Business tax law

There are a myriad of issues on business tax law. 1. One category of issues pertains to the type of business entity you have. For example, if your business is an S corporation you may face a built in gains tax if you converted from a C corporation format, you will have restrictions on who can be shareholders of your S corporation, etc. If your business is a partnership (or a limited liability company taxed as a partnership) and you have family members as owners and employees, then the Code Section 704(e) family partnership rules will apply. 2. Another category of issues pertains to the operation of your entity. If you own property that can be depreciated then the depreciation (cost recovery) tax rules will affect you. If you deduct travel and entertainment and similar expense then the business deduction rules (Code Sections 167 and 274) will affect you.