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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:

• 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