Examines the use of S Corporations versus other forms of business entities. Issues such as eligibility, election, revocation, and termination are discussed. Prerequisite: TXX 5762.

( GMP 5762 OR TXX 5762 )

The student will have an understanding of the impact of federal taxation on the selection of an appropriate business entity or form.   The student would have also explored, among many other subjects, the tax implications of distributions to owners of LLCs and S corporations.
The understanding obtained by the study of the taxation of LLCs and S corporations will deepen the tax professionals¿ grasp of the subject of Federal taxation and of the complexities involved in selecting the appropriate entity under which to conduct business.   This knowledge will also make them informed citizens who can assess the political and economic objectives of taxation.
All of your professional skills will probably be underutilized or wasted if you are unable to communicate effectively, both in writing and orally. To further develop your communication skills, you will be expected to lead and/or participate in class discussions and to complete one written research assignment.

By the end of this course, the student should be able to:

1) Identify the distinguishing characteristics of partnerships and corporations.
2) Distinguish between the tax aspects of partnerships and the tax aspects of corporations.
3) Explain the requirements for the formation, qualification, and taxation of S corporations.
4) Discuss the history and development of limited liability companies.
5) Identify the requirements for the proper formation of limited liability companies.
6) Distinguish the operation of limited liability companies from the operation of other business entities and explain the taxation of limited liability companies.
7) Discuss the tax effects of various kinds of distributions of business profits.

1. Required Materials


1. Textbooks

Guide to Limited Liability Companies - 9.Edition CCH Editorial Staff Publication
Commerce Clearing House
Chicago, IL
ISBN: 9780808017844

Notes: Textbooks may be purchased from the NSU Bookstore by calling 1-800-509-2665 or online at www.nsubooks.bkstore.com.

Practical Guide to S Corporations - 4.Edition Schlesinger, Michael
Commerce Clearing House
Chicago, IL
ISBN: 9780808017622

Notes: Textbooks may be purchased from the NSU Bookstore by calling 1-800-509-2665 or online at www.nsubooks.bkstore.com.

Practical Guide to Partnerships and LLC's - 4d.Edition Ricketts, Robert & Tunnell, Larry
Commerce Clearing House
Chicago, IL
ISBN: 9780808019664

Notes: Textbooks may be purchased from the NSU Bookstore by calling 1-800-509-2665 or online at www.nsubooks.bkstore.com.


APA Manual
Effective October 1^st 2009, the 6th edition of the APA Manual is required for all courses.

NSU Bookstore
Textbooks and Case Studies may be purchased from the NSU Bookstore (located in the University Park Plaza) by calling 1-800-509-2665 or online at http://www.nsubooks.bkstore.com.



2. Recommended Materials

Understanding Partnership and LLC Taxation, by Jerold A Friedland, Lexis Publishing – (ISBN 0-8205-4692-5)

The NSU libraries comprise the Alvin Sherman Library, Research, and Information Technology Center, East Campus Branch Library, Health Professions Division Library, Law Library and Technology Center, North Miami Beach Branch Library, University School Library Media Centers, and the William S. Richardson Ocean Science Library. Students are strongly encouraged to visit one of the physical locations and/or take advantage of the vast electronic library available for research. For more information, please visit http://www.nova.edu/library.

Please note that all required and recommended materials should be referenced in APA style.