Course coverage includes organization of the corporation, corporate capital structure, corporate distributions, stock redemptions, bail-out techniques and liquidations. Advanced study in the corporate tax area including Subchapter S corporations, collapsible corporations, accumulated earnings, personal holding company taxes, and taxable corporate acquisitions. Advanced study in the corporate tax area including affiliated corporations, carryover of corporate tax attributes, corporate reorganizations and divisions, intercompany transactions and consolidated returns. A comprehensive introduction to, and analysis of, the federal estate and gift tax laws including basic principles of estate planning. Procedures for preparation of the estate and gift tax returns are treated.
Coverage is given to state death and inheritance taxes.
Federal income taxation of estates, trusts, grantors and beneficiaries. Topics are simple and complex trusts, throwback rules, taxable and distributable net income, assignment of income concepts and income in respect of a decedent, preparation of the estate and trust returns. The essential elements of estate planning under current law. State succession taxes will be reviewed. A 611 State and Local Taxation Tax problems encountered at the state and local level by businesses engaged in interstate commerce.