Partnership Taxation

This course introduces students to the federal taxation of partners and partnerships (including LLCs). Partnerships are the fastest-growing class of US business entity, and now account for more than one third of business profits. They are highly flexible entities that are used in a wide variety of business settings: by small businesses, by service firms, by real estate firms, as components of larger corporate entity structures, and especially throughout the finance industry by investment firms. But the rules governing partnerships are also complex, so that lawyers with a robust understanding of these rules will find themselves equipped with a valuable skill set.

Throughout the course, students will engage very closely with the statutes and regulations, and will work through how these rules apply practically in a range of business settings. Discussion questions, which are designed to help students work through the law with examples and applications, will be circulated in advance of each class, and will guide our in-class discussions. Students will also read actual partnership agreements to see how the tax rules learned in class are reflected in negotiated contracts among partners.

Because the class is small and these discussions will be interactive, class participation is an important part of this course.