Introduction: Overview, entity classification, relevant associated topics -- Part I: Partnerships -- Defining partnerships and partners for tax purposes -- Formation of the partnership -- Outside basis and allocation of liabilities -- Operation of the partnership : calculation of partnership taxable income -- Operation of a partnership : allocation of partnership income and losses -- Dispositions of partnership interests -- Partnership distributions -- Transactions between partner and partnership; issuance of a partnership interest for services -- Business combinations : partnership mergers and divisions -- Anti-abuse provisions -- Death of a partner -- Part II: C Corporations -- Taxing C Corporations in general -- Corporate formation -- Debt/equity classification -- Nonliquidating distributions of property -- Stock redemptions -- Stock dividends and Section 306 stock -- Complete liquidations and taxable acquisitions -- Corporate penalty taxes -- Corporate reorganizations -- Corporate divisions -- Corporate tax attributes -- Part III: S Corporations -- Taxation of S Corporations and shareholders.
Summary:
"This book is designed primarily for use by law students taking a course on the taxation of business entities, or separate courses on partnership taxation and corporate taxation. The book is broken into parts on partnership taxation, C corporation taxation, and S corporation taxation. Each chapter contains a basic overview and a detailed analysis; this allows for an understanding of the big picture before diving into the details, and the basic overview alone may be sufficient for some topics that may be covered lightly in a business entity taxation course. For each type of business tax entity, the book covers its life cycle - formation, operations, and liquidation - along with reorganizations and divisions for corporations. The book is replete with descriptions and analyses of the relevant Internal Revenue Code and Treasury Regulations provisions, summaries of leading cases and IRS rulings, and plenty of examples that apply the law to hypothetical situations. Understanding Taxation of Business Entities is designed primarily for law students, but it is also intended to be useful to practitioners, including generalists who need a relatively brief summary of a business entity tax topic, beginning lawyers who intend to specialize in partnership and corporate taxation and / or are working on an LL.M. in taxation, and experienced lawyers who wish to expand their practices into business entity taxation. The book similarly would be useful to accountants who are pursuing a master of science in taxation, as well as accountants practicing in the area of business entity taxation"--Provided by publisher.
This resource is supported by the Institute of Museum and Library Services under the provisions of the Library Services and Technology Act as administered by State Library of Iowa.