Corporate Tax Series

S Corporations (Updated)

Course Overview
In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.



Learning Objectives:

After completing this course, the course participant should be able to:

  • Recognize a client's potential use of the S corporation format and its tax advantages and disadvantages by: citing the requirements for an S corporation election, identifying eligible S corporation shareholders, specifying the one-class-of-stock regulations, and determining the ways an S corporation election can be terminated.
  • Identify the concepts of S corporation taxation by:
    - Recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes,
    - Determining a shareholder's stock basis from capitalization and loan activity,
    - Specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.

  • Content Partner:

    SmartPros Ltd.

    SmartPros Ltd. is a leader in online and offline continuing education for
    accounting, finance and engineering professionals. With over 2,000 hours of
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    Prerequisites/Advanced Preparation:

    General understanding of federal income taxation

    Speaker / Author:

    Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California.

    His legal career started with the business and litigation firm of Edwards, Edwards and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law and estate planning.

    Danny has been an officer and active member in various organizations including the Glendale Bar Association, Century City Bar Association, 0range County and Los Angeles County Bar Associations, California State Bar Association, Toastmasters and Lions Club. He has been admitted to practice before all California and federal courts including the United States Tax Court and the United States Supreme Court.

    Serving as a lecturer for the Continuing Education of the Bar of California, Golden Gate University, and numerous state C.P.A. societies, Danny teaches a variety of tax, business and real estate courses. Danny is in demand all across the country as a speaker for all levels of professional and civic organizations and numerous major seminar circuits.

    The author of 28 texts, Danny speaks to over 2,000 people per month and travels more than 150,000 miles annually. He is listed in “Who’s Who in Creative Real Estate” and is admitted to the American Exchangor’s Hall of Fame.

    Software & Hardware Requirements:

    • 56k or Greater Internet Connection
    • Adobe Acrobat® Reader for the .pdf files
    • Adobe® Flash® Player 9 or higher
    • Modern DHTML Compatible Browser
    • Ram: 256 MB minimum
    • Windows or Mac OS

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    Price (USD)

    Standard Rate: $49.90

    Details

    Course Code : 99SANT11-v2

    Release Date : 12/27/2018
    Expire Date : 12/27/2020
    Credits :
    CPE 2.00
    QAS 2.00

    Course Level : Overview
    Course Type : Self-Study
    Length : 1hr 40min
    Passing Grade : 70%
    Field Of Study : Taxes
    Theme : Corporate Tax Series

    Format Type : eLearning
    Mobile Compatible

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