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Corporate and partnership tax have well-deserved reputations as some of the hardest classes in law school – and some of the hardest specialties in tax practice. This book cuts through the legal complexity by showing how core problems in corporate and partnership tax relate to six easy-to-understand concepts – concepts you already know from the basic tax course! These six concepts – valuation, realization, net income, tax deferral, income shifting, and substance over form – recur in the major cases and Code provisions that govern corporate and partnership tax. This book addresses the major issues in both courses and draws in examples from real-world business transactions to extend the six concepts even further. If you are in practice, this short and readable book can give you the legal and business background to understand the taxation of complex transactions including entity choice, entity formation, distributions, and mergers and acquisitions. If you are in law school, the book will supplement your course readings with analyses of major cases and statutes that map onto the typical progression of subjects in a corporate or partnership tax course.

The book includes an introduction to business basics, with real-world examples, so that even students without much background can feel confident in their grasp of stocks, bonds, dividends, mergers, and more. The book’s chapters include a number of problems, all with lengthy answers, to help you apply what you’ve learned. Appendix C provides more advanced problems, which mirror the kind of issue-spotters you might see on an exam, along with full answers. Finally, when final exams come around, this book has additional material that may be useful. Appendix A provides general advice on exam writing, and Appendix B lays out a specific method for spotting issues in an advanced tax exam.