| File | Topic |
|---|---|
| Chapter 21 - S Corporations/21.1-s-corporation-basics.md | S Election, Basis, Reasonable Comp, BIG Tax |
Key concepts: Eligibility (100 shareholders, 1 class of stock, domestic, no nonresident aliens, allowable shareholders), Form 2553 (March 15), Form 1120-S (March 15), shareholder basis adjustments (income first, then distributions, then losses and non-deductibles), debt basis (only direct loans from shareholder), reasonable compensation requirement, distributions (AAA first, then E&P), built-in gains tax (5 years, 21%).
---