Class 7b S Corp Income

Class 7b S Corp Income - S Corporations Income Taxation...

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Unformatted text preview: S Corporations Income Taxation Taxation of the Business Entity Online Lecture Series Presented by Akore Berliner, CPA Computation of Taxable I ncome Computation of Taxable I ncome S corp I ncome and Losses I tems are divided into: Nonsepar ately stated income or loss Typically most business related items Considered the net operating income or loss of the business, roughly Separ ately stated income , losses, deductions and credits that could affect tax liability of shareholders in a different manner I dentical to separately stated items for partnerships Except: S corp must recognize gains (but not losses) on distributions of appreciated property to shareholders Separately Stated I tems Separately Stated I tems Examples include: Tax-exempt income Gains/losses from disposal of business property and capital assets Charitable contributions I ncome/loss from rental of real estate I nterest, dividend, or royalty income Tax preference items Review Schedule K of I RS form 1120S for examples Allocation...
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This note was uploaded on 08/11/2011 for the course ACCT 103 taught by Professor Huxhold during the Spring '11 term at San Diego.

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Class 7b S Corp Income - S Corporations Income Taxation...

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