Fundamentals of Corporate Taxation

The  Tenth Edition of this widely used casebook continues its long tradition  of teaching the “fundamentals” of a highly complex subject with clear  and engaging explanatory text, skillfully drafted problems, and a rich  mix of original source materials to accompany the Code and regulations.  This extensive revision discusses all significant developments since the  last edition, including relevant provisions of the 2017 legislation  known as the Tax Cuts and Jobs Act. Highlights of new material covered  in the Tenth Edition are: The impact on choice of entity of the 21%  corporate income tax rate, lower individual income tax rates, the 20%  deduction for qualified business income, and other tax and business  planning considerations.A revised discussion of corporate capital  structure to reflect the changed stakes resulting from the reduction of  the corporate income tax rate and the new § 163(j) limitation on the  deduction of business interest.Developments affecting corporate  divisions under § 355, including the IRS’s changed ruling policy and  proposed regulations dealing with divisions involving significant cash  and other nonbusiness assets.Other technical changes to Subchapter C,  including a revised definition of contributions to capital, reductions  of the dividends received deduction, modifications to the net operating  loss deduction, safe harbor valuation methods to measure continuity of  proprietary interest, and the reduced role of the limitations on  multiple tax benefits for affiliated corporations.S corporation  developments, with an overview and a new problem on the § 199A deduction  for 20% of qualified business income from pass-through entities and the  requirement to pay reasonable compensation to shareholder-employees of S  corporations.