This is part one of a two course sequence on S corporation taxation. In this course, we will review the tax consequences of incorporation of a S corporation and S corporation election issues. The tax consequences of S corporation operations to both the corporation and shareholders will be discussed, along with how these items are properly reflected on the S corporation tax return.
- Describe the tax consequences of forming a corporation.
- Explain the steps required to make a timely or late S corporation election.
- Describe the tax consequences of S corporation operations to both the corporation and the shareholder.
- Determine the proper entries for an accurate S corporation return.