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Are you a California CNA?
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: May 25, 2023
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $30.00!
| Author: | Danny Santucci |
| Course No: | TAX-SCORP-5343-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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