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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 31 ||| Review Questions: 15 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 140 |
| Description : | 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. |
| Usage Rank : | 15882 |
| Release : | 2023 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
S Corporation (S Corp)
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 15-Jul-2023 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 140 |
| Keywords : | Taxes, S, Corporations, Tax, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* S corporation status * Termination * Income & expense * Built-in gain * Passive income * Basis of stocks & debts * Distributions * Form 1120S * Fringe benefits After reading the materials, participants will be able to:
2. Identify the concepts of S corporation taxation by:
b. Determining a shareholder’s stock basis from capitalization and loan activity, c. Specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation. |
| Course Contents : | Chapter 1 - S Corporations Introduction Advantages Planning Disadvantages Passthrough Entities - 20% Deduction Becoming an S Corporation S Corporation Status Number of Shareholders Individuals Only Estates Grantor Trusts Voting Trusts Testamentary Trust Qualifying Simple Trusts Electing Small Business Trusts Aliens C Corporations Tax-Exempt Entities Exception for S Corporation ESOP - §512 One Class of Stock Affiliated Groups & Subsidiaries Prior Law Current Law Domestic Corporation Election Requirement Making the Election Form 2553 Invalid S Elections Extension S Corporation Termination Revoking the Election Procedure Effective Date Ceasing to Qualify Effective Date Passive Income - §1362 Effective Date S Termination Year Pro-Rata Allocation Allocation Based On Normal Accounting Rules Annualization of 1120 Short Year Taxation of S Corporations S Corporation Income & Expense Separately Stated Items Nonseparately Stated Items Interest Expense on Debt-Financed Distributions Tax Exempt Income Net Operation Losses Carryover of C Corporation NOLs Reduction of Pass-Thru Items Built-In Gain - §1374 Net Recognized Built-In Gain Recognized Built-In Gains Recognized Built-In Loss Deduction Items Amount of Tax Credits Net Operating Loss Carryovers Treatment of Certain Property Transfer of Assets Passive Income - §1375 Gross Receipts Sales or Exchanges of Stock or Securities Passive Investment Income Royalties Rents Interest Figuring the Tax on Excess Net Passive Income Net Passive Income Excess Net Passive Income Special Provisions Waiver of Tax Tax Preference Items LIFO Recapture Tax Capital Gains Tax Reducing Corporate Capital Gains Figuring Corporate Taxable Income Recapture of Investment Credit Estimated Corporate Tax Payments Basis of Stock & Debts Adjustments to Basis Limitation on Loss Deductions Basis Limit Adjustments to Stock Basis Increases Decreases Adjustments to Debt Basis Restoring Basis of Loans Loan Repayments Guarantees At-Risk Rules - §465 Reasonable Compensation Related Party Rules Definition of Related Party Stock Attribution Rules Business Expenses & Interest Distributions Earnings & Profits Accumulated Adjustments Account (AAA) Dividend Election Post-Termination Distributions Transition Period Order of Distribution No Earnings & Profits Appreciated Property Distributions Taxable Year Business Purpose Change of Tax Year Form 1120S Extension Late Filing Reasonable Cause Schedule K-1 Shareholder’s Treatment Of S Corporation Items Pro-Rata Share Optional 10-year Write-Off of Tax Preferences Fringe Benefits Health Insurance Premiums Reporting Requirements Medical Deduction Glossary |
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