1120-S Preparation and Planning 3: Schedule K (2023 Edition)

Author: Barbara Weltman, Sidney Kess, Greg White

In this self-study course, you’ll continue learning how to prepare the S corporation income tax return. Specifically, this course provides details on the income and deductions that should be reported in Schedule K.

Publication Date: September 2022

Designed For
Tax practitioners.

Topics Covered

• Income Items
• Deduction Items
• Credits and International Transactions
• AMT and basis items
• Schedule K-2

Learning Objectives

• Identify income items subject to pass-through treatment and separately stated income items
• Identify tax credits and credit recapture subject to passthrough treatment
• Recognize how to report items affecting shareholder basis
• Recognize how to successfully complete Schedule K
• Recognize how to successfully complete Schedule K-2
• Identify the schedule that is a summary schedule of all shareholders' shares of corporate items that have international relevance
• Identify the line that is used to report net long-term gains and losses
• Identify the part of Schedule K-2 that is for distributions from foreign corporations to the S corporation

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None