Self-Study Video

S Corp A To Z – Part 3 (Self-Study Video)

2 Credits: Taxes


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S Corp A To Z – Part 3 (Self-Study Video)

Self-Study Video
Course Level
CPE Credits

2 Credits: Taxes

Course Description

The third part of a three-part series on S Corporations, an entity type where a lot of clients have chosen to play the ‘beat the FICA tax game’. The S Corporation has also been looked at to get the maximization of the 199A deduction. In this course, Chis Province, CPA, will take a more in-depth look at stock basis and debt basis. He will talk on the subject of AAA, earnings and profits, and previously taxed income. The course will cover schedule M2, distributions, and how we deal with schedule M2 in both a profitable year and in a net negative year. Lastly, Chris will talk about various issues such as terminations, liquidation type issues, inadvertent terminations, and how to maybe get the S corporation election back.

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Learning Objectives

Upon completing this course you will understand:

  • In depth look at stock basis and debt basis.
  • AAA, earning and profits, and previously taxed income
  • Schedule M2- profitable year vs net negative year
  • Various issues- Terminations, inadvertent terminations, liquidations
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Course Specifics

Course ID
Revision Date
March 14, 2022


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02002-22-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1739
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. 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, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Robert “Chris” Province, CPA, has over 20 years of experience in delivering, instructing, and designing training courses. In addition to his speaking, Chris is currently a self-employed CPA specializing in taxation of high net worth individuals and closely-held businesses with clients located in many states throughout the United States. Chris has also served as a tax partner and senior tax member for several local, regional, and national CPA firms. He was a member of the national AICPA S-Corporation Technical Resource Panel and the Qualifications Committee for the California Board of Accountancy. Chris is a licensed Certified Public Accountant in California, …

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