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Reviewing S-Corp Returns
CPE Self-study

Reviewing S-Corp Returns

The complexity of S corporation tax law creates a formidable challenge to the tax practitioner for accurate compliance and reporting of S corporation activities. Join us as we discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff.

$120 - $169
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NASBA Field of Study




CPE Credits



Robert Ricketts, Larry Tunnell


1 year

Product Number


 Business & partner 
Product Details

Save when you buy the complete Tax Staff Essentials, Level 3 online bundle.

Sharpen your skills!

Fine-tune your reviewing abilities by examining case studies of issues that may warrant additional information from the client and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed, including income, deductions, K-1 reporting, and other complex tax law issues.

Who Will Benefit

CPA managers and partners

Key Topics

Common errors made involving the following tax forms:

  • Form 1120S
  • Schedule K-1
  • Schedule L
  • Schedules M-1 and M-2
  • Form 4562
  • Form 4797

Learning Outcomes

  • Determine how transfers to corporations in exchange for stock can be nontaxable under IRC Section 351.
  • Calculate the balance in an accumulated adjustments account and enter that calculation on Form 1120S, Schedule M-2.
  • Determine how distributions to an S corporation shareholder are taxed.
  • Determine how capital gains and losses are disclosed on Form 1120S.
  • Determine how installment sales are disclosed by S corporations.
  • Calculate the excess net passive income tax for an S corporation.
  • Identify and properly report cost recovery deductions on Form 1120S and the associated Schedule K-1s issued to shareholders.
  • Determine the tax consequences when a newly converted S corporation sells appreciated property it acquired while operating as a C corporation.
  • Calculate and properly report the tax consequences associated with the distribution of appreciated property by an S corporation to a shareholder in redemption of stock.
  • Accurately determine how to allocate S corporation pass-through items when the shareholders’ interests in the corporation change during the tax year.
Credit Info
CPE Credits
NASBA Field of Study
Basic knowledge of S corporation taxation
This is a digital product. With full paid access the content will be available to you for 1 year after purchase date.
For more information, please refer to CPE requirements and NASBA sponsorship information
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AICPA Members
Tax Section Members

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Contact us
Robert Ricketts
Ph.D., CPA
Robert Ricketts is the Director of the School of Accounting in the Rawls College of Business at Texas Tech University. He has been a member of the Accounting faculty since 1988 and has held the Frank M. Burke Chair in Taxation since 1999. Prior to earning his Ph.D., which he received from the University of North Texas in 1988, he worked for the Dallas office of Ernst & Whinney (now Ernst & Young) as a tax senior. Ricketts' tax scholarship addresses a broad audience. He co-authors several courses on partnership taxation for the AICPA, and a forthcoming book on comparative taxation written by an international group of authors. He also contributes chapters to a leading undergraduate textbook on taxation, and has numerous academic publications on issues ranging from the risks of over-reliance on tax software to the response of multinational corporations to tax holiday legislation. He teaches at both the undergraduate and graduate levels, and works extensively with doctoral students. His love for students, and for Texas Tech, is well-known by students, colleagues and alumni across the world.
Larry Tunnell
Ph.D., CPA

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

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