Table of Contents.
Description:
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