Office of the Law School Registrar:
Graduate Tax Course Directory

Fall 2001

                           

ACCOUNTING FOR TAX LAWYERS                              Doug Stanley
W77-700D sec 01                       (3 hrs)                      Thomas F. Wheeland
TUE THU 6:00 - 7:30 p.m.
This course is designed to introduce the basic concepts of tax accounting and financial disclosure to tax lawyers with little to no prior exposure to accounting. Emphasis will be on the contents of standard financial statements and accounting dialect (debit and credit). The course will examine the legal consequences of accounting decisions and the lawyer's role in financial statement analysis. The final part of the course will focus on applying tax accounting concepts in the legal setting, including responding to auditor inquiries, asset valuation issues, and corporate equity issues.

ADVANCED INCOME TAXATION    William A. Drennan
W77-727B sec 01                       (3 hrs)
MON THU 8:00 - 9:30 a.m.
The course examines the taxation of property transfers including; (i) identifying events that trigger a taxable gain or loss; (ii) the determination of the amount realized from a transaction and the tax basis of the property transferred; (iii) transactions in which gains are not taxable in whole or in part (including the disposition of a personal residence); (iv) transactions in which the taxpayer incurs a loss but is not allowed to deduct the loss; (v) whether a gain or loss will be treated as "ordinary" or "capital," and (vi) whether a gain will be eligible for installment sale treatment. The course also examines tax accounting principles and concepts such as the selection of a taxable year, the timing of income and deductions, and the use of the cash or accrual method of accounting. We also briefly explore the world of tax-exempt organizations and charitable contributions, and discuss the valuable contribution that tax attorneys can make to charitable activities.

ESTATE AND GIFT TAXATION
                                 Edward F. Reilly
W77-713A sec 01                     (3 hrs)
TUE THU 8:00 - 9:30 a.m.
An introduction to the Federal system of taxation as it pertains to wealth transfers, covering the gift, estate and generation-skipping transfer taxes. While there will be some discussion of related Federal income tax provisions and relevant state law tax provisions, the primary focus will be on Chapters 11, 12, 13 and 14 of the Internal Revenue Code of 1986, as amended. The goal of this course is to provide an overview of this system of taxation and its application to current estate planning and related transactions, with the hope that this introduction will prove useful in subsequent courses in estate planning. While some familiarity with the Internal Revenue Code will be helpful, it is not mandatory. Similarly, prior study in the law of Future Interests, Trusts and Estates, and Property would be helpful but is not a prerequisite. The class will be taught from a text (to be determined), but will also utilize occasional handout materials.

FEDERAL INCOME TAX                                                Dan Schneider
W74-549D sec 01                       (4 hrs)
MON TUE WED 7:50 - 9:00 a.m.
An introduction to the basic principles of the federal personal income tax. Topics treated will include federal tax procedure, the definition of gross income, and exclusions and deductions from gross income. The course is designed to equip students to handle common personal income tax problems likely to arise in general practice.

FEDERAL PARTNERSHIP TAXATION                  Thomas A. Boman
W77-725D sec 01                       (3 hrs)
SAT 9:00 - 11:00 a.m. + THU 8:00 - 9:00 a.m.
The course will survey Subchapter K of the Internal Revenue Code, which deals with the federal income taxation of partnerships and other pass-through entities. Subjects to be covered will include classification of entities as partnerships; tax consequences of capital contributions, partnership liabilities, and liquidating and non-liquidating distributions; allocations of profits and losses; basis of partnership interests; impact of shifts in partnership interests; and planning for family partnerships.

FEDERAL TAX PROCEDURE                                  Robert J. Burbank
W77-704B sec 01                      (3 hrs)                                  Harry Charles
MON 4:30 - 7:30 p.m.                                                            Donald Wells
This course will examine the administrative and judicial procedures for resolving federal tax disputes. Covered topics will include: Organization of the Internal Revenue Service, legal and ethical responsibilities of tax practitioners, administrative appeals procedures, Tax Court litigation, civil and criminal penalties, statutes of limitation, and collection procedures.

INTERNATIONAL TAX
                                                   Dan Schneider
W74-727B sec 01                      (2 hrs)
TUE 6:00 - 8:00 p.m.
Study of U.S. laws that have tax implications for international transactions. Emphasis on U.S. taxation of multinational operations and taxation of foreign persons in the U.S. Pre/co-requisite: Federal Income Tax (although Professor Schneider [dschneider@niu.edu] will entertain requests for a waiver of this requirement from students who believe that special circumstances warrant an exception for them).

INTRODUCTION TO U.S. TAXATION OF FOREIGN INCOME  
W77-712A sec 01                      (3 hrs)                                Carl A. DiLisio
MON FRI 8:00 - 9:30 a.m.
The course examines jurisdiction to tax, source of income, allocation of expenses, foreign tax credit mechanism, foreign tax credit limitation, transactions between related companies, tax favored transactions, organization/reorganization of entities involved in foreign jurisdictions and other related topics.

STATE AND LOCAL TAXATION                              Harlan J. Kwiatek
W77-711B 01                            (3 hrs)                             Brenda L. Talent
TUE THU 4:30 - 6:00 p.m.                                          Raymond T. Wagner
This is a course which provides an in-depth overview of the state and local taxation of businesses and individuals. Topics include state corporation income taxes, franchise taxes, state sales and use taxes, real and personal property taxes, and state and local personal income taxes. The course also includes a survey of common state and local tax procedures and state and local tax related constitutional issues.

TAX PLANNING FOR REAL ESTATE INVESTMENTS  
AND CLOSELY HELD BUSINESSES: SELECT ISSUES  

W77-723B 01                           (3 hrs)                              Thomas A. Duda
TUE 8:00 - 10:30 a.m.                                              Michael A. Markenson
                                                                                         Jay A. Nathanson
The course will address: choice of entity; sale and exchange considerations for real estate investments and closely held businesses, including mergers and acquisitions, like kind exchanges, and installment sales; passive loss rules; cancellation of debt; and tax credit and other issues that arise in connection with the development of historic and non-historic structures, low income housing, and other real estate transactions.


GRADUATE TAX PROGRAM COURSES 
                                  FALL 2001 SCHEDULE 
                                            
   JULY 2001

                                             

Time
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
8:00 Fed Income Tax
Schneider 7:50-9

Adv Income Tax
Drennan

 8-9:30

Intro U.S. Taxation of Foreign Income DiLisio

 8-9:30

Fed Income Tax
Schneider 7:50-9

Estate & Gift Tax
Reilly 8-9:30

Tax Plan for Real Estate Investments Duda, Markenson, Nathanson

 8-10:30

Fed Income Tax Schneider 7:50-9 Fed Partnership Tax
Boman  8-9

Adv Income Tax
Drennan

 8-9:30

Estate & Gift Tax
Reilly 

8-9:30

Intro to U.S. Taxation of Foreign Income DiLisio

 8-9:30
 
9:00 Fed Partnership Tax
Boman

 9-11:00
10:00        
11:00            
12:00        
1:00            
2:00      
3:00            
4:00 Federal Tax Procedure Burbank, Charles, Wells

4:30-7:30
State & Local Tax Kwiatek, Talent, Wagner

 4:30-6
  State & Local Tax Kwiatek, Talent, Wagner

 4:30-6
   
5:00 Accounting for Tax Lawyers Stanley & Wheelan

 6-7:30

International Tax
Schneider 
6-8

Accounting for Tax Lawyers Stanley & Wheelan

 6-7:30
6:00
7:00