The first seven courses shown below are core courses (21 credits) that are required of all students. The remaining courses (9 credits) may be selected from electives. Subject to prerequisites, there is no set order in which the courses have to be taken.
 

Course No	Title	Course Description	MST Pre- Requisites Courses	Credits
TAX 6621	Advanced Federal Taxes I:  Individual Income Taxation	This course is designed to introduce the student to the case method and the use of the Internal Revenue Code as a foundation for tax research and planning. Substantively, the course examines gains and losses, basis rules, capital assets, section 1231, taxation of capital transactions, depreciation & recapture, interest, charitable contributions and tax aspects of divorce.	.	3
TAX 6622	Advanced Corporate Tax  I (4)	This course introduces the study of corporate taxation. It covers the tax aspects of incorporation, financing the entity, distributions, redemptions and liquidations. S corporations are also covered, as well the alternative minimum tax and computation of taxable income and tax.	ACCT6606 (Entity Taxation)	3
TAX 6670	Tax Accounting	The study of tax law as it pertains to the timing and treatment of tax items. Topics will include the cash and accrual method for income tax, installment sales, inventories (including unicap), changes in accounting methods, the tax benefit rule, accounting periods, time value of money, and the annual accounting period.	.	3
TAX 7724	Tax Practice & Procedure  I	A study of Subtitle F of the Code, dealing with tax procedures applicable to individuals and businesses. Topics include IRS organization, tax aspects of returns, administrative rulings and positions statements, civil litigation in tax and district court, statutes of limitations, various types of assessments, waivers, overpayment and refunds, interest, and civil penalties. The course will also include a study of Circular 230, professional responsibility, and penalties that apply to practitioners.	.	3
TAX 7727	Advanced Federal Taxes II: Property Transactions	This course concentrates on the tax aspects of acquisitions and dispositions of property.  Topics will include: like-kind exchanges, involuntary conversions, assignment of income doctrine, disposition of residence, cancellation of indebtedness, and limitation on losses, such as at-risk rules & passive activity rules, hobby losses, home office,  and NOL. Note: This course can be taken before or concurrently with Adv. Fed Tax I: Individual Taxation (TAX6621)	.	3
TAX 7728	Partnerships	The study of the federal taxation of partnerships and partners. The course covers formation, operation, and liquidation of a partnership, including the acquisition of partnership interests, compensation of a  service partner, treatment of partnership distributions, basis, allocations, liquidations, and problems associated with the disposition of partnership interests or property by sale	ACCT6606 (Entity Taxation), Tax6621 and Tax 7727 Revised: 7.09.10	3
TAX 6850	Tax Research Project	A study and implementation of tax research techniques, including internet and proprietary research databases.  Through a variety of written projects, oral presentations and class material, the student will develop the ability to identify, research, and communicate the solutions to a variety of tax issues that are encountered in practice.  Emphasis will be on the development of sound research and writing skills.	6621, 6622, and 7724	3
Course No	Title	Course Description	MST Pre- Requisites Courses	Credits

(4)   Eligible towards the Graduate Certificate in Corporate Taxation.

The remaining  courses (9 credits) may be selected from the following electives. Subject to pre-req., students do not have to complete the required courses before taking any electives.  Because electives are not generally offered as often as the required courses, students interested in specific electives may wish to sign up for the class when given.
 

