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Video instructions and help with filling out and completing Mechanics of 336 e election
Instructions and Help about Mechanics of 336 e election
Our lock mount introduce your speaker for today is Vicky mu lock Vicky is an enrolled agent and certified financial planner CFP and owner of American financial and tax a tax preparation planning and representation firm which has founded in Tustin California in 1985 when Vicky became both a resident and it was dishonor Vicky is a well-known presenter on federal and California tax law with all the answers as continuing education events hosted by various professional organizations she's also an author of numerous articles that have been appeared in very instructional journals in addition to her private practice Vicky serves on two of the three California state tax agency advisory boards the California Franchise Tax Board advisory board in 2022 and the Employment Development departments small business employers Advisory Committee since 1997 she has been honored with numerous awards for his English service in legislation advocacy and educational goals from the enrolled agent Association and a EA and cs/ei she resides with her husband George in Boston Vicky's work at the program we are now ready to begin thank you very much Michael and welcome to all of our attendees today to this presentation on kind of a unusual topic it's a little bit of a complex topic to I will just warn you at the outset here and if it does helps anyone complex for me as well and I think one of the reason that these elections are a bit complex is that these elections actually or a type of almost tax fiction where we report on our tax returns under an election something that didn't really happen but that we can report it as if it happened and we're going to look at actually three different elections today there are two 338 elections the regular and the H 10 election and then a 336 election and we're going to know who can do them and kind of how they functionally work and what it is that they seek to accomplish for a certain taxpayer that would make them attractive and that's what we need to know today we need to know how they function there are certain terminologies or nomenclature involved and some of that nomenclature will be things like old target new target aggregate deemed sales price adjusted growth DEP basis aggregate deemed asset disposition price and deemed liquidation so we're going to have some of that terminology throughout our time today and we want to make sure we know what they all mean and which elections use these and which forms are involved IRS has forms for these elections and then we are wanting to know just recognizing transactions suitable for the election maybe you'll do one or two of these in your whole tax life or maybe you won't but just knowing that they're out there and who they serve and what type of tax payer is benefited by them.