Upon completing this chapter, you should be able to:
LO 22-1
Describe the requirements and process to elect S corporation
status.
LO 22-2
Explain the events that terminate the S corporation election.
LO 22-3
Describe operating issues relating to S corporation
accounting periods and methods, and explain income and
loss allocations and separately stated items.
LO 22-4
Explain stock-basis calculations, loss limitations,
determination of self-employment income, and fringe
benefit rules that apply to S corporation shareholders.
LO 22-5
Apply the tax rules for S corporation operating distributions
and liquidating distributions.
LO 22-6
Describe the taxes that apply to S corporations, estimated
tax requirements, and tax return filing requirements.
