S Corporations Overview
In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.

Course Publication Date: June 07, 2019

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $30.00!

Author:Danny Santucci
Course No:TAX-SCORP-5349-M
Recommended CPE:3.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:General understanding of federal income taxation
Advanced Preparation:None
Recommended Field of Study:Taxes
  
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Learning Objectives
  • Recognize a client's potential use of the S corporation format and its tax advantages and disadvantages by citing the requirements for an S corporation election, identifying eligible S corporation shareholders, specifying the one-class-of-stock regulations, and determining the ways an S corporation election can be terminated.
  • Identify the concepts of S corporation taxation by recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes.
  • Identify the concepts of S corporation taxation by determining a shareholder’s stock basis from capitalization and loan activity.
  • Identify the concepts of S corporation taxation by specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.

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