- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
This interactive self-study course discusses some of the transactions with shareholders that must be dealt with in relation to Form1120S. Lesson 1 examines shareholder stock basis, including calculating initial basis and adjusting basis annually. Lesson 2 covers shareholder debt basis, including deducting losses against debt basis and reporting the repayment of reduced-basis shareholder debt. Finally, Lesson 3 discusses issues related to distributions, such as determining the accumulated earnings and profits (AE&P) balance and making distributions from S corporations both with and without AE&P.
Course Expiration Date: December 31, 2020
Please note, the grading fee for answer sheets submitted by regular mail is $109.
Upon successful completion of this course, the user should be able to:
Determine how to maintain accurate basis records, calculate initial shareholder basis, and make annual basis adjustments.
Recognize how to address other various situations related to shareholder stock basis.
Recognize how to deduct shareholder losses against debt basis.
Identify the best methods for dealing with a variety of other situations related to shareholder debt basis, such as the repayment of reduced-basis shareholder debt.
Identify the basic characteristics of distributions and how to determine an S corporation's accumulated earnings and profits (AE&P) balance.
Determine the best way for S corporations to make distributions both with and without AE&P.
Lesson 2—Fringe Benefits and Retirement Plans
Lesson 3—Other Deductions
Lesson 4—Schedules K and K-1—Pass-through
Lesson 5—Alternative Minimum Tax