HS 321 Audio: Income Taxation 13th Edition

Chapter 19 - Overview

Explain the various requirements for treating stock redemptions as capital transactions.

Explain the attribution rules that apply to corporate stock redemptions.

Explain the requirements for Section 303 stock redemptions.

Describe the significance of being classified as an unincorporated business entity for tax law purposes, and explain both the aggregate and entity theories for taxation of partnerships and partners.

Describe the tax ramifications of forming a partnership, and explain how each partner is taxed.

Explain the tax effects to the partnership and the partners upon the retirement or death of a partner.

Chapter 13 - Overview

Explain how gain or loss on the sale or exchange of property is ascertained for federal income tax purposes.

Describe the rules for determining basis when property is acquired by purchase, exchange, gift, or inheritance.