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Taxation of Business Entities II: Pass-Through Entities
  • Level Professional
  • Duration 35 hours
  • Course by University of Illinois Urbana-Champaign
  • Offered by

About

This course provides an introduction to the U.S. federal income taxation of pass-through business entities, including Subchapter S corporations, partnerships, and limited liability companies. The course focuses on the relevant provisions of Subchapters S and K of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing the formation, operation, and termination of pass-through entities. Practical in-class study problems facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.

Modules

About the Course

    • 3 Videos
    • 3 Readings
    • 1 Quiz
    • 1 Plugin
Show info about module content

3 Videos

  • Course Introduction
  • About Professor Donohoe
  • Learn on Your Terms

3 Readings

  • Syllabus
  • About the Discussion Forums
  • Online Education at Gies College of Business

1 Quiz

  • Orientation Quiz

About Your Classmates

    • 2 Readings
    • 1 Discussion
Show info about module content

1 Discussions

  • Get to Know Your Classmates

2 Readings

  • Update Your Profile
  • Build a Learning Community With Social Media

Lesson 1.0: Module 1 Introduction

    • 1 Videos
    • 2 Readings
    • 1 Discussion
Show info about module content

1 Discussions

  • Make Connections to Topic

1 Videos

  • Partnership Formation Overview

2 Readings

  • Module 1 Overview
  • Module 1 Readings

Lesson 1.1: Background and Basics

    • 5 Videos
    • 3 Quiz
Show info about module content

5 Videos

  • Lesson Objectives - Background and Basics
  • Lesson 1.1.1 Partnerships
  • Lesson 1.1.2 Legal Framework
  • Lesson 1.1.3 Special Basis Concepts
  • Lesson 1.1.4 Other Issues

3 Quiz

  • Knowledge Check: Partnerships
  • Knowledge Check: Legal Framework
  • Knowledge Check: Other Issues

Lesson 1.2: Non-Recognition Provision

    • 4 Videos
    • 1 Quiz
Show info about module content

4 Videos

  • Lesson Objectives - Non-Recognition Provision
  • Lesson 1.2.1 Concepts: Part 1
  • Lesson 1.2.2 Applications Logic Check 1
  • Lesson 1.2.3 Applications Logic Check 2

1 Quiz

  • Knowledge Check: Non-Recognition Provision

Lesson 1.3: Basis Determination and Holding Period

    • 5 Videos
    • 1 Quiz
Show info about module content

5 Videos

  • Lesson Objectives - Basis Determination and Holding Period
  • Lesson 1.3.1 Concepts: Part 1
  • Lesson 1.3.2 Applications Logic Check 1
  • Lesson 1.3.3 Applications Logic Check 2
  • Lesson 1.3.4 Applications Logic Check 3

1 Quiz

  • Knowledge Check: Basis Determination and Holding Period

Lesson 1.4: Non-Recognition Exceptions

    • 6 Videos
    • 2 Quiz
Show info about module content

6 Videos

  • Lesson Objectives - Non-Recognition Exceptions
  • Lesson 1.4.1 Concepts: Part 1
  • Lesson 1.4.2 Applications Logic Check 1
  • Lesson 1.4.3 Applications Logic Check 2
  • Lesson 1.4.4 Applications Logic Check 3
  • Lesson 1.4.5 Other Issues

2 Quiz

  • Knowledge Check: Concepts: Part 1
  • Knowledge Check: Other Issues

Lesson 1.5: Elections and Treatments

    • 6 Videos
    • 3 Quiz
Show info about module content

6 Videos

  • Lesson Objectives - Elections and Treatments
  • Lesson 1.5.1 Initial Costs: Part 1
  • Lesson 1.5.2 Accounting Methods: Part 2
  • Lesson 1.5.3 Tax Year: Part 3
  • Lesson 1.5.4 Applications Logic Check 1
  • Lesson 1.5.5 Applications Logic Check 2

