1. Can you discuss how to compute earnings and profits (E&P)? What income is deferred to a later year when computing taxable income, but is included in E&P in the current year? What deductions are allowed for taxable income purposes, but denied for E&P?
2. Please review the following article. Take note on the decision on what the company plans to do to fund the payments and why, then provide us a summary including whether you agree or disagree.
3. What is the difference between liquidating and nonliquidating distributions?
4. How are gains and losses booked?
5. Discuss voluntary and involuntary termination of an S corporation.
6. Let's discuss partnerships. Discuss Basis and why it is important to understand.