CORPORATE INCOME TAX II. Course Syllabus Spring 2017

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2 CORPORATE INCOME TAX II Course Syllabus Spring 2017 Class I Class II Course introduction and administrative matters Overview of statutory reorganization provisions Judicial doctrines: continuity of interest General: Code 368(a)(1)(A)-(F) Skim Code 354(a), 356, 357, 358, 362, 381, 1032 Rev. Proc , 3.01 (45), Reg (e)(1) Regs (e)(2)(i) & (ii) (A) & (iii) (A) & (iv) & (v) example 1 Reg (e)(3), (4), (5), (7) & (8) Skim: Prop. Regs (b)(1), (f) (1) (3) [Net Value Regs.] Optional: Bittker & Eustice (B&E): [10] [1]-[9] Rev. Rul , I.R.B. 701 Judicial doctrines, continued: more on continuity of shareholder interest; plus continuity of business enterprise and business purpose Reg (a) & (a)-(c) & (a) & (g) Business Purpose Gregory v. Helvering, 293 U.S. 465 (1934) Optional: B&E & 12.61[1] Continuity of Business Enterprise Reg (d) Optional: B&E 12.61[2] Optional: CC Notice (Oct. 18, 2001). See also Tribune Co. et. al. v. Comm r, 125 T.C

3 Class III Class IV Asset acquisitions ((A) & (C) Reorganizations) and (a)(2)(c) transfers Code 368(a)(1)(A) & (C) & 368(a)(2)(B), (C) and (G); 354(a)(1), 354(a)(3)(A), 358(a), 361(a) & 362(b) Reg (a), (b)(1), (d) & (k)(1), (2) Optional: B&E: 12.22[1]-[4] & [6] 12.22[9]-[10] 12.24[1]-[4], except [3][b] 12.63[5][a] & [e], (Bausch & Lomb discussion) Helvering v. Elkhorn Coal, 95 F.2d 732 (4 th Cir. 1937) Rev. Rul , C.B. 142 Rev. Rul , C.B. 78 Rev. Rul , C.B. 79 Rev. Rul , C.B. 117 Stock acquisitions ((B) Reorganizations) Assignment Code 368(a)(1)(B); 368(a)(2)(C), 368(c), 1001(c), 1031(a)(2)(B) & 1032(a) Reg (c) & (k)(1) & (k)(2) examples 4 & 5 Optional: B&E; Rev. Rul , C.B. 115 Rev. Rul , C.B. 144 Rev. Rul , C.B. 147 Rev. Rul , C.B. 187 Rev. Rul , C.B. 643 (also will be discussed in Class VIII) Rev. Rul , C.B. 216 West Coast Mkting. Corp. v. Commissioner, 46 T.C. 32 (1966) Rev. Rul , C.B. 73 3

4 Class V Class VI For Triangular acquisitions Assignment Code 368(a)(2)(B), (C), (D) & (E); 357(a), 358(a), 362(b) & 1032(a) Reg (b)(2), (f) & (j); skim Optional: B&E: [3] 12-24[3][b] 12.63[6][a]-[c], (Groman/Bashford) Rev. Rul , C.B. 144 Rev. Rul , C.B. 189 Rev. Rul , C.B. 217 Rev. Rul , C.B. 117 Rev. Rul , I.R.B Section 368(a)(1)(D) acquisitions, reorganizations, (F) reincorporations & liquidation-reincorporation issues Assignment Codes 368(a)(1)(C), (D) & (F) & 354(b); 1036(a); 368(a)(2)(A); 368(a)(2)(H)(i) & 304(c)(1); (l) Reg (m) Skim: Prop. Regs (f)(1), (f)(4), (f)(5) example 8 (Proposed Net Value Regs.) Regs (k)(1), (2) [Same as Class III] Reg (c) Reg (b)(COBE/COSI and F s) Optional: B&E: 12.26, (except [6] and [7]) 12.22[7], 12.24[5] Rev. Rul , I.R.B. 468 Casco Products v. Commissioner, 49 T.C. 32 (1967) Rev. Rul , C.B. 97 Rev. Rul , C.B. 81 Rev. Rul , C.B.57 4

