HS 321 Course Introduction

Explain the tax consequences of life insurance with respect to transfers for value, lack of insurable interest, corporate distributions, charitable contributions, separation and divorce, additional compensation, and split-dollar arrangements.

Explain the income tax restrictions on certain amounts paid in connection with insurance contracts.

Chapter 19 - Introduction

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

Explain the attribution rules that apply to corporate 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.