Fundamentals of Business Entities Taxation

This course provides students with an introduction to business taxation with an emphasis on statutory materials, principles, procedures and terminology. Income tax treatment of different types of business entities and their business owners is explored with a focus on operations, reporting, and formation. Students also have an opportunity to apply tax law in the areas of income/compensation planning, investment planning, tax shelters, and current developments. Preparation of Federal and California income tax returns for businesses, including sole proprietorships, corporations (C corps, S corps), and partnerships (General and Limited Partnerships, Limited Liability Companies, and Limited Liability Partnerships), using tax software and manually, are also covered. Topics include income tax law, theory, and practice, and preparation of Forms 1120 (Corporate), 1120S (S Corporate), 1065 (Partnership), 4562 (Depreciation), and the related California tax forms.