Lecture - 4 hours. This class is an introduction to the federal income taxation of business entities including corporations and partnerships. This course will examine the federal income tax relationship between corporations and their owners and will cover the transfer of funds into a corporation on formation and the re-transfer of money and property from the corporation to its shareholders. This course will also examine the federal income tax treatment of partnerships and partners (including entities classified as partnerships), including the treatment of contributions to and distributions from partnerships, the manner in which income and loss items can be allocated among the partners, the treatment of transfers of partnership interests, the taxation of carried interests, terminations, sharing of liabilities and special basis adjustments.
Prerequisite: Law 220 Federal Income Taxation; prerequisite will not be waived.
Grading Mode: Letter Grading
Final Assessment: Exam