25045 - 1120-S Preparation and Planning 3: Schedule K (2023 Edition)
Author: Barbara Weltman, Sidney Kess, Greg White
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 course, you’ll continue learning how to prepare the S corporation income tax return. Specifically, this course provides details on the income and deductions that should be reported in Schedule K.
Publication Date: September 2022
Designed For
Tax practitioners.
Topics Covered
- Income Items
- Deduction Items
- Credits and International Transactions
- AMT and basis items
- Schedule K-2
Learning Objectives
- Identify income items subject to pass-through treatment and separately stated income items
- Identify tax credits and credit recapture subject to passthrough treatment
- Recognize how to report items affecting shareholder basis
- Recognize how to successfully complete Schedule K
- Recognize how to successfully complete Schedule K-2
- Identify the schedule that is a summary schedule of all shareholders' shares of corporate items that have international relevance
- Identify the line that is used to report net long-term gains and losses
- Identify the part of Schedule K-2 that is for distributions from foreign corporations to the S corporation
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None