Introduction to S Corporations: Calculations [CPA Prep]

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🎓 Lesson Overview:
In this lesson, Nick Palazzolo, CPA, goes deeper into the intricacies of S Corporations, focusing on the critical calculations necessary for comprehensive tax understanding. The session zeroes in on how to accurately compute a shareholder's basis in S-Corp stock, walking through potential exam questions related to basis determination, gain, or loss recognition on various parties involved. To build a very practical skillset, the lesson will also dissect shareholder transactions, effect on basis, and the realized versus recognized gain or loss on property contributions and distributions. With an eye on transactional nuances, Nick explores the allocation of income following an S-Corp share sale and the resulting tax implications. Whether it's determining ordinary income or excess loss implications, this lesson equips with key insights and prepares for the kind of simulation questions that could arise on the differences in tax treatment across business entity types.
🔍 Key Topics Covered:
- S Corporation Calculations
- Shareholder Basis Calculation
- S-Corp Tax Treatment
- S-Corp Shareholder Transactions
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