LLM 320 Multistate Tax of Business Entities

3 unit(s)
Analyzes the tax treatment, tax problems and tax-planning techniques of corporations and flow through entities engaged in multistate activities. Emphasis is on California law and how it applies to businesses organized or doing business in the state, however each section does include analysis of the law in other states. Topics include: Constitutional limitations on states’ ability to tax multistate corporations and flow through entities, new developments in California doing business standard, California tax treatment of S corporations, partnerships and LLCs, computation of taxable income and issues related to conformity, business vs. nonbusiness income, formula apportionment, unitary taxation, combined reports, consolidated returns and water’s-edge elections. Case studies are used to illustrate concepts. Prerequisite(s): LLM 317A and LLM 330. Cross-listed with and equivalent to the following course. (Note: no academic credit is awarded for retaking equivalent course.): TA 320.

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