This course provides an introduction to the U.S. federal income taxation of pass-through business entities, including Subchapter S corporations, partnerships, and limited liability companies. The course focuses on the relevant provisions of Subchapters S and K of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing the formation, operation, and termination of pass-through entities. Practical in-class study problems facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.
Este curso forma parte de Programa Especializado - U.S. Federal Taxation
Taxation of Business Entities II: Pass-Through Entities
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Programa - Qué aprenderás en este curso
Semana
1Introduction to Course
In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
2 videos (Total 7 min), 4 readings, 1 quiz
4 lecturas
Syllabus10m
About the Discussion Forums10m
Update Your Profile10m
Build a Learning Community with Social Media10m
1 ejercicio de práctica
Orientation Quiz8m
Module 1 Partnership Formation
In this module, you will be introduced to partnerships. We will delve into the formation of partnerships along with the characteristics that differentiate this form of business from other U.S. entities. This module focuses on the eligibility of legal ‘persons’ to form a partnership and the nonrecognition provisions and holding periods that apply to the contribution of such capital. Exceptions to the nonrecognition rules will be highlighted along with additional elections and treatments available to partnership formation.
17 videos (Total 62 min), 1 reading, 11 quizzes
17 videos
Lesson 1.1.1 Partnerships4m
Lesson 1.1.2 Legal Framework2m
Lesson 1.1.3 Special Basis Concepts2m
Lesson 1.1.4 Other Issues4m
Lesson 1.2.1 Nonrecognition Provision: Concepts3m
Lesson 1.2.2 Nonrecognition Provision: Applications2m
Lesson 1.3.1 Basis Determination & Holding Period: Concepts4m
Lesson 1.3.2 Basis Determination & Holding Period: Applications8m
Lesson 1.4.1 Nonrecognition Exceptions: Concepts4m
Lesson 1.4.2 Nonrecognition Exceptions: Applications3m
Lesson 1.4.3 Other Issues1m
Lesson 1.5.1 Initial Costs4m
Lesson 1.5.2 Accounting Methods2m
Lesson 1.5.3 Tax Year3m
Lesson 1.5.4 Applications6m
Module 1 Wrap-Upm
1 lectura
Module 1 Overview and Resources10m
11 ejercicios de práctica
Lesson 1.1.1 Knowledge Check8m
Lesson 1.1.2 Knowledge Check8m
Lesson 1.1.4 Knowledge Check8m
Lesson 1.2.1 Knowledge Check8m
Lesson 1.3.1 Knowledge Check8m
Lesson 1.4.1 Knowledge Check8m
Lesson 1.4.3 Knowledge Check8m
Lesson 1.5.1 Knowledge Check8m
Lesson 1.5.2 Knowledge Check8m
Lesson 1.5.3 Knowledge Check8m
Module 1 Quiz16m
Semana
2Module 2 Partnership Operations
In this module, you will be introduced to the operations of a partnership. We will examine how the operations of a partnership are a conduit by which transactions “pass through” to the partners. The module focuses on how the partnership measures and allocates the income based on the partner’s distributive share in accordance with the appropriate means of reporting. Next, we will discuss the appropriate adjustments to the partner’s outside tax basis in relation to the income, loss, and liability claims of the partnership. Finally, we will discuss the loss and related party limitations imposed on the partnership.
12 videos (Total 49 min), 1 reading, 6 quizzes
12 videos
Lesson 2.1.1 Income Measurement & Reporting: Concepts4m
Lesson 2.1.2 Income Measurement & Reporting: Applications3m
Lesson 2.2.1 Partner’s Distributive Share: Concepts5m
Lesson 2.2.2 Partner’s Distributive Share: Applications3m
Lesson 2.3.1 Outside Basis Adjustments: Concepts5m
Lesson 2.3.2 Outside Basis Adjustments: Applications7m
Lesson 2.4.1 Partner Loss Limitations: Concepts4m
Lesson 2.4.2 Partner Loss Limitations: Applications5m
Lesson 2.5.1 Related Transactions: Concepts2m
Lesson 2.5.2 Related Transactions: Applications3m
Module 2 Wrap-Upm
1 lectura
Module 2 Overview and Resources10m
6 ejercicios de práctica
Lesson 2.1.1 Knowledge Check8m
Lesson 2.2.1 Knowledge Check8m
Lesson 2.3.1 Knowledge Check8m
Lesson 2.4.1 Knowledge Check8m
Lesson 2.5.1 Knowledge Check8m
Module 2 Quiz16m
Semana
3Module 3 Partnership Distributions
In this module, you will be introduced to the tax treatments of partnership distributions. We will first determine what is a distribution and how it is different from a partner’s share of partnership earnings. Partnership distributions will be further classified into proportionate operating, proportionate liquidating, and disproportionate distributions. We will then discuss the nonrecognition principle of partnership distributions, loss limitations, and exceptions to these general rules.
