556 - Taxation: Corporations and Shareholders (2 hours)*
This course covers the basic federal tax considerations relevant to entity choice (the choice of an entity to be a sole proprietorship, passthrough entity (including LLC, partnership), or corporation. It introduces students to the passthrough regime of partnerships and LLCs and the double tax regime of C-Corporations. Then it covers the tax rules applicable to the lifecycle of a C-Corporation, including the tax implications on C-Corporations and their shareholders of: corporate formation, corporate earnings, corporate spending, corporate operations, dividends, redemptions, stock sales, and corporate dissolutions. Although it is a 2 credit class, it will be scheduled as a 4 credit class would be scheduled and will run from the start of the semester until the midterm. Then, in the same block, in the second half of the semester from the midterm until the final, a 2-credit Partnership Tax class will be taught which will build on this course's themes. If you take both classes, your transcript will show 2 * 2 credit courses.
* This course may be offered for 3 hours during some years.