S Corporations: Eligibility and Election - Practice Questions [CPA Prep]

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🎓 Lesson Overview:
In this lesson, Nick Palazzolo, CPA, dives into the nuances of S Corporations through a series of insightful practice questions. By walking through each multiple-choice scenario, he clarifies how the allocation of non-separately stated income or loss is computed for a changing ownership interest when the books aren't closed-the “per share per day” method. He further demystifies the tax implications of built-in gains, explaining the safeguards against C-Corps exploiting S-Corp status for tax benefits. Throughout, Nick emphasizes the importance of understanding and memorizing these core concepts to navigate complex tax regulations effectively, leaving viewers with a solid grasp of S-Corp eligibility and election issues.
🔍 Key Topics Covered:
- S Corporation Eligibility
- S Corp Election
- Non-Separately Stated Income
- Per Share Per Day
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