Learning Objectives Understand the tax consequences arising from a like-kind exchange Determine the basis of property received in a like-kind exchange

Learning Objectives Describe the steps in the tax research process Explain how the facts affect the tax results Identify the sources of tax law and understand the authoritative value of each Use the tax services to research an issue

Learning Objectives Determine the tax implications of 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

TAX RESEARCH (1of2) Types of tax research Tax research process How facts affect tax consequences Sources of tax law and value Tax services

THE CORPORATE Tax years Accounting methods Taxable income tax liability Controlled groups Compensation planning Filing requirements

OTHER CORPORATE TAX LEVIES Alternative minimum tax(AMT) Personal holding company(PHC)tax Accumulated Earnings Tax(AET)

CORP ACQUISITIONS REORGANIZATIONS (1 of 2) Taxable acquisition transactions Taxable vs.tax -free- acquisitions Tax consequences of reorganizations Acquisitive reorganizations Devisive reorganizations

PARTNERSHIP FORMATION & OPERATION(of2) Partnership definitions Overview of partnership taxation Contributions of Property Partnership elections Ordinary income/loss vs. separately stated items Partners' distributive share of items

S corporation requirements S corporation election Termination of S election Iax year Ordinary income/loss and separately stated items Special S corporation taxes

The estate tax formula Gross estate valuation Gross estate items Deductions Computation of tax liability Generation-skipping- transfer tax