Course Requirements
Students complete the M.S. in Taxation degree by taking 12 courses. Five of the 12 courses are required. Three of the 12 are selected from among a list of electives in Taxation. Four of the 12 courses may be electives selected from any area of the Kellstadt Graduate School of Business, with exceptions and restrictions as noted below. Students are expected to choose their electives in consultation with the faculty director of the program.
The following five courses are required:
Choose at least three from among the following:
Choose four free electives from the list above or in accordance with the statement on free electives found below.
Free Electives
May be tax courses, or non-tax courses with the approval of the faculty director, but may not include ACC 500, ACC 541, ACC 542, ACC 543, ACC 545, ACC 547, ACC 548, ACC 550, ACC 551, ACC 552, ACC 555, ACC 584, ACC 690, BLW 500, ECO 500, ECO 509, MGT 500, MGT 502 and MGT 529.
Degree Requirements
- Satisfactory completion of the college residency requirement.
- Satisfactory completion of 45 quarter hours applicable to the degree.
- Satisfactory completion of at least eight taxation courses or a minimum of 32 quarter hours in taxation.
- All courses for credit toward the degree must be completed with satisfactory grades within six calendar years after the candidate’s first term of enrollment in the Kellstadt Graduate School of Business. After a lapse of six years a course is expired. An expired course is not acceptable for the purpose of satisfaction of degree requirements and is not applicable to the degree without the written permission of the program director or the Kellstadt Graduate School of Business.
ACC 558
TAX RESEARCH
Tax research methods are taught in the classroom. The course begins with a study of the history of the body of tax law. A 'walk through" technique is employed to give the student firsthand experience in the use of a tax research service. NOTE: This is a MST course.
ACC 560
TAXATION OF CORPORATIONS AND SHAREHOLDERS
Emphasis is on the federal income taxation of distributions to corporate shareholders, including nonliquidating distributions and distributions in connection with liquidations. Collapsible corporations and the tax consequences of transfers of property to a corporation are also covered. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 558 is a prerequisite for this class.ACC 565
TAX ACCOUNTING, PERIODS, AND METHODS
This course deals with federal income tax planning as to determination of the proper periods for reporting income and deductions, overall methods of tax accounting and special elections available to taxpayers. Topics include the installment method, accounting method changes, accrual method, cash method, FIFO, LIFO and accounting periods. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 551 is a prerequisite for this class.ACC 566
FEDERAL INCOME TAX PROCEDURES
A study of the procedures which must be followed when dealing with the Internal Revenue Service and possible alternative courses of action. Included are such topics as the organization of the Internal Revenue Service, filing requirements, refund claims, closing agreements, examination procedures, protests, assessment, payment and collection of tax, statute of limitations, interest and penalties. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 551 is a prerequisite for this class.ACC 598
SEMINAR ON CURRENT PROBLEMS IN TAXATION
Covers recent significant developments in the future of legislation, regulations, administrative rulings and case law on federal income, estate and gift taxation. Emphasis is placed on specific tax planning in light of these current developments. Topics are discussed against background of leading Supreme Court cases. Recommended as final tax course in M.S.T. program. Required course for all candidates for Master of Science in Taxation degree.
Prerequisites:
ACC 558, ACC 560, ACC 565 and ACC 566 are a prerequisite for this class.ACC 559
TOPICS IN INDIVIDUAL AND CORPORATE TAXATION
This course deals with a variety of topics which are important in tax practice, such a alternative minimum tax, passive losses, interest limitations, the at-risk rules, hobby losses, use of a home, net operating losses. Depreciation and capital recovery including related credits, unearned income of a minor child, uniform capitalization rules and time value of money concepts. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 551 is a prerequisite for this class.ACC 561
CORPORATE REORGANIZATIONS
Federal income tax implications of transfers of stock, securities and property in connection with corporate acquisitions, combinations and separations. This course is mainly concerned with the tax consequences to corporate parties, to reorganizations and to their shareholders. Emphasis is given to determining the taxability of transactions and asserting the availability of tax attributes to successors in interest. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 558 and ACC 560 are a prerequisite for this class.ACC 562
CONSOLIDATED RETURNS
This course deals with the principles and mechanics of tax consolidations including eligibility, intercompany transactions, inventory adjustments, basis of property, net operating losses, earnings and profits and separate return limitations. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 560 is a prerequisite for this class.ACC 563
PARTNERSHIPS
An in-depth analysis of the federal income tax rules governing partners and partnerships. This course includes study of the aggregate and entity theories, partnership distributions and liquidations, dispositions of partnership interests, transactions concerning unrealized receivables and substantially appreciated inventory items and special basis adjustments. NOTE: This is a M.S. T. course.
