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Intermediate S Corporations Textbook (2018) – #3839S

Intermediate S Corporations Textbook (2018) – #3839S

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Table of Contents.


This textbook is ideal for tax professionals who have prepared S corporation returns and are looking to improve their skills to better assist clients with their continuing needs. In order to become more proficient in S corporations, it is imperative to know more than how to prepare Form 1120S. Topics covered include reasonable compensation, built-in-gains tax, distributions, shareholder basis, shareholder loss limitations, ownership changes, and liquidation issues.

Intermediate S Corporations covers:

  • Determining if an S corporation is paying a reasonable salary to its shareholder-employees.
  • Identifying corporations subject to built-in gains tax.
  • Computing and reporting the built-in gains tax.
  • Computing the shareholder’s stock basis in the S corporation.
  • Determining the timing and ordering rules for basis adjustments.
  • Summarizing how distributions from an S corporation are taxed.
  • Reporting the repayment of reduced-basis debt.
  • Compare and contrast AAA, stock basis, and retained earnings.
  • Reporting the sale of stock of an S corporation.
  • Predicting how income and losses are allocated when there is an ownership change.
  • Identifying an inadvertent termination of the S election and summarize how to fix it.
  • Preparing Form 1120S in its liquidation year.
  • Reporting expenses that are incurred post-liquidation.

Product Details:

Level: Intermediate level

Author: NATP Staff

Publisher: NATP

Publication Date: 2018

Format: Print

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Corresponding CPE Courses:

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Intermediate S Corporations Self-Study Course

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