Taxation of Business Income (21192). 2 units, credit/fail. This course will introduce the federal income tax rules that govern the taxation of business income. Topics include the taxation of corporations and partnerships and the U.S. rules governing the taxation of cross-border income. We will work with the Code and regulations and will emphasize the structure and internal logic of each area. We will also explore (briefly) major policy issues. This course will serve as an introduction to these topics for students who want an overview of business taxation. Students who want to delve more deeply into these subjects should go on to the separate courses in corporate, partnership, and international tax. The course will be offered credit/fail, and students will be expected to submit comments and questions from time to time. Students who wish to take the course for graded credit may do so but will have to complete a paper of roughly ten pages explaining a complex transaction. Prerequisite: Federal Income Taxation. A.L. Alstott.
Note: Any student who is interested in taking the course for a grade must elect that option and file the necessary petition with the Registrar’s Office by Friday, February 3. After that date, it will not be possible to elect the course for a grade.