Course Information
S Corporations
Course Information
| Title: | S Corporations |
|---|---|
| Category: | Taxation |
| Field of Study: | Taxes |
| Course Code: | M142 |
| CPE Credits: | 3.0 |
| Price: | 27.95 |
Description
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.
Delivery Method: Online Interactive Self Study
Level: Overview
Prerequisites: None
Advanced Preparation: None
Course Details
Category: Taxation
Field of Study: Taxes
Passing Score: 70%
Technical Details: Taxes: Technical
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Objectives
Objectives:
1. Recognize a client’s potential use of the S corporation format and its tax advantages and disadvantages, naming 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. 2. Identify the concepts of S corporation taxation by: a. Recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes, 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.
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Profession
NASBA: Yes
QAS: Yes
CPA: Suitable for all CPAs
IRS: IRS credit for Enrolled Agents.
Profession Identifiers: CPA, EA