Tax Research – 2 credits
Intensive hands-on workshop offered over two summers in tax matter research involving electronic and hard copy versions of primary and secondary materials, including discussion of the relative weight of authorities, rules of interpretation and techniques of persuasive argument. This course also includes the use of recorded video, online research exercises and a final exam that has to be taken in the building. This course is graded only on a Pass/Fail basis.
Personal Income Tax – 2 credits
Introduction to the U.S. income tax with emphasis on income taxation of individuals. Study of basic concepts of income, exemptions, deductions, credits, and tax rate structure. Some emphasis on fringe benefits and employee compensation issues
Corporate Taxation – 2 credits
Federal income taxation of corporations and their shareholders. Income tax consequences of organizing corporations, corporate distributions, redemptions, and liquidations. Includes study of Subchapter S. Does not include study of corporate merger and reorganization provisions.
Capital Transactions – 2 credits
Study of capitalization rules, depreciation, and other capital recovery mechanisms. Federal income tax rules applicable to capital gains and losses. Non-recognition transactions. Limitations on losses, e.g., passive activity loss rule. Alternative minimum tax.
Taxation of Partners and Partnerships – 2 credits
Federal income tax consequences of organizing, operating, and terminating partnerships.
Tax Procedure – 2 credits
Administrative procedure before the Internal Revenue Service, rulings, compromise agreements, deficiency assessments, refunds, penalties, statutes of limitations, Tax Court jurisdiction and procedure.
Estate and Gift Tax – 2 credits
Federal estate taxation of estates and gift taxation of inter vivos transfers, including generation skipping transfers.
State & Local Taxation – 2 credits
Description of typical state taxes: Ad valorem (property), sales and use, individual and corporate income taxes. Study of federal cases and statutes that limit states in design of their tax systems.
Advanced Partnership Tax – 1 credit
This course will examine selected topics of Partnership Taxation, including disguised sales, mixing bowl transactions, anti-abuse rules, and death of a partner. The course will also focus further on certain transactional issues arising in liquidation, termination, incorporation and merger of partnerships. The course will cover the major rules applicable to Subchapter S Corporations and include a comparison with the partnership rules. Other current tax issues will be explored in the areas of family limited partnerships and private equity partnerships.
Advanced Corporate Taxation – 1 credit
Further study of federal income taxation of corporate transactions. Corporate mergers and reorganizations and limitations on carryovers. Application of Subchapter C, K, and S regimes in business transactions. Prerequisites: Corporate Taxation and Income Taxation of Partners and Partnerships.
Income Taxation of Estates and Trusts - 2 credits
Federal income taxation of trusts, estates, and their beneficiaries. Grantor trusts. Income in respect of a decedent.
Tax Exempt Organizations - 2 credits
Federal income tax rules for-exempt organizations. Classification. Administrative requirements. Penalty taxes. Unrelated business taxable income.
Estate Planning – 2 credits
Income tax and estate and gift tax planning for individuals. Pre-requisites: Estate and Gift Tax, Income Taxation of Trusts and Estates.
Tax Accounting – 2 credits
Combines a survey of basic financial accounting principles and business valuation concepts, with a detailed examination of complex tax accounting issues, including: inventories, accounting methods, and conformity between tax and financial accounting.
International Tax – 2 credits
Considers the principles and underlying policies of the United States taxing system concerning: (1) income earned by United States citizens, resident aliens, and corporations from business and investment activities abroad and (2) income earned by nonresident alien individuals and foreign corporations from business and investment activities in the United States. The course will examine basic international tax jurisdiction issues; source of income and allocation and apportionment of deduction rules; the taxation of foreign persons’ United States trade or business income, non-business income from United States sources, and the sale of United States real property interests; an introduction to the foreign tax credit provisions; the foreign earned income exclusion in §911; the role of tax treaties; and an introduction to Subpart F and the other so-called “anti-deferral” mechanisms
Criminal Tax Procedure – 2 credits
An in-depth examination of the criminal aspects of the federal tax laws from 1920 to the present. Course explores and analyzes the various methods of proof used by the IRS in investigating and prosecuting criminal tax fraud cases; investigative techniques; the rights to cooperate in the investigation or to refuse to do so; the protections of the Fourth and Fifth Amendments; grand jury investigations, the right to a conference; motions before indictment; preparation for trial from prosecutorial and defense perspective; the trial; parallel proceedings; and the Federal Sentencing Guidelines.
Deferred Compensation – 2 credits
Federal income tax treatment of qualified plans—pension, profit-sharing, and stock bonus. 401(k) plans. IRAs
Advanced Capital Transactions – 2 credits
Further study of capitalization and cost recovery rules. Alternative minimum tax. Modern tax shelters and IRS responses to them. Federal income taxation of natural resources, agriculture, and real estate development. Prerequisites: Capital Transactions.