Intermediate S Corporations Self-Study

Summary

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.

Objectives

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.