Instructor(s) Schnur, Robert
Taxation II (Entity Taxation)
This course provides an overview of the federal income taxation of partnerships, LLCs, and corporations, with a focus on issues of real property ownership and transfers. Federal Income Taxation (Tax I) is a prerequisite.
Learning Outcomes - Upon completion of this course, each student should be able to:
1. Understand and explain, in easily understandable terms, the various legal forms that are available for a business and the principal federal income tax advantages and disadvantages of each such form.
2. Determine, from the viewpoint of federal income taxes, the most advantageous and permissible method by which a taxpayer can (i) contribute money, other property or services to a “C” corporation (i.e. an entity taxed under Subchapter C of the Internal Revenue Code) or (ii) receive a distribution or payment of money or other property from such a corporation.
3. Understand and explain, in easily understandable terms, the manner in which the United States operations of C corporations are taxed, both to the corporation itself and to its shareholders.
4. Understand and explain what types of entities are eligible to be taxed instead as “S” corporations (i.e. entities taxed under Subchapter S of the Internal Revenue Code) and determine, understand and explain how the principles described above apply to such corporations.
5. Understand and explain how the principles described above apply to a business entity organized as a general partnership, a limited partnership or a limited liability company and determine, from the viewpoint of federal income taxes, how such an entity can be “tailored” to meet the particular business goals of its partners or members.