Intermediate S Corporations Self-Study
Summary
This hands-on course is geared to tax professionals who have prepared S corporation returns and are looking to improve their skills and proficiency. This course furthers the knowledge of tax professionals who have a basic understanding of S corporation taxation. Topics covered include reasonable compensation, built-in gains tax, distributions and stock basis, qualified business income deduction, shareholder loss limitations, ownership changes and liquidation issues.
Objectives
Upon completion of this course, you will be able to:
- Recognize if an S corporation is paying a reasonable salary to its shareholder-employees
- Identify corporations subject to built-in gains tax
- Compute and report built-in gains tax
- Calculate the shareholder’s S corporation stock basis
- Determine the timing and ordering rules for basis adjustments
- Explain how distributions from an S corporation are taxed
- Describe the qualified business income deduction
- 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 an ownership change
- Identify an inadvertent termination of the S election and summarize how to correct it
- Prepare a final Form 1120S for the year of liquidation
- Report S corporation 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.
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