Course 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. |
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Price: $27.00
Delivery: Internet/Interactive
NASBA Category: Taxation
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Learning Objective
After reading the materials, participants will able to:
- Analyze a client's potential use of the S corporation format by listing its tax advantages and disadvantages, describing the requirements for an S corporation election, identifying eligible S corporation shareholders, explaining the one-class-of–stock regulations, and pointing out the ways an S corporation election can be terminated.
- Explain the operation of S corporation taxation by:
a. Describing the application of passive income taxation, accumulated adjustments accounts, built-in gains, tax preference items, and potential capital gains taxes,
b. Determining a shareholder’s stock basis from capitalization and loan activity,
c. Discussing 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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Level:Overview
Overview-This program is appropriate for professionals at all organizational levels
Prerequisites: None
Updated/Revised: April 2012
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