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

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

Co-meets with AEM 4560.

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.