S Corporation Taxation: Taxation of the S Corporation: S Corporation Built-In Gains: General

This lesson is best used after studying the material in class. Unlike many of CALI's other lessons, this lesson takes a more problem oriented approach to learning the material. The lesson provides students with additional problem sets to work through, allowing students to refine their ability to apply the Code and Regs. to a variety of situations.

Learning Outcomes

On completion of the lesson, the student will be able to:

1. Identify C corporation items that may give rise to recognized built-in gains or losses when a C corporation elects S corporation status.
2. Describe special rules applicable to determining the built-in gain or loss relating to receivables, § 481 adjustments, cancellation of indebtedness, tort judgment payments, and installment reporting.