PPC 1120S Deskbook Practice Aids - Thomson Reuters

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PPC 1120S DESKBOOK PRACTICE AIDSINTERACTIVE PRACTICE AIDSARE INCLUDED IN PPC DESKBOOKSFROM THOMSON REUTERS CHECKPOINT.WITH THESE POWERFUL TOOLS, YOU CAN: Cut through your compliance workload and be confident that your clients’tax returns are accurately, consistently and efficiently prepared. Quickly and easily adopt Interactive Practice Aids within your practiceas a quality control standard. Meet the demands of increasing tax season workload compression. Empower staff to be more self-sufficient and reduce the need to double-checkthe accuracy of their work — especially for more straightforward returns. Better document and demonstrate the value of the services you provideto your clients, paving the way for other engagement opportunities.tax.tr.com/ppc-tax2

PPC 1120S DESKBOOK PRACTICE AIDSPPC 1120S DESKBOOK1120S WorksheetsPRACTICE AID TITLEFORMATWORKSHEET W101: Computing Recognized Gain and Distributee Shareholder Basis in a Partially Taxable IncorporationInteractiveWORKSHEET W201: Gain on Repossession of Real Property and Basis of Repossessed Real PropertyInteractiveWORKSHEET W202: Gain on Like-Kind Exchanges and Basis of Property ReceivedInteractiveWORKSHEET W203: Interest Expense Allocation ScheduleInteractiveWORKSHEET W204: Tracking M-1 Adjustments (Book-Tax Differences)InteractiveWORKSHEET W301: Section 179 Taxable Income LimitationInteractiveWORKSHEET W302: Section 179 Carryover ScheduleInteractiveWORKSHEET W303: Depreciation ScheduleInteractiveWORKSHEET W304: Statutory Depletion Carryover ScheduleInteractiveWORKSHEET W305: Oil and Gas Depletion ScheduleInteractiveWORKSHEET W306: Cost Depletion ScheduleInteractiveWORKSHEET W401: Built-In Gains Worksheet (For 2016 Tax Year)InteractiveWORKSHEET W402: Computing the Tax on Excess Net Passive IncomeInteractiveWORKSHEET W403: Computing the Tax for Short-Period C ReturnInteractiveWORKSHEET W404: Computing the Section 444 Required PaymentInteractiveWORKSHEET W501: Calculation of Basis in Stock and DebtInteractiveWORKSHEET W502: Calculations of Stock Basis, AAA, OAA, PTI, Retained Earnings and AE&PInteractiveWORKSHEET W503: By-Activity Information WorksheetInteractiveWORKSHEET W504: Accrual to Cash Worksheet for Form 1120SInteractiveWORKSHEET W505: Cash to Accrual Worksheet for Form 1120SInteractiveWORKSHEET W506: Components of Suspended Loss CarryoverInteractivetax.tr.com/ppc-tax3