3 Quiz

  • Knowledge Check: Initial Costs: Part 1
  • Knowledge Check: Accounting Methods: Part 2
  • Knowledge Check: Tax Year: Part 3

Lesson 1.6: Module 1 Wrap-Up

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Partnership Formation Wrap-Up

1 Quiz

  • Partnership Formation Quiz

Lesson 2.0: Module 2 Introduction

    • 1 Videos
    • 2 Readings
Show info about module content

1 Videos

  • Partnership Operations Overview

2 Readings

  • Module 2 Overview
  • Module 2 Readings

Lesson 2.1: Income Measurement and Reporting

    • 4 Videos
    • 1 Quiz
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4 Videos

  • Lesson Objectives - Income Measurement and Reporting
  • Lesson 2.1.1 Concepts: Part 1
  • Lesson 2.1.2 Applications Logic Check 1
  • Lesson 2.1.3 Applications Logic Check 2

1 Quiz

  • Knowledge Check: Income Measurement and Reporting Concepts: Part 1

Lesson 2.2: Partner's Distributive Share

    • 3 Videos
    • 1 Quiz
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3 Videos

  • Lesson Objectives - Partner's Distributive Share
  • Lesson 2.2.1 Concepts: Part 1
  • Lesson 2.2.2 Applications Logic Check 1

1 Quiz

  • Knowledge Check: Partner's Distributive Share

Lesson 2.3: Outside Basis Adjustments

    • 6 Videos
    • 1 Quiz
Show info about module content

6 Videos

  • Lesson Objectives - Outside Basis Adjustments
  • Lesson 2.3.1 Concepts: Part 1
  • Lesson 2.3.2 Applications Logic Check 1
  • Lesson 2.3.3 Applications Logic Check 2
  • Lesson 2.3.4 Applications Logic Check 3
  • Lesson 2.3.5 Applications Logic Check 4

1 Quiz

  • Knowledge Check: Outside Basis Adjustments

Lesson 2.4: Partners' Deduction for Qualified Business Income

    • 1 Videos
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1 Videos

  • Lesson 2.4 Partners' Deduction for Qualified Business Income

Lesson 2.5: Partner Loss Limitations

    • 4 Videos
    • 1 Quiz
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4 Videos

  • Lesson Objectives - Partner Loss Limitations
  • Lesson 2.5.1 Concepts: Part 1
  • Lesson 2.5.2 Applications Logic Check 1
  • Lesson 2.5.3 Applications Logic Check 2

1 Quiz

  • Knowledge Check: Partner Loss Limitations

Lesson 2.6: Related Transactions

    • 4 Videos
    • 1 Quiz
Show info about module content

4 Videos

  • Lesson Objectives - Related Transactions
  • Lesson 2.6.1 Concepts: Part 1
  • Lesson 2.6.2 Applications Logic Check 1
  • Lesson 2.6.3 Applications Logic Check 2

1 Quiz

  • Knowledge Check: Related Transactions

Lesson 2.7: Module 2 Wrap-Up

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Partnership Operations Wrap-Up

1 Quiz

  • Partnership Operations Quiz

Lesson 3.0: Module 3 Introduction

    • 1 Videos
    • 2 Readings
Show info about module content

1 Videos

  • Partnership Distributions Overview

2 Readings

  • Module 3 Overview
  • Module 3 Readings

Lesson 3.1: Proportionate Operating Distributions

    • 6 Videos
    • 2 Quiz
Show info about module content

6 Videos

  • Lesson Objectives - Proportionate Operating Distributions
  • Lesson 3.1.1 Concepts I
  • Lesson 3.1.2 Applications Logic Check
  • Lesson 3.1.3 Concepts II
  • Lesson 3.1.4 Applications Logic Check 1
  • Lesson 3.1.5 Applications Logic Check 2

2 Quiz

  • Knowledge Check: Proportionate Operating Distributions Concepts: Part 1
  • Knowledge Check: Proportionate Operating Distributions Concepts II

