Upon completion of this seminar, students will be able to discuss the corporate structure, summarize the importance of reasonable compensation, and understand taxation issues unique to S corporations. The application of the tax laws and required tax forms will be explained. The procedure for making an S-election and relief available to taxpayers making a late election will be described. Tracking the shareholder’s stock basis, ordering rules for distributions, deductions, and losses will be discussed. Calculating the shareholder’s basis and pro rata share items when new shareholders are added or shareholders terminate their interests will be understood. Applying the basis and at-risk and passive activity limitations that apply to shareholders’ deductible losses will be discussed. Reporting of income, deductions, credits, and taxes pertaining to S corporations will be explained.
New lecture videos reinforces concepts!
Topics: Allocation of Income, Losses, and Separately Stated Items …Pro Rata
Shareholder Basis, Loss Limitations, and Ordering Rule