Federal Taxation 2
This course covers in detail the federal income tax consequences flowing from the creation, operation, dissolution, and sale of partnerships, limited liability companies, and corporations and examines federal tax considerations bearing on the choice between conducting a business in partnership, limited liability company, or corporate form.
LAW
641
 Hours4.0 Credit, 4.0 Lecture, 0.0 Lab
 PrerequisitesLaw 640 or instructor approval; first-year law courses.
 Taught 
Course Outcomes: 


Reasons for Taxation

Understand the reasons for and problems arising from taxation of the income of entities, as well as the different approaches to taxing entity income, and be able to discuss the weaknesses and strengths of the different approaches.

Policy Arguments

Understand policy arguments for and against IRS authority to recharacterize the movement of property between business entities and their owners.

Pass-Through Taxation

Understand the basics of pass-through taxation in Subchapter S and Subchapter K, including how entity operations, contributions, and distributions affect the taxation of a business and its owners.

Coporate Taxation

Understand the basics of corporate taxation in Subchapter C, including how entity operations, contributions, and distributions affect the taxation of the business and its owners.

Tax Code Interpretation

Have a better understanding of how to read and interpret the Tax Code and administrative guidance interpreting the Code.

Critical Thinking Skills

Have improved their critical thinking skills.

Broader Understanding

Enjoy a broader understanding of the overall income tax regime in the United States.