lots of planning opportunities but also lots of pitfalls.
Both of the above for good technical knowledge. If you need ASC 740, each firm has a guide they publish & update each year.
I like the PwC guide the most out of all of them
Federal Corporate Taxation by Howard Abrams and Don Leatherman
Dubroff for consolidated regs. Forget who the actual authors are now though.