LL.M. In Taxation - University of Missouri-Kansas City School of Law

Course Description

8612R 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.

8614R 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.

8615 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.

8615R 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.

8616R 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.

8617R 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.

8746R Independent Study (0.5-3)
Independent study, including research and writing projects, under faculty supervision.

8834 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.

8834R 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.

8838 Legal 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.

8838R 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.

8843 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.

8845 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.

8848R 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.

8868 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.

8874 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.

8886 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.

8887 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.

8888 Advanced Partnership Taxation (1-2)
A study of selected topics in tax planning and in negotiating and drafting organizational documents (e.g. partnership agreements and operating agreements for entities that will be classified as partnerships for tax purposes, including advanced exploration of issues relating to special allocations and book/tax disparities, optional adjustments to basis, payments to retiring and deceased partners, the impact of I.R.C. Section 751 on partnership distributions and on sales and exchanges of partnership interests, partnership mergers and divisions, partnerships with tax-exempt partners, and tiered partnerships. Prerequisite: Partnership Taxation or a comparable course from another law school approved by the instructor.

8888R 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.

8889 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.

8892R 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.

8893R 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.

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