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S Corporations - Part 2

Exam Questions: 75
Course Level: Intermediate
Pages: 302 | Content: 264, Supplemental: 38
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7780

In Part 2 of the S corporations series, we cover corporate income taxes and credits affecting S corporations, when a shareholder recognizes income and losses, how items passed through to shareholders are allocated, the tax consequences when an S corporation makes distributions to its shareholders, and income and estate planning situations for S corporations.All course material provided. Prerequisites: Working knowledge of the S corporation status and its taxation issues. Course level: Intermediate.

EA Program Approval Number: ZX34G-T-00355-19-S

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Course Information

Table of Contents
  • Corporate Income Taxes and Credits
  • Basis, Losses, and Passive Loss Rules
  • Distributions and the Accumulated Adjustments Account
  • Income and Estate Tax Planning
Objectives
  • To recognize the tax rates and credits that affect S corporations
  • To recognize shareholder-level elections
  • To identify items that affect stock basis
  • To recall items that affect the recognition of income and loss for S corporations
  • To recall the tax consequences when an S corporation makes distributions to its shareholders
  • To identify income and estate planning situations related to S corporations, including the kiddie tax, retirement plans, and various types of trusts

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