TROY UNIVERSITY
MASTER SYLLABUS
SORRELL COLLEGE OF BUSINESS
SCHOOL OF ACCOUNTANCY
TAX 6689
Taxation of Partnerships and Partners
Prerequisite or Co-requisite
TAX 6684 Federal Tax Research
Description
This course is a study of the taxation of partnerships and partners. The course covers the tax
aspects of acquiring a partnership interest, the partner’s share of partnership income or loss,
distributions of partnership assets and calculation of a partner’s basis in the partnership. The
course requires the writing of a tax research paper, which would be suitable or submission to a
high quality professional tax journal.
Objectives
On completion of the course, the student should be able to:
1. Explain how the entity theory and the aggregate theory affect the taxation of partnerships
and partners
2. Determine the tax effects to the partnership and to the partners on a transfer of assets to
the partnership in exchange for an interest in the partnership
3. Calculate a partner’s distributive share of the partnership’s ordinary income and
separately recognized items of income and deduction
4. Calculate the tax effects on the partnership and on the partners of a distribution of the
assets of a partnership to a partner
5. Calculate the tax effects on the partnership and on the partners on a sale of an interest in
the partnership to a new partner
6. Explain the tax effects on the partnership and on the partners in the event of the death or
retirement of a partner
7. Explain the optional basis adjustments to the assets of a partnership
8. Prepare sample tax research memoranda regarding the tax issues of partnerships and
partners
9. Write a research paper on a partnership tax topic suitable for submission to a high-quality
tax journal
Master Syllabi are developed by the senior faculty in each business discipline. This Master Syllabus must be used as the basis for developing the
instructor syllabus for this course, which must also comply with the content specifications outlined in the Troy University Faculty Handbook.
The objectives included on this Master Syllabus must be included among the objectives on the instructor’s syllabus, which may expand upon the
same as the instructor sees fit. The statement of purpose seeks to position the course properly within the curriculum and should be consulted by
faculty as a source of advisement guidance. Specific choice of text and other details are further subject to Program Coordinator guidance.
1 August 2005
Master Syllabus: TAX 6689
2
Purpose
To provide students with an in-depth understanding of the tax issues regarding partnerships and
partners.
Approved Text
CCH Practical Guide to Partnerships & LLCS, 5th Edition by Robert Ricketts and Larry Tunnell.
CCH ISBN 978-0-8080-2200-8.
Supplements (optional)
WG&L Federal Taxation of Partnerships and Partners, Fourth Edition, byWilliam S. McKee,
William F. Nelson, and Robert L. Whitmire. Warren, Gorham & Lamont. ISBN 978-0-79136413-0
James E. Smith, Internal Revenue Code of 1986 and Treasury Regulations: Annotated and
Selected (current edition). Mason, OH: South-Western Cengage Learning.
CPA Exam Review Manual: Regulation
Course Outline
Part I:
General Concepts
Part II:
Acquisitions of Partnership Interests
Part III:
The Basis of a Partner’s Partnership Interest
Part IV:
Taxing Partnership Operations
Part V:
Transfers of Partnership Interests
Part VI:
Partnership Distributions
Part VII:
Death or Retirement of a Partner
Part VIII:
Adjustments to the Basis of Partnership Assets
Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space):
1. Course title
2. Course number +
section
3. Term
4. Instructor
5. Prerequisites
6. Office hours
7. Class days, times
8. Classroom
location
9. Office location +
e-mail address
10. Office telephone
11. Course
description,
objectives
12. Text(s)
13. Other materials
14. Grading methods, 16. General supports
criterion weights,
(computer works,
make-up policy,
writing center)
mid-term grade
17. Daily assignments,
reports
holidays, add/drop
15. Procedure, course
& open dates, dead
requirements
day, final exam
18. ADA statement
19. Electronic device
statement
20. Additional
services,
statements
21. Absence policy
22. Incomplete-work
policy
23. Cheating policy
24. Specialization
requirements
(certification,
licensure, teacher
competencies)