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Advanced S Corps: Liquidation and Post-liquidation Issues

 

 

Course Year: 2013
Course Level: Advanced
Prerequisite: Intermediate knowledge of S corporation taxation
Advance Preparation: None
Delivery Method: Self-Study

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

CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 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: $46 for Members and $56 for Nonmembers

Summary

All good things must come to an end. Whether your client decides to sell the S corporation to a third party or end the S corporation’s operations altogether, you need to know how to complete a final Form 1120S and other related forms. It’s easy enough to stop doing business, but your client must take certain steps to properly liquidate a corporation. Be prepared to walk them through the process. Also, learn the tax treatment of liquidating distributions to shareholders. Once an S corporation liquidates, you’d think you’d never have to deal with that business ever again. However, occasionally certain issues arise after liquidation that must be reported. Learn how to handle these situations so you’re not caught off guard when you encounter them.

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

  • Explain the tax consequences of liquidating an S corporation at the corporate level and the shareholder level.
  • Determine the reporting requirements.
  • Distinguish between an S corporation stock sale and asset sale.
  • Discuss options for handling installment sales.
  • Identify the proper tax treatment of income and expenses that were unknown 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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PO Box 8002, Appleton, WI 54912-8002 Phone: 800.558.3402 Fax: 800.747.0001

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