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This book summaries the taxation preparation overview for business
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  Interactive Self-Study CPE/CE Course 2013 Tax Year Business Entities CPE/CE 4 Credit Hours Corporations, Partnerships, &  LLCs  TheTaxReview™ Business Entities   Overview  i Business Entities Self-Study CPE/CE Copyright © 2013 Tax Materials, Inc. All Rights Reserved  Course Overview  Program Content:  This course provides continuing professional education (CPE/CE) for tax professionals to address taxation, basis, and reporting issues for C corporations, S corporations, partnerships, and exempt organizations. Prob-lems with organization and administration of these business entities are examined by use of court decisions  that illustrate how tax rules apply in real-life situations, with focus on distributions from the business entity  to individuals with an ownership interest.  Publication Date:  September 2013.  Expiration Date:  The Final Exam must be completed online within   one year from your date of purchase or shipment. See  the Final Examination Instructions on the next page for information regarding final exam completion.  Field of Study:  Taxes.  Program Level:   Overview.  This course provides a general overview of the subject area from a broad perspective. It is appropriate for tax professionals at all organization levels.  Recommended Participants:  Tax professionals who prepare individual income tax returns are encouraged to participate in this course.  Prerequisites:  Individuals who have prepared Form 1040 tax returns. Advance Preparation:  No advanced preparation is needed to complete this course.  Type of Delivery Method:  Interactive self-study.  CPE/CE Credit Hours:  4 Credit Hours. One 50-minute period equals one CPE/CE Credit Hour.  Passing Grade:  Participants who answer a minimum of 70% correct on the final exam will receive a Certificate of Completion. See the Final Examination Instructions on the next page for further information regarding passing require-ments and acquiring the Certificate of Completion.  Record Retention:  As an IRS-approved provider of continuing education, Tax Materials, Inc. will report successful completion of this course to the IRS. According to the IRS, at some point in the future, you will be able to view your completed continuing education credits through your online PTIN account.  Complaint Resolution Policy:  Please contact our customer service department toll-free at 1-866-919-5277.  Refund Policy:  30-day money-back guarantee. For information about our refund, complaint, and/or program cancellation policies, visit our website at www.thetaxbook.com. Tax Materials, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regard-ing registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org. National Registry of CPE Sponsors ID Number 109322  Tax Materials, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a Quality Assurance Service (QAS) sponsor of continuing professional education. State boards of accoun- tancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding QAS program sponsors may be submitted to NASBA through its website: www.learningmarket.org.  Our sponsor number is 054  In accordance with the standards set forth in Circular 230, section 10.6, CPE/CE credits have been granted based on a 50-minute hour. IRS Program Number is 7VT8K-T-00004-13-S   Tax Materials, Inc. has been approved by the California Tax Education Council to offer the Business Entities Self-Study CPE/CE Course 6193-CE-0010, which provides 4 hours of federal credit and 0 hours of state credit  towards the annual “continuing education” requirement imposed by the State of California. A listing of ad-ditional 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 1-877-850-2832, or on the internet at www.ctec.org.  CTEC Course ID Number 6193-CE-0010 ®  ii Overview TheTaxReview™ Business Entities  Business Entities Self-Study CPE/CE Helpful Hint:  Attempt to relate your tax preparation experience with the information you are studying. By doing so, you will increase retention and maximize your results. Also, utilize the “Notes” sections to jot down reminders and information that will be helpful to you in your tax practice. Follow the instructions below: 1) Start each chapter by reading the Learning Objectives.2) Read the course materials in the chapter. Pay close attention to:a) Key Facts:  Information that is particularly pertinent to the Learning Objective.b) Examples:  Review the examples to associate the information to real-world application.c) Notes:  Many of the main points of the chapter are highlighted. Review the notes and try to relate the content with your experience.3) Complete the Self-Quiz at the end of the chapter. The questions are broken out by Learning Objective. Review  the Learning Objectives before completing each set of questions. Determine your progress by comparing your answers to the correct ones on the pages that follow.4) After all chapters have been studied, and each Self-Quiz has been taken, complete the Final Exam located at the back of this instruction booklet. Expiration Date Reminder:  The Final Exam must be completed online within   one year from your date of purchase or shipment. CPE/CE credits are not available more than one year after   your date of purchase or shipment.All Final Exams are administered online at www.thetaxbook.com. It is recommended that you review the Final Exam at the end of the course before taking it online. Final Exams mailed in will not be graded. Follow the instructions below: 1) Go to www.thetaxbook.com.2) Click on “Take CPE/CE Final Exams,” where you will find a location to log in to the Final Exam.3) Enter your User Name in the self-study CPE/CE login location. The email address associated with your ac-count at Tax Materials, Inc. is your User Name. If you do not have an email address, or have not provided one, please call our toll-free number at 1-866-919-5277 to be assigned a User Name.4) Enter your Password. The zip code associated with your account is your password. If you are having difficulty logging onto the Final Exam, please call our toll-free number at 1-866-919-5277.5) Select the Business Entities Exam   and click the “Take Exam” button.6) You will be taken to the Final Exam.ã First confirm your First Name and Last Name are correct. This is how your name will appear on your Certificate of Completion should you achieve a score of 70% or higher.ã Take the Final Exam. Read the questions carefully and answer them to the best of your ability. At the bottom of the exam, click on “Submit Answers” when finished. You will instantly know if you have passed the test. If you failed, you are able to retake the test. If you passed, the Certificate of Completion will be available for you to print.Please provide suggestions and feedback regarding this CPE/CE course. The last page contains an Evaluation Form. After completion, please mail to:Tax Materials, Inc.15105 Minnetonka Ind. Rd., Ste. 221Minnetonka, MN 55345Thank you for helping us improve our CPE/CE course offerings! Course Completion InstructionsFinal Examination InstructionsComplete Evaluation Form  TheTaxReview™ Business Entities   Table of Contents  iii Learning Objectives / Table of Contents Chapter   1  C Corporations  ................................................................................ 1   1-A  Define requirements for nontaxable transfers to corporations under IRC section 351.  1-B  Determine how recent court decisions affect treatment of loan disbursements and repayments to C corporations.  1-C  Determine whether distributions from C corporations are taxable or nontaxable.   2  S Corporations  ............................................................................... 25   2-A  File Form 2553, Election by a Small Business Corporation,  and apply the proper Revenue Procedure  to request relief for a late election.  2-B  Compute taxable income from S corporation distributions and determine the effect on a shareholder’s stock basis.  2-C  Recognize the potential of S corporation termination because of shareholder revocation, failure of qualification, or violation of passive income restrictions.   3  Partnerships and LLCs  ........................................................................ 45   3-A  Identify separately stated items of partnership income or loss and report those items properly on Schedule K-1, Form 1065, U.S. Return of Partnership Income.  3-B  Identify recourse and nonrecourse liabilities and determine the effect on a partner or LLC member’s ownership basis.  3-C  Determine gain or loss on current distributions or liquidating distributions made to a partner or LLC member.   4  Exempt Organizations  ........................................................................ 67   4-A  Determine whether an entity qualifies as a tax-exempt organization under Internal Revenue Code section 501(c)(3), based on organizational structure, operation, and purpose.  4-B  Identify the filing requirements and required disclosures for a tax-exempt organization.  4-C  Identify unrelated business income and requirements for filing Form 990-T, Exempt Organization Business Tax Return. Final Exam  ............................................................................................ 89Index  ................................................................................................. 95Course Evaluation  ..................................................................................... 97
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