Subchapter S as a Vehicle in Real Estate and Oil & Gas

This article discusses several significant problem areas faced in real estate and oil & gas activities under the new rules for S corporations enacted by the Subchapter S Revision Act of 1982 (hereinafter the 1982 Act ),\u27 as modified by the Tax Reform Act of 1984 (hereinafter the 1984 Act ). The 1982 Act brought the taxation of S corporations and shareholders more in line with the partnership model, thus making the law conform more to the expectations of the parties. At the same time, the 1982 Act removed many of the serious pitfalls and the sought after planning devices under the old law. Nevertheless, differences between S corporations and partnerships (or proprietorships) remain, as does the necessity for planning in the use of S corporations. Moreover, the law prior to the 1982 Act continues to be applicable to certain oil and gas corporations so electing. The principal objective in making such an election will be to continue use of the former rules relating to the independent producers and royalty owners exemption, which will view the S corporation as a separate entity in applying the daily 1,000 barrel exemption

Design issues in a credit method value-added tax for the United States

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