Course No	Title	Course Description	MST Pre- Requisites Courses	Credits
TAX 6625	Estate & Gift Taxation (1)	The study of transfer taxes during life and death. Concepts such as gross and taxable estate and gifts will be explored in detail. The course covers inclusions, deductions, valuation, exemptions, credits, and tax computations for gifts and estates.	.	3
TAX7705	U.S.  International Corporate Taxation (for non-specialists)	A comprehensive course for corporate tax practitioners who do not choose to specialize in international tax.  This is an intensive course of limited scope intened to teach those operating in a large corporate environment what they need to know to function in an international role. This course covers topics such as the foreign tax credit, sourcing of income, deemed paid credits, separate limitation categories, allocation and apportionment rules, and Subpart F.	6622, or ACCT6606. 7725 recommended.     Waivers may be granted by director in consultation with course professor.	3
TAX 7708	International Tax I: Sourcing and Inbound (2)	This first of three courses for international tax specialists provides in depth coverage of the source of income rules and U.S. taxation of foreign persons.  The course also explains the rules for U.S. taxation of international assignees, provides an overview of income tax treaties, and covers withholding taxes.	.	3
TAX 7710	International Tax II: Outbound (2)	The second course for international tax specialists covers foreign tax credits for corporations, and related topics.   Included are creditable taxes, separate limitation categories, deemed paid credits, allocation an apportionment, Subpart F, and PFIC rules.	7708 and 6622,  or director’s permission	3
TAX 7711	International Tax III: Special Topics (2)	This third course for international tax specialists provides a comprehensive review of international structuring and reorganizations, including use of hybrid entities. In addition, there is coverage of the U.S. transfer pricing rules and sourcing rules related to produced inventory.	7710 and 7725	3
TAX 7723	Estate & Gift Tax Planning (1)	This course explores estate planning for gifts and other transfers by use of various techniques.  Planning for business and other wealth transfers among family members will be highlighted. Topics will include marital deduction, split gifts, life insurance, charitable gifts, use of trusts, and planning for estate liquidity.	6625	3
TAX 7725	Advanced Corporate Tax II (4)	A continuation of TAX6622 Advanced Corporate Tax I, this course covers corporate acquisitions and dispositions, including both taxable transactions and non-recognition reorganizations.  The course examines acquisitive reorganizations in depth followed by reorganizations within a single corporation and divisive reorganizations.  Topics include the judicial doctrine of business purpose, step transaction, and continuity of interest.  The course ends with a study of the transfer and survival of corporate tax attributes after reorganization.	6622	3
TAX 7726	Taxation of Compensation I: Executive & Employee Compensation	A study of the tax aspects of various forms of executive and employee compensation. The major focus of the course will be on nonqualified plans. The course covers various compensation techniques, including traditional deferred compensation arrangements, nonqualified stock options, stock appreciation rights, phantom stock pans, stock awards, restricted stock plans, excess benefit arrangements, rabbi trusts, split-dollar plans, and severance pay plans.	.	3
TAX 7730	Income Taxation of Estates & Trusts (1)	A study of the federal income taxation of estates and trusts (grantor, simple and complex).  The course analyzes tax consequences to fiduciaries, beneficiaries, grantors and other parties from inception through termination.  Topics include general rules for taxation, fiduciary accounting income, distributable net income, income distribution deduction, computation of taxable income, various distributions and income in respect of a decedent.	.	3
TAX 7732	Tax Practice & Procedure II	A continuation of TAX7724 with a complete review of procedures and strategies involved in the audit, appeal and collection process. Other topics include liens and levies, offers in compromise, installment agreements, closing agreements, summons enforcement, IRS investigatory powers, and criminal aspects of the tax laws.	7724, or director’s permission	3
TAX 7734	Consolidated Returns (4)	This course covers in depth the most important aspects of the current consolidated return regulations.  Topics include intercompany transactions with a detailed study of both the matching principle and acceleration rules, loss disallowance rules, consolidated Section 382, investment adjustments in the basis of the stock of subsidiaries, Excess Loss Accounts, and allocation of consolidated tax liability to members of an affiliated group.  Class discussions emphasize working through important examples contained in the regulations.	7725	3
