Gilbert Law Summaries on Tax of Business

This outline discusses taxation of partnerships, including current partnership income, contributions of property to partnership, sale of partnership interest, distributions, and liquidations. Other subjects covered include corporate taxation, including corporate distributions, sales of stock and assets, and reorganizations, S corporations, and federal income taxation of trusts.

Taxation of Business Entities Text Correlation Chart

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Taxation of Business Entities Capsule Summary

i

Approach to Exams

i

Partnership Taxation

Chapter Approach

1

(2)

Introduction

3

(1)

Chart: Outside vs. Inside Basis---A Comparison

3

(1)

Classification of Entity as Partnership or Corporation

4

(2)

Anti-Abuse Regulations

6

(2)

Definition of Partnership

8

(1)

Current Partnership Income

9

(13)

Chart: Checklist of Criteria Justifying Noncalendar Tax Year for Partnerships

16

(6)

Contributions of Property to the Partnership

22

(13)

Chart: Treatment of Contributions to Partnership---A Summary

27

(1)

Chart: Determining Partner's Basis In Partnership (Outside Basis)

28

(7)

Sales of Partnership Interests

35

(6)

Chart: Determining Capital Gain or Loss on Sale of Partnership Interest---An Approach

35

(6)

Partnership Distributions and Basis Adjustments

41

(7)

Chart: Distribution to Partners---A Comparison

45

(3)

Partnership Liquidations

48

(10)

Corporate Taxation---Problems of Entity, Penalty Taxes, and Formation

Chapter Approach

57

(1)

Corporation as a Taxable Entity

58

(10)

Chart: Checklist of Transactions Likely to Trigger Reallocation

62

(6)

Penalty Taxes on Corporations that Do Not Pay Dividends

68

(6)

Chart: Personal Holding Company (``PHC'') Tax---An Approach

72

(2)

Creating the Corporation

74

(14)

Chart: Taxation of Stock Issued in Exchange for Property upon Formation---An Approach

76

(12)

Corporation's Capital Structure---Debt or Equity?

88

(10)

Chart: Stock vs. Debt---Advantages of Each

92

(5)

Corporate Taxation---Distributions

Chapter Approach

97

(1)

Consequences to Shareholders of Corporate Distributions of Cash and Property

98

(28)

Chart: Taxation of Dividends to Corporation

102

(4)

Chart: Checklist of ``Disguised'' Dividends---Examples

106

(13)

Chart: Redemption vs. Dividend---A Summary of Tests

119

(7)

Distributions of Property in Kind---Impact on the Corporation

126

(4)

Stock Dividends

130

(5)

Corporate Taxation---Parent's Purchase of Subsidiary's Stock and Adjustment to Basis of Assets

Chapter Approach

135

(1)

Background

135

(1)

Election by Parent

135

(3)

Consolidated Groups

138

(2)

Corporate Taxation---Reorganizations

Chapter Approach

139

(1)

Divisive Reorganizations

140

(8)

Chart: Checklist of Requirements for a Tax-Free Corporate Division

146

(2)

Liquidation and Reincorporation

148

(1)

Combining Reorganizations

149

(14)

Chart: ``A'' Reorganization (Statutory Merger or Consolidation)

150

(1)

Chart: Disregarded Entity Mergers

151

(1)

Chart: ``B'' Reorganization (Stock-for-Stock Exchange)

152

(1)

Chart: ``C'' Reorganization (Stock-for-Assets Exchange)

152

(5)

Chart: Continuity of Interest Requirement---Sales Affecting Tax-Free Status

157

(3)

Chart: Triangular Reorganizations

160

(2)

Chart: ``A,'' ``B,'' and ``C'' Reorganizations---A Summary

162

(1)

Single Corporation Reorganizations

163

(1)

Boot in Reorganizations

164

(3)

Carry-Over of Tax Attributes

167

(2)

Capitalization of Costs of Corporate Reorganization

169

(2)

Corporate Taxation---S Corporations

Chapter Approach

171

(1)

Introduction

171

(1)

S Corporation Status

172

(4)

Chart: Checklist of Eligibility for Subchapter S Status

174

(2)

Taxation of S Corporations

176

(7)

Review Questions and Answers

183

(32)

Exam Questions and Answers

215

(24)

Table of Citations to Internal Revenue Code (I.R.C.)

239

(4)

Table of Citations to Revenue Rulings

243

(2)

Table of Cases

245

(4)

Index

249

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Gilbert Law Summaries on Tax of Business Entities

Summary

Table of Contents

Supplemental Materials

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Gilbert Law Summaries on Tax of Business Entities

Summary

Table of Contents

Supplemental Materials

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