 |
|
|
|
|
|
|
||
|
|
||
|
Reading List:
P. McDaniel, et al., Federal Income Taxation of Business Organizations -- Cases and Materials (Foundation Press), plus Supplement;
Selected Federal Taxation -- Statutes and Regulations (West Group, M. Rose, Ed.).
After an introduction, the course proceeds to a discussion of partnership taxation lasting perhaps five weeks, then continues with a discussion of corporate taxation for the rest of the semester. Partnership and corporate taxation are together to facilitate discussion of the overarching theme of the subject - choice of business form. Thus, a comparative law analysis is employed.
All references below are to McDaniel, et al., Federal Income Taxation of Business Organizations. These references should be understood to include the corresponding portions of the latest supplement and the Internal Revenue Code sections assigned in the text.
Week 1, January 7-11
Monday-Wednesday
Part I, Taxation of Partners and Partnerships
Chapter 1, Introduction to Partnership Taxation, pp. 1-33
Friday, January 11 - Class is cancelled.
Week 2, January 14-18
Chapter 2, Formation of the Partnership, pp. 34-53 and 57-70
omitting the examples on pp. 53-57
Week 3, January 21-25
Monday, No classes - MLK Day
Chapter 3, Taxation of Partnership Taxable Income to the Partners,
pp. 71-89, and 93-97, omitting G and H, pp. 89-93
Week 4, January 28-February 1
Monday
We will begin class by recontemplating Rev. Rul 66-94, pp. 93, followed by consideration of the statutes and regulations assigned at pp. 98, 109 & 111, and, in light of those provisions, recontemplating Orrisch v. Commissioner, pp. 99, and Rev. Rul. 97-38, pp. 112.
Chapter 4, Determining Partners' Distributive Shares, pp. 98-164,
but omit the examples on the following pages:
118-120
121-123
125-126
127-128
omit B, pp. 132-134,
omit C, pp. 135-138,
omit the Illustrative Material, pp. 141-154,
and omit (b) on p. 158 through D on p. 161
Chapter 5, Allocation of Partnership Liabilities, pp. 165-185
but omit B on p. 185
Wednesday
Chapter 6, Transactions Between Partners and Partnerships, pp. 186-217
Friday
Chapter 6, Transactions Between Partners and Partnerships, pp. 186-217
Week 5, February 4-8
Monday
Chapter 7, Special Limitations on Loss Deductions at the Partner Level, pp. 218-223
Wednesday
Chapter 7, Special Limitations on Loss Deductions at the Partner Level, (continued) pp. 234-246
Chapter 8, Sales of Partnership Interests by Partners, pp. 247-275
but omit D on p. 274
Friday
Chapter 8, Sales of Partnership Interests by Partners (continued), pp.275--291
but omit the examples from the middle of p. 283 through the middle of p. 288, and omit E on p. 290-291
The regulations examples under Section 743 that we may discuss in class, depending on student interest in doing so, are the three examples contained in Regs. Section 1.743-1(d)(3) and (f)(i), assigned at p. 275.
Chapter 9, Partnership Distributions, pp. 292-317
We will discuss in the four regulations examples contained in Regs. Section 1.734-1, assigned at p. 299.
Week 6, February 11-15
Monday
The italicized portion of today's reading assignment is the same as last Friday's assignment, and does not involve new reading. We will pick up today with Regs. Section 1.743-1(d)(3), Example 2, assigned at p. 275. This is the example with which we finished class on Friday, but I felt the example was a bit rushed due to the end of class. We will then discuss the four examples contained in Regs. Section 1.734-1, assigned at p. 299.
Thereafter we will discuss those code sections in the assignment that are new, but it will help to review for class even the previously assigned sections.
Chapter 8, Sales of Partnership Interests by Partners (continued), pp.275--291
but omit the examples from the middle of p. 283 through the middle of p. 288, and omit E on p. 290-291
Chapter 9, Partnership Distributions, pp. 292-317
Chapter 9, Partnership Distributions, pp. 317-351
Note that all code sections assigned from p 321 through p. 351 were previously assigned and will already have been discussed. These 30 pages are mainly background reading that will not be discussed in class. These pages are also the only new pages to be read for today. We will, however, briefly discuss Foxman v. Commissioner, which is discussed at pp. 346-349.
Wednesday
Complete yesterday's assignment, then
Chapter 9, Partnership Distributions, pp. 351-367, omitting remainder of chapter
All code sections in this portion of Chapter 9 were previously assigned and discussed, except Section 753, which will not be discussed.
Part II, Taxation of Corporations and Shareholders
Chapter 10, Taxation of Corporate Income, pp. 375-411
Today's reading assignment may look long, but there are almost no code sections assigned in Chapter 10.
Friday
Chapter 11, Identifying Taxable Corporate Entities, pp. 412-440
Week 7, February 18-22
Chapter 11, Identifying Taxable Corporate Entities (continued), pp. 412-440
Chapter 12, Formation of the Corporation, pp. 441-496
Week 8, February 25-March 1
Chapter 13, The Capital Structure of the Corporation, pp. 497-535, omitting remainder of chapter
Chapter 14, Dividend Distributions, pp. 551-601,
but omit 4 & 5, pp. 565-566 and A-C, pp. 595-600
Sunday, March 3, through Sunday, March 17, Spring Break
Week 9, March 18-22
Chapter 15, Stock Redemptions, pp. 602-657,
but omit Illustrative Material, pp. 607-610, and Illustrative Material, pp. 611-616 and Illustrative Material, A-B, pp. 622-627, and Illustrative Material, pp. pp. 632-639, and Illustrative Material, pp. pp. 647-653
Week 10, March 25-29
Chapter 16, Stock Dividends, pp. 658-697,
but omit A, pp. 666-668, and Illustrative Material, pp. 671-682, and A-C, pp. 690-696
Friday
No Classes. Good Friday.
Week 11, April 1-5
Monday - Wednesday
Chapter 16, Stock Dividends, pp. 658-697 (continued),
but omit A, pp. 666-668, and Illustrative Material, pp. 671-682, and A-C, pp. 690-696
Friday
Chapter 17, Corporate Liquidations, pp. 698-719, omitting Illustrative Material, pp. 720-727.
Week 12, April 8-12
Chapter 17, Corporate Liquidations, pp. 698-719 (continued), omitting Illustrative Material, pp. 720-727.
Part III, Elective Passthrough Treatment
Chapter 18, S Corporations, pp. 728-796,
but omit Illustrative Material, A & B, pp. 734-737, and Illustrative Material, pp. 739-744
Week 13, April 15-19
Chapter 18, S Corporations, pp. 728-796 (continued),
but omit Illustrative Material, A & B, pp. 734-737, and Illustrative Material, pp. 739-744
Part IV, Affiliated Corporations
Chapter 26, Penalty Taxes, pp. 1145-1172.
Week 14, April 22-26
Part V, Special Rules to Prevent Avoidance of Shareholder Level Tax
Chapter 19, Affiliated Corporations, pp. 797-829
Week 15, April 29-30
Monday
Finish materials and review.
Tuesday
April 30 is the last day of classes and follows a Friday schedule.
Review