This course is a comprehensive introduction to the nature of S Corporations and how they are treated for income tax purposes. We will examine some of the advantages and disadvantages of incorporation and then go through the requirements for electing to be an S Corporation. We will also review the rules for operating an S Corporation. TOPICS DISCUSSED • Qualifications of S Corporation • Election, termination, and revocation • Choice of year-end • Allocations of profits and losses • Distributions and shareholder basis • Reporting and filing requirement • Conversion of C Corporation with prior retained earnings • Passive Activity Rules, Fringe Benefits, and Other Considerations