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Intermediate S Corporations Textbook (2021) - #21311

Intermediate S Corporations Textbook (2021) - #21311

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Overview

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


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