BANKRUPTCY TAXATION (BANKRUPTCY LAW - 1060)
This course will examine the tax aspects of bankruptcy practice. Taxation is a major aspect of many bankruptcy cases and an emerging sub-specialty in the bankruptcy field. The course will consider such areas as the post-confirmation carry forward of losses, and tax planning for entities in financial difficulty. Prerequisite for J.D. students: Taxation-Basic Federal Personal Income.
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 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.
TAX FEDERAL ESTATE AND GIFT (TRUSTS AND ESTATES - 1050)
The purpose of this course is to give the students an understanding of the federal estate and gift tax laws and their underlying principles. The history of these taxes is reviewed and a brief survey is made of estate and gift tax procedures. Major estate tax topics covered are inclusion and exclusion from the gross estate of interests owned by the decedent, property transferred by the decedent during his lifetime, life insurance, jointly owned property, property subject to a power of appointment, and annuities. Gift tax topics include complete and incomplete gifts, adverse interests, the annual exclusion, the exercise and release of powers of appointment, transfers incident to marital separations, gift splitting, and indirect gifts. Estate and gift tax problems cover adequate consideration, the marital deduction, the charitable deduction, valuation and computation of tax liability. Income in respect of a decedent and generation skipping transfers are also examined briefly. Grades are based upon a final examination.