Corporate Tax (2 credits)

This course is an introduction to the federal income taxation of two types of pass-through entities - partnerships (including limited liability companies) and "S" corporations - and their partners/shareholders. Pass-through entities are not themselves taxed but are still subject to elaborate rules and reporting requirements in order to ensure that their interest holders are taxed appropriately. "S" corporations are incorporated entities for which a special tax election has been made. Prerequisites: Taxation I