Description
Practice the shareholder issues behind an S corporation return. Use the books and ownership records to work through compensation, stock and debt basis, losses and distributions.
What’s Included
- 10 fictional S corporation scenarios with books, shareholder records and supporting documents.
- A 4-page Form 1120-S Return Blueprint and a blank 4-page S Corporation Client Organizer.
- Completed Form 1120-S, K-1 and state return links for every scenario.
- Exercises involving Form 7203 and the connections between shareholder basis, losses and distributions.
How You’ll Use It
Review the client facts and supporting documents, prepare the return in your own tax software, then compare your work with the completed returns. Trace any differences back to the source documents.
View All Scenarios
- First-year S corporation and Form 2553.
- Reasonable compensation and QBI.
- Inventory and Section 179.
- Shareholder health insurance and retirement contributions.
- Loss year, shareholder loans and debt basis.
- Separately stated items and Schedule M-2.
- Ownership change and three K-1s.
- Installment sale and depreciation recapture.
- Former C corporation and built-in gains.
- California PTE tax and Form 7203 capstone.
Who It’s For
Preparers adding S corporation work or strengthening their review of shareholder transactions and pass-through reporting.
Format & Details
Digital practice pack • Tax year 2025 • One preparer per license. Tax software is separate.
