TAX - Taxation

TAX 310 Federal Income Taxation I

Course Description: History of federal taxation; income tax problems of individual taxpayers; exemptions; basic concepts of gross income; exclusions, deductions and credits; analysis of property transactions; federal tax research; preparation of individual federal income tax returns.

Course Rotation: NYC: Fall, Spring, and Summer. PLV: Fall and Spring.

3 credits

TAX 311 Federal Income Taxation II

Course Description: Federal income taxation of corporations, partnerships, estates and trusts; federal tax research, preparation of returns for each tax; introduction to federal income tax procedure.

Course Rotation: Fall and Spring.

3 credits

Prerequisites

Pre-requisite for TAX 311 ( Course : TAX 310 . Minimum Grade of D. )

TAX 313 Federal Corporate Taxation

Prerequisite: Listed pre-requisite and junior standing.

Course Description: Designed to examine in detail corporate taxation issues; includes intermediate topics in the federal income taxation of corporations and their shareholders, including the treatment of the distribution of stock dividends, the dividends-received deduction and advanced issues in redemptions, liquidations and reorganizations.

3 credits

Prerequisites

TAX 310 Minimum Grade of D

TAX 314 Federal Taxation of Flow-Through Entities


3 credits

Prerequisites

TAX 310 (Grade D or above)

TAX 315 Federal Tax Practice, Procedure and Research

Course Description:

Covers the history and organization of the Internal Revenue Service and the Federal judiciary as it relates to tax controversies. Emphasis is placed upon the examination and collection powers of the Internal Revenue Service and the legal and technical responsibilities imposed upon representatives. The deficiency and refund procedures are covered from the beginning of a tax controversy through its resolution by way of litigation. Included are the process by which returns are selected for examination, the conduct of examinations, the conduct of administrative conference proceeds, the Service’s investigatory and collection power. The sources and nature of the Federal tax law and its legislative, administrative and judicial explanations and interpretations are covered. Introduces students to the research tools available, their uses and limitations, and the processes by which ax professionals identify issues and apply controlling precedents in order to formulate research conclusions and professional recommendations.

3 credits

Prerequisites

TAX 310 (Grade D or above)

TAX 327 State and Local Taxation

Course Description:Provides an overview of state and local taxation, describing certain Constitutional constraints including regulations pertaining to particular state statutes; provides insight into the significant state and local tax issues within individual and entity income taxes, franchise taxes, sales and use taxes, and property tax within the tri-state region. Students will become familiar with the differences between individual taxation and entity taxation.
Course Rotation:Fall;NY

3 credits

Prerequisites

TAX 310 Minimum Grade of D and TAX 312 Minimum Grade of D and TAX 313 Minimum Grade of D

TAX 328 International Taxation

Course Description:

Presents a broad survey of the rules of U.S income taxation of cross border transactions; cover both “outbound” transactions (U.S citizens, U.S corporations or U.S resident persons investing and/or doing business in the U.S). It is intended to provide a basic understanding of how the rules operate and the policies behind them, as well as the practical knowledge and work skills needed for today’s competitive international tax field.


Course Rotation:
Fall:Spring;NY:PLV

3 credits

Prerequisites

TAX 310 (Grade D or above)

TAX 394 Taxation Internship

Prerequisite: Listed prerequisite, junior standing, 3.00 GPA, and approval from the Department Chairperson required.

Course Description: Students with strong academic records may apply to undertake a carefully planned work experience, under the supervision of a faculty advisor, which will demonstrate the practical application of their classroom training. Students are required to maintain a log of their internship activities and complete a paper, which integrates work assignments with the study of accounting. Interested students should contact the Lubin Office of Undergraduate Academic Advisement on their home campus for more information.

3 credits

Prerequisites

TAX 310 Minimum Grade of D

TAX 503 Fundamental Concepts of Taxation

Course Description: Analysis of fundamental concepts of income taxation pertaining to individuals, partnerships, corporations, estates and trusts, exemptions and deductions.

