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Michael P Donohoe, PhD, CPA
This course provides an introduction to the U.S. federal income taxation of pass-through business entities, including Subchapter S corporations, partnerships, and limited liability companies. The course focuses on the relevant provisions of Subchapters S and K of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing the formation, operation, and termination of pass-through entities. Practical in-class study problems facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.
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What's inside
Syllabus
Introduction to Course
In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
Read more
Syllabus
Introduction to Course
In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
Read more
Traffic lights
Traffic lights
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what should give you pause and
possible dealbreakers
Explores U.S. federal income taxation of pass-through business entities, which is a fundamental concept in accounting and tax law
Taught by Michael P Donohoe, PhD, CPA, who is recognized for their work in tax accounting
Develops knowledge of Subchapter S corporations, partnerships, and limited liability companies, which are core topics for tax professionals
Examines relevant provisions of Subchapters S and K of the Internal Revenue Code, which are essential for understanding pass-through taxation
Provides practical in-class study problems, which helps learners develop professional skills and attitudes in tax accounting
Covers partnership formation, operations, distributions, sales and terminations, which are comprehensive topics relevant to pass-through entities
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Reviews summary
Taxation of pass-through business entities
According to students, this course provides a strong technical foundation in the taxation of pass-through entities like partnerships and S corporations, covering core IRC sections thoroughly. Learners highlight the practice problems as particularly helpful and even invaluable for solidifying understanding of the dense material. However, several reviews indicate the course moves at a very fast pace and may be challenging without a strong prior background in accounting or tax, sometimes necessitating outside reading. Some also noted issues with quizzes feeling tricky or not adequately testing practical application, or that certain complex topics felt rushed.
Covers essential IRC sections thoroughly.
"Covers essential topics thoroughly. Practice problems are invaluable."
"Provides a strong technical base. Covers the core IRC sections well."
"Good overview of partnerships and S corps. The material is dense, as expected..."
"Fantastic course for deepening knowledge on pass-through taxation."
Practice problems aid in solidifying understanding.
"The practice problems are very helpful for solidifying understanding."
"Practice problems are invaluable. Highly relevant and up-to-date content."
"The module on S corps was particularly useful... Practice problems are key."
"Practice problems are very helpful for solidifying understanding. Highly recommend for anyone working with pass-through entities."
Quizzes and examples could be improved.
"The quizzes sometimes felt tricky or didn't fully reflect the lecture content."
"Quizzes are okay, but don't always test practical application."
"Some of the examples felt a little basic, and I wish there were more challenging problems..."
"I appreciate the coverage of §754, but it felt rushed."
May be challenging without strong background.
"If you don't have a strong accounting or tax background, you might struggle."
"Very difficult to follow. This course requires significant prior knowledge, much more than implied."
"I felt lost most of the time. Not recommended for someone new to the topic."
"The material is dense, as expected... The pace is very fast."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Taxation of Business Entities II: Pass-Through Entities with these
activities:
Review Partnership Accounting Concepts
Show steps
Refresh your understanding of partnership accounting fundamentals to enhance your comprehension of tax implications.
Browse courses on
Balance Sheet
Show steps
-
Review the basic principles of partnership accounting.
-
Analyze sample partnership financial statements.
-
Identify and understand the unique accounting treatments for partnerships.
-
Practice recording and interpreting partnership transactions.
Compile Course Materials
Show steps
Organize course syllabi, lecture notes, and other resources for easy access and review.
Browse courses on
Taxation
Show steps
-
Gather all materials from the course website and any additional sources.
-
Create a dedicated folder or notebook for course materials.
-
Organize materials by topic or module.
-
Highlight or annotate important concepts and definitions.
Organize and Review Course Materials
Show steps
Establish a systematic approach to managing and reviewing course materials for effective learning.
Show steps
-
Gather all relevant course materials, including lecture notes, readings, and assignments.
-
Create a well-organized filing system or digital folder structure.
-
Review materials consistently to reinforce understanding and identify areas for further study.
-
Annotate and summarize key concepts to aid in memorization and recall.
Two other activities
Expand to see all activities and additional details
Show all five activities
Solve Partnership Income Allocation Problems
Show steps
Develop proficiency in calculating and understanding how partnership income is allocated among partners.
Show steps
-
Review the concepts of partnership income allocation.
