LLM PROGRAM DETAILS

This course will introduce new Villanova Graduate Tax students to various tax practice areas including tax policy, individual, employment, corporate, M&A, estate and gift, state and local, employee benefits and international tax. The principal goal of the course is to provide students with a basic understanding of the key concepts within each practice area that will serve as a foundation for future study and practice.

This is an introductory course covering fundamental tax concepts in the individual income tax system, including gross income, deductions, basis and character. It provides an exposure to sources of law, including the Internal Revenue Code, regulations, other administrative authorities and case law. The course explores the fundamental tax concepts through a rigorous application of authorities to problems.

This course builds on the material offered in Tax I, and is designed to introduce advanced individual income tax concepts to graduate tax students. Throughout the semester, the class will explore new income tax areas in the income tax and expand on previously covered materials from Survey of Tax and Tax I, such as timing, depreciation, common law tax doctrines and a greater focus on character. The course explores the advanced tax concepts through a rigorous application of authorities to problems.

This course considers the tax consequences associated with corporate-shareholder relationships. Problems of corporate formation, non-liquidating distributions, redemptions and partial liquidations, liquidating distributions and tax considerations in the sale of the corporate business are covered.

This course addresses the tax treatment of partnerships and partners, problems associated with the formation, operation and dissolution of the partnership, sale of a partnership interest, termination, and retirement and death of a partner. Substantive issues discussed include definition of a partnership, allocation, the impact of ordinary income assets, basis adjustments and the treatment of partnership liabilities. The course explores the fundamental partnership tax concepts through a rigorous application of authorities to problems.

This is a three-credit course designed to reflect that all tax professionals require some level of proficiency in tax procedure whether the professional’s practice concentrates in transactional work, tax planning, tax compliance, or tax controversy, or tax academia. This course demonstrates that the overwhelming majority of taxpayers, with the assistance of their tax return preparers and tax advisors, make good faith efforts to voluntarily comply with the tax laws through self-assessment and payment of the proper amount of tax. There will be discussions of the structure and image of the IRS, filing requirements for tax returns, audit procedures, administrative appeals, deficiencies, assessments, penalties applicable to taxpayers and practitioners, and refund claims. You will be introduced to summonses, privileges, and statutes of limitations on assessments, and the choice of litigation forum. We will also review the IRS’s immense powers to administratively collect assessed taxes, as well as provide an overview of differing ways that taxpayers and advisors may offer alternatives to enforced collection, as well as a brief introduction to the IRS’s ability to pursue judicial action to collect an assessed tax. The course will also present common ethical issues confronting all tax practitioners today regardless of the concentration of their practices. Our guiding principles will be derived collectively from the American Bar Association’s Model Rules of Professional Conduct, Treasury Department Circular No. 230, the AICPA Standards of Tax Practice, and the Internal Revenue Code’s penalty provisions. Topics may include engagement acceptance, opinions of tax counsel, confidentiality and practitioner-client privileges, conflicts of interest, and compliance and reporting for tax professionals.

This course is designed to assist students and tax practitioners understand the financial accounting and reporting guidance related to the effects of income taxes that result from an entity’s financial activities during the current and preceding years. ASC 740 was revised in October 2011 and codifies the guidance that was previously included in FAS 109, APB 23 and other FASB statements. Specific topics addressed in the course include calculation of total income tax for financial reporting purposes, recognition of deferred tax assets and liabilities and the determination of a need for a valuation allowance, calculation and reconciliation of the effective tax rate, and footnote disclosure related to income taxes. The course also covers FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), and a variety of other topics and issues related to financial reporting of income taxes. Prerequisite: LTX 2101 Taxation of Corporations and Shareholders.

This course is designed to address a variety of topics including in the context of taxable acquisitions and tax free acquisitions, including a broad consideration of the non-tax business and tax issues related to taxable and tax-free transactions. With respect to taxable acquisitions, it will consider a number of issues, including (1) the tax consequences of buying and selling a business, whether S corporation or C corporation, in corporate solution; (2) the impact the sale of an asset or stock has on the seller, as well as the areas of concern for the buyer; (3) installment sales; (4) Section 1060 impact on asset sales: and (5) the impact of Section 197 on purchased intangibles. In looking at tax free reorganizations, the course will cover the various structures that qualify as ‘reorganization’ for purposes of Section 368 and the tax impact of the transactions to the corporations involved and their equity and debt holders. Prerequisite: LTX 2101: Taxation of Corporations and Shareholders.

