Tax (TAX)

TAX 501     Tax Acct Rules & Timing Iss     3 Credit Hours

Course examines in detail the cash and accrual accounting rules for income tax purposes, including inventory accounting, and the uniform capitalization rules. Time value of money principles and imputed interest matters are examined in connection with the original issue discount rules.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate

TAX 502     Inc Taxation of Prop Trans I     3 Credit Hours

This course will survey several fundamental areas relating to the income taxation of property transactions. Topics will include noncash receipts and payments, introduction to basis, realization and recognition concepts, transactional losses including bad debt expense, limitations on transactional loss deductions cost recovery procedures, the general effect of debt on basis and amount realized calculations, and characterization issues. The planning and business aspects of these topics are emphasized.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate

TAX 510     Fundamentals of Corporate Tax     3 Credit Hours

This course analyzes federal income tax rules relating to the definition, formation, operation, and liquidation of corporations including property distributions, stock redemptions, and tax/book income reconciliations. The planning and business aspects of these corporate items are emphasized. Students may not receive credit for both ACC 633 and TAX 510.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate

TAX 603     Inc Taxation of Prop Trans II     3 Credit Hours

This course will survey several advanced areas relating to the income taxation of property transactions. Topics will include, like kind exchanges, involuntary conversions, effect of nonrecourse debt on basis an amount realized calculations and on various leveraged tax shelter transactions, the passive activity loss limitations, the at-risk rules, the economic substance doctrine, leasing transactions and installment sales. The planning and business aspects of these topics are emphasized.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate

TAX 611     Adv Corp Inc Tax     3 Credit Hours

This course analyzes federal income tax rules relating to corporations, including taxable acquisitions; tax free acquisitive, divisive, and bankruptcy reorganizations; corporate recapitalizations; and transfers of corporate attributes, including limitations on such transfers. The planning and business aspects of these corporate items are emphasized.

Prerequisite(s): ACC 633 or TAX 510

Restriction(s):
Can enroll if Class is Graduate

TAX 615     Flow Through Entities     3 Credit Hours

A study of advanced income tax problems involving partnerships and S-Corporations, including organization, operation, distributions, liquidations, basis, family partnerships, and sales and exchanges. The planning and business aspects of partnerships and S-Corporations are emphasized.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate

TAX 622     Estate and Gift Taxation     3 Credit Hours

This course covers the basics of estate, trust taxation and tax issues encountered by small businesses. Topics include tax planning techniques to minimize the tax-burden on intergeneration transfers of wealth, tax planning for the closely held business, capital formation and preservation, tax compliance and tax alternatives.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate

TAX 627     International Income Taxation     3 Credit Hours

Course examines in a survey fashion the taxation of business and investment transactions by foreigners in the U.S. (in-bound transactions) and business and investment transactions by U.S individuals and corporations in foreign countries (out-bound transactions). Topics include residence, source of income and deductions, taxation of foreign persons on U.S. source passive investment income and U.S. source business income, including income from U.S. branches of foreign corporations, and the effect U.S. tax treaties have on these matters. The course also includes a survey analysis of the foreign tax credit, the anti-tax deferