This course, the second in the series, reviews S corporation income tax return preparation. It covers the reporting of trade and business income and deductions on Form 1120S. Upon completing this course, you should be able to: Correctly report gross receipts and inventory (including the cost of goods sold) on Form 1120S; Recognize what other income is included in trade or business income; Correctly report trade or business deductions on Form 1120S; Describe built-in gains tax issues; Identify when an S corporation may be subject to Income tax; Describe estimated tax requirements; Identify those deductions used in calculating trade or business net income; Identify where to report these deductions on Form 1120S.