2 credits

TAX 504 Sales and Exchanges of Property

Course Description: Analyzes fundamental concepts of income taxation pertaining to sales and exchanges of property, including recognition and computation of gain or loss, amount realized, adjusted basis, installment or deferred payment method of reporting gain, private annuity transactions, common nontaxable exchanges, disallowed losses, treatment of capital gains or losses, capital asset qualifications, meaning of sales or exchange, holding period problems and special provisions concerning capital gains or losses.

2 credits

Prerequisites

Pre-requisite for TAX 504 ( Course : TAX 503 . Minimum Grade of C. May be taken concurrently.)

TAX 600 Independent Study in Taxation (Graduate)

1 - 9 credits

TAX 612 Taxation of Entities for Accountants

This course is not open to Taxation majors.

Course Description: Examines essential federal taxation issues for corporations, partnerships, estates and trusts. Topics include corporate organizations, operations, distributions, reorganizations and liquidations. S corporations and partnerships are examined and contrasted. Income and estate and gift taxation of estates and trusts are discussed.

3 credits

Prerequisites

Pre-requisite for TAX 612 ( Course : TAX 503 . Minimum Grade of C. ) and (Course : TAX 504 . Minimum Grade of C. )

TAX 625 Tax Practice, Procedure and Research

Not open to students who have completed TAX 626 and TAX 695.

Course Descriptions: This course covers the history and organization of the Internal Revenue Service and the Federal judiciary as it relates to tax controversies. Emphasis is place upon the examination and collection powers of the Service and the legal and technical responsibilities imposed upon representatives, with special emphasis place upon those imposed upon accountants. The deficiency and refund procedures are covered from the beginning of a tax controversy through its resolution by was of litigation. Included are the process by which returns are selected for examination, the conduct of examinations, the conduct of administrative conference proceedings, the Service’s investigatory and collection power, and those provisions available to taxpayers. The sources and nature of the Federal tax law and its legislative, administrative and judicial explanations and interpretations are covered. This course also introduces students to the research tools available to accountants, their uses and limitations, and the processes by which tax professional identify issues and apply controlling precedents in order to formulate research conclusions and professional recommendations.

Course Rotation: NYC: Fall and Spring

3 credits

Prerequisites

Pre-requisite for TAX 625 ( Course : TAX 503 . Minimum Grade of C. ) and (Course : TAX 504 . Minimum Grade of C. )

TAX 626 Tax Practice and Procedure

Course Description: History and organization of the Internal Revenue Service: selection of returns for audit; audit and conference procedure; preparation by accountant, attorney and corporate official for audits, hearings and conferences; government's investigatory powers, with special emphasis on the rights and responsibilities of accountants; restrictions on assessments; statute of limitations; statutory notices; rulings, determination letters and requests for technical advice.

2 credits

Prerequisites

TAX 503 Min Grade B

Corequisites

TAX 504

TAX 627 Advanced Concepts of Taxation

Course Description: Covers concepts and problems basic to different areas of taxation, such as the interrelationship of taxes, tax minimization principles, characteristics of taxable entities, the assignment or transfer of income, tax accounting principles and valuation problems.

3 credits

TAX 630 Executive Compensation

Course Description: Explains special tax considerations in compensating executive employees, in typical compensation devices and in the design of compensation packages in closely-held and publicly-held companies. Covers: short-term and long-term compensation arrangements (including stock options, restricted stock, stock appreciation rights and performance awards), retirement and health care plans designed to favor executives, tax-favored life insurance, low interest loans, fringe benefits, and corporate deduction considerations.

