Taxation | DEV-College of Law | Illinois

648: Business Tax

Krista Gaedtke — Thu, 03 Dec 2020 17:01:26 +0000

This course provides an overview of the taxation of business entities, including corporations, partnerships, and s-corporations. Students will learn about the federal tax treatment of business transactions, including entity formations, operations, distributions, liquidations, and sales of businesses. The comparative approach is designed to teach students about the tax advantages and disadvantages of different types of business entities. This class provides an essential foundation for both tax and business law practices.

Sequence and Prerequisites: Income Taxation (Law 647) is a prerequisite.

Evaluation: Administered final examination

798: Federal Tax Policy

Doyle — Thu, 22 Dec 2016 19:47:52 +0000

This seminar will examine the major approaches to the formulation of federal tax policy, including their political and economic ramifications. Particular consideration will be given to: tax simplification efforts and the tax legislative process; base-broadening and its potential for lowered rates; the concept of “tax expenditures” in the federal budget; and the phenomenon of taxpayer noncompliance. Current legislative proposals and significant recent legislation will be examined as well.

Sequence and Prerequisites: Income Taxation (Law 647) is a prerequisite. Specific coursework in micro-economic theory or American political institutions is not required, but some familiarity with those fields will be helpful.

Evaluation: Students are expected to prepare a research paper on some currently vital tax policy issue and to present such paper for discussion.

647: Income Taxation

Doyle — Thu, 22 Dec 2016 19:47:52 +0000

This course provides a survey of the federal income tax law. The course covers: (a) statutory and judicial standards for determining gross income; (b) determination of allowable deductions for business and non-business expenses; (c) methods of accounting for income and deductions; (d) determination of gain/loss from the sale or other disposition of property and their classification as ordinary income/loss or capital gain/loss; and (e) identification of the taxable person within families. Planning implications and pertinent tax policy issues are considered throughout the course as well.

Sequence and Prerequisites: No prerequisites. This course is a prerequisite for a number of advanced tax courses.

Evaluation: Final examination

648: Corporate Taxation

Doyle — Thu, 22 Dec 2016 19:47:52 +0000

This course provides an in-depth study of the taxation of corporate transactions, including corporate formations, distributions, liquidations, sales of the corporate business and corporate reorganizations. Many students choose to take both Corporate Taxation and Partnership Taxation; however, if a student’s schedule will only provide for enrollment in one of these two courses, Corporate Taxation is recommended.

Sequence and Prerequisites: Income Taxation (Law 647) is a prerequisite.

Evaluation: Administered Final Examination.