1120S Preparation and Planning 3: Schedule K (2020 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC

In this self-study lesson, you’ll continue learning how to prepare the S corporation income tax return. Specifically, this course, which is presented by Miles Hutchinson, provides details on the income and deductions that should be reported in Schedule K.

Publication Date: October 2019

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 and Foreign Transactions
  • AMT and Basis Items

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
  • Recognize how to report items affecting shareholder basis
  • Recognize how to successfully complete Schedule K
  • Recognize correct statements concerning charitable contributions by an S corporation
  • Identify which credit is not reported on Schedule K
  • Describe which form adjustments and preferences are reported by an S corporation on
  • Identify what is required to be reported separately to shareholders on Schedule K as "other information"

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None

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