Lesson 3.2: Proportionate Liquidating Distributions

    • 13 Videos
    • 4 Quiz
Show info about module content

13 Videos

  • Lesson Objectives - Proportionate Liquidating Distributions
  • Lesson 3.2.1 Concepts I
  • Lesson 3.2.2 Applications Logic Check
  • Lesson 3.2.3 Concepts II
  • Lesson 3.2.4 Applications Logic Check
  • Lesson 3.2.5 Concepts III
  • Lesson 3.2.6 Applications Logic Check 1
  • Lesson 3.2.7 Applications Logic Check 2
  • Lesson 3.2.7 Concepts IV
  • Lesson 3.2.8 Applications Logic Check 1
  • Lesson 3.2.9 Applications Logic Check 2
  • Lesson 3.2.10 Concepts V
  • Lesson 3.2.11 Applications Logic Check

4 Quiz

  • Knowledge Check: Proportionate Liquidating Distributions Concepts I
  • Knowledge Check: Proportionate Liquidating Distributions Concepts II
  • Knowledge Check: Proportionate Liquidating Distributions Concepts III
  • Knowledge Check: Proportionate Liquidating Distributions Concepts IV

Lesson 3.3: Disproportionate Distributions

    • 3 Videos
    • 1 Quiz
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3 Videos

  • Lesson Objectives - Disproportions Distributions
  • Lesson 3.3.1 Concepts: Part 1
  • Lesson 3.3.2 Applications Logic Check

1 Quiz

  • Knowledge Check: Disproportions Distributions Concepts

Lesson 3.4: Module Wrap-Up

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Partnership Distributions Wrap-Up

1 Quiz

  • Partnership Distributions Quiz

Lesson 4.0: Module 4 Introduction

    • 1 Videos
    • 2 Readings
Show info about module content

1 Videos

  • Partnership Sales and Terminations Overview

2 Readings

  • Module 4 Overview
  • Module 4 Readings

Lesson 4.1: Sale of Partnership Interest

    • 6 Videos
    • 2 Quiz
Show info about module content

6 Videos

  • Lesson Objectives - Sale of Partnership Interest
  • Lesson 4.1.1 Seller Concepts
  • Lesson 4.1.2 Applications Logic Check
  • Lesson 4.1.3 Buyer Concepts
  • Lesson 4.1.4 Applications Logic Check 1
  • Lesson 4.1.5 Applications Logic Check 2

2 Quiz

  • Knowledge Check: Seller Concepts
  • Knowledge Check: Buyer Concepts

Lesson 4.2: Special Basis Adjustments

    • 3 Videos
    • 1 Quiz
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3 Videos

  • Lesson Objectives - Special Basis Adjustments
  • Lesson 4.2.1 Concepts: Part 1
  • Lesson 4.2.2 Applications Logic Check

1 Quiz

  • Knowledge Check: Special Basis Adjustments Concepts

Lesson 4.3: Other Dispositions

    • 3 Videos
    • 1 Quiz
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3 Videos

  • Lesson Objectives - Other Dispositions
  • Lesson 4.3.1 Concepts: Part 1
  • Lesson 4.3.2 Applications Logic Check

1 Quiz

  • Knowledge Check: Other Dispositions Concepts

Lesson 4.4: Partnership Termination

    • 3 Videos
    • 1 Quiz
Show info about module content

3 Videos

  • Lesson Objectives - Partnership Termination
  • Lesson 4.4.1 Concepts: Part 1
  • Lesson 4.4.2 Applications Logic Check

1 Quiz

  • Knowledge Check: Partnership Termination Concepts

Lesson 4.5: Module 4 Wrap-Up

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Partnership Sales and Terminations Wrap-Up

1 Quiz

  • Partnership Sales and Terminations Quiz

Lesson 5.0: Module 5 Introduction

    • 1 Videos
    • 2 Readings
Show info about module content

1 Videos

  • Other Pass-Through Entities Overview

2 Readings

  • Module 5 Overview
  • Module 5 Readings

Lesson 5.1: Limited Liability Companies

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Lesson 5.1 Limited Liability Companies

