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Fall 2014 - Partnership Tax

Johnson, Calvin H

Course ID: 354Q  Unique # 29360  Credit Hours: 3
Meeting DaysTimesLocation
   Monday 10:30 am - 11:20 am JON 6.206
   Tuesday 10:30 am - 11:20 am JON 6.206
   Wednesday 10:30 am - 11:20 am JON 6.206
Exam Type   Date   Time      Name Range   Room  
  Final Wednesday, December 17    1:30 pm          A-Z
3.223 
Registration Information
This course is restricted to upper division students only.

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. 

Related Course Areas
Tax

Textbooks
Taxation of Business Enterprise - Peroni & Bank
  West, edition: 4th
  ISBN: 9780314194879   (required)
Bank and Stark's Selected Sections Corporate and Partnership Income Tax Code and Regulations - Bank & Stark
  Foundation, edition: 2014-2015
  ISBN: 9781609303648   (required)
Sales Store Materials
      (required)
Logic of Subchapter K - Cunningham and Cunningham
  West, edition: 4th
  ISBN: 9780314199850   (required)