Tax Implications of Built-in Gains (BIG) Tax Self-Study
Summary
S corporations are pass-through entities, so they generally do not pay federal income tax at the corporate level. However, some S corporations may be subject to the built-in gains (BIG) tax on Form 1120-S, U.S. Income Tax Return for an S Corporation. This most commonly applies to S corporations that were previously a C corporation. To help S corporations plan for, or better yet avoid, the BIG tax, it’s important tax professionals recognize when S corporations are subject to this tax. This course reviews all the rules and tax implications of the BIG tax.
Objectives
Upon completion of this course, you will be able to:
- Identify assets subject to the built-in gains (BIG) tax
- Calculate the BIG tax
- Summarize the BIG tax reporting requirements
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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