2 credits

Prerequisites

TAX 626 Min Grade B and TAX 627 Min Grade B and TAX 695 Min Grade B

TAX 631 Tax Aspects of Qualified Benefit Plans

Course Description: Covers various tax considerations involved in establishing, administering and terminating qualified pension, profit-sharing, stock bonus and related benefit programs from the point of view of the employer, the participant and his/her beneficiaries, the plan administrator and the plan fiduciary. Emphasizes the requirements for qualification, tax treatment of plan contributions and distributions, methods of investing and holding plan funds, tax exemption, prohibited transactions and fiduciary responsibility. Covers the interrelationship of tax and labor law provisions under ERISA (Employee Retirement Income Security Act of 1974).

3 credits

Prerequisites

TAX 626 Min Grade B and TAX 627 Min Grade B and TAX 695 Min Grade B

TAX 633 Taxation of Employee Benefits

Course Description: Covers tax considerations in establishing qualified and non-qualified deferred compensation arrangements from the point of view of the employer, the employee and his/her beneficiaries. Emphasizes the requirements for tax qualification, the treatment of plan contributions and distributions. Covers the interrelationship of tax and labor law provisions under ERISA.

3 credits

Prerequisites

Pre-requisite for TAX 633 ( Course : TAX 625 . Minimum Grade of C. ) and (Course : TAX 627 . Minimum Grade of C. )

TAX 634 Tax Problems of Engaging in Interstate Commerce

Course Description: Covers state and local tax problems, controversies and planning strategies of companies conducting business in multiple jurisdictions. Types of taxes discussed include income/franchise, gross receipts, license, and sales and use tax. Emphasizes tax problems associated with interstate and foreign commerce, audit issues and techniques employed in the major jurisdictions to minimize a company’s effective tax liability (such as separate accounting or combined reporting), and state and local tax developments throughout the country.

3 credits

Prerequisites

Pre-requisite for TAX 634 ( Course : TAX 625 . Minimum Grade of C. ) and (Course : TAX 627 . Minimum Grade of C. )

TAX 635 International Taxation I

Course Description: Conducting foreign operations through U.S. entities; source of income rules; direct foreign tax credit rules; problems of allocation of income and deductions among related entities (Section 482); treatment of foreign currency transactions and blocked income; U.S. taxation of U.S. citizens abroad; special entity corporations including Domestic International Sales Corporations, Possessions Corporations and Western Hemisphere Trade Corporations; tax treaties, competent authority procedures and problems of double taxation.

2 credits

Prerequisites

TAX 626 Min Grade B and TAX 627 Min Grade B and TAX 695 Min Grade B

TAX 636 International Taxation I

Course Description: Introduces graduate tax students to U.S. tax law rules of international transactions and operations. Resident and non-resident alien status and consequences and inversions and expatriated entities are described. Discusses rules for determining the sources of income, allocation and apportionment of income, transfer pricing and the foreign tax credit.

Course Rotation: NY: Fall and Summer.

3 credits

Prerequisites

Pre-requisite for TAX 634 ( Course : TAX 625 . Minimum Grade of C. ) and (Course : TAX 627 . Minimum Grade of C. )

TAX 637 International Taxation II

Course Description: Describes advanced concepts of U.S. and foreign tax law rules of international transactions and operations. Includes discussion of controlled foreign corporations, income effectively connected with U.S. business, tax withholding at source, FIRPTA, branch profits tax, section 367, foreign currency transactions and tax treaties.

Course Rotation: NY: Spring.

3 credits

Prerequisites

TAX 636 Minimum Grade of C

TAX 638 International Taxation

Open to advanced Taxation students only.

Course Descriptions: Conducting foreign operations through U.S. entities: source of income rules; direct and indirect foreign tax credit rules; problems of allocation of income and deductions among related entities; treatment of foreign currency transactions; U.S taxation of U.S. citizens aboard; tax treaties, competent authority procedures and problems of double taxation; Conducting foreign operations through foreign entities: treatment controlled foreign corporations; Subpart F income and investment in U.S. property; Foreign Personal Holding Companies; U.S. taxation of aliens and foreign corporations with U.S. operations; discussion of foreign taxing jurisdictions.

