Students completing the requirements of the LL.M. in Taxation program will also receive a Certificate in Estate Planning provided that they satisfy the curriculum requirements of the Certificate in Estate Planning program.
The following courses will count towards both the LL.M. in Tax and Certificate in Estate Planning requirements:
Basic principles of federal estate and gift taxation, including computation of the taxable estate, inter vivos transfers, transfers in contemplation of death, transfers with retained interests or powers, joint interests, life insurance proceeds, property subject to powers of appointment, the marital deduction, and the unified credit.
Federal income taxation of decedents' estates, simple and complex trusts, charitable trusts and grantor trusts. Course covers the preparation of fiduciary income tax returns with emphasis on unique tax issues such as income in respect of a decedent, distributable net income and fiduciary accounting.
Methods of disposing of estates by will, life insurance, inter vivos arrangements, and consideration of resulting tax and administrative problems. Course also focuses on gathering and analyzing facts in the planning and drafting of trusts, wills, and related documents. Additional prerequisite: Estate and Gift Taxation.
Federal income taxation of corporations and their shareholders with emphasis on the formation of the corporation, capital structure, operational alternatives, distributions, partial and complete liquidations, personal holding companies, and the accumulated earnings tax. Formation, operation, and liquidation of S-corporations also are covered.
Continuation of basic tax concepts including cash and accrual methods, capital gains and losses, 1231 transactions, recpature, original issue discount and imputed interest, below-market loans, installment sales, like kind exchanges, involuntary conversions, the at-risk rules, and passive loss rules.
Problems encountered in the formation, operation, and liquidation of a partnership including the acquisition of partnership interests, compensation of the service partner, the treatment of partnership distributions, and problems associated with the disposition of partnership interests or property by sale.
An introduction to pension and profit-sharing law with particular emphasis on Title 2 (IRS) of ERISA. The course is geared toward understanding all of the pension and profit-sharing rules that must be met for plan qualification, with emphasis on qualified plan planning for both incorporated and unincorporated forms of business.
Federal income taxation of S-corporations and their shareholders with emphasis on the creation of the S-corporation, capital structure, operational alternatives, distributions, and liquidations.
Analysis of provisions relating to the qualification for exemption from federal income tax, with emphasis on section 501(c)(3) organizations, private foundations, and the treatment of unrelated business income.