Taxation of Business Entities, Part II: Pass-Through Entities
Overview:
Introduction
The taxation of pass-through business entities, such as Subchapter S corporations, partnerships, and limited liability companies, under U.S. federal income taxation is covered in this course. The course focuses on the requirements of Subchapters S and K of the Internal Revenue Code that apply to the creation, management, and dissolution of pass-through organizations, as well as the associated Treasury Regulations and judicial decisions. Practical in-class study challenges help students build a variety of professional skills and attitudes while also discovering technical tax knowledge on their own.
Course Objectives:
At the end of this course the participants will be able to:
- Avoid double taxation
- Easier to file taxes
- Easier to keep track of your business income
- Have a relatively brief summary of a business entity tax topic
- Specialize in partnership and corporate taxation or are working on an LL.M.
- Expand their practices into business entity taxation.
Targeted Audience
- Members of the financial accounting team
- Finance managers and employees in cost and management accounting
- budget supervisors
- experienced lawyers
- financial commitment and participants in the project
- Members of the acquisition team and investment analysts
Course Outline
Unit1: Partnership Formation
- Partnerships
- Legal Framework
- Special Basis Concepts
- Other Issues
- Nonrecognition Provision
- Basis Determination & Holding Period
- Nonrecognition Exceptions
- Other Issues
- Initial Costs
- Accounting Methods
- Tax Year
- Applications
Unit2: Partnership Operations
- Income Measurement & Reporting
- Partner’s Distributive Share
- Outside Basis Adjustments
- Partners' Deduction for Qualified Business Income
- Partner Loss Limitations
- Related Transactions
Unit3: Partnership Distributions
- Concepts
- Applications
- Disproportionate Distributions
Unit4: Partnership Sales and Terminations
- Seller
- Buyer
- Special Basis Adjustment
- Other Dispositions
- Partnership Termination