The IRS this week issued some relatively unsurprising guidance on the treatment of life insurance and an S corporation's accumulated adjustments account, so this week we'll look at the more general issues of the relevance (and lack of relevance) of AAA for an S corporation and its shareholders, and how the item is computed.

The materials are available at http://www.edzollars.com/2008-07-07_AAA.pdf .

The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com .