Prerequisites:
ACC 551 and ACC 558 are a prerequisite for this class.ACC 564
TRANSACTIONS IN PROPERTY
This course is concerned mainly with the federal income tax implications of gains and losses derived from sales and other dispositions of property. Emphasis will be given to the determination and recognition of gain or loss, character of gain or loss (capital or ordinary), basis and holding period. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 551 and ACC 558 are a prerequisite for this class.ACC 567
INTERNATIONAL ASPECTS OF U.S. TAXATION
This course covers the federal income taxation of United States persons investing or doing business outside the United States and nonresident aliens and foreign corporations having nexus with the United States. Topics covered include, among others, the foreign tax credit, Subpart F income, controlled foreign corporations, sourcing rules and expatriate taxation. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 551 and ACC 558 are a prerequisite for this class.ACC 568
TAXATION OF CLOSELY HELD CORPORATIONS
This course deals with federal income tax planning in connection with the accumulated earnings tax, personal holding companies, S corporations, multiple corporations, transactions between related parties and small business corporation stock. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 558 is a prerequisite for this class.ACC 569
CONCEPTS OF DEFERRED COMPENSATION
The nature, purpose and operation of the various forms of deferred compensation are examined and evaluated: employee pension; profit sharing and stock bonus plans, stock options; executive compensation plans; retirement plans for self-employed individuals; other plans. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 551 and ACC 558 are a prerequisite for this class.ACC 570
STATE AND LOCAL INCOME AND FRANCHISE TAXATION
This course identifies and examines the types of income and capital stock taxes imposed on corporations and pass-through entities by state governments. Topics include nexus and the impact of P.L. 86-272, conformity to the Internal Revenue Code, business and nonbusiness income, methods of reporting, and allocation and apportionment. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 551 and ACC 558 are a prerequisite for this class.ACC 571
ESTATE AND GIFT TAXATION
This course consists of a detailed review of the federal estate and gift tax laws. In the area of estate taxation, assets included and deductions allowed are reviewed in detail by reference to law, regulations and cases. Recognition of gifts and gift tax deductions and exclusions are also covered. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 551 and ACC 558 are a prerequisite for this class.ACC 572
CONCEPTS OF STATE PROPERTY AND TRANSACTION TAXATION
This course focuses on concepts of property and sales taxation, but will survey other state and local transaction taxes, including excise taxes, utility taxes, fuel taxes and escheat statutes. Property tax concepts include distinctions between real and personal property and valuation approaches. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 558 is a prerequisite for this class.ACC 573
INCOME TAXATION OF ESTATES, TRUSTS AND DECEDENTS
This course deals with federal income taxation of estates, trusts and decedents with special emphasis on such concepts as income in respect of a decedent and estate and trust distributions. Also, included are such topics as the income and deductions included in the decedent's final return, death of a partnership member, the income and deductions of estate and trusts, the throwback rule, grantor trusts and the tax ramifications of the use of other special trusts. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 548 and ACC 571 are a prerequisite for this class.ACC 574
ESTATE PLANNING
This course will deal primarily with how to avoid and minimize federal estate taxes and estate administration expenses upon the subsequent demise of the client. Therefore, the student must have taken the estate and gift taxation, the use of outright gifts, the use of trusts. Generation skipping transfers and charitable gifts will also be considered. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 571 is a prerequisite for this class.ACC 576
FEDERAL TAX VALUATION
Fair market value is referenced hundreds of times in the Internal Revenue Code, and many more times in the Regulations. In the initial part of this course the procedures and methods applicable to tax valuation are reviewed to heighten practitioner awareness of the range of potential valuation outcomes, and the reasons therefore. Tax cases are used extensively to achieve this objective. In the second part of the course presentations and discussions address more specific topics such as built-in gains, determination of carryover of net operating losses, valuation aspects of charitable giving, conservation easements, ESOPs, family limited partnerships, reasonable compensation. S-corporations, special use properties, and transfer pricing.
ACC 580
ACCOUNTING FOR INCOME TAXES
Covers the financial accounting and reporting standards for the effects of income taxes that result from corporate activities. Topics include computation of current and deferred tax expense or benefit, temporary differences, carry-forwards, computation of deferred tax assets and liabilities, valuation allowances, business combinations, investments in subsidiaries and equity method investments, tax allocations, presentation and disclosure, and implementation of accounting for uncertainty in income taxes under FIN 48. This class is open to non MST students with the instructor's permission.
ACC 581
TAXATION OF REAL ESTATE
An in-depth study of federal income taxation as it relates to real estate, including current issues and planning possibilities. Topics include consequences of acquisition and disposition, real estate development, leasing, mortgages and other financing devices and forms of ownership of real estate. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 563 is a prerequisite for this class.ACC 582
ADVANCED CONCEPTS IN INTERNATIONAL TAXATION
This advanced course is a companion offering to the introductory international taxation course (Accountancy 567). In this course, planning issues and tax savings opportunities are emphasized in complex areas, including source of income considerations, foreign tax credit matters, Subpart F issues and the tax matters of foreign corporations. In addition, tax treaty matters, international bribes and boycott sanctions and foreign currency translation issues are addressed. NOTE: This is a M.S.T. course.
Prerequisites:
ACC 567 is a prerequisite for this class.ACC 591
TAX EXEMPT ORGANIZATIONS
Tax treatment of public charities and private foundations. The way exempt status is secured and retained, qualified exemptions, unrelated business income, the loss of exemption, prohibited transactions, deductibility of contributions and required reporting and auditing.
Prerequisites:
ACC 558 is a prerequisite for this class.ACC 798
SPECIAL TOPICS
Content and format of this course are variable. An in-depth study of current issues in accountancy. Subject matter will be indicated in class schedule. Offered variably.