- 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 share- holders that must be dealt with in relation to Form 1120S. 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, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Determine how to maintain accurate basis records, calculate initial shareholder basis, and make annual basis adjustments.
Recognize how to address 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 situations related to shareholder debt basis.
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.
Recognize strategies for dealing with a variety of other issues related to distributions.
Lesson 1—Shareholder Stock Basis
Lesson 2—Shareholder Debt Basis