TAX 7735	Tax Exempt Organizations	This course covers the formation, operation and taxation of tax-exempt organizations.  Emphasis will be placed on the qualification process for tax exemption, the unrelated business tax and the special "excise" taxes on private foundations. Compliance requirements are also reviewed.	.	3
TAX 7738	Taxation of Compensation II: Qualified Pension and Profit-sharing Plans	A study of qualified compensation arrangements, including pension and profit sharing plans. The course covers plan selection, qualification requirements, limitations as to contributions, benefits, deductions and funding, nondiscrimination, taxation of distributions, rollovers, minimum distributions, incidental benefits, spousal rights, multiple entity structure, reporting and disclosure, prohibited transactions and fiduciary responsibility. Note: This course can be taken before or concurrently with Taxation of Compensation I: Executive & Employee Compensation  (TAX7726).	.	3
TAX 7736	State & Local Taxation: Constitutional Issues (3)	This foundation course examines the constitutional limits on states’ rights to impose various forms of taxation on income capital and transactions of individuals and multistate businesses. Topics include nexus, constitutionally acceptable income allocation methods and strategies for avoiding unnecessary taxation by non-domiciliary states.	.	3
TAX 7750	State & Local Taxation: Corporate & Individual Income Taxes (3)	A study of the major income and franchise tax issues confronting non-resident individuals, pass-thru entities, non-resident shareholders of S Corporations, and multistate and multinational corporate businesses covered in the context of current litigation and rule making at the state and local level. The course also explores tax-planning opportunities for the multistate business and the use of transfer pricing in state and local income tax matters. Individual income taxation and the interaction between the state and federal systems are also discussed. Special attention is paid to tax systems used in New York and New Jersey.	.	3
TAX 7752	State & Local Taxation: Sales, Use & Property Taxes (3)	This course examines the sales, use and property tax schemes prevailing in the United States.  Sales and use tax constitutes roughly 33% of all state tax collections, whereas property tax constitutes about 50%. The course examines the definition of a sale, the nuances relative to a manufacturing and construction, the power of the states to assert jurisdiction over aspects of a transaction occurring beyond their borders, and exemptions.  Relating to property tax, the course examines State Constitutional principles of Uniformity and Equal Protection, approaches to valuation, exemption and incentives.  Special attention is paid to tax systems used in New York and New Jersey.  Other common levies may also be covered.		3
TAX8830	Selected Topics/Studies	Varies.	Varies by topic	3
TAX8840	Taxation of S Corporations: Selected Studies (4)	This course undertakes and in-depth study and analysis of the tax laws that apply to S corporations and their shareholders.  Topics will include: eligibility, election, revocation, and termination, stock and debt basis, losses, distributions, various corporate level taxes,  subsidiaries, fringe benefits, and comparison to other forms of business entities.	ACCT6606 required; TAX 6622 recommended.	3
TAX8850	Taxation of Financial Products: Selected Studies	This course focuses on the taxation of financial instruments, products and transactions.  It begins by covering basic principles, including financial terminology, types of market participants, as well as the tax concepts of timing, character, and source.  It then proceeds with a study of the detailed rules regarding tax treatment of financial instruments including stocks, bonds, options, forward contracts, futures contracts, convertible & contingent payment instruments, swaps, as well as hybrid instruments.  Tax issues that will be addressed include wash sales, constructive sales, short sale rules, straddles, market discount, original issue discount, Section 1256, and notional principal contract regulations.  International tax and reporting issues will also be covered.	TAX6621	3
Course No	Title	Course Description	MST Pre- Requisites Courses	Credits

(1)   Eligible towards the Graduate Certificate in Estate, Gift and Trust Taxation.
(2)   Eligible towards the Graduate Certificate in International Taxation.
(3)   Eligible towards the Graduate Certificate in State and Local Taxation.
(4)   Eligible towards the Graduate Certificate in Corporate Taxation.

Posted: June 2003
Updated: June 2007 [Tax8840, Tax8850]
Updated: 2008.09.05 [Correct TAX7750 to reflect no pre-req]
Updated: 2010.07.09 [Pre-req added to TAX7728]                                                                                                                                   Copyright  © 2003 West.