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.

Explain the rules with respect to like-kind exchanges of business or investment property.

Explain the rules with respect to nontaxable exchanges of insurance or annuity contracts.

Explain the rules for exclusion of gain when a principal residence is sold.