S Corporations - Mini CourseCode: 16-SCORP2
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Course description and objectives:
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.
After reading the materials, participants will able to:
1. 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.
2. 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.
Presentation Method: Self-Study
CPE credit: 3 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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