Description:

This book is for preparing 2024 taxes. 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.

Topics include:

• Identifying assets subject to the built-in gains (BIG) tax
• Calculating the BIG tax
• Summarizing the BIG tax reporting requirements

Product Details:

Item Number: E24382

Level: Intermediate

Authors: NATP Staff

Published: 2024

Format: Electronic PDF - 36 Pages

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Corresponding CPE Courses:

Get this e-book FREE when you purchase the corresponding 2024 Course

Purchase Info:

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