IRS Offers a Silver Lining for Qualified Small Business Stock
February 14, 2024 – ArticleBloomberg Law
Tax attorneys Zack Nolan, Skip Kessler, and Daniel Cousineau authored, "IRS Offers a Silver Lining for Qualified Small Business Stock" in Bloomberg Law.
Excerpts:
It’s commonly understood that stock issued by an S corporation—which doesn’t pay corporate taxes because it passes its taxable income, losses, credits, and deductions to its shareholders—is ineligible for the qualified small business stock exclusion under Section 1202 of the tax code.
But until recently, it’s been unclear whether stock issued by a corporation that ended its S election qualifies for the tax break.
Read the full article here.