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Becoming an S Corporation
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Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 4 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: May, 2010 Accreditation: NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Becoming an S Corporation
Learning Objectives 1
Introduction
Obtaining S Corporation Status
Requirements of an S Corporation
One Class of Stock
Buy-sell and Redemption Agreements
Treatment of Straight Debt
Second Class of Stock
Not Treated as Outstanding Stock
Counting Shareholders
Trusts
Subsidiaries
Lesson 2 - Form 2553
Learning Objectives 2
Electing S Corporation Status
Tax Year
Substantial Business Purpose
Section 444 Election
Making the Election
Required Payment for S Corporations
Lesson 3 - S Corporation Income and Expenses
Learning Objectives 3
Separately and Nonseparately Stated Items
Interest Expense Allocated to Debt-financed Distributions
Tax Preference Items
Reducing Passthroughs
Other Items That Affect Income and Expenses
Carryovers and Carrybacks
Disallowed Losses
Ownership of Stock
Unpaid Business Expenses and Interest
The S Corporation as a Shareholder
Organization Expenses/Uniform Capitalization
Income From Discharge of Indebtedness
Lesson 4 - S Corporation Taxes
Learning Objectives 4
Taxes
Estimated Tax Payments
Tax on Excess Net Passive Income
Gross Receipts
Sales or Exchanges of Stock or Securities
Passive Investment Income
Royalties
Rents
Interest
Figuring the Tax on Excess Net Passive Income
Excess Net Passive Income
Waiver of Tax on Excess Net Passive Income
Lesson 5 - Tax on Capital Gains
Learning Objectives 5
Tax on Built-in Gains
Net Recognized Built-In Gain
Recognized Built-In Gains
Recognized Built-In Loss
Net Unrealized Built-In Gains
Net Operating and Capitol Loss Carryovers
Treatment of Certain Property
Transfer of Assets From a Corporation
Partnership Interests
Certain Inventory Dispositions
Certain Contributions of Built-In Loss Assets
Certain Installment Sales
Tax From Recomputing Prior-Year Investment Credit
LIFO Recapture Tax
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Identify the requirements to qualify for S-Corporation status
- Identify who can be an eligible shareholder of an S-Corporation
- Determine which shareholders are counted for the 100-shareholder limit
After completing Lesson 2, you will be able to:
- Identify what tests the natural business year of an entity can be determined under
- Identify when to file Form 1128
- Identify the rules regarding an S-Corporation electing Section 444
- Determine the waiting period for electing to becoming an S-Corporation after it was terminated
After completing Lesson 3, you will be able to:
- Identify Separately and Nonseparately Stated Items
- Identify which cancellations of indebtedness is included in income
After completing Lesson 4, you will be able to:
- Identify when an S-Corporation must make estimated tax payments
- Identify items included in an S-Corporation's gross receipts
- Identify passive investment income
- Identify the rules regarding the depository method of paying taxes
After completing Lesson 5, you will be able to:
- Identify corporations that may be subject to the built-in capital gains tax (Tax on Built-in Gains and Net Recognized Built-In Gain)
- Define a recognized built-in gain and recognized built in loss
- Determine what rate of tax is used to figure the net recognized built-in gain of the S-Corporation for the tax year