GB764 Federal Taxation of Business Entities   (3.00 cr.)

Prerequisite: GB603 or GB619, GB613. The study of four related aspects of federal entity taxation: (1) the structure of federal income taxation, (2) taxation of business entities, (3) special business topics, and (4) tax consequences of corporate liquidations and reorganizations. Topics covered in theme one include the determination of gross income, business deductions, and business losses and relevant tax planning strategies. Topics covered in theme two include corporate formation, capitalization, operation, and dividend distributions; partnership formation and operation; subchapter S election and operation; and corporate, partnership, and S-corporation tax planning strategies. Topics covered in theme three include multijurisdictional taxation; the corporate alternative minimum tax; taxation of proprietorships; and relevant tax planning strategies. Further topics include a comparative analysis of the various forms of doing business; the basics of corporate liquidations and reorganizations; and an introduction to tax research. The Internal Revenue Code and Regulations are an integral part of this course.