Prerequisite: Taxation

Exam Type: In Class

This course is a study of the federal income tax treatment of partners and partnerships, as well as limited liability companies and their members. Topics include: choice of entity and federal tax classification; partnership formation and acquisition of partnership interests for property or services; partnership capital accounting and taxation for normal operations; transactions between partners and partnership; distribution of cash and partnership assets to partners; sales of partnership interests; and death or retirement of a partner. In addition, attention is given to comparisons with the tax treatment of C and S corporations.