Taxation of S Corporations and their Shareholders

In this course we explore the taxation of S Corporations and their many factors.

We begin with a review the distinguishing factors of S Corporations - the accounting methods they are allowed to use, who can and cannot be a shareholder, the important elections that can be made, reporting issues, and compensation issues. The course describes how a S Election is made, and what can be done to rectify a faulty election, or in the worst case, what can be done when S status is lost due to a prohibited event. We'll also cover the importance of adequate compensation and fringe benefit issues.

Next we explore the importance of shareholder basis and annual basis adjustments. The differences between partnerships and S corporations are covered, especially when it comes to utilizing debt to create basis. Finally, the course describes the various entity level taxes that S Corporations may face, including the LIFO tax, the tax on Excess Passive Income, and the built-in-gains ( BIG) tax.

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