I was very excited about this week's topics! Subchapter S Corporation tax returns are what I have had the most experience with in past years, so I was eager to see what information I was already familiar with and what was new. I did pretty well on both diagnostic quizzes for Study Units 13 and 14, with scores of 95% and 80%, respectively. I plan to go back and review the topics in Study Unit 13 that discuss complete and partial liquidation, as well as multiple jurisdictions. Areas of focus for Study Unit 14 include subunit 14.2 Operations and 14.3 Distributions. I scored very low on each of these units. The tax treatment of shareholder distributions has always been an area that I never fully understood, so I want to review this section in more detail.

My goal is to review, review and review some more! Rewatching the tutorial videos and reading through the topic outlines more than once are always helpful. A lot of information is covered in these chapters, so there could have been something important in the videos or outlines that may have been missed the first time. Outside sources such as accountingtools.com and the IRS website have also proven to be very helpful when further clarification of a specific topic is needed. I also plan to dedicate additional time over the next two weeks to reviewing the diagnostic quizzes and focus questions, studying my notes, and creating test banks in preparation for the final exam.