-
Solve practice problems involving simple and complex income allocation scenarios.
-
Analyze the impact of different allocation methods on partner's capital accounts.
-
Identify and apply relevant tax rules and regulations to the problems.
Develop a Tax Planning Strategy for a Hypothetical Pass-Through Entity
Show steps
Apply your knowledge to design a comprehensive tax plan that optimizes tax outcomes for a pass-through entity.
Browse courses on
Tax Planning
Show steps
-
Identify relevant tax laws and regulations.
-
Analyze the specific characteristics and circumstances of the hypothetical entity.
-
Develop a range of potential tax planning strategies.
-
Evaluate the pros and cons of each strategy.
-
Create a written tax plan that outlines the recommended strategy and its implementation.
Review Partnership Accounting Concepts
Show steps
Refresh your understanding of partnership accounting fundamentals to enhance your comprehension of tax implications.
Browse courses on
Balance Sheet
Show steps
Show steps
Show steps
- Review the basic principles of partnership accounting.
- Analyze sample partnership financial statements.
- Identify and understand the unique accounting treatments for partnerships.
- Practice recording and interpreting partnership transactions.
Compile Course Materials
Show steps
Organize course syllabi, lecture notes, and other resources for easy access and review.
Browse courses on
Taxation
Show steps
Show steps
Show steps
- Gather all materials from the course website and any additional sources.
- Create a dedicated folder or notebook for course materials.
- Organize materials by topic or module.
- Highlight or annotate important concepts and definitions.
Organize and Review Course Materials
Show steps
Establish a systematic approach to managing and reviewing course materials for effective learning.
Show steps
Show steps
Show steps
- Gather all relevant course materials, including lecture notes, readings, and assignments.
- Create a well-organized filing system or digital folder structure.
- Review materials consistently to reinforce understanding and identify areas for further study.
- Annotate and summarize key concepts to aid in memorization and recall.
Two other activities
Expand to see all activities and additional details
Show all five activities
Solve Partnership Income Allocation Problems
Show steps
Develop proficiency in calculating and understanding how partnership income is allocated among partners.
Show steps
Show steps
Show steps
- Review the concepts of partnership income allocation.
- Solve practice problems involving simple and complex income allocation scenarios.
- Analyze the impact of different allocation methods on partner's capital accounts.
- Identify and apply relevant tax rules and regulations to the problems.
Develop a Tax Planning Strategy for a Hypothetical Pass-Through Entity
Show steps
Apply your knowledge to design a comprehensive tax plan that optimizes tax outcomes for a pass-through entity.
Browse courses on
Tax Planning
Show steps
Show steps
Show steps
- Identify relevant tax laws and regulations.
- Analyze the specific characteristics and circumstances of the hypothetical entity.
- Develop a range of potential tax planning strategies.
- Evaluate the pros and cons of each strategy.
- Create a written tax plan that outlines the recommended strategy and its implementation.
Career center
Learners who complete Taxation of Business Entities II: Pass-Through Entities will develop knowledge and skills
that may be useful to these careers:
Tax Accountant
Tax Accountant
Tax accountants prepare, analyze, and examine financial records to ensure that an organization complies with local and federal tax laws and regulations. This course can help you succeed in this role by providing an understanding of the various tax laws and regulations that apply to pass-through entities, including partnerships and S corporations.
Tax Associate
Tax Associate
Tax associates perform a variety of tasks related to taxation, including preparing tax returns, providing tax advice, and representing clients before the IRS. This course can help you build a foundation in the taxation of pass-through entities, which can be a valuable asset in this role.
Tax Consultant
Tax Consultant
Tax consultants provide advice and guidance to individuals and businesses on tax matters. This course can help you gain a deeper understanding of the tax laws and regulations that apply to pass-through entities, which can be helpful in providing advice to clients.
Tax Manager
Tax Manager
Tax managers oversee the tax affairs of an organization. This course can help you gain the knowledge and skills needed to manage the tax function of an organization, including the taxation of pass-through entities.
Tax Director
Tax Director
Tax directors are responsible for the overall tax strategy of an organization. This course can help you gain the knowledge and experience needed to lead the tax function of an organization and make strategic decisions related to the taxation of pass-through entities.