This course is focused on the tax compliance obligations of a tax-exempt organization. The focus of the course is twofold: (1) the information reporting required by the tax-exempt organizations as well as (2) the technical aspect of unrelated business income (“UBIT”) as it applies to IRC sec. 501(c)(3) corporations and 401(a) trusts. Students will examine relevant code sections, perform UBIT calculations and examine the income and expense reporting requirements on Form 990 and Form 990-T. Recent policy issues will be discussed.

This survey course will cover the basic U.S. international tax rules that apply to “inbound” investments. It will focus on the jurisdiction to tax, tax residency, the source of income, the rules for taxing passive and business income, and tax treaties. The course will also introduce the basic U.S. international tax rules for “outbound” investments. This part of the course will focus on the foreign tax credit and the GILTI and subpart F anti-deferral rules.

This course serves as an introduction to the basic principles of state and local taxation, and provides an overview to the various regimes of taxation used by state and local governments. This course will identify and analyze the federal limitations on the powers of the state and local governments to tax business activity within their respective jurisdictions. Topics of discussion with include the U.S. Constitution’s impact on a state’s ability to tax as limited by the Commerce Clause and the Due Process Clause, the Supreme Court’s view of nexus, and other federal statutes and regulations that affect a state’s ability to design a valid and legal taxing regime. The course also includes introductory materials on substantive aspects of state tax laws in the areas of corporate income taxes and sales and use taxes.

This course provides an in-depth review of the basic statutory design and implementation of an indirect sales and use tax regime, and an understanding of a taxpayer’s reporting and compliance responsibilities. The initial focus of the course will be to review and fully understand the constitutional aspects of indirect taxation. In addition, the course will address the challenges and approaches to applying the existing law with current and emerging business transactions that do not necessarily fit the tax profile of the past, such as internet sales. Additional topics include real and personal property taxes, transfer taxes, value added tax (“VAT”), and abandoned and unclaimed property. Prerequisite: LTX 3112: State and Local Taxation: Foundations

The main focus of this course will be on the various state and local taxing regimes that affect businesses operating in corporate, pass-through and sole proprietorship format, with a primary emphasis on business income and franchise taxes. Topics include nexus and methods to evaluate current in-state activities and contacts to determine if a filing requirement exists, the unitary business concept and principles and methodologies for apportionment and allocation of revenue, and restructuring approaches to achieve organizational efficiencies and cost savings. Prerequisite: LTX 3112: State and Local Taxation: Foundations

Increased pressure on state tax authorities to generate revenue has resulted in a growing number of examinations of returns and expanded audit activity, across all jurisdictions and types of tax. Frequently, this can mean significant adjustments with increased penalty potential to all forms of businesses. This course addresses the various issues that must be considered when a state tax jurisdiction has commenced an audit examination or has issued an assessment. The course will identify approaches for documenting and supporting taxpayer positions, and address strategies for managing the examination review, conducting the appeal and protest process, and planning the negotiation and litigation strategy. Prerequisite: LTX 3112: State and Local Taxation: Foundations.

This course addresses the various SALT issues that arise in the context of a business transaction, such as the acquisition of an existing company, the spin off or disposition of a subsidiary company or division, or a merger of two or more companies. In all of these situations, there is a significant amount of financial and tax due diligence required before the transaction is approved, and the SALT area is a major component of the tax due diligence analysis. Topics addressed in this transaction oriented course include state and local tax transaction efficiencies, resulting state tax structures and profiles, state conformity issues and other transaction related issues. In addition, the course will identify and discuss techniques and approaches used to uncover potential SALT liabilities and exposures. Prerequisite: LTX 3112: State and Local Taxation: Foundations.

This course will consider substantive provisions of federal estate and gift tax laws and the generation-skipping transfer tax provisions, including a review of issues relating to transfer with retention of an interest or power, joint interests, life insurance proceeds, property subject to powers of appointment, marital deductions and split gifts. The course explores the fundamental tax concepts through a rigorous application of authorities to problems.