1 Quiz

  • Knowledge Check: Limited Liability Companies

Lesson 5.2: Limited Liability Partnerships

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Lesson 5.2 Limited Liability Partnerships

1 Quiz

  • Knowledge Check: Limited Liability Partnerships

Lesson 5.3: Family Partnerships

    • 1 Videos
    • 1 Quiz
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1 Videos

  • Lesson 5.3 Family Partnerships

1 Quiz

  • Knowledge Check: Family Partnerships

Lesson 5.4: Subchapter S Corporations

    • 9 Videos
    • 3 Quiz
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9 Videos

  • Lesson Objectives - Subchapter S Corporations
  • Lesson 5.4.1 Backgrounds
  • Lesson 5.4.2 Qualifications
  • Lesson 5.4.3 Subchapter S Election
  • Lesson 5.4.4 Compliance Procedures
  • Lesson 5.4.5 Applications Logic Check 1
  • Lesson 5.4.6 Applications Logic Check 2
  • Lesson 5.4.7 Applications Logic Check 3
  • Lesson 5.4.8 Applications Logic Check 4

3 Quiz

  • Knowledge Check: Subchapter S Corporations Backgrounds
  • Knowledge Check: Subchapter S Corporations Qualifications
  • Knowledge Check: Subchapter S Election

Lesson 5.5: Module 5 Wrap-Up

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Other Pass-Through Entities Wrap-Up

1 Quiz

  • Other Pass-Through Entities Quiz

Lesson 6.0: Module 1 Introduction

    • 1 Videos
    • 2 Readings
Show info about module content

1 Videos

  • S Corporation Operations Overview

2 Readings

  • Module 6 Overview
  • Module 6 Readings

Lesson 6.1: Income Measurement and Allocation

    • 5 Videos
    • 1 Quiz
Show info about module content

5 Videos

  • Lesson Objective - Income Measurement and Allocation
  • Lesson 6.1.1 Concepts: Part 1
  • Lesson 6.1.2 Applications Logic Check 1
  • Lesson 6.1.3 Applications Logic Check 2
  • Lesson 6.1.4 Applications Logic Check 3

1 Quiz

  • Knowledge Check: Income Measurement and Allocation Concepts

Lesson 6.2: Shareholder Basis Determination

    • 3 Videos
    • 1 Quiz
Show info about module content

3 Videos

  • Lesson Objective - Shareholder Basis Determination
  • Lesson 6.2.1 Concepts: Part 1
  • Lesson 6.2.2 Applications Logic Check

1 Quiz

  • Knowledge Check: Shareholder Basis Determination Concepts

Lesson 6.3: Shareholder Loss Limitations

    • 4 Videos
    • 1 Quiz
Show info about module content

4 Videos

  • Lesson Objective - Shareholder Loss Limitations
  • Lesson 6.3.1 Concepts: Part 1
  • Lesson 6.3.2 Applications Logic Check 1
  • Lesson 6.3.3 Applications Logic Check 2

1 Quiz

  • Knowledge Check: Shareholder Loss Limitations Concepts

Lesson 6.4: Distributions to Shareholders

    • 7 Videos
    • 1 Quiz
Show info about module content

7 Videos

  • Lesson Objective - Distributions to Shareholders
  • Lesson 6.4.1 Operating: Concepts
  • Lesson 6.4.2 Operating: Applications Logic Check 1
  • Lesson 6.4.3 Operating: Applications Logic Check 2
  • Lesson 6.4.4 Operating: Applications Logic Check 3
  • Lesson 6.4.5 Liquidating: Concepts
  • Lesson 6.4.6 Liquidating: Applications Logic Check

