Course Year: 2012
Course Level: Advanced
Prerequisite: NATP's Intermediate S Corporations course or an intermediate knowledge of S corporation taxation.
Advance Preparation: None
* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.
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Fees: $97 for Members and $113 for Nonmembers
This course is designed for tax professionals who have substantial experience preparing S corporation returns and now want explore advanced S corporation topics. Amp up the level of service you provide your S corporation clients by learning about QSubs, ESBTs, QSSTs, loss limitations, debt basis, stock sales treated as asset sales and post-liquidation tax issues. The longer you are in the business of providing services to small businesses, the more likely you are to encounter these issues. Be prepared to educate and employ solutions for your S corporation clients!
Table of Contents
Upon completion of this course, the tax professional will be able to:
- Determine eligibility for the QSub Election.
- Complete Form 8869, Qualified Subchapter S Subsidiary Election.
- Explain timing of deemed liquidations of subsidiary corporations.
- Identify for which purposes a subsidiary is treated as a separate entity from the parent corporation.
- Identify potential built-in gains (BIG) tax implications following a QSub election.
- Elect to treat a stock sale as an asset sale under §338(h)(10).
- Identify the effects on both buyer and seller when electing to treat a stock sale as an asset sale.
- Explain the mechanics of reporting a stock sale treated as an asset sale.
- Identify trusts eligible to be S corporation shareholders.
- Identify scenarios where it’s beneficial to have a trust own S corporation stock.
- Elect for a QSST and ESBT to be treated as an eligible S corporation shareholder.
- Implement relief for a late or missed QSST or ESBT election.
- Calculate a shareholder’s stock and debt basis.
- Distinguish between basis for regular tax and AMT purposes.
- Determine the timing and ordering rules for basis adjustments.
- Identify how current year income is applied against loss carryovers.
- Report the repayment of reduced-basis debt.
- Report settlement paid to a litigant who sued the business after liquidation.
- Identify the proper tax treatment of income and expense that was not anticipated at the time of liquidation.
- Report repayment of loans guaranteed by a shareholder.
For more information regarding refund, complaint and/or program cancellation policies, please contact our Member Services Department at 800.558.3402, ext. 3.
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