Intermediate S Corporations Self-Study


This hands-on course is ideal for tax professionals who have already prepared S corporation returns and are looking to improve their skills to better assist clients with their continuing needs. Topics 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 reasonable compensation to its shareholder employees.
  • Identify corporations subject to the 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.
  • Demonstrate 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 S corporation stock.
  • Determine how income and losses are allocated when there is a change in ownership.
  • Identify an inadvertent termination of the S election and summarize how to fix it.
  • Prepare a final Form 1120S for the year of liquidation.
  • Report post-liquidation expenses.

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.

Self-study courses and exams generally expire one year from the date of purchase. The AFTR course expires on December 31 of each year as required by the IRS.

Cancellation Policy

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

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