The Federal Income Taxation of Corporations, Partnerships, Limited Liability Companies and Their Owners, Part One

The Federal Income Taxation of Corporations, Partnerships, Limited Liability Companies and Their Owners, 6th Edition, Part One, University Casebook Series, Foundation Press, 2019

22 Pages Posted: 5 Nov 2015 Last revised: 6 Nov 2018

See all articles by Jeffrey L. Kwall

Jeffrey L. Kwall

Loyola University Chicago School of Law

Date Written: September 1, 2018

Abstract

The law of the United States takes two fundamentally different approaches to taxing business income. The income of many corporations is taxed to the corporation when earned and again to the shareholders when corporate profits are distributed to them. In contrast, the income of most corporations, partnerships and limited liability companies is taxed only once, directly to the owners of the enterprise when the income is earned. Part One of this casebook provides an historical overview of the dramatically different effects of these alternative approaches to taxing business income. Part One also considers a proposal for taxing all enterprises in a uniform manner, regardless of their legal form.

Keywords: corporate tax, partnership tax, entity tax, taxation of business income, limited liability companies

JEL Classification: H24, H25

Suggested Citation

Kwall, Jeffrey L., The Federal Income Taxation of Corporations, Partnerships, Limited Liability Companies and Their Owners, Part One (September 1, 2018). The Federal Income Taxation of Corporations, Partnerships, Limited Liability Companies and Their Owners, 6th Edition, Part One, University Casebook Series, Foundation Press, 2019, Available at SSRN: https://ssrn.com/abstract=2686287

Jeffrey L. Kwall (Contact Author)

Loyola University Chicago School of Law ( email )

Chicago, IL 60611
United States
312-915-7152 (Phone)

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