This course provides the student with an opportunity to understand the positioning of charitable gift planning in the context of an integrated estate plan; to explore charitable gift planning opportunities by integrating broad areas of estate and financial planning issues important to high net worth individuals; and to gain insight in to the consulting and planning that is managed by development officers of charitable foundations and other similar philanthropic organizations.

While tax lawyers and accountants do not necessarily envision themselves as financial planners or wealth advisors, their mastery of the Internal Revenue Code makes them indispensable to the financial planning process. This course provides the student a survey of the nature and objectives of wealth management or financial planning. Specifically, it introduces the techniques for the creation and preservation of both income and capital as well as managing the risks to it.

This course surveys the principles of accumulating and growing capital primarily within the context of the federal income tax system’s opportunities for deferral and conversion. Managing the threats to capital through annuities, life insurance, long-term care and disability income are explored. Retirement income planning is also overviewed. Prerequisite: LTX 3111: Wealth Tax.

This course deals with: (1) the prototype dispositive schemes for married and unmarried couples; (2) the use of inter vivos trusts in estate planning including the minor’s trust, insurance trust and charitable trust; and (3) planning for the executive and business owner, business transition techniques and planning for individuals with special needs. Prerequisite: LTX 3111: Wealth Tax.

This course addresses federal income taxation of trusts and estates, including the decedent’s final return, income and deductions in respect of a decedent, the conduit concept for taxing beneficiaries, the separate share rule, the throw-back rules, grantor trusts and income tax deduction elections interrelated with the federal estate tax. Prerequisite: LTX 3111: Wealth Tax.

The first course in a two-course series will emphasize the tax requirements applicable to qualified pension and profit sharing plans. Topics will include an introduction to ERISA and the code, qualification rules, minimum participation requirements, overall coverage tests, minimum vesting standards, accrued benefit requirements, limitations on qualified defined benefit and defined contribution plans, nondiscrimination requirements, minimum funding requirements and deductibility of employer contributions.

The second course in a two-course series will emphasize the tax requirements applicable to qualified pension and profit sharing plans. Topics will include distributions of benefits and loans, taxation of distributions from qualified plans and IRAs, single employer plan terminations, determination letters and plan disqualification, cash or deferred arrangements, tax rules applicable to welfare benefit plans, benefit restrictions for defined benefit plans, and fiduciary rules and prohibited transactions.

This course covers the labor-law and tax aspects of the Employee Retirement Income Security Act (ERISA) coverage of employee pension and welfare benefit plans. The basic structure of ERISA and the Internal Revenue Code will be reviewed as they relate to employee benefits such as retirement plans and health and welfare plans. Topics include reporting and disclosure, preemption, fiduciary responsibility and prohibited transactions, and requirements relating to retirement-type plans (i.e., pension, profit sharing and stock bonus plans). The course will also address PBGC coverage and multi-employer plans. In addition, some other benefits frequently included as part of an employer’s benefits package will be considered.

The course addresses issues that arise in a variety of business contexts. The primary focus is on tax-favored benefits, including pension funds, 401(k) plans and health care, as well as stock plans. We will address the disposition of arrangements in the context of mergers and acquisitions; benefits for start-up businesses; pension plan funding; and fiduciary conduct. Prerequisite: LTX 6245 Employee Benefits.

This course concentrates on non-qualified deferred compensation, contribution limitations and benefit distribution opportunities with respect to qualified deferred compensation plans, fringe benefits including welfare benefit plans, non-discrimination tests, and all aspects of equity compensation including stock bonus plans and stock options (incentive stock options and non-statutory stock options). Key tax, accounting, corporate law and securities considerations involved in the current executive compensation environment will be covered. Course topics will include constructive receipt and related doctrines, and the provisions of Sections 83, 409A, 162(m) and 280G. In addition, the course. will address the various forms of equity compensation including stock options, restricted stock, restricted stock units, stock appreciation rights, phantom equity, and compensation arrangements in partnerships/LLCs. Prerequisite: LTX 6245 Employee Benefits.