The Eleventh 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 and well edited 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 tax legislation known as the Tax Cuts and Jobs Act. Highlights of new material covered in the Eleventh Edition are:

  • The deduction under § 199A for 20% of qualified business income from a pass-through entity. The discussion incorporates the final regulations, and includes a new problem set.
  • 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.
  • The three-year long-term holding period required by § 1061 for capital gains allocable to service partners with carried interests.
  • Final, temporary and proposed regulations on partnership liabilities and the special treatment of bottom dollar payment obligations.
  • New limitations in § 461(l) on excess business losses.
  • Technical changes to Subchapter K, including the expanded definition of “substantial built-in loss” under § 743(b) and repeal of the technical termination rule in § 708.
  • S corporation developments, including the requirement to pay reasonable compensation to shareholder-employees for purposes of the § 199A qualified business income deduction.


Imprint: Foundation Press
Series: University Casebook Series
Publication Date: 06/28/2019

Stephen Schwarz, University of CA-Hastings College of Law

Daniel J. Lathrope, University of San Francisco School of Law

Brant J. Hellwig, Washington & Lee University School of Law

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Highlights of new material covered in the Eleventh Edition are:

  • The deduction under § 199A for 20% of qualified business income from a pass-through entity. The discussion incorporates the final regulations, and includes a new problem set.
  • 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.
  • The three-year long-term holding period required by § 1061 for capital gains allocable to service partners with carried interests.
  • Final, temporary and proposed regulations on partnership liabilities and the special treatment of bottom dollar payment obligations.
  • New limitations in § 461(l) on excess business losses.
  • Technical changes to Subchapter K, including the expanded definition of “substantial built-in loss” under § 743(b) and repeal of the technical termination rule in § 708.
  • S corporation developments, including the requirement to pay reasonable compensation to shareholder-employees for purposes of the § 199A qualified business income deduction.

Learn more about this series.