Prerequisite: Intro. To Federal Income Tax

This course will focus on the differing federal income tax treatments of the various forms of business and investment activities. Following a review of the main characteristics of subchapter C and S corporations, general partnerships, limited partnerships and limited liability companies, the course will examine the income tax rules applicable to business entities (I) when being organized; (ii) when operating and receiving profits or incurring losses; (iii) when making distributions of profits, in cash, property, or entity ownership units; (iv) when terminating an ownership interest and (v) when the entire enterprise terminates.