Course Information

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1120S Preparation and Planning 3: Schedule K (2011 Edition)
Author: Sidney Kess and Barbara Weltman

Description:
The third course in this series provides details on the type of income and deductions that should be reported in Schedule K. The Schedule K form is used to report each item of income, deduction, or credit separately so that it can then be allocated and passed through to the shareholders on their Schedule K-1.

Also covered in this course are tax credits and adjustments, and which form they should be reported on, as well as an overview of how to report foreign taxes and other items on Schedule K. New developments are noted throughout the course.

Upon successful completion of this course, you will be able to do the following:

  • Identify income items subject to pass-through treatment and separately stated deductions

  • Identify tax credits and credit recapture subject to pass-through treatment

  • Report information necessary for claiming the foreign tax credit

  • Report tax preferences and adjustments for Alternative Minimum Tax (AMT)

  • Report items affecting shareholder basis

  • Successfully complete Schedule K

  • Identify separately stated deductions

  • Complete the Deductions section of Schedule K

Course Details:
Price:  $51.00
Field of Study:  Taxes
Prerequisites:  1120S Preparation and Planning 2: Business Income, Deductions and Tax Payments
Level:  Basic
Advanced Preparation:  None
CTEC course number:  1075-CE-9765
Course was last updated on:  12/14/10
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Library:
Learning Center Core

Technical Requirements:
To view and print downloadable content files available in this program, you will need Adobe Acrobat Reader. You can download the free Reader plugin at Adobe's website by clicking on the icon below, then following the instructions for installation on your computer.
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Credit Available For: Units
CPE 3.0 CPE
QAS 3.0 CPE
Enrolled Agent (Accepted by the IRS) 3.0 CPE
CTEC Federal 3.0 CE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

CCH has been approved by the California Tax Education Council to offer courses that provide federal and state credit towards the annual "continuing education" requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

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