Advanced Estate Planning (2) TX 373
Prerequisite Gift and Estate Tax Law; Basic Estate Planning; Federal Income Tax
This course studies the application of the federal and state transfer taxes to hypothetical fact situations. It includes an analysis of all relevant estate planning considerations, including the related income tax aspects. Particular emphasis is given to the drafting considerations to implement various estate planning choices. Applicable probate law, along with methods of avoiding probate, is also considered.

Basic Estate Planning (2) TX 371
Prerequisite Gift and Estate Tax Law
A study of the application of federal and state transfer taxes to hypothetical fact situations. The course includes an analysis of all relevant estate planning considerations, including gift, estate and generation skipping tax aspects. Some income tax issues relating to trusts and estates are discussed but are not focused on. Applicable probate law, along with methods of avoiding probate, is also considered.

Business Practices for Tax Lawyers (2) TX 330
This course presents a study of the language and fundamentals of business activities. Topics will include basic accounting and interpretation of financial statements, as well as various business activities which give rise to tax issues, including debt, securities, mergers, and bankruptcy. The course provides the background necessary to apply tax law principles to common business transactions.

Federal Income Taxation of Property Transactions (2) TX 341
Prerequisite: Advanced Federal Income Tax
This course covers in-depth the federal income tax consequences arising from sales, exchanges and other dispositions of property. Matters covered are determination of the taxable event, the amount realized, adjusted basis, and loss limitations (including passive activity and at-risk provisions). The course includes a detailed analysis of taxable transactions, including the use of the installment method of accounting, as well as study of the non-recognition provisions including like-kind exchanges and involuntary conversions, but excluding corporate reorganizations. The course covers various methods of acquisitions and disposition of businesses, including special allocation rules for certain assets.

Income Taxation of Estates & Trusts (2) TX 372
Prerequisite: Gift and Estate Tax Law and Individual Income Tax
A thorough review of the income taxation of personal trusts and estates. The course will also cover the rights, powers, and duties of a fiduciary, principles of trust accounting, virtual representation, total return trusts, planning opportunities and drafting issues.

Independent Study (1-3) TX 398
Once the student selects an appropriate topic and finds a professor to supervise the research, the student decides on the credit hours to be earned (25 typed pages exclusive of footnotes for 1 credit hour; 40 typed pages exclusive of footnotes for 2 credit hours; 60 typed pages exclusive of footnotes for 3 credit hours). Your paper should be typed double-spaced, set in Times New Roman font on 8.5x11 inch paper with 1 inch margins and formatted with at least 100 substantive endnotes. Papers formatted with footnotes will not be accepted. Citations are to conform to A Uniform System of Citation (the Bluebook).

Personal Financial Planning (2) TX 335
Prerequisites: Federal Income Tax; Gift and Estate Tax
This course is an overview of the planning that an individual should consider during his or her lifetime, including the disposition of property at death. It includes income tax concepts as they relate to personal financial planning, investment considerations, risk management, use of trusts, retirement options (when implementing plans and when withdrawing from plans) and gift and estate tax problems, including post-mortem planning. The course concludes with several cases to illustrate the tax savings that can be achieved with proper planning. This course will enable students to do personal financial planning for their clients, which is one of the growth areas for practicing lawyers. Because of the nature of the material there is no required sequence to this course with respect to the estate planning courses (TX 370 and 371).

Post-Mortem Planning and Estate Administration (2) TX 374
Prerequisites: Gift and Estate Tax Law; Basic Estate Planning; Federal Income Tax
These courses covers federal tax issues and state probate law issues that occur in the settlement of a decedent’s estate. Topics covered will include the use of disclaimers and/or the OTIP election to obtain the optimum martial deduction bequest; post death accounting issues facing owners of pass-through entities; income tax consequences of property distributions in satisfaction of bequests; valuation issues and estate tax deferral considerations; and apportioning the tax burden.

State and Local Taxes (2) TX 385
A study of state income, excise, real property, and franchise taxes; retailer’s occupation and related taxes (sales tax); and City of Chicago taxes. Appropriate tax planning becomes more difficult as expanding governmental revenue needs lead to increasingly complicated state and local tax structures. The course is designed to provide a beginning familiarity with the practical aspects of a state and local tax practice, with emphasis on Illinois law.

