Business Entity Taxation (3670) Surveys the federal income tax consequences of major events in the "life" of a business for businesses and their owners, including formations, contributions, operations, distributions, redemptions, and liquidations. This course compares taxation of Subchapter C ("regular") and Subchapter S ("small business") corporations, partnerships, limited liability companies, and limited liability partnerships. Students spend significant time on statutory and transactional interpretation, and along the way consider policy, political, and institutional factors that determine how the federal "system" of business taxation is structured and enforced. This course is valuable both for students interested in business law who do not plan to specialize in taxation and for prospective tax specialists who want an overview of business entity law taxation. Grading: Letter graded. Credits: 3 Offered: Spring Subject Areas: Taxation, Business and Commercial Income Tax (2600) Examines the fundamentals of federal income taxation, including gross income, deductions and credits, assignment of income principles, methods of accounting, gains from dealings in property, non-recognition, capital gains and losses, and tax procedure. Grading: Letter graded Credits: 3 or 4 Offered: Fall/Spring Subject Areas: Child and Family Law, Government Practice, Taxation
