1120S Preparation and Planning 3: Schedule K (2019 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

This course reviews S corporation income tax return preparation. The course provides details on the type of income and deductions that should be reported in Schedule K.

This CPE hour course, the third in the series, reviews S corporation income tax return preparation. The course provides details on the type of income and deductions that should be reported in Schedule K. New rules resulting from the 2017 Tax Cuts and Jobs Act are covered in this course, including the Section 199A deduction.

Presented by Miles Hutchinson, CGMA.

Publication Date: October 2018

Designed For
Tax practitioners.

Topics Covered

• Overview of Schedule K, which is a summary schedule of all shareholders' shares of corporate items
• Income and loss reported on Schedule K
• Deduction items that require separate treatment on the shareholder's individual return
• Credits entered on Schedule K
• Foreign transactions
• Alternative Minimum Tax
• Items that affect a shareholder's basis

Learning Objectives

• Identify income items subject to pass-through treatment and separately stated income items
• Identify tax credits and credit recapture subject to pass-through treatment
• Report information necessary for claiming the foreign tax credit
• Report tax preferences and adjustments for Alternative Minimum Tax (AMT)
• Report items affecting shareholder basis
• Successfully complete Schedule K

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None