Tax Accounting (2) TX 301
Prerequisite: Advanced Federal Income Tax (director has discretion to permit Tax Accounting to be taken concurrently with Advanced Federal Income Tax)

Examination of a broad range of subjects related to accounting methods and periods. Topics include principles of income recognition, prepaid income, claim of right, cash equivalency and constructive receipt, special methods involving long-term contracts, depreciation, timing of deductions, inventories, estimated expenses, prepaid expense, expense versus capitalization, and conformity between tax and financial accounting. Time value of money concepts and LIFO/FIFO concepts will also be discussed. Matters covered also include determination of the taxable event, the amount realized, adjusted basis, and loss limitations (including passive activity and at-risk provisions.

Tax Exempt Organizations (2) TX 386
This course covers problems associated with obtaining and maintaining exemption from federal income tax under subchapter F of the Internal Revenue Code. Special emphasis is placed on private foundations, the extent of permissible commercial activities or transactions, unrelated business income tax problems, prohibited transactions, charitable contribution limitations, intermediate sanctions and discussions of the professional responsibilities of attorneys dealing with non-profit organizations. The mechanics of obtaining exemptions, as well as the philosophy behind such preferred status, are examined. Organizing and operating not-for-profit corporations and tax exempt trusts are also reviewed in-depth.

Taxation of Closely Held Businesses (2) TX 334
Prerequisite: Advanced Federal Income Tax, (Partnership Taxation and Corporate Taxation is recommended but not required).
This course will examine tax aspects of sole proprietorships, C corporations, S corporations, partnerships, and limited liability companies for small and closely held businesses. We will begin by examining issues that arise when selecting the type of entity, the annual accounting method, and setting compensation. Then, for each entity, we will discuss the consequences related to formation, distribution of profits and losses, and termination. Finally, we will examine how the selection of entity impacts the type of employee benefits that may be provided by the entity and the transfers of ownership interests during lifetime and upon death.

U.S. Taxation of International Transactions and Foreign Taxpayers (2) TX 387
A study of the U.S. taxation of international commercial transactions involving U.S. and foreign taxpayers. As business becomes more international in scope, most practitioners will be exposed to foreign taxation. This course covers the U.S. taxation of the income of U.S. taxpayers operating abroad through branches and subsidiaries; the U.S. foreign tax credit provisions; cross-border asset transfers; related party income allocations; foreign currency issues; the U.S. taxation of non-resident individuals and foreign corporations; and bilateral income tax treaties.

Asset Protection Planning : (2) TX 389
Prerequisites: Advanced Estate Planning
This course will cover the techniques and legal strategies utilized to obtain maximum wealth protection, including the selection of business entity and the use of trusts. Discussion will include federal and state income tax and estate and gift tax consequences under the various strategies, as well as ethical issues and case law development. The use of offshore jurisdictions in connection with foreign asset protection planning will also be covered.

Graduate Seminar: Tax Law (2) TX 324
Director's approval required
This advanced course is offered to prepare the student for the real world after leaving the purely academic environment. The course is restructured each time it is offered so that current topics are discussed and that the most relevant practitioners can participate as guest lecturers. Grades will be determined on participation in seminar discussions and on a specific writing requirement (which will be determined on the first day of the class).

Life Insurance: Tax Aspects in Business, Estate, Employee Benefits, and Financial Planning (2) TX 336
Prerequisite: Income Taxation at a JD or greater level
Life insurance is a financial vehicle commonly used in funding many of the financial plans and benefit programs dealt with in the courses offered in the program. Because it is such a technical subject and also because tax practitioners are obliged to understand how life insurance products operate, how they may be utilized, and the tax aspects applicable, we offer a separate course on this subject. The course will stress the tax aspects of funding buy-sell agreements; estate and gift tax consequences of life insurance acquired as part of one's estate or financial plan; income and estate tax aspects of life insurance included in pension, profit sharing, and group health plans; and income, estate, and gift tax matters associated with insurance-funded executive benefit plans.

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