S Corporations (CPE Course)

CPE Credit: 3 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $30


Course Description
In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients.  Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.


Author: Danny Santucci

Course Number: TX1025

IRS Program Number: 72821-T-00024-13-S

Learning Objectives

  • Recognize a client's potential use of the S corporation format and its tax advantages and disadvantages by: citing the requirements for an S corporation election, identifying eligible S corporation shareholders, specifying the one-class-of–stock regulations, and determining the ways an S corporation election can be terminated.
  • Identify the concepts of S corporation taxation by:
    • Recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes,
    • Determining a shareholder’s stock basis from capitalization and loan activity,
    • Specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.

    Level: Overview

    Instructional Method: QAS Self-Study

    NASBA Category: Taxes

    Prerequisites: None

    Advance Preparation: None

    Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

    Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.


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    AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

    The NASBA sponsor identification number for Accountingtools, Inc. is 115881.


    AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.