This course explains the reason behind the built-in gains tax, the computations necessary to determine an S corporation's maximum exposure to the tax, and the limitations that apply once an S corporation begins selling off assets. It reviews examples that illustrate the mechanics of Section 1374, and provide safeguards to ensure that an S corporation does not pay more corporate level tax than required. It also provides planning ideas that can be used to minimize exposure to the tax, and examine whether the specter of the BIG gains tax should dissuade a C corporation from electing S status. Upon completion of this course, you will be able to: Gain a full and practical understanding of when an S corporation will be subject to corporate level tax on its built-in gains; Learn how to manage and minimize an S corporation's exposure to this corporate level tax.