ACC621M Taxation of Bus & Oth Entities
Lead Faculty: Dr. Thomas S. Rim
Course Description
Study of the statutory provisions and judicial doctrines, Understanding and implementation of the theory and practice of federal income taxation of corporations, partnerships, estates and trusts. Incorporation of a series of tax strategy, case study (ethics) and research problems including tax form and return preparation.
Learning Outcomes
- Evaluate the tax advantages and disadvantage of forming alternative business entities.
- Using a life-cycle approach to corporation taxation, evaluate the statutory provisions and judicial doctrines that determine the tax consequences of non-liquidation distribution, other tax levies, liquidating distributions, reorganization, acquisitions, divestitures, and finally the dissolution of the corporation.
- Be able incorporate the rules for determining a domestic (Subchapter C) corporation's taxable income, loss, and tax liabilities.
- Analysis the advantages and disadvantages of filing a consolidated tax return.
- Comprehend and apply the conduit approach to reporting transactions between the partnership (nontaxable) (Subchapter K) and the partners, including different types of formations, basis of the partners in the partnership, and the termination of a partner's interest.
- Examine the requirements for making a Subchapter S election and the tax rules that apply to S corporations and their shareholders.
- Research the statutory provisions and judicial doctrines for the two components of the transfer tax system: the gift tax and the estate tax.
- Evaluate U.S. taxation of cross-border and foreign-related transactions, including U.S. taxation of income derived from domestic and foreign activities conducted by U.S. citizens, resident and nonresident aliens, and domestic foreign entities.
- Be able to assess the administrative and procedure aspects of tax practice and the standards for tax services.
- Analyze tax strategies, for business and other entities through a series of comprehensive problems, case study problems, research problems (ethics) and tax form/return preparation problems.