18 videos (Total 76 min), 1 reading, 8 quizzes
18 videos
Lesson 3.1.1 Concepts I8m
Lesson 3.1.2 Applications I2m
Lesson 3.1.3 Concepts II3m
Lesson 3.1.4 Applications II7m
Lesson 3.2.1 Concepts I5m
Lesson 3.2.2 Applications I2m
Lesson 3.2.3 Concepts II2m
Lesson 3.2.4 Applications II2m
Lesson 3.2.5 Concepts III1m
Lesson 3.2.6 Applications III8m
Lesson 3.2.7 Concepts IV2m
Lesson 3.2.8 Applications IV11m
Lesson 3.2.9 Concepts Vm
Lesson 3.2.10 Applications V6m
Lesson 3.3.1 Disproportionate Distributions: Concepts2m
Lesson 3.3.2 Disproportionate Distributions: Applications2m
Module 3 Wrap-Up1m
1 lectura
Module 3 Overview and Resources10m
8 ejercicios de práctica
Lesson 3.1.1 Knowledge Check8m
Lesson 3.1.3 Knowledge Check8m
Lesson 3.2.1 Knowledge Check8m
Lesson 3.2.3 Knowledge Check8m
Lesson 3.2.5 Knowledge Check8m
Lesson 3.2.7 Knowledge Check8m
Lesson 3.3 Knowledge Check8m
Module 3 Quiz16m
Semana
4Module 4 Partnership Sales and Terminations
In this module, you will be introduced to the tax consequences of selling and terminating a partnership interest. We will explore the tax consequences to the buyer and seller in a transaction to sell a partner’s interest. You will learn to differentiate between sales subject to capital and ordinary gain. Since the partner’s capital account and tax basis often differ at the point of sale, you will learn about the § 754 election, which allows the buyer to step up the inside basis in the partnership. Finally, we will discuss the implications of partnership termination.
13 videos (Total 38 min), 1 reading, 6 quizzes
13 videos
Introduction to Sale of Partnership Interest2m
Lesson 4.1.1 Seller Concepts2m
Lesson 4.1.2 Seller Applications4m
Lesson 4.1.3 Buyer Concepts1m
Lesson 4.1.4 Buyer Applications2m
Lesson 4.2.1 Special Basis Adjustment: Concepts6m
Lesson 4.2.2 Special Basis Adjustment: Applications3m
Lesson 4.3.1 Other Dispositions: Concepts4m
Lesson 4.3.2 Other Dispositions: Applications1m
Lesson 4.4.1 Partnership Termination: Concepts4m
Lesson 4.4.2 Partnership Termination: Applications1m
Module 4 Wrap-Up1m
1 lectura
Module 4 Overview and Resources10m
6 ejercicios de práctica
Lesson 4.1.1 Knowledge Check8m
Lesson 4.1.3 Knowledge Check8m
Lesson 4.2.1 Knowledge Check8m
Lesson 4.3.1 Knowledge Check8m
Lesson 4.4.1 Knowledge Check8m
Module 4 Quiz12m
Instructor
Michael P Donohoe, PhD, CPA
Associate Professor of Accountancy and PwC Faculty FellowDepartment of Accountancy, Gies College of Business
Start working towards your Master's degree
This curso is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign.
If you are admitted to the full program, your courses count towards your degree learning.
Acerca de University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
Acerca del programa especializado U.S. Federal Taxation
This Specialization introduces the U.S. federal tax system via conceptual and applied material. Learners will be able to apply basic principles to settings involving individuals, corporations, and other business entities, complete key components of major, individual U.S. federal tax returns, and identify tax-related strategies and implications of structuring transactions and organizations.
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