S Corporation (Form 1120S) – Formation to Liquidation (C63578)

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Cancellation Policy

*Please note that this course is from a third-party vendor, ACPEN. We strongly recommend registering no later than 24 hours before the course begins.
Please contact Anne Taylor if you do not receive the event logistics via email at least 24 hours before the course begins: [email protected] or 1-877-602-9877.
Thank you.

If you register less than 20 minutes before the event your access to the event may be delayed.

Date(s):

06/20/2024

Registration Open:

12:00 AM - 9:00 AM

Time:

9:00 AM - 4:37 PM

Facility:

 Online

Meeting Type:

Courses

CPE Credit:

8.00

Field(s) Of Study:

Taxation (8.00)

Level of Knowledge:

Intermediate

Price:

Member: $335.00
Nonmember: $435.00

Individual Discounts:

Not Available

Group Discounts:

Not Available

Overview

  • Form a S corporation and calculate the entity&rsquo:s initial inside basis in the assets and shareholder&rsquo:s stock basis
  • Understand the operational issues during the growth and maturity of a S corporation and how the schedule K items get allocated to the shareholders on their individual Schedule K-1 effecting stock and debt basis
  • Prepare a Schedule M-2 and determine how distributions are treated to the shareholders
  • Comprehend the tax ramifications of liquidating a S corporation and the sale versus redemption of a shareholder&rsquo:s stock

Highlights

Extensive review of the S corporation tax laws with an emphasis on any new legislative changes Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues) Fixing late S corporation elections (i.e., Form 2553) S corporation formation (§351) and liquidation issues Revocation and termination of S corporations Schedule K and K-1 – separately stated versus non-separately stated income and expense items Detailed Schedule K-1 reporting including the 20** qualified business income (QBI) deduction and 3.8** net investment income tax Compensation issues including the tax treatment of fringe benefits Built in gains tax and other planning opportunities when converting a C to S corporation Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts Tax treatment of stock redemptions (sale or distribution?)

Speaker(s)

Prerequisites

Background in S corporation and individual income tax law