Course Rotation: NYC: Fall

3 credits

Prerequisites

TAX 626and TAX 627

TAX 639 Tax Accounting

Prerequisite: Not open to students who have completed TAX 636

Course Description: Contrasts the difference between tax accounting and business accounting in the area of cash, accrual and installment reporting. It will also cover accounting periods, accounting methods, permissible changes and required adjustments in accounting methods, and inventory valuation.

3 credits

Prerequisites

Pre-requisite for TAX 639 ( Course : TAX 625 . Minimum Grade of C. ) and (Course : TAX 627 . Minimum Grade of C. )

TAX 642 Estate Planning I

Course Description: An examination of the fundamental principles of estate and gift taxation, including taxable transfers, allowable deductions and credits, together with an analysis of the estate tax return and audit procedure and an introduction to planning techniques.

3 credits

Prerequisites

TAX 625 Minimum Grade of C or TAX 626 Minimum Grade of C and TAX 695 Minimum Grade of C and TAX 627 Minimum Grade of C

TAX 643 Estate Planning II

Course Description: An intensive consideration of the techniques of estate planning through lifetime and testamentary transfers and the use of post-mortem options. Also considered are valuation problems, intra-family transfers, income in respect of decedent property, grantor trusts, charitable remainder and charitable lead trusts, private foundations and other income, estate and gift tax techniques available in the planning of estates.

3 credits

Prerequisites

TAX 642 Minimum Grade of C

TAX 645 Tax Aspects of Real Estate Transactions

Course Description: Analyzes current real estate problems in light of legal, economic and governmental trends, including organization of partnership and corporate syndicates, dissolution and distributions of realty, or proceeds there from, sale and leaseback, installment and deferred payment sales, depreciation methods, limitations on the use of real estate losses, rehabilitation and low-income housing credits, and related issues.

2 credits

Prerequisites

TAX 626 Min Grade B and TAX 627 Min Grade B and TAX 695 Min Grade B and TAX 646 Min Grade B

TAX 646 Tax Problems of Partnership Organizations

Course Description: Analyzes problems affecting organization and operations of partnerships; partners' withdrawals during lifetime, death or dissolution; sale or exchange or partnership interests; limited and family partnerships; and related estate tax problems.

3 credits

Prerequisites

Pre-requisite for TAX 634 ( Course : TAX 625 . Minimum Grade of C. ) and (Course : TAX 627 . Minimum Grade of C. )

TAX 648 Tax Problems of Exempt Organizations

Course Description: Analyzes tax aspects of tax exempt organizations, including those of charitable and educational organizations, civic leagues, labor unions and health and welfare funds; general consideration in organizing tax exempt entities, including selection of appropriate form, such as corporation or trust; methods of obtaining and maintaining tax exemption; analysis of problems relating to feeder organization, prohibited transactions, unrelated business income, business leases, and rents and indebtedness; consideration of local and other types of taxation affecting tax exempt organizations, and tax consequences to distributees and related issues.

2 credits

Prerequisites

TAX 626 Min Grade B and TAX 627 Min Grade B and TAX 695 Min Grade B

TAX 649 Income Taxation of Trusts and Estates

Course Description: Taxation of income to fiduciaries, beneficiaries, grantors and other parties; income in respect of decedents; taxation of simple and complex trusts; computation of taxable net income and distributable net income; operation of the "throwback" rule; preparation of decedents; last return and returns of trusts and estates from inception through termination.

2 credits

Prerequisites

TAX 626 Min Grade B and TAX 627 Min Grade B and TAX 695 Min Grade B

TAX 650 Taxation of Security Transactions

Course Description: Considers the tax problems arising from investments in the securities (and allied) markets, such as wash sales, short sales, puts and calls, straddles, mutual fund and real estate investment trust shares, dealer versus investor trader, identification of securities sold, commodity futures, tax-exempt interest, arbitrage, and valuation.

