Topics covered include: Reviews S corporation income tax return preparation; 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.