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First Assignment Spring 2017

Taxation II: Taxation of Business Enterprises

LAW 697 Section 61

Patricia Ritzert


Assignment details

WELCOME!

The first class meeting is the foundation for the course. 

Please be sure to attend. Email me regarding any difficulties.

I look forward to meeting you.

 

FIRST ASSIGNMENT

Read Chapter 1 in Schwartz and Lathrope, Fundamentals of Business Enterprise Taxation (6th ed.). This edition is to be released in December. It is on order.

This is background and introductory reading for concepts rather than detail.

Prepare yourself to discuss the problems on pages 33-34 in class.**(I will update when the new edition is received. The problems concern Betty & Emil who begin a shoe manufacturing business, and compare the tax consequences of operating as a corporation versus partnership.

In the Internal Revenue Code, skim the following sections:

§1; §11; §1001; §1011; §1012 and

§7701(a) (1 through 11, 13, 14, 16, 17, 23 through 30, and 42 through 45)

Find Subchapter K in the Internal Revenue Code (the "Code"). Where does it start? Where does it end? How is it organized?

Find Subchapter C in the Code.

Find Subchapter S in the Code.

Read Internal Revenue Regulations:

§301.7701-1(a) and (b); 301.7701-2(a), (b)(1 to 3), and (c); 301.7701-3(a), (b) and (f)(2) – the examples in (f) are optional.

 

Concepts important to recall from Tax I:

  • Basis
  • Ordinary income vs. capital gain
  • How to calculate gain/loss from transactions in property
  • Gain realized vs. gain recognized
  • Depreciation
  • Adjusted basis
  • Holding period
  • Accounting period/taxable year
  • Accounting method