Partnership and LLC Taxation

Catalog description

Prerequisite: Basic Federal Income Taxation Fulfills Concentration Elective: Business Law. This course will provide an introduction to the taxation of partnerships and limited liability companies. This course will concentrate on the basic principles applicable to formation of partnerships, the determination of partnership income and loss and the allocation thereof among the partners, and the tax treatment of sales and exchanges of partnership interests and distributions of money and property from partnerships. During the course, consideration will be given to the tension between the use of partnerships as a tax planning devise and the need to curb potential abuses.