ACC621M

Course Description

Study of the statutory provisions, judicial doctrines,and implementation of the theory and practice of federal income taxation of ‘C’ corporations, ‘S’ corporations, and partnerships.

Learning Outcomes

• Evaluate the tax advantages and disadvantages of forming alternative forms of business entities
• Assess the rules for determining a domestic Subchapter C corporation’s taxable income, loss, and tax liabilities.
• Evaluate the tax ramifications for the formation, disposition or exchange in partnership interest.
• Judge applicable tax rules to use in liquidating a partnership.
• Discriminate the rationals for filing a consolidated tax return.
• Evaluate the tax consequences of liquidating distributions, non-liquidating distributions, tax levies, reorganization, acquisitions, divestitures, and the dissolution of the corporation.
• Appraise the requirements for a Subchapter S election and the tax rules applicable to S corporations and their shareholders.
• Evaluate the basis of an S corporation shareholder’s interest.
• Integrate ethical guidelines in analyzing tax strategies for business and other entities.

Prerequisites

• ACC620M