2 credits

Prerequisites

TAX 626 Min Grade B and TAX 627 Min Grade B and TAX 695 Min Grade B

TAX 652 Taxation of Securities and Financial Instruments

Course Description:Covers the rules governing the taxation of securities and financial instrument transactions entered into by individual and entities. The tax treatment of security, commodity and other financial instrument transactions are covered, with special emphasis placed upon transactions in stock, options, futures, foreign currencies and derivatives. The wash sale, straddle rules and other non-recognition rules are covered, as are the original issue and market discount rules.

3 credits

TAX 653 Seminar in Taxation

Course Descripiton: In depth coverage of issues, emerging practices and problems facing tax professionals. Topics presented are at the department’s discretion and can vary from semester to semester. Representative topics include: tax law principles for consolidated tax return groups, tax legislative reform, and tax treatment of exempt organizations.

Course Rotation: NY: SUMMER

3 credits

Prerequisites

TAX 625 Minimum Grade of B and TAX 627 Minimum Grade of B

TAX 656 Advanced Corporate Income Taxation I

Course Description: Considers transfers on organizing a corporation, problems in corporate capitalization, dividend distributions, stock redemptions, partial liquidations, subchapter "S" corporations and the accumulated earning tax.

3 credits

Prerequisites

Pre-requisite for TAX 634 ( Course : TAX 625 . Minimum Grade of C. ) and (Course : TAX 627 . Minimum Grade of C. )

TAX 657 Advanced Corporate Income Taxation II

Course Description: This course is a continuation of TAX 656 and covers corporate liquidations and collapsible corporations: domestic personal holding companies; multiple corporations.

2 credits

Prerequisites

TAX 656 Min Grade B

TAX 658 Corporate Reorganizations

Course Description: Considers acquisitive and divisive corporate reorganizations; triangular reorganizations; carryover of tax attributes and limitations thereon; special attention is paid to tax and non-tax problems and their solutions.

2 credits

Prerequisites

TAX 656 Min Grade B

TAX 659 Advanced Corporate Income Tax II

Course Description: Considers acquisitive and divisive corporate reorganizations; triangular reorganizations; liquidations; carryover of tax attributes and limitations thereon; special attention is paid to tax and non-tax problems and their solutions.

3 credits

Prerequisites

TAX 656 Minimum Grade of B

TAX 660 Consolidated Returns

Course Description: Considerations in determining whether an affiliated group of corporations should elect to file a consolidated income tax return; eligibility, computation of consolidated taxable income, liability for tax, effect on earnings and profits, corporations entering or leaving an affiliated group, sale of subsidiary's stock, deconsolidating.

2 credits

Prerequisites

TAX 656 Min Grade B and TAX 657 Min Grade B and TAX 658 Min Grade B

TAX 666 Ethics in Tax Practice

Course Description: Considers the role of ethics in tax practice and its application to specific tax problems. Explores the guidelines on tax practice as pronounced by the American Institute of Certified Public Accountants, the American Bar Association and the United States Treasury Department. Covers the ethical problems of tax practitioners in connection with tax planning, tax return preparation and representation before the Internal Revenue Service.

2 credits

Prerequisites

TAX 503 Min Grade B and TAX 504 Min Grade B

TAX 695 Research Methodology I (Tax Research)

Course Description: Studies the sources and nature of the Federal tax law and of its legislative, administrative and judicial explanations and interpretations, the research tools available and their uses and limitations. The research process employed to ascertain the state of the Federal tax law applicable to sets of facts and the formulation of research conclusions and professional recommendations are also explored.

2 credits

Prerequisites

TAX 503 Min Grade B

Corequisites

TAX 504

TAX 696Q Research Project

Course Description: Research project under the direction of the Instructor applying the principles studied in Research Methodology I.

Prerequisite: Permission of instructor required.

3 credits

Prerequisites

Pre-requisite for TAX 696Q ( Course : TAX 625 . Minimum Grade of C. ) and (Course : TAX 627 . Minimum Grade of C. )