In this course, the intricacies of setting up and terminating an S corporation are de-tailed 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 corpo-rations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.
Upon completion of this course participants should be able to:
- Advise clients about the advantages and disadvantages associated with S corporations
- Determine the shareholder’s basis to arrive at the adjusted basis of a shareholder’s stock or loans
- Locate at least five variables that impact whether a business can choose S corporation status
- Appreciate passive income, tax preference items, capital gains tax and accumulated adjustments account and their impact on the taxation of S corporations
Upon ordering this course, you will immediately receive instructions how to download the course as an Online pdf document. Included in this email will be log-on instructions for taking the certification exam. You have one year from date of purchase to complete the course.Exam Format
After you have completed reviewing the text material, you may take your exam in our convenient, untimed online format. Tests average 5 questions for each CPE credit offered. For example, a CPE test worth 20 credits would include about 100 questions.
A score of 70% or better is required to pass this course, although there is no limit to the number of times you may take the exam in order to pass.CPE Certification
When you successfully pass the exam, your Certificate of Completion will be displayed on the screen. Print it out on your printer by using the “Print” command in your web browser.
This course is accepted in all but the following states for CPE credit: FL, MN, MS, OR, SC, & TN.
Course Level: Basic
Prerequisites: NoneAbout The Author
Danny C. Santucci 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 was initiated 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.
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 25 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 Hall of Fame.