May 17, 2022


8 Total CPE Credits


S Corporations: The Fundamentals and More

Learning Objectives

  • Determine tax consequences of making the S corporation election to the corporation and shareholders
  • Understand the application of the "qualified business income" deduction (IRC 199A)
  • Recall requirements that must be satisfied to elect and maintain S corporation status
  • Determine how to make an effective S corporation election
  • Determine the income and stock basis effect of allocating corporate-level items to the shareholders
  • Identify situations where shareholders could be limited in loss deductions
  • Identify tax planning opportunities related to election or termination of the S corporation status

Major Topics

  • Tax consequences of an S corporation election
  • Explanation and analysis of the "qualified business income deduction (IRC199A)
  • Qualification requirements to make and maintain an S corporation election
  • Filing the S corporation return
  • Allocation of corporate results to the shareholders
  • Adjustments to the basis of the stock of an S corporation
  • Limitations on deducting S corporation losses
  • Tax consequences of distributions to shareholders
  • Tax planning related to S corporation elections or terminations
  • Sale of an S Corp business: the basics

CPE Credits Available

Total CPE

Things to Know About This Course


Basic understanding of the taxation of individuals, corporations, S corps and partnerships

Advanced Preparation


Intended Audience

CPAs and attorneys.


California Society of CPAs

This event has ended.