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BUS 620 Federal Income Taxation
This is a basic course that deals with the fundamental principles, concepts and rules of federal income taxation, with primary emphasis on taxation of individuals. Students will deal with the concepts of gross income and the tax based thereon.
BUS 621 Tax Practice and Procedure
Deals with organization and functions of the Internal Revenue Service, the role and regulation of the tax practitioner and the weight and reliance that should be placed upon each of the sources of tax law. Topics include ethical responsibilities, requests for ruling, deficiencies and assessments of tax, offers in compromise, liens, closing agreements, transferee liability, claims for refund, jeopardy assessments, statutes of limitations and the Freedom of Information and Privacy Acts and tax cases.
BUS 622 Tax Research Methods
Deals with methods of intensive tax law research. Students use materials in the library, including statutes, congressional committee reports, treaties, textbooks, Department of Treasury publications and loose-leaf services. Time is devoted to the development of writing skills as well as the careful systematic analysis of specific tax problems.
BUS 623 Tax Accounting
Deals with the major differences between financial and tax accounting. Students face problems that include prepaid income, permissible accounting methods, long-term contracts, tax benefit rules, inventory identification and valuation, allowable depreciation methods, bad debt write-offs and indirect methods of computing income. Other matters such as the mitigation of the effect of the statute of limitations are also considered.
BUS 651 Taxation of Corporations and Shareholders
Deals with the tax treatment of the events in the life of a corporation, with emphasis upon problems at both the corporate and shareholder level. Topics include such matters as the tax considerations in the formation of the corporation, dividend distribution, stock redemptions, complete and partial liquidation, and the taxation of corporate income.
BUS 652 Taxation of Partners, Partnerships, and S Corporations
Deals with Subchapters S and K of the Internal Revenue Code and the complex aspects of partnership formation, operation, reorganization, and liquidation. Topics include the sale of a partnership interest by a partner, current distributions, distributions in liquidation of a partner’s interest, retirement of partners, death of partners, limited partnerships, and S corporations.
Elective Core Courses (choice of four)
BUS 650 Estate and Gift Taxation and Planning
Deals with federal estate and gift tax statutes, regulations, rulings and leading cases, and responsibilities of executors, administrators, and trustees. Students will have the opportunity to develop estate plans utilizing living and testamentary trusts, wills, jointly owned property, life insurance, inter-vivos gifts and the marital deduction. Problem areas discussed include the valuation and disposition of closely-held businesses, separation and divorce and other family arrangements.
BUS 680 Taxation of Real Estate
Deals with the federal income tax provisions affecting real estate, including like kind exchanges, sale of investment property, dealer status, real estate foreclosures, etc. State and local aspects are also considered.
BUS 681 Pensions, Profit Sharing and Deferred Compensation
Deals with the types of deferred compensation plans offered by employers and the qualification and operating requirements of pension, profit sharing and other deferred compensation plans.
BUS 682 International Taxation
Deals with the U.S. jurisdiction to tax based on nationality, source of income and other recognized contacts. Topics include taxation of foreign source income, treatment of U.S. citizens and resident/non-resident alien individuals and corporations, the concept of income that is effectively connected with U.S. business, taxation of domestic entities doing business abroad, controlled foreign corporations and Subpart F foreign tax credits, inter-company pricing and allocation and appointment of domestic expense. Special purpose corporations such as Foreign Sales Corporations are also included. Topics are covered with reference to international tax treaties and court decisions, as well as the code and regulations.
BUS 683 Multi-state Taxation
Covers state taxation of multi-state and multi-national business enterprises engaged in interstate commerce. Also reviews the constitutionality of state taxation under the Due Process and Commerce Clauses including significant landmark decisions of the Supreme Court of the United States. Subjects include state income, franchise, capital stock, sales and use taxes. Discusses issues regarding the allocation and apportionment of income among the states and the nexus rules permitting the states to tax interstate commerce. Time is devoted to the development of knowledge necessary to administer the state tax affairs of a multi-state or multi-national company.
BUS 684 Advanced Corporate Taxation
Deals with tax problems affecting businesses, including tax-free reorganizations and consolidated tax returns. Actual and hypothetical fact patterns are used by students to solve problems and to plan the best method to structure transactions. Prerequisite: BUS 651.
Note: One elective course may be substituted for one required course without prior approval. Petitioning the MST program director is required for a second substitution.
Curriculum is subject to change.