Taxation of Partnership and S Corporation

Open to students who have completed an undergraduate degree in accounting or who have completed the graduate core coursework for the MS in Accounting or the MS in Risk Management Accounting/ CPA concentration, or permission of the department. This course gives special attention to all aspects of partnership taxation. Subjects include partnership formation and liquidation, special allocations, basis adjustments for operating items, and deductions, losses, and credits to partners. Research into difficultpartnership issues is also stressed. It will then cover: analysis of tax considerations in acquiring real property as an investment, choice of business entity, corporate ownership of real property, depreciation methods and issues, passive activity losses and credits affecting real estate, alternative minimum tax, uniform capitalization rules, installment sales and repossessions, like-kind exchanges and involuntary conversions,leases, rehabilitation and low-income housing credits, qualified residence interest, vacation homes, home office deductions, and homeowners associations. Tax treatment of REITS and REMICS will be discussed as well.This course will also examine the following: What is and why elect to be an S corporation? Electing and maintaining S corporation status, S corporation requirements, advantages and disadvantages of S corporations, shareholder taxation, distributions, basis adjustments, terminating S corporation status, self-employment and payroll taxes for S corporation shareholders, among a host of other relevant S corporation topics.

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