Learning OutcomesThe Study of Taxation of Corporations & Partnerships
"The practical consequences to the study of taxation are varied. But this fact stands out--taxes affect us all. Even if one does not plan to be a tax practitioner, there is a definite relevancy in the study of taxes. Various aspects of one`s personal life are affected by tax rules. These rules can be significant in such personal transactions as: selling a residence, paying an obligation, investing in stocks or bonds, handling marital settlements, estate planning and retirement. Business transactions are also influenced by the rules of taxation. Some of these are: buying and selling business property, handling of mortgages, liquidating or reorganizing a business and transactions between an employer and employee" (Prentice-Hall: 1993 Federal Tax Course - Paragraph 1101).
The study of taxation can be divided into many areas: individuals, partnerships, corporations, estates, trusts, state taxes, and gift taxes to name a few. The emphasis in this course will be the federal income tax on corporations, partnerships, estates, and trusts.
All of your professional skills will probably be under utilized or wasted if you are unable to communicate effectively, both in writing and orally.
By the end of this course, the student should be able to:
1) Understand the impact of special accounting methods on the Federal Income Taxation of Corporations.
2) Understand the Federal tax rules of corporate formation and taxation.
3) Understand the issues surrounding the Federal taxation of corporate distributions.
4) Understand the Federal tax rules of S corporation qualification and taxation.
5) Understand the Federal tax rules of partnership formation and taxation.
6) Understand the purpose and effect of the Federal passive activity rules.
7) Understand the Federal net operating loss rules.
8) Understand the special Federal tax treatment of certain classes of corporations.
9) Understand the Federal taxation of security transactions.