Learning Objectives Determine the tax implications of a partnership formation Apply the operating rules for partnerships Understand the tax implications (to the partnership and its partners )of distributions to partners Understand the requirements for electing and maintaining S Corporation status Apply the operating rules for S Corporations Determine tax treatment of an s corporations shareholdersLearning Objectives • Determine the tax implications of a partnership formation • Apply the operating rules for partnerships • Understand the tax implications (to the partnership and its partners) of distributions to partners • Understand the requirements for electing and maintaining S Corporation status • Apply the operating rules for S Corporations • Determine tax treatment of an S Corporation’s shareholders