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
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Programme du cours : ce que vous apprendrez dans ce cours
Semaine
11 heure pour terminer
Introduction 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
3 heures pour terminer
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), 2 lectures, 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
2 lectures
Module 1 Overview and Resources10 min
Module 1 Live Session Slides10 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
22 heures pour terminer
Module 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), 2 lectures, 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
2 lectures
Module 2 Overview and Resources10 min
Module 2 Live Session Slides10 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
33 heures pour terminer
Module 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), 2 lectures, 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
2 lectures
Module 3 Overview and Resources10 min
Module 3 Live Session Slides10 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
42 heures pour terminer
Module 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), 2 lectures, 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
2 lectures
Module 4 Overview and Resources10 min
Module 4 Live Session Slides10 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
Semaine
52 heures pour terminer
Module 5 Other Pass-Through Entities
In this module, we will examine the concepts of pass-through entities with an introduction to other pass-through business models. We will analyze limited liability companies (LLC), limited liability partnerships (LLP), family partnerships, and Subchapter S corporations (S corp). We will discuss the unincorporated nature of the LLC, which offers both the limited liability of a corporation and the tax implications of a partnership. Next, we will discuss LLP and family partnership. We will also explore the increased limitation to liability and eligibility requirements necessary. Finally, we will analyze the qualifications and procedures for a corporation to elect S corporation status.
10 vidéos (Total 30 min), 2 lectures, 7 quiz
10 vidéos
Limited Liability Companies5 min
Limited Liability Partnerships2 min
Family Partnerships2 min
Lesson 5.4.1 Background4 min
Lesson 5.4.2 Qualifications2 min
Lesson 5.4.3 Subchapter S Election2 min
Lesson 5.4.4 Compliance Procedures1 min
Lesson 5.4.5 Applications3 min
Module 5 Wrap-Up1 min
2 lectures
Module 5 Overview and Resources10 min
Module 5 Live Session Slides10 min
7 exercices pour s'entraîner
Lesson 5.1 Knowledge Check8 min
Lesson 5.2 Knowledge Check8 min
Lesson 5.3 Knowledge Check8 min
Lesson 5.4.1 Knowledge Check8 min
Lesson 5.4.2 Knowledge Check8 min
Lesson 5.4.3 Knowledge Check8 min
Module 5 Quiz16 min
Semaine
62 heures pour terminer
Module 6 S Corporation Operations
In this module, we will further examine the specifications of electing S corporation status. We will explore income measurement and allocation methods followed in passing through the earnings to the shareholders; including the differentiation between ordinary items and separately stated items. Next, we will discuss the calculation of the shareholder’s basis in the S corporation and how it is adjusted in accordance with company earnings. We will also explore loss limitations with respect to the shareholder’s tax basis and at-risk basis. Accordingly, you will be introduced to the implications of distributions from the company to the shareholder with special tax consequences. Finally, we will discuss the exceptions that subject the pass-through to entity level tax.
14 vidéos (Total 52 min), 2 lectures, 6 quiz
14 vidéos
Lesson 6.1.1 Income Measurement & Allocation: Concepts5 min
Lesson 6.1.2 Income Measurement & Allocation: Applications5 min
Lesson 6.2.1 Shareholder Basis Determination: Concepts3 min
Lesson 6.2.2 Shareholder Basis Determination: Applications2 min
Lesson 6.3.1 Shareholder Loss Limitations: Concepts5 min
Lesson 6.3.2 Shareholder Loss Limitations: Applications4 min
Lesson 6.4.1 Operating: Concepts6 min
Lesson 6.4.2 Operating: Applications6 min
Lesson 6.4.3 Liquidating: Concepts1 min
Lesson 6.4.4 Liquidating: Applications2 min
Lesson 6.5.1 Special Taxes4 min
Lesson 6.5.2 Other Issues1 min
Module 6 Wrap-Up57s
2 lectures
Module 6 Overview and Resources10 min
Module 6 Live Session Slides10 min
6 exercices pour s'entraîner
Lesson 6.1.1 Knowledge Check8 min
Lesson 6.2.1 Knowledge Check8 min
Lesson 6.3.1 Knowledge Check8 min
Lesson 6.4.1 Knowledge Check8 min
Lesson 6.5.1 Knowledge Check8 min
Module 6 Quiz18 min
Semaine
73 heures pour terminer
Module 7 Professional Tax Practice & Ethics
In this module, you will examine the ethical guidelines that encompass the professional tax practice. It will begin with a discussion of the mission and authority of the Internal Revenue Service (IRS), the enforcement agency overseeing the professional tax industry. Next, we will highlight the various penalties that can be assessed at the taxpayer level, both civil and criminal. Finally, you will be introduced to the ethical standards imposed upon tax advisors: Circular 230 and AICPA standards.
12 vidéos (Total 44 min), 2 lectures, 10 quiz
12 vidéos
Lesson 7.1.1 The IRS Mission3 min
Lesson 7.1.2 Structure of the IRS3 min
Lesson 7.1.3 Powers of the IRS2 min
Lesson 7.1.4 Tax Return Audits6 min
Lesson 7.1.5 The Tax Gap1 min
Lesson 7.2.1 Civil Penalties6 min
Lesson 7.2.2 Criminal Penalties3 min
Lesson 7.3.1 Circular 2306 min
Lesson 7.3.2 AICPA Standards4 min
Lesson 7.3.3 Tax Adviser Penalties2 min
Module 7 Wrap-Up1 min
2 lectures
Module 7 Overview and Resources10 min
Module 7 Live Session Slides10 min
10 exercices pour s'entraîner
Lesson 7.1.1 Knowledge Check8 min
Lesson 7.1.2 Knowledge Check8 min
Lesson 7.1.3 Knowledge Check8 min
Lesson 7.1.4 Knowledge Check8 min
Lesson 7.2.1 Knowledge Check8 min
Lesson 7.2.2 Knowledge Check8 min
Lesson 7.3.1 Knowledge Check8 min
Lesson 7.3.2 Knowledge Check8 min
Lesson 7.3.3 Knowledge Check8 min
Module 7 Quiz16 min
Semaine
81 heure pour terminer
Module 8 Strategic Organizational Form Choice
In this module, you will apply the concepts learned from previous lessons on corporate and pass-through entities to designed scenarios. You will analyze organizational form dilemma and four organizational form choices. The module will conclude with a summary and recommendation.
7 vidéos (Total 19 min), 3 lectures, 1 quiz
7 vidéos
Organizational Form Dilemma3 min
C Corporation3 min
Partnership or LLC4 min
S Corporation2 min
Summary & Recommendation2 min
Module 8 Wrap-Up1 min
3 lectures
Module 8 Overview and Resources10 min
Course Wrap-Up10 min
Module 8 Live Session Slides10 min
1 exercice pour s'entraîner
Module 8 Quiz20 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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