Course

Description

603 Taxation of Business Organizations (2-3)

Survey course of the taxation of business enterprises, particularly partnerships, corporations and subchapter S corporations. Prerequisites: Federal Taxation and Business Organizations.

611R Dispositions & Succession Planning of Business Interests (1)

Survey of the management structures of closely held business and the shifting of ownership through various business disposition methods, including inter vivos gifting, installment sales, private annuities, self-canceling notes, sales of business interests to defective grantor trusts and buy/sell agreements at death. This course will cover the income, gift and estate tax consequences associated with various succession planning techniques. The impact of the OID rules on the gift and estate tax consequences will be explored.

612R Tax Planning With Life Insurance (1)

An examination of the various tax consequences of using life insurance, including issues relating to the income, gift and estate tax consequences of life insurance ownership by an individual, and irrevocable trust, or business entity.

614R Estate Planning for Retirement Plan Benefits (1)

The income, gift, estate and generation-skipping transfer tax consequences and rules related to the ownership, distribution and withdrawal of retirement plan benefits, including minimum required distributions, designating beneficiaries, spousal rights and rollover options.

615 Estate Planning and Practice (2-3)

Tax-oriented examination of contemporary estate planning problems for the larger estates, with emphasis on issues of direct concern to practitioners. This course is designed for LL.M. students. Others may take the course with permission of the Associate Dean.

615R Estate Planning for Charitable Giving (1)

Survey of trust and non-trust transfers to charitable recipients and the resulting income and transfer tax consequences with a focus on split interest gifts; the use of public charities and private foundations in the estate planning process; procedural requirements to assure deductibility; and planning and drafting considerations.

616R Estate Planning for Retirement Plan Benefits (1)

A survey of the powers, duties and tasks of a fiduciary during trust and estate administration. This course will discuss issues encountered by fiduciaries from qualification and appointment through final distributions to the beneficiaries. Fiduciary accounting for estate and trust receipts, expenses, distributions and other events. Federal and state tax filing deadlines and the preparation of estate, gift and fiduciary income tax returns and the final individual income tax return.

617R Elder Law for Estate Planners (1)

An examination of the legal tools available for the elderly client for decision-making, both health care and financial, in the event of incapacity, and asset preservation, including Medicare and Medicaid qualification. The course will cover the use of a trust; durable powers of attorney, and advance directives for health care and living wills and the relationship to court guardianship.

746R Independent Study (0.5-3)

Independent study, including research and writing projects, under faculty supervision.

834 Tax Procedure (2)

Problem-method study of procedures and taxpayers' rights when deficiencies are assessed by the Internal Revenue Service; tax liens; commencement of litigation in Tax Court, Federal District Court, and Court of Claims.

834R Tax Clinic (1-3)

Students counsel clients in federal, state and local tax controversy matters in the Kansas City Tax clinic, under the supervision and direction of tax faculty, clinic director, and volunteer attorneys. Classroom instruction in the area of tax controversy procedure and client counseling. Prerequisite: Federal Income Tax and Tax procedure (or concurrent enrollment). Method of grading: Pass/Fail.

838 Tax Accounting (1-3)

Problem-method study of the accounting aspects of federal income taxation; cash, accrual, and installment methods of reporting; inventory methods; depreciation and cost recovery concepts; transactional accounting concepts; net operating losses.

838R Tax Practicum I (1)

Practical skills training in the sources and methods of tax research (including electronic database sources) using method approaches; analytical and planning skills are developed through in-depth case study research. Method of grading: pass/fail.

843 Federal Income Taxation of Estates and Trusts (2)

Income tax problems of the fiduciary; grantor's trusts; income, estate, and gift tax problems relating to optional or discretionary acts of the fiduciary in retention and/or distribution of income or corpus.

845 Deferred Compensation (2-3)

Problem-method study of deferred compensation arrangements; qualified pension and profit sharing plans; individual retirement accounts; qualified stock option plans; other methods of deferred compensation.

848R State and Local Taxation (2-3)

State and local taxation of income, sales and property, including the apportionment of tax obligations to multiple states. Restrictions imposed by constitutional doctrines such as the uniformity and equality requirement and the prohibition on interfering with interstate commerce.

868 Trust: Planning, Drafting, Administering and Litigating (3)

This course focuses on advanced planning and drafting of inter vivos private express trusts for individuals, including proper use of readily available forms. It covers the subject of trust law in depth, and thus involves intensive study of a major Bar Exam topic. Tax-related drafting will be limited to marital deduction forms. Trustee’s duties, powers and liabilities pursuant to the Missouri Trust Code and related cases will be considered. Special emphasis will be given to the recently adopted Uniform Prudent Investor Act and significant changes it has introduced to Missouri trust investment law. Estate & Trusts is a prerequisite to this course, and concurrent enrollment to Estate Planning and Drafting is advised. The text will be Dukeminier and Johansen, Wills, Trust & Estates, the Missouri Trust Code and selected items from other textual materials.

868R Valuation for Transfer Tax Purposes (3)

An in depth examination of the methodologies and approaches to fair market valuation of tangible and intangible personal property, real property, and business interests for federal transfer tax purposes. This course also will examine the provisions of chapter 14, sections 2032A, and 2057 of the Internal Revenue Code, and their impact on determination of fair market value for federal transfer tax purposes. Valuation issues encountered when transferring interests in C corporations, S corporations, partnerships and trusts will be explored. Finally, discounting valuation techniques employed in the formation of GRATS, QPTRS, and FLPS will be examined.

874 Tax-Exempt Organizations (2)

Problem-method study of charitable contributions and the formation, operation, and termination of public charities, private foundations, trade associations, and other tax exempt organizations.

886 Corporate Taxation I (3)

Tax treatment of corporations and shareholders with respect to formation, non-liquidating distributions, stock dividends, redemptions and liquidations. The course will also cover the personal holding company tax, the accumulated earnings tax, collapsible corporations, multiple corporations and an overview of S corporations.

887 Corporate Tax II (3)

Tax consequences of corporate reorganizations; survival of tax attributes; acquisition of loss corporations; and a survey of consolidated return reporting. Prerequisite: Corporate Taxation or Instructor's permission.

888R Partnership Taxation (2-3)

An in depth examination of the tax principles governing partnerships and limited liability companies (LLCs) taxed as partnerships, including questions involving the tax consequences of the formation of partnerships and LLCs, operating distributions, basis computations, liquidating distributions, and sales of partnership and LLC ownership interests.

889 International Taxation (2-3)

An introduction to the taxation of income of U.S. citizens, residents and corporations from foreign sources and the income of foreign residents and non-residents from U.S. sources. Topics may include sources of income rules, foreign tax credit provisions, the earned income exclusion for foreign source income, income tax treaties and a survey of the tax treatment of U.S. investments made offshore.

892R Taxation of Estates, Gifts and Trusts (2-3)

Problem method study of estate, gift and generation skipping transfer taxes and the income taxation of estates and trusts. Emphasis on lifetime and post-mortem planning as well as compliance requirements.

893R Taxation Of Property Transactions (2-3)

Income taxation of property transactions. Detailed study of capital gains and losses, passive losses, the at-risk rules, and the alternative minimum tax.

894R Tax Aspects Of Bankruptcy (2)

Procedural and substantive provisions of the Internal Revenue Code and the Bankruptcy Code in regard to the corporate debtor, including discharge of indebtedness income and reduction of tax attributes, the "G" reorganization, limitations on utilization of net operating loss carryovers by the corporate debtor, and payment and discharge provisions relating to federal taxes in chapters 7, 11 and 13.

Comments or Questions to law@umkc.edu