Partnership Tax

Semester: Fall 2014
Course ID: 354Q
Credit Hours: 3
Unique: 29360

Course Information

Grading Method: Pass/Fail Not Allowed

Registration Information

Upperclass-only elective

Meeting Times

Day	Time	Location
MON, TUE, WED	10:30 - 11:20 am	JON 6.206

Evaluation Method

Type	Date	Time	Location
Final exam	December 17, 2014	1:30 pm	A-Z in 3.223

Description

Prerequisite: Federal Income Tax (LAW 254J, 354J, 454J, or 554J). The course covers the taxation of partnerships, and S corporations. These entities are "pass through" entities for tax purposes, which means they pay no separate corporate tax, but pass through their taxable income and losses to be reported on the partners' or shareholders' own tax returns. The taxable income passed through by these entities is defined primarily by the principles examined in Federal Income Taxation. The course covers formation, operations, distributions and sales or liquidation of partnerships. Large corporations traded on a public stock market can not generally qualify as pass-throughs and must usually pay separate corporate tax. They are affected primarily by the issues in the separate course on Corporate Tax. Smaller businesses should be organized as tax pass-throughs (although they often are not), covered by this course. If can take only either Corporate or Partnership taxation, you might make your decision according to where you are likely to practice. If you will practice in Texas, understanding partnership tax is more likely to be of help to your business clients than is the Corporate Tax course, at least under current tax rates, because the larger corporations tend to go to our financial capitals for their tax advice. Both corporate and partnership tax, however, help even a nontax lawyer understand the business world, because all business transactions are shaped by tax issues. The course is based on a combination of the problem method, in which students try to come up with trial answers before class and on in-class discussion of the answers, cases and IRS rulings. The grade is based primarily on a final in-class examination, but 20 percent depends upon preparation of problems throughout the course.

Textbooks ( * denotes required )

Taxation of Business Enterprise *

Peroni & Bank

West , edition: 4th
ISBN: 9780314194879

Bank and Stark's Selected Sections Corporate and Partnership Income Tax Code and Regulations *

Bank & Stark

Foundation , edition: 2014-2015
ISBN: 9781609303648

Sales Store Materials *

Logic of Subchapter K *

Cunningham and Cunningham

West , edition: 4th
ISBN: 9780314199850

Instructors

Johnson, Calvin H