Corporate Tax (2 or 3 credits)

This course is an introduction to the federal income taxation of corporations and their shareholders. The course generally covers the taxation of C corporations, which are taxed as entities separate and distinct from their shareholders. In the 3 credit version, the course will also cover S corporations, which are certain closely held corporations that are not taxed separately; instead, their income and losses flow through to their shareholders. The course will include discussion of the tax consequences of formation, operation and liquidation of corporations, as well as distributions of cash and other property by the corporation. Prerequisites: Taxation I