BUSINESS PLANNING (BUSINESS AND FINANCE LAW - 1060)
This course is designed to coordinate several areas of business-related law previously studied and to sensitize students to the constant practical interplay of these business-related areas of the law. Students will be assisted in verbalizing and drafting responses to the problems encountered by employing materials and documents which provide the framework for the practical application of previous legal training to commercial topics. Significant emphasis is placed on out-of-class drafting of and solutions to legal-business problems. Grades are based upon class performance and short written assignments.
TAX BASIC FED PERSONAL INCOME (TAXATION - 1030)
This is an introductory course. Its purpose is to give students an understanding of the basic principles underlying the federal income tax and to develop a realization of its effect on the economic life of the community. The course concentrates on fundamental concepts such as the scope of gross income, specific exclusions, assignment of income, the major items of deduction, the amount realized on property dispositions, basis for gain or loss, characterization of gain or loss as capital or ordinary, credits, the taxable year, and the mechanics of computation of income tax liability. The development of the present tax system, the fiscal aspects of the income tax and the legislative, administrative, and judicial processes in the enactment and enforcement of the income tax laws are briefly considered. Grades are based upon a final examination.
TAX FED INC TAX PTNRSHP & LLC (TAXATION - 1070)
This course provides a survey of the effects of federal income tax laws on the formation, operation and liquidation of partnerships and limited liability companies. These entities have become a preferred and increasingly utilized means of operating small business ventures. Topics addressed include the formation and operation of the business entity, the sale and liquidation of ownership interests, and the tax consequences to the owners and the business entity that result from operating as a partnership or limited liability company. Grades are based upon a final examination.
TAX FEDERAL CORPORATE INCOME (TAXATION - 1020)
This course applies the principles of federal income taxation to problems arising from use of the corporate form. The tax consequences to the corporation and to the shareholders are considered. Major topics covered in the course include what entities are considered corporations for tax purposes, tax-free incorporations, the treatment of dividends and Section 306 stock redemptions, partial and complete liquidations, and mergers, divisions and other corporate reorganizations. Grades are based upon a final examination.