I have three equal partners in an S-corporation. We want to set up a cafeteria plan (a.k.a. flexible spending accounts) to pay for child daycare pre-tax.From what I have read, as greater than 2% share holders in our S-corporation, we are unable to participate in cafeteria plans set up by the company for our employees.If we gift our wives our shares in the S-corporation, may we then participate in a cafeteria plan?I assume such a gift would qualify for the unlimited gift tax marital deduction.Any other ideas on how to accomplish my goal?Any help is appreciated.
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