Resolving Complicated Partnership and S Corporation Activity Self-Study
Enhance your tax business by expanding your knowledge of partnership and S corporation taxation. For partnerships, we will cover complicated activity such as guaranteed payments, making the §754 election, changes in partner ownership and hot assets. For S corporations we will cover reasonable compensation for shareholders, built-in-gains (BIG) tax and changes in shareholder ownership. For both partnerships and S corporations we will cover the basics of calculating and tracking a partner’s or shareholder’s basis along with its tax impact on distributions and losses.
This course builds on our Basics of Business Entity Taxation course, by diving into items unique to partnerships and S corporations.
Upon completion of this course, you will be able to:
- Calculate partner and shareholder basis
- Recognize tax basis partner capital accounts
- Identify when distributions to partners and shareholders are tax-free or taxable
- Determine when pass-through losses are deductible
- Summarize the difference between guaranteed payments for partners and reasonable compensation for shareholders
- Identify when a §754 election can be made by the partnership and who it impacts
- Identify hot assets
- Recognize when built-in-gains (BIG) tax applies for S corporations
- Summarize the tax impact of changes in ownership
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.