S Corporation Workshop [SCWS Anc]

Full Description

S Corporations Workshop

June 24, 2014
AKCPA Conference Room
Anchorage, AK

Understanding the key S corporation issues is an important focus for CPAs. In this course you will closely examine key code sections and regulations, as well as review S election procedures; analyze adjustments to a shareholder's stock and debt basis; explore computation of various S corporation equity accounts (AAA, OAA, E&P and PTI) and calculate the tax treatment of distributions. You will also study selected corporate and shareholder elections, and, time permitting, discuss the significance of the taxes on excess passive income and built-in-gains.

Major Topics:
S corporation elections
Basis of stock
Basis of shareholder debt
AAA, OAA, PTI and E&P definitions and rules
Excess passive income tax
Built-in gains
S termination years

Learning Objectives:
Understand all options associated with S corporation elections.
Review S corporation stock and debt basis calculations.
Make use of appropriate elections.
Know how and when to use qualified subchapter S subsidiaries (Qsubs).
Plan for the built-in-gains tax.

Designed For: CPAs and attorneys who need a thorough working knowledge of S corporation fundamentals, pitfalls and traps, as well as an understanding of the latest rulings and regulations.

Level of Knowledge: Intermediate

CPE Credits: 8

Prerequisite: A general knowledge of S corporation taxation issues.

Acronym: SCWS

Discussion Leader: Norman Solomon, CPA

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