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This well-regarded textbook continues its fundamental approach of clear explanations, pervasive examples, and comprehensive problem sets throughout. Utilizing a problems-based approach, Federal Income Taxation of Corporations and Partnerships, Seventh Edition, by Howard E. Abrams, Don A. Leatherman, and new co-author Thomas J. Brennan covers taxation of the three major categories of business entities: Corporations, S Corporations, and Partnerships.
New to the Seventh Edition:
New to the Seventh Edition:
- Revised and expanded explanation of §351 contributions with boot and with assumption of liabilities, including examples and illustrative diagrams
- Discussion of new corporate alternative minimum tax
- Revised and expanded explanation of §332 subsidiary liquidations, with Associated Wholesale Grocers summarized and explained rather than reported in full
- Revised and expanded explanation of taxable acquisitions and §338 elections, including coordinated examples in different situations and illustrative diagrams
- Expanded discussion of the effect of prior and subsequent transactions on reorganizations, with new addition of J.E. Seagram Corp. and notes, and revised and expanded discussion of multi-step mergers, with Rev. Rul. 2008-25 summarized and explained rather than reported in full
- New discussion of the excise tax on the repurchase of corporate stock
- Expanded discussion of the treatment of consolidated groups
- Streamlined partnership discussion by removing coverage of non-Subchapter K loss limitations
- New note on private equity waivers of guaranteed payments in favor of additional profit shares and the government response under section 707(a)(1)
- New note on partnership basis shifting transactions and the government’s responses
- Additional and revised problems in Subchapter K chapters
Professors and students will benefit from:
- Problems and examples in addition to cases and notes to cover all aspects of the subject
- Additional and revised problems in Subchapter K chapters
- Illustrations of typical commercial transactions
- Flexible enough to be used in two-, three-, or four-credit courses
- Stand-alone coverage of C corporations, S corporations, and partnerships
