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.
Ce cours fait partie de la Spécialisation U.S. Federal Taxation
Taxation of Business Entities II: Pass-Through Entities
proposé par
Programme du cours : ce que vous apprendrez dans ce cours
Semaine
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 vidéos (Total 7 min), 4 lectures, 1 quiz
4 lectures
Syllabus10 min
About the Discussion Forums10 min
Update Your Profile10 min
Build a Learning Community with Social Media10 min
1 exercice pour s'entraîner
Orientation Quiz8 min
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 vidéos (Total 61 min), 1 lecture, 11 quiz
17 vidéos
Lesson 1.1.1 Partnerships4 min
Lesson 1.1.2 Legal Framework2 min
Lesson 1.1.3 Special Basis Concepts2 min
Lesson 1.1.4 Other Issues4 min
Lesson 1.2.1 Nonrecognition Provision: Concepts3 min
Lesson 1.2.2 Nonrecognition Provision: Applications2 min
Lesson 1.3.1 Basis Determination & Holding Period: Concepts4 min
Lesson 1.3.2 Basis Determination & Holding Period: Applications8 min
Lesson 1.4.1 Nonrecognition Exceptions: Concepts4 min
Lesson 1.4.2 Nonrecognition Exceptions: Applications3 min
Lesson 1.4.3 Other Issues1 min
Lesson 1.5.1 Initial Costs4 min
Lesson 1.5.2 Accounting Methods2 min
Lesson 1.5.3 Tax Year3 min
Lesson 1.5.4 Applications6 min
Module 1 Wrap-Up46s
1 lecture
Module 1 Overview and Resources10 min
11 exercices pour s'entraîner
Lesson 1.1.1 Knowledge Check8 min
Lesson 1.1.2 Knowledge Check8 min
Lesson 1.1.4 Knowledge Check8 min
Lesson 1.2.1 Knowledge Check8 min
Lesson 1.3.1 Knowledge Check8 min
Lesson 1.4.1 Knowledge Check8 min
Lesson 1.4.3 Knowledge Check8 min
Lesson 1.5.1 Knowledge Check8 min
Lesson 1.5.2 Knowledge Check8 min
Lesson 1.5.3 Knowledge Check8 min
Module 1 Quiz16 min
Semaine
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.
13 vidéos (Total 58 min), 1 lecture, 6 quiz
13 vidéos
Lesson 2.1.1 Income Measurement & Reporting: Concepts4 min
Lesson 2.1.2 Income Measurement & Reporting: Applications3 min
Lesson 2.2.1 Partner’s Distributive Share: Concepts5 min
Lesson 2.2.2 Partner’s Distributive Share: Applications3 min
Lesson 2.3.1 Outside Basis Adjustments: Concepts5 min
Lesson 2.3.2 Outside Basis Adjustments: Applications7 min
Lesson 2.4 Partners' Deduction for Qualified Business Income9 min
Lesson 2.5.1 Partner Loss Limitations: Concepts4 min
Lesson 2.5.2 Partner Loss Limitations: Applications5 min
Lesson 2.6.1 Related Transactions: Concepts2 min
Lesson 2.6.2 Related Transactions: Applications3 min
Module 2 Wrap-Up56s
1 lecture
Module 2 Overview and Resources10 min
6 exercices pour s'entraîner
Lesson 2.1.1 Knowledge Check8 min
Lesson 2.2.1 Knowledge Check8 min
Lesson 2.3.1 Knowledge Check8 min
Lesson 2.5.1 Knowledge Check8 min
Lesson 2.6.1 Knowledge Check8 min
Module 2 Quiz16 min
Semaine
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 vidéos (Total 76 min), 1 lecture, 8 quiz
18 vidéos
Lesson 3.1.1 Concepts I8 min
Lesson 3.1.2 Applications I2 min
Lesson 3.1.3 Concepts II3 min
Lesson 3.1.4 Applications II7 min
Lesson 3.2.1 Concepts I5 min
Lesson 3.2.2 Applications I2 min
Lesson 3.2.3 Concepts II2 min
Lesson 3.2.4 Applications II2 min
Lesson 3.2.5 Concepts III1 min
Lesson 3.2.6 Applications III8 min
Lesson 3.2.7 Concepts IV2 min
Lesson 3.2.8 Applications IV11 min
Lesson 3.2.9 Concepts V57s
Lesson 3.2.10 Applications V6 min
Lesson 3.3.1 Disproportionate Distributions: Concepts2 min
Lesson 3.3.2 Disproportionate Distributions: Applications2 min
Module 3 Wrap-Up1 min
1 lecture
Module 3 Overview and Resources10 min
8 exercices pour s'entraîner
Lesson 3.1.1 Knowledge Check8 min
Lesson 3.1.3 Knowledge Check8 min
Lesson 3.2.1 Knowledge Check8 min
Lesson 3.2.3 Knowledge Check8 min
Lesson 3.2.5 Knowledge Check8 min
Lesson 3.2.7 Knowledge Check8 min
Lesson 3.3 Knowledge Check8 min
Module 3 Quiz16 min
Semaine
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 vidéos (Total 39 min), 1 lecture, 6 quiz
13 vidéos
Introduction to Sale of Partnership Interest2 min
Lesson 4.1.1 Seller Concepts2 min
Lesson 4.1.2 Seller Applications4 min
Lesson 4.1.3 Buyer Concepts1 min
Lesson 4.1.4 Buyer Applications2 min
Lesson 4.2.1 Special Basis Adjustment: Concepts6 min
Lesson 4.2.2 Special Basis Adjustment: Applications3 min
Lesson 4.3.1 Other Dispositions: Concepts4 min
Lesson 4.3.2 Other Dispositions: Applications1 min
Lesson 4.4.1 Partnership Termination: Concepts5 min
Lesson 4.4.2 Partnership Termination: Applications1 min
Module 4 Wrap-Up1 min
1 lecture
Module 4 Overview and Resources10 min
6 exercices pour s'entraîner
Lesson 4.1.1 Knowledge Check8 min
Lesson 4.1.3 Knowledge Check8 min
Lesson 4.2.1 Knowledge Check8 min
Lesson 4.3.1 Knowledge Check8 min
Lesson 4.4.1 Knowledge Check8 min
Module 4 Quiz12 min
Enseignant
Michael P Donohoe, PhD, CPA
Associate Professor of Accountancy and PwC Faculty FellowDepartment of Accountancy, Gies College of Business
Commencez à travailler pour obtenir votre master
Ce cours fait partie du diplôme intégralement en ligne Master of Science in Accountancy (iMSA) de Université de l'Illinois à Urbana-Champaign.
Si vous êtes admis au programme complet, vos cours sont pris en compte dans votre apprentissage diplômant.
À propos de Université de l'Illinois à 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.
À propos de la Spécialisation 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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