U.S. IRS Announces Six Additional Large Business and International Compliance Campaigns

On 19 July 2019, the IRS Large Business and International (LB&I) Division issued a release announcing the approval of six additional compliance campaigns. The compliance campaigns and their description are as follows:

S Corporations Built in Gains Tax

C corporations that convert to S corporations are subjected to the Built-in Gains tax (BIG) if they have a net unrealized built-in gain and sell assets within 5 years after the conversion. This tax is assessed to the S corporation. LB&am…