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.