LAW 559 - Introduction to Partnership Taxation for Corporate and Real Estate Lawyers

This course is a high-level introduction to the federal income tax treatment of partnerships, including LLCs treated as partnerships, and their owners, with a practical focus on real-word issues that commonly arise for corporate, real estate, and private equity lawyers. Topics covered will include the tax classification of business entities as partnerships, partnership formations with an emphasis on real estate and private equity funds, allocations of partnership income and losses to partners with a special emphasis on treatment of depreciation expense for real property, treatment of profits interests and “carried interests,” transfers of ownership interests by partners, distributions from partnerships to partners, and termination and liquidation of partnerships. It will be letter-graded. Recommended courses: Law 311 Federal Income Taxation; Law 320 Business Associations