Description:

This textbook is geared to tax professionals who have prepared S corporation returns and are looking to improve their skills and proficiency. It 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.

View Table of Contents.

Topics include:

• Recognizing if an S corporation is paying a reasonable salary to its shareholder employees
• Identifying corporations subject to built-in gains tax
• Computing and report built-in gains tax
• Calculating the shareholder’s S corporation stock basis
• Determining the timing and ordering rules for basis adjustments
• Explaining how distributions from an S corporation are taxed
• Describing the qualified business income deduction
• Comparing and contrasting AAA, stock basis and retained earnings
• Reporting the sale of S corporation stock
• Determining how income and losses are allocated when there is an ownership change
• Identifying an inadvertent termination of the S election and summarize how to correct it
• Preparing a final Form 1120-S for the year of liquidation
• Reporting S corporation post-liquidation expenses

Product Details:

Level:  Intermediate

Authors: NATP Staff

Published: 2021

Format: Print - 264 Pages

Nonmembers – Join Now, Save More!

Corresponding CPE Courses:

Get the ebook FREE when you purchase the corresponding course.