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Intermediate S Corps: Built-in Gains Tax

 

 

Course Year: 2013
Course Level: Intermediate
Prerequisite: NATP's Preparing S Corporation Returns course of basic knowledge of Form 1120S preparation
Advance Preparation: None
Delivery Method: Self-Study

Note: This course is also included in the Intermediate S Corporations course .

CPE Credits Designation Field of Study
IRS * 1 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 1 CRTP Federal Tax Law Topic
CFP Board 0 CFP® N/A

 

* 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.

 

Fees: $30 for Members and $40 for Nonmembers

Summary

S corporations that were previously C corporations have built-in gains (BIG) tax potential. As tax professionals, you are responsible to recognize if and when your S corporation clients are subject to this corporate level tax. In this module, learn how to determine if BIG tax applies, compute and report BIG tax and learn how your client can avoid it altogether. 

Objectives
Upon completion of this course, the tax professional will be able to:

  • Identify corporations subject to built-in gains tax.
  • Compute and report built-in gains and losses.
  • Compute and report the built-in gains tax.
  • Prepare Schedule D of Form 1120S.
  • Pass through the built-in-gains tax deduction to shareholders.
  • Advise S corporations how to avoid built-in gains tax.

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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PO Box 8002, Appleton, WI 54912-8002 Phone: 800.558.3402 Fax: 800.747.0001

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