Federal Income Taxation of Corporations and Stockholders in a Nutshell

Karen C. Burke, University of Florida College of Law

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Table of Contents

The Ninth Edition is updated to reflect the Inflation Reduction Act of 2022 and other recent legislative and regulatory changes, including:

• the newly-enacted alternative minimum tax of 15% on the adjusted financial statement income of certain large C corporations
• imposition of a 1% excise tax on the value of stock “repurchased” by a publicly-traded corporation
• relief permitting a nonresident alien to be a potential current beneficiary of an electing small business trust (ESBT) without terminating S status
• withdrawal of proposed regulations addressing allocation and recovery of basis in transactions involving corporate stock, including § 351 transfers
• the Service’s no-rule policy on certain § 355 transactions and ongoing study concerning the definition of an active trade or business
• final regulations under § 385 classifying instruments as debt or equity for federal tax purposes
• enactment of elective entity-level passthrough taxes intended to avoid the individual limit on deductibility of state and local taxes

Learn more about this series.