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Intermediate S Corps: S Corporation Distributions and Shareholder Stock Basis

 

 

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
Every shareholder of an S corporation must keep track of his or her basis in the S corporation. This is important for several reasons. Mainly, tax professionals must be able to calculate and adjust stock basis to determine if distributions from an S corporation are taxable or losses are deductible. In this module, learn how to determine the initial stock basis, adjust stock basis annually and complete NATP’s stock basis worksheet.

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

  • Compute the shareholder’s stock basis in the S corporation.
  • Complete a stock basis worksheet.
  • Explain how the distributions from an S corporation, with and without accumulated earnings and profits, are taxed.

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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