SPECIAL PARTNERSHIP ISSUES (1 of 2) Nonliquidating distributions 8751 assets Liquidating distributions Sale of partnership interest Retirement or death of a partner Termination of a partnership

CONSOLIDATIONS (1of2) Affiliated groups Advantages disadvantages of consolidating Consolidated taxable income Consolidated regular tax liability Consolidated AMT liability

LIQUIDATING DISTRIBUTIONS Complete liquidation vs. dissolution Effects of liquidation on shareholders Effects of liquidation on liquidating corporation Liquidation of a controlled subsidiary Special shareholder issues Debt retirement

NON-LIQUIDATING DISTRIBUTIONS (1 of 2) Nn- liquidating distributions in general Computing current&p Current vs. accumulated&p Non- liquidating property distributions Constructive dividends

CORPORATE FORMATION Alternative business forms Check-box-the- requlations Legal requirements for forming a corporation 351 deferrals Choice of capital structure Worthless stock or debt obligations

Learning Objectives Calculate the Alternative Minimum Tax Describe what constitutes self- employment income and compute the self- employment tax Describe the various business and personal tax credits Understand the mechanics of the federal withholding tax system and the requirements for making estimated payments

Learning Objectives Define a corporation Calculate the corporate income tax liability and explain specific tax rules Apply the non-recognition- of gain or loss rules for corporate formations

Learning Objectives Identify Sec. 1231 property Understand the tax treatment for Sec. 1231 transactions Apply the recapture provisions of Se.1245 Apply the recapture provisions of SeC.1250 Describe other recapture applications

Learning Objectives Explain the rules for adopting and changing an accounting period Explain the differences among cash, accrual, and hybrid accounting Determine whether specific costs must be included in inventory

Learning Objectives Determine the proper classification and deductibility of travel and transportation expenses Determine the proper deductible amount for entertainment expenses under the 50% disallowance rule Identify deductible moving expenses and determine the amount and year of deductibility