Course Description

An introduction to the theory and practice of federal income taxation of partnerships, subchapter S, and subchapter C corporations. Students learn the use of tax research publications.

Learning Outcomes

  • Contrast the tax ramifications of adopting a partnership versus a corporate form of business entity.
  • Describe and apply the rules pertaining to nonliquidating distributions to partners.
  • Explain the tax consequences that result from the sale or exchange of a partnership interest.
  • Compare and contrast the disposition of a partnership interest by gift, by death and by abandonment.
  • Apply the tax law with respect to the liquidation of a partnership.
  • Distinguish between a Subchapter ‘S’ and a Subchapter ‘C’ corporation, and summarize the differences in tax treatment.
  • Describe the tax consequences of incorporating a new or existing business.
  • Explain and apply tax regulations relating to property transfers to a controlled corporation.
  • Distinguish between nonliquidating distributions of a corporation, and distributions made in the complete liquidation of the corporation.


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