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S Corporations - Part 1

Exam Questions: 80
Course Level: Basic
Pages: 302 | Content: 286, Supplemental: 16
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7775

S corporations are currently the largest tax filer in the United States of America. This course covers the tax considerations in electing S corporation status, the advantages and disadvantages of S corporate taxation, the requirements to be an S corporation, and trusts that qualify as S corporation shareholders. It also covers the filing of an S corporation election and tax return, accounting methods and tax years of S corporations, and items related to an S corporation's income, loss, and deductible expenses. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00350-19-S

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Course Information

Table of Contents
  • Tax Considerations in Electing S Corporation Status
  • Requirements to Be an S Corporation
  • Trusts That Qualify as S Corporation Shareholders
  • Filing of an S Corporation Election and Tax Return
  • Accounting Methods and Tax Years of S Corporations
  • Income and Loss
  • Deductible Expenses
Objectives
  • To identify tax considerations in electing S corporation status
  • To recognize statutory requirements to be an S Corporation
  • To recognize types of trusts that can be a shareholder of an S corporation
  • To recall the requirements of an S corporation election
  • To identify the requirements for filing Form 1120S
  • To recognize types of accounting methods and tax year elections offered to S corporations
  • To recognize the proper accounting treatment of items of income and loss of S corporations
  • To recognize the deductible and nondeductible expenses of an S corporation

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