Federal Income Taxation of Flow Through Entities, Estates and Trusts

1.5 credits · GM

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.