So the accountants looked to another alternative, recommending that A distribute the note receivable from S Corporation 2 to A, who in turn would contribute the note to S Corporation 1.

FORBES: The Top Ten Tax Cases Of 2012, #5: S Corporation Shareholders Get A Mulligan For Sloppy Tax Planning

Alternatively, can A assume the debt S Corporation 1 owes to S Corporation 2 in return for a promissory note from A to S Corporation 2?

FORBES: The Top Ten Tax Cases Of 2012, #5: S Corporation Shareholders Get A Mulligan For Sloppy Tax Planning

At a minimum, in setting the compensation of our S corporation shareholder-employee clients, we must consider the following (note, all of these considerations are discussed in much greater detail in this article published in the Tax Adviser in August of 2011).

FORBES: Significance of Watson

You will note that consumption taxes have lower deadweight costs than capital and corporation taxes.

FORBES: I Must Apologise For One Of My Fellow Englishmen: Simon Tilford In The New York Times

The note between the two parties was a legitimate debt of S Corporation 1 and an asset of S Corporation 2.

FORBES: The Top Ten Tax Cases Of 2012, #5: S Corporation Shareholders Get A Mulligan For Sloppy Tax Planning

On a separate note: The book is a detailed and honest look at the inner workings of a huge corporation.

FORBES: Memoirs Of BP's Browne Foreshadow Blowout