[sar_rah]

Can someone confirm this for S corporations?

Formation: Same as C corporations to S/H and corp

Income: Same as PARTNERSHIPS (ordinary income vs. sep. stated income on K-1 to shareholders/partners)

Distributions: Same as partnership distributions, except liabilities dont increase S/H basis, and recourse debts are just added to basis to find your at risk amount for deductibility of losses. (unless has previous C corp E&P)

AUD: 98
REG: 91
BEC: 86
FAR: 83

DONE DONE DONE and DONE all on the first try! It IS possible, just keep on studying!