Intermediate S Corporations



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

Note: This course is comprised of several topics. You have the option to purchase the following topics individually: Built-in Gains Tax, Reasonable Compensation, S Corporation Distributions and Shareholder Stock Basis, S Corporation Ownership Change, Schedule M-3, or Shareholder Loss Limitations.

If you purchase one of the self-study Unlimited E-Education packages you will have access to all of the topics above. The Intermediate S Corporation Self-Study is comprised of those individual topics.
CPE Credits Designation Field of Study
IRS * 8 EA Federal Tax Law Topic
CTEC 8 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: $104 for Members and $120 for Nonmembers


This hands-on course is ideal for tax professionals who have prepared S corporation returns and are looking to improve their skills to assist clients with their continuing needs. Topics covered include reasonable compensation, book to taxable income reconciliation, built-in-gains tax, distributions and shareholder basis, shareholder loss limitations, and ownership changes..

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

  • Determine if an S corporation is paying a reasonable salary to its shareholder-employees.
  • Identify an S corporation’s proper course of action when the S corporation does not have available funds to pay its shareholder-employees.
  • Complete Schedule M-3.
  • Identify corporations subject to built-in gains tax.
  • Compute and report built-in gains and losses.
  • Compute and report the built-in gains tax.
  • Advise S corporations how to avoid built-in gains tax.
  • Compute the shareholder’s stock basis in the S corporation.
  • Determine the timing and ordering rules for basis adjustments.
  • Explain how distributions from an S corporation are taxed.
  • Report the repayment of reduced-basis debt.
  • Explain the taxation of an S corporation stock sale.
  • Explain how income and losses are allocated when there is an ownership change.
  • Identify an inadvertent termination of the S election and explain how to fix it.

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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