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Self-Study — Course Detail

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Taxation & Financial Planning

The Ins and Outs of S Corporations
Bob Jennings
Copyright© 2011

Course: 8112318   Version 1202

NASBA Category:     Taxes     CPE Credits 5
CTEC Credits: 5 Federal / California
Level: Basic    Run Time: 4.0 Hours
Prerequisite: There are no prerequisites.
Advance Preparation: None.
IRS Program Nbr: 0MYXB-T-00101-12-S





Course Description
The S corporation is an entity with specific advantages, including payroll tax savings and certain tax deductions.  In this thorough and informative course, expert Bob Jennings walks you through the formation, operation, and termination of S corporations for federal income tax purposes. The course also covers major preparation issues such as basis, built-in gains tax, passive activity tax, post-termination transition periods, conversions to C corporations and LLCs, unequal distributions and many operational issues.

Western CPE has been approved by the California Tax Education Council to offer Course Title (2071-CE-0196), which provides 5 hours of federal credit and 0 hours of state credit towards the annual “continuing education” requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.


Table of Contents

Learning Objectives
Upon successful completion of this course, participants will be able to:
  • Section 1
    • Explain the rules regarding both chartering and shareholders in S corporations.
  • Section 2
    • Advise clients regarding the conversion of a C corporation to an S corporation.
    • Determine if a corporation qualifies to file the election for S status; properly file the S election; and terminate an S election.
    • Correctly file an amended tax return for an S corporation, and determine the proper treatment of charitable contributions made by S corporations.
More Learning Objectives




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