This course, the fourth and last in the series, reviews S corporation income tax return preparation. The course provides an overview of Schedules L, M-1, M-2, M-3 and K-1. Upon completing this course, you should be able to: Identify when it is necessary to complete Schedules L, M-1, M-2, and M-3; Adjust and maintain an accumulated adjustments account (AAA); Successfully complete Schedules L, M-1, M-2, and M-3; Compute each shareholder's share of corporate items; Successfully complete Schedule K-1; Identify when to elect (or not elect) S status; Describe how S corporations compare with limited liability companies; Explain the impact of the additional Medicare taxes on S corporation shareholders; Avoid common errors in preparing Form 1120S.