July 27, 2022


8 Total CPE Credits


S Corporation Taxation: Comprehensive-Form 1120S

Learning Objectives

  • Identify how to form a qualified entity and elect S Corp status
  • Determine how to properly allocate income and loss items to shareholders on their individual Schedule K-1.
  • Calculate an S corporations' initial basis in its assets as well as a shareholder's stock and debt basis in the S corporation.
  • Recognize three main reasons for calculating a shareholder's basis in an S Corp.
  • Calculate annual adjustments to a shareholders' stock and debt basis and determine if losses and deductions are limited on the shareholders' individual income tax return.
  • Calculate the three major taxes attributable to S corporations.
  • Learn how to calculate AAA and OAA account for an S corporation.
  • Understand the impact of stock redemptions on the AAA and E&P accounts.
  • Review basic tax compliance requirements including all of the major S corporation entity tax elections.

Major Topics

  • Discuss all new legislative, administrative, and judicial changes affecting S corporation and shareholders.
  • Learn how to qualify and to make the S corporation election.
  • Learn the qualifications for S corporation stock ownership.
  • Understand how to calculate initial and annual stock and debt basis amounts and the three reasons why they are maintained.
  • Understand the four loss limitation rules applied on the shareholder's individual income tax return (I.e., basis, at-risk, passive, and excess business loss limitations).
  • Understand the proper tax treatment and reporting of a distribution from the S corporation to a shareholder.
  • Learn how to calculate the three S corporation taxes.
  • Learn how to calculate AAA and OAA account for an S corporation.
  • Determine the impact of health insurance, the net investment income tax, qualified business income tax deduction and unreasonable compensation issues on the reporting function of the S corporation.

CPE Credits Available

Total CPE

Things to Know About This Course


General knowledge in individual and S corporation income taxation.

Advanced Preparation


Intended Audience

Tax professionals.


California Society of CPAs

This event has ended.