1 Quiz

  • Knowledge Check: Distributions to Shareholders Concepts

Lesson 6.5: Special Taxes and Other Issues

    • 3 Videos
    • 1 Quiz
Show info about module content

3 Videos

  • Lesson Objectives - Special Taxes and Other Issues
  • Lesson 6.5.1 Special Taxes
  • Lesson 6.5.2 Other Issues

1 Quiz

  • Knowledge Check: Special Taxes

Lesson 6.6: Module Review

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • S Corporation Operations Wrap-Up

1 Quiz

  • S Corporation Operations Quiz

Lesson 7.0: Module 7 Introduction

    • 1 Videos
    • 2 Readings
Show info about module content

1 Videos

  • Professional Tax Practice and Ethics Overview

2 Readings

  • Module 7 Overview
  • Module 7 Readings

Lesson 7.1: Tax Enforcement

    • 6 Videos
    • 4 Quiz
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6 Videos

  • Lesson Objective - Tax Enforcement
  • Lesson 7.1.1 The IRS Mission
  • Lesson 7.1.2 Structure of the IRS
  • Lesson 7.1.3 Powers of the IRS
  • Lesson 7.1.4 Tax Return Audits
  • Lesson 7.1.5 The Tax Gap

4 Quiz

  • Knowledge Check: The IRS Mission
  • Knowledge Check: Structure of the IRS
  • Knowledge Check: Powers of the IRS
  • Knowledge Check: The Tax Return Audits

Lesson 7.2: Taxpayer Penalties

    • 3 Videos
    • 2 Quiz
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3 Videos

  • Lesson 7.2.1 Taxpayer Penalties
  • Lesson 7.2.2 Civil Penalties
  • Lesson 7.2.3 Criminal Penalties

2 Quiz

  • Knowledge Check: Taxpayer Penalties
  • Knowledge Check: Civil Penalties

Lesson 7.3: Regulation of Tax Advisers

    • 4 Videos
    • 3 Quiz
Show info about module content

4 Videos

  • Lesson Objectives - Regulation of Tax Advisers
  • Lesson 7.3.1 Circular 230
  • Lesson 7.3.2 AICPA Standards
  • Lesson 7.3.3 Tax Adviser Penalties

3 Quiz

  • Knowledge Check: Circular 230
  • Knowledge Check: AICPA Standards
  • Knowledge Check: Tax Adviser Penalties

Lesson 7.4: Module Review

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Professional Tax Practice and Ethics Wrap-Up

1 Quiz

  • Professional Tax Practice and Ethics Quiz

Lesson 8.0: Module 8 Introduction

    • 1 Videos
    • 2 Readings
Show info about module content

1 Videos

  • Strategic Organizational Form Choice Overview

2 Readings

  • Module 8 Overview
  • Module 8 Readings

Lesson 8.1: Organizational Form Dilemma

    • 1 Videos
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1 Videos

  • Lesson 8.1 Organizational Form Dilemma

Lesson 8.2: C Corporation

    • 1 Videos
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1 Videos

  • Lesson 8.2 C Corporation

Lesson 8.3: Partnership or LLC

    • 1 Videos
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1 Videos

  • Lesson 8.3 Partnership or LLC

Lesson 8.4: S Corporation

    • 1 Videos
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1 Videos

  • Lesson 8.4 S Corporation

Lesson 8.5: Summary and Recommendation

    • 1 Videos
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1 Videos

  • Lesson 8.5 Summary and Recommendation

Lesson 8.6: Module Review

    • 1 Videos
    • 3 Readings
    • 1 Discussion
    • 1 Quiz
    • 1 Plugin
Show info about module content

1 Discussions

  • Final Reflection: What will you do with it?

1 Videos

  • Strategic Organizational Form Choice Wrap-Up

3 Readings

  • Course Wrap-Up
  • Congratulations on completing the course!
  • Get Your Course Certificate

1 Quiz

  • Strategic Organizational Form Choice Quiz
Michael P Donohoe, PhD, CPA
Instructor

Michael P Donohoe, PhD, CPA