5 Class VII Class VIII Recapitalizations ((E) Reorganizations) Code 368(a)(1)(E) & 354(a)(2) & (3); 1036(a), (b); 305(c); 108(e)(10) & 108(e)(8) Reg, (e), (d) Ex. 3 & (e); (1), (c) & (a) Reg (b) (COBE/COSI and E s) Optional: B&E: Helvering v. Southwest Consolidated Corp., 315 U.S. 194 (1942) 119] Bazley v. Commissioner, 331 U.S. 737 (1947) 126] Rev. Rul , C.B. 198 Rev. Rul , C.B. 103 Rev. Rul , C.B. 87 Rev. Rul , C.B. 202 Rev. Rul , C.B. 222 Rev. Rul , C.B. 153 Nonqualifying consideration ( boot ), liabilities, basis, contingent consideration, & debt-equity issues Code 354(a), 356, 357(c)(1)(B), 358, 361, 362, & 1032; 302(b)(1)-(3), & 368(b) Reg (d), (e), (b), (c), (a), (b), (a)(1), (2)(i), (ii), (vi), (vii), (b), (c) ex. 1; (a) Skim Optional: B&E: [7] skim 12.66[1]-[4] Rev. Rul , C.B. 92 Clark v. Commissioner, 489 U.S. 726 (1989) Rev. Rul , C.B. 118 Rev. Rul , C.B. 643 (see Class IV materials) Rev. Rul , I.R.B. 1 Rev. Rul , I.R.B

6 Class IX Class X Step transaction doctrine & overlapping transactions Reg (d) Reg (h)(10)-1(c)(2) Reg (h)(10)-1(e) examples Reg (k) Optional: B&E: 12.61[3] 12.62[1]&[2] 12.63[2][a] Rev. Rul , C.B. 141 King Enterprises, Inc. v. U.S., 418 F.2d 511 (Ct. Cl. 1968) (focus on the court s discussion of the reorganization issue only) Rev. Rul , C.B. 68 Rev. Rul , C.B. 179 Rev. Rul , C.B. 67 Rev. Rul , I.R.B Rev. Rul , I.R.B. 321 Rev. Rul , I.R.B. 1 Rev. Rul , I.R.B. 986 Corporate divisions Assignments Code 368(a)(1)(D) & 355 (skim 355(d) and (e)); see also 354(b)(1) & (2), 358(b)(2), 358(c), 361(b), 361(c), 368(a)(2)(A) & 368(c) Reg (b), (d); Regs , (a)(1), (b)(2) & (3), Optional: B&E (For Classes X & XI): &.14 (except 11.11[2]-[4]) 12.22[5] Rev Rul , C.B. 118 Rev. Proc , C.B. 696, 1 & 2 only; skim Appendix A Rev. Rul , C.B. 50 Rev. Rul , C.B. 123 Rev. Rul , C.B. 123 Rev. Rul , C.B. 113 Rev. Rul , I.R.B. 1 Rev. Rul , C.B. (Pt. 1) 136 Rev. Rul , C.B. 9a7 Rev. Rul , l989-2 C.B. 67 Rev. Rul , I.R.B. 1. 6

7 Class XI Class XII Class XIII Corporate divisions, continued Tailoring Transactions Assignements Code 355(d) & (e); skim 355(f) Reg (c)(1) & (2) Ex.s (1)- (3) Reg (a), (b), (c)(1) & (2), (d)(1)(i) & (ii), (d)(3), (e)(1)-(3) Reg (a)-(d), (g), (h)(1)(i)-(iv), (h)(2), (h)(5), (6), (10), (11), (12) & (j) Optional: B&E 11.11[2] & [3] Rev. Rul , C.B Rev. Rul , I.R.B. 1 Rev. Rul , I.R.B. 1 Carryover of corporate tax attributes Code 269, 362(e)(2), 381(a), (b); skim 381(c)(1), (4) & (16) Reg (b)(1); Reg (a), (b); Reg (a)-1(a); Reg (a)-1(b)(1)(ii)-(v), (b)(2), (c); Reg (c)(4)- 1(a)(1)(i); skim Reg , -2, -3(a) & -7 Optional: B&E: [1] & [3] 14.22[1] &[2] & [1]-[3] Libson Shops, Inc. v. Koehler, 353 U.S. 382 (1957) Rev. Rul , C.B. 147 Briarcliff Candy Corp. v. Commissioner, T.C. Memo Rev. Rul , C.B. 62 Restrictions on loss and credit carryovers Code 382, 383 & 384 Reg T(e)(1)(ii) & (iii) Exs. (1), (2), (3), (5) & (6); T(j)(2)(i) & (ii) & (j)(3)(i)-(iii) & Reg (j)(2)(i)-(iii) & (j)(3)(i) & (j)(4) & (j)(5) Optional: B&E: 14.42,.43 &.44[1]-[5]