Introduction to K-1 Issues for S Corporation Shareholders Webinar

• Understand the organization, structure and reporting flow of Form 1120S, Schedule K-1
• Understand the specific line items on the Form 1120S, Schedule K-1

• General survey of the S Corporation Schedule K-1
• What to include in Box 1—Ordinary income and loss
• When to file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request
• The impact of basis limits, the at-risk rules, and the passive activity loss rules on items allocated to the shareholder on his/her K-1
• What are the Box 12 "Other Deductions”?
• Handling net investment—Box 17, Code U
• Differentiating between ordinary and qualified dividends
• What goes in Line 10, Schedule K-1, “Other Income"?
• Alternative Minimum Tax Items, Line 15—find out what goes there and what should also be included on Line 16 but has no code (Hint: oil & gas)