Law School

Required Classes for MS Tax Law Students

Introduction to Legal Analysis (1) IT 800
This course introduces non-lawyers to the workings of the legal system, legal methods (including research techniques), and the process of legal education. Must be taken concurrently with the substantive law overview course.

Substantive Law Overview (2) IT 805
This course introduces non-lawyers to the basic substantive areas of the law. Policy issues as well as legal issue-spotting will be emphasized. Must be taken concurrently with the introduction to legal analysis course.

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.

Advanced Federal Income Tax (2) TX 340
Prerequisite: Federal Income Tax at the JD level (or equivalent knowledge)
An advanced review of the inclusions, and exclusions, from gross income and of deductions therefrom in arriving at taxable income. The taxation of individuals will be stressed. Various doctrines, such as deferred compensation, assignment of income and step-transaction, will be analyzed. Characterization of transactions as capital or ordinary and the federal income tax consequences arising from sales, exchanges, and other dispositions of property will be covered in depth.

Federal Income Taxation of Property Transactions, (1 hour), Tax 341
Concurrent Course: Federal Income Taxation of Property Transactions must be taken concurrently with Advanced Federal Income Tax for the 2008-09 and 2009-10 academic years.
This 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 conversion, but excluding corporate reorganizations. The course covers various methods of acquisitions and disposition of businesses, including special allocation rules for certain assets.

Corporate Taxation I (3) TX 350
This is the first of two separate courses relating to the taxation of corporations and their shareholders. These courses focus on corporations governed by subchapter C, as distinguished from other forms of doing business such as partnerships and S corporations. This course will cover the organization of a C corporation, the distinction between debt and equity, distributions (including redemptions, stock distributions and related company stock sales treated as distributions), and various other related issues. Detailed analysis will be given to corporation liquidations and to the allocation rules for income and deductions among taxpayers.

Corporate Taxation: A Survey (2) TX 353
This course is a survey course that will cover the material presented in Corporate Taxation I-Il on a less intensive basis. It is directed to those students who intend to specialize in areas other than corporate taxation, yet at the same time wish to learn the broad fundamentals of corporate taxation. Students who have taken Corporate Taxation I or II will only be eligible to take this course with the permission of the director.

Gift and Estate Tax Law (2) TX 370
This course consists of a comprehensive survey of the principles and procedures of federal estate, gift, and generation-skipping taxation, including the relevant principles of valuation, the concept of complete vs. incomplete gifts, the reciprocal trust doctrine, the taxability of property owned by a decedent, life insurance, annuities, death benefits under retirement plans, joint property, powers of appointment, and transfers with retained income and reversionary interests. The course also includes a thorough analysis of the various deductions, credits, and exclusions available for transfer tax purposes.

Tax /Employee Benefits Research (2) TX 333
This course acquaints students with the large amount of research materials available in the tax and employee benefits areas and develops their skills in researching issues through the effective use of these materials. Primary and secondary sources will be examined in depth. Emphasis will be placed on researching judicial decisions, legislative histories, and administrative rulings. The course will also develop skills in using computerized research tools. No final examination will be given. Student evaluations will be based on various research assignments.

Plus, a publishable academic research paper
The current requirements for the paper can be found by clicking HERE. Please contact Professor Kennedy with any questions (sooner is better than later!)

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