This course, the third in the series, reviews S corporation income tax return preparation. The course provides details on the type of income and deductions that should be reported in Schedule K. Upon completing this course, you should be able to: Identify income items subject to pass-through treatment and separately stated income items; Identify tax credits and credit recapture subject to pass-through treatment; Report information necessary for claiming the foreign tax credit; Report tax preferences and adjustments for Alternative Minimum Tax (AMT); Report items affecting shareholder basis; Successfully complete Schedule K; Identify separately stated deductions; Complete the Deductions section of Schedule K.