Prerequisites: RCC*; Tax I (LAW 607), or permission of instructor if concurrently registered for LAW 607. This course examines the basic rules in Subchapters C, S, and K of the Internal Revenue Code, regarding the Federal income taxation of business enterprises, whether the enterprise is organized as a corporation, partnership, or limited liability company. It includes discussion of the formation of corporations and partnerships, distributions of profits from the entity, termination of the enterprise, choice-of-entity concerns, and other related topics. It is recommended for anyone who will engage heavily in either a tax or business practice.