Partnership Tax (Schwartz)
W 6:40PM - 8:30PM
Silverman Hall M28
This course will explore the federal income tax aspects of conducting a business or investment activity as an enterprise that is taxed as a partnership for tax purposes, rather than as an association taxable as a corporation. The course considers when joint undertakings cross the line from mere co-ownership to taxation as a partnership, the way in which the results of partnership operations are taxed and why business start-ups might choose to operate initially in partnership form. Ironically, many small and start-up businesses are formed as partnerships, but partnerships are the subject of admittedly complex rules and regulations. That said, no specialized background, business or accounting knowledge is required for this course, just an open mind and a willingness to wade through some dense but interesting rules. Federal Income Taxation I is a prerequisite. All students must bring a copy of the Internal Revenue Code and a copy of the Treasury Regulations (excerpts from the Regulations are included as a supplement to the course materials) to class every day.
Business and Corporate Law Learning outcomes: Demonstrate a core understanding of business and corporate law; Perform legal analysis in the context of business and corporate law; Communicate effectively on topics related to business and corporate law; Demonstrate an understanding of the interconnection between the world of business and finance and that of business and corporate law, and how they affect other areas of law and society.
Tax Law Learning outcomes: Demonstrate a core understanding of tax law and policy; Perform legal analysis in the context of tax law and policy; Communicate effectively on topics related to tax law and policy; Demonstrate an understanding of how tax law and policy affect other areas of law and business.
"The Logic of Subchapter K" by Cunningham