In this article, I will walk through the tax implications that result when a shareholder of an S Corporation withdraws inventory from the business for personal use. Because a withdrawal of inventory from the business by the shareholder represents a transfer of value from the business to the owner, we view this transaction as a shareholder distribution. The below analysis...Read more...
About Fuller Professional Education
Fuller Professional Education, LLC is dedicated to educating individuals and professionals regarding tax matters. Fuller provides training, continuing education, exam preparation programs, and general information to tax professionals and other individuals in the areas of taxation and law. The Company serves the general publicy by raising awareness wit its tax blog and the Company's products include continuing education courses specifically designed for tax professionals.
Our products have been prepared by experts in the field of taxation and law. Our instructors have real world experience working in all realms of the tax and legal fields including providing tax compliance and controversy services as well as legal advice for individuals, small businesses and publicly traded corporations.
Fuller Entity Name History
The name "Fuller" was established for the Fuller Training Companies in honor of Chief Justice Melville Fuller. In 1895, Chief Justice Melville Fuller drafted the opinion in favor of Pollock in the famous U.S. Supreme Court tax case Pollock vs. Farmers Loan & Trust Co., wherein it was ruled that taxes on interest, dividends and income derived directly from property were an unconstitutional direct tax. The decision was ultimately overturned by an act of congress and the then 48 States in 1913 with the ratification of the 16th amendment to the U.S. Constitution.
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Fuller Professional Education is a continuing education provider fully accredited by the Internal Revenue Service and the California Tax Education Council.
Our courses aren't just carbon copies of IRS Publications - we take you in-depth and give you a real understanding of key tax concepts in every course. We promise you'll learn something new every time.
Latest Tax Blog Posts
Wed, March 07 2018 Fri, February 16 2018
Basis is an important concept for determining how a shareholder calculates the tax implications of many different situations and events related to their ownership in an S Corporation. There are two kinds of basis that a shareholder can have in an S Corporation: stock basis and debt basis. A common question related to shareholder basis is this: does a shareholder...Read more...
Fri, March 31 2017
Many taxpayers are aware that it is possible to exclude gains earned on selling a home from their income tax return. However, a common question is how often and how many times a taxpayer can exclude such gains from their taxes? This article addresses these questions. The tax law that grants taxpayers the right to exclude gains on selling their...Read more...
Tue, March 28 2017
Both of IRS Forms 944 and 941 are used by employers to report employment taxes to the IRS. These taxes include social security tax, medicare tax, additional medicare tax and federal income tax withheld from employee paychecks when payroll is run. Form 944 is an annual report of employment taxes, while the Form 941 is a quarterly report of payroll...Read more...
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