NBA 5355 - Federal Income Taxation of Flow Through Entities, Estates and Trusts

Fall. 1.5 credits. Letter grades only (no audit).

J. McKinley.

This course presents the tax skills necessary to make business decisions pertaining to “flow-through entities” and to a more limited extent transfer taxes, including the estate and gift tax. Emphasis is placed on such “flow-through entities” as partnerships and “S” Corporations. Partnership areas covered include the formation and operation of a partnership, transactions between partner and partnership, distributions from a partnership, including distributions to retiring or deceased partners, sale of a partnership interest, optional adjustments to property basis, and the termination of a partnership. The formation and operational rules surrounding an “S” corporation are also talked about, including the similarities and differences in compliance issues facing both a partnership and “S” corporation.