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