Intermediate S Corporations

Summary

This hands-on course is ideal for tax professionals who have prepared S corporation returns and are looking to improve their skills to better assist clients with their continuing needs. In order to become more proficient in S corporations, it is imperative to know more than how to prepare Form 1120S. Topics covered include reasonable compensation, built-in-gains tax, distributions, shareholder basis, shareholder loss limitations, ownership changes, and liquidation issues.

Objectives

Upon completion of this course, you will be able to:

  • Determine if an S corporation is paying a reasonable salary to its shareholder-employees.
  • Identify corporations subject to built-in gains tax.
  • Compute and report the built-in gains tax.
  • Compute the shareholder’s stock basis in the S corporation.
  • Determine the timing and ordering rules for basis adjustments.
  • Summarize how distributions from an S corporation are taxed.
  • Report the repayment of reduced-basis debt.
  • Compare and contrast AAA, stock basis, and retained earnings.
  • Report the sale of stock of an S corporation.
  • Predict how income and losses are allocated when there is an ownership change.
  • Identify an inadvertent termination of the S election and summarize how to fix it.
  • Prepare Form 1120S in its liquidation year.
  • Report expenses that are incurred post-liquidation.

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.






   

Presented by:

How to Earn CPE

To receive credit for this self-study course, you must successfully pass the course exam with a score of 70% or better.

The course and exam will expire one year from the date of purchase.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

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