Tax Auditor
Tax Auditor
Tax auditors examine financial records to ensure that taxpayers are complying with tax laws and regulations. This course can help you gain the knowledge and skills needed to audit the tax returns of pass-through entities.
IRS Agent
IRS Agent
IRS agents investigate tax fraud and enforce tax laws and regulations. This course can help you gain the knowledge and skills needed to investigate the tax returns of pass-through entities and identify potential fraud.
Financial Advisor
Financial Advisor
Financial advisors provide advice and guidance to individuals and families on financial matters, including tax planning. This course can help you gain a better understanding of the tax laws and regulations that apply to pass-through entities, which can be helpful in providing advice to clients.
Business Consultant
Business Consultant
Business consultants provide advice and guidance to businesses on a variety of matters, including tax planning. This course can help you gain a better understanding of the tax laws and regulations that apply to pass-through entities, which can be helpful in providing advice to clients.
Attorney
Attorney
Attorneys provide legal advice and representation to individuals and businesses on a variety of matters, including tax matters. This course can help you gain a better understanding of the tax laws and regulations that apply to pass-through entities, which can be helpful in providing advice to clients.
Accountant
Accountant
Accountants prepare, analyze, and examine financial records to ensure that organizations are complying with local and federal laws and regulations. This course can help you gain a better understanding of the tax laws and regulations that apply to pass-through entities, which can be helpful in providing accounting services to clients.
Bookkeeper
Bookkeeper
Bookkeepers maintain financial records for organizations. This course can help you gain a better understanding of the tax laws and regulations that apply to pass-through entities, which can be helpful in maintaining accurate financial records.
Tax Preparer
Tax Preparer
Tax preparers prepare tax returns for individuals and businesses. This course can help you gain a better understanding of the tax laws and regulations that apply to pass-through entities, which can be helpful in preparing accurate tax returns.
Payroll Clerk
Payroll Clerk
Payroll clerks process payroll for employees. This course can help you gain a better understanding of the tax laws and regulations that apply to pass-through entities, which can be helpful in processing payroll accurately.
Loan Officer
Loan Officer
Loan officers help individuals and businesses obtain loans. This course may be useful in understanding the tax implications of different types of loans, including loans to pass-through entities.
For more career information including salaries, visit:
OpenCourser.com/course/lzey2j/taxation
Reading list
We've selected 12 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Taxation of Business Entities II: Pass-Through Entities.
The Internal Revenue Code is the primary source of law for federal income taxation. It is essential for understanding the taxation of pass-through entities.
Save
Treasury Regulations are issued by the Internal Revenue Service to interpret the Internal Revenue Code. They are essential for understanding the taxation of pass-through entities.
Save
Bloomberg Tax subscription-based service that provides news, analysis, and research on tax issues. It can be helpful for staying up-to-date on the latest developments in the taxation of pass-through entities.
The Journal of Pass-Through Entities scholarly journal that publishes articles on the taxation of pass-through entities. It can be helpful for staying up-to-date on the latest developments in the taxation of pass-through entities.
Tax Notes weekly newsletter that provides news and analysis on tax issues. It can be helpful for staying up-to-date on the latest developments in the taxation of pass-through entities.
Revenue Rulings are issued by the Internal Revenue Service to provide guidance on specific tax issues. They can be helpful in understanding the taxation of pass-through entities.
Revenue Procedures are issued by the Internal Revenue Service to provide guidance on administrative procedures. They can be helpful in understanding the taxation of pass-through entities.
Tax Court Decisions are issued by the Tax Court of the United States. They can be helpful in understanding the taxation of pass-through entities.
Save
Private Letter Rulings are issued by the Internal Revenue Service to provide guidance on specific tax issues. They can be helpful in understanding the taxation of pass-through entities.
Tax Treaties are agreements between the United States and other countries to avoid double taxation. They can be helpful in understanding the taxation of pass-through entities with international operations.
Provides a comprehensive overview of the federal income taxation of individuals, including the taxation of pass-through entities. It covers the formation, operation, and termination of partnerships, S corporations, and LLCs.
This official IRS publication provides the full text of Circular 230, which governs the practice of tax professionals before the IRS.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/lzey2j/taxation
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Effort
8 weeks of study, 6-8 hours/week
Level
Intermediate
Via
Coursera
Institution
University of Illinois at Urbana-Champaign
Instructor
Michael P Donohoe, PhD, CPA
Language
English
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