PPC 1120S DESKBOOK PRACTICE AIDS1120S ElectionsPRACTICE AID TITLEFORMATELECTION E101: Electing S Corporation StatusInteractiveELECTION E102: Extending the Time to Submit Omitted Shareholder's Consent to S ElectionInteractiveELECTION E103: Extending the Time to Obtain Shareholder's Consent to S ElectionInteractiveELECTION E104: Obtaining IRS Waiver of the Effects of an Invalid or Late S ElectionStaticELECTION E105: Reelecting S Status within Five Years of Terminating an S ElectionStaticELECTION E106: Qualified Subchapter S Trust (QSST) Treated as a Permitted ShareholderInteractiveELECTION E107: Refusing to Consent to a Qualified Subchapter S Trust (QSST) ElectionInteractiveELECTION E108: Revoking a Qualified Subchapter S Trust (QSST) ElectionStaticELECTION E109: Electing Small Business Trust (ESBT) Treated as a Permitted ShareholderInteractiveELECTION E110: Treating a Subsidiary as a Qualified Subchapter S Subsidiary (QSub)StaticELECTION E111: Obtaining IRS Waiver of Effects for Late Shareholder Consents in Community Property StatesInteractiveELECTION E201: Transferor's and Transferee's Disclosure Statements in a Tax-Free IncorporationInteractiveELECTION E202: Deducting and Amortizing Corporate Organizational ExpendituresStaticELECTION E203: Deducting and Amortizing Start-Up ExpendituresStaticELECTION E204: Electing to Capitalize Start-Up ExpensesInteractiveELECTION E205: Electing to Capitalize Organizational ExpendituresInteractiveELECTION E301: Receipt of Restricted Property Treated as Current CompensationInteractiveELECTION E401: Electing the Alternative Minimum Tax (AMT) Depreciation Method for Regular TaxInteractiveELECTION E402: Adopting the Alternative Depreciation System (ADS) for Regular TaxInteractiveELECTION E403: Electing Out of MACRS DepreciationInteractiveELECTION E404: Using Straight-Line in Lieu of MACRS DepreciationInteractiveELECTION E405: Election to Capitalize Rotable, Temp and Standby Spare PartsStaticELECTION E406: Election to Treat a Partial Disposition as a DispositionStaticELECTION E407: Election to Capitalize Employee Comp and OH CostsStaticELECTION E408: Safe Harbor for Deducting Costs of Improving Eligible Building PropertyInteractiveELECTION E409: Election to Capitalize Repairs and Maintenance Costs Consistent With BooksInteractiveELECTION E410: De Minimis Safe Harbor Expensing ElectionInteractivetax.tr.com/ppc-tax4

PPC 1120S DESKBOOK PRACTICE AIDS1120S ElectionsPRACTICE AID TITLEFORMATELECTION E501: Reducing Basis by Items of Loss or Deduction Before Nondeductible Expenses and Certain Oil andGas DepletionInteractiveELECTION E601: Electing to Bypass AAAInteractiveELECTION E602: Forgoing Previously Taxed IncomeInteractiveELECTION E603: Distributing a Deemed DividendInteractiveELECTION E604: Treating Distributions as Dividends During the Post-Termination Transition PeriodInteractiveELECTION E701: Section 59(e) Optional Amortization for Certain AMT PreferencesInteractiveEELECTION E702: Forgoing Bonus Depreciation to Increase Credit LimitationsStaticELECTION E801: Combining Activities for Passive Loss RulesInteractiveELECTION E802: Electing to Adjust Basis for Unused Passive Activity CreditsStaticELECTION E803: Electing Out of the Self-Charged Interest RulesInteractiveELECTION E804: Treating All Interests in Rental Real Estate Activities as a Single ActivityInteractiveELECTION E901: Applying Specific Accounting Rules upon Termination of a Shareholder's Entire InterestInteractiveELECTION E902: Applying Specific Accounting Rules Upon a Qualifying Stock DispositionInteractiveELECTION E1001: Revoking the S ElectionInteractiveELECTION E1002: Notifying the IRS of Termination of S StatusInteractiveELECTION E1003: Election to Determine Short-Period Income Based on Specific AccountingInteractiveELECTION E1004: Statement of Revocation of QSub ElectionInteractiveELECTION E1005: Notification of Termination of QSub StatusInteractiveELECTION E1101: Adopting the Recurring Item Method for Certain ExpensesInteractiveELECTION E1102: Ratable Accrual of Real Property TaxesInteractiveELECTION E1103: Deferring Gain From Involuntary ConversionsInteractiveELECTION E1104: Deducting Disaster Losses in Previous Tax YearInteractivetax.tr.com/ppc-tax5

PPC 1120S DESKBOOK PRACTICE AIDS1120S ChecklistsPRACTICE AID TITLEFORMATCHECKLIST C101: Form 1120S Overall Due Diligence Review ChecklistInteractiveCHECKLIST C102: Form 1120S Preparation Checklist (Long Form)InteractiveCHECKLIST C103: Form 1120S Preparation Checklist (Short Form)InteractiveCHECKLIST C104: Initial Year Checklist — Form 1120SInteractiveCHECKLIST C105: Final Year Checklist — Form 1120SInteractiveCHECKLIST C106: Avoiding a Section 6694 Return Preparer PenaltyInteractiveCHECKLIST C107: Checklist for Preparing Forms 8275 and 8275-RInteractiveCHECKLIST C201: Eligibility to Elect S StatusInteractiveCHECKLIST C202: Straight Debt Safe Harbor RequirementsInteractiveCHECKLIST C203: Structuring Debt Securities to Be Valid IndebtednessInteractiveCHECKLIST C204: Checklist for Electing S StatusInteractiveCHECKLIST C301: Factors in Establishing a Profit Motive (Not an all-inclusive list)InteractiveCHECKLIST C302: Factors Indicating Employee-Shareholder Reasonable CompensationInteractiveCHECKLIST C303: Installment Sale Checklist for Form 1120SInteractiveCHECKLIST C401: Domestic Production Activities DeductionInteractiveCHECKLIST C402: Eligibility for Section 1244 Ordinary Loss TreatmentInteractivetax.tr.com/ppc-tax6

PPC 1120S DESKBOOK PRACTICE AIDS1120S ResourcesPRACTICE AID TITLEFORMATRESOURCE R101: Engagement Letter for S Corporation ReturnInteractiveRESOURCE R102: Transmittal Letter for S Corporation Return (No State Returns Included)InteractiveRESOURCE R103: Transmittal Letter for S Corporation Return (State Returns Included)InteractiveRESOURCE R104: Transmittal Letter for Schedule K-1InteractiveRESOURCE R105: Filing Instructions for S Corporation ReturnInteractiveRESOURCE R106: Transmittal Letter for S Corporation Tax Organizer (Form 1120S)InteractiveRESOURCE R107: S Corporation Tax Organizer (Form 1120S)Fillable PDFRESOURCE R108: Short Form Tax OrganizerFillable PDFRESOURCE R109: Corporate Records Supporting Section 1244 Ordinary Loss TreatmentInteractiveRESOURCE R110: Record of Transfers of S Corporation StockInteractiveRESOURCE R201: Sample Form 2553 — Election by a Small Business CorporationStaticRESOURCE R202: Sample Form 8869 — Qualified Subchapter S Subsidiary ElectionStaticRESOURCE R203: Sample Form 1120S — U.S. Income Tax Return for an S CorporationStaticRESOURCE R204: Sample Schedule K-1 (Form 1120S) — Shareholder's Share of Income, Deductions, Credits, etc.StaticRESOURCE R301: Client Data SheetFillable PDFRESOURCE R302: New Tax Client Acceptance FormInteractiveRESOURCE R303: Tax Client Evaluation (Continuance) FormInteractiveRESOURCE R304: Tax Return Fee Estimate WorksheetStaticRESOURCE R305: Interim Tax File ReviewInteractiveRESOURCE R401: Tax Research Request FormInteractiveRESOURCE R501: Quick Access Federal Tax Data SheetStaticRESOURCE R502: Return Preparation Practice ConsiderationsStaticRESOURCE R503: Documentation of Below-Market LoanInteractivetax.tr.com/ppc-tax7

CONTACT US.For more information, visit tax.tr.com/ppc-tax or call 800.950.1216.About Thomson Reuters About Thomson Reuters Checkpoint Thomson Reuters is the world’s leading source of news andinformation for professional markets. Our customers rely on usto deliver the intelligence, technology and expertise they need tofind trusted answers. The business has operated in more than 100countries for more than 100 years. Thomson Reuters shares arelisted on the Toronto and New York Stock Exchanges (symbol: TRI).Thomson Reuters Checkpoint tackles market disruption throughintegrated research, editorial insight, productivity tools, onlinelearning and news updates along with intelligent links to relatedcontent and software. It is relied on by hundreds of thousands oftax and accounting professionals and counts among its customers97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companiesand all of the top 100 U.S. CPA firms.For more information, visit tr.com.Visit tax.tr.com/ppc-taxT-601020 03/2017 cm

PPC 1120S DESKBOOK PRACTICE AIDS 2 tax.tr.comppc-tax INTERACTIVE PRACTICE AIDS ARE INCLUDED IN PPC DESKBOOKS FROM THOMSON REUTERS CHECKPOINT. WITH THESE POWERFUL TOOLS, YOU CAN: Cut through your compliance workload and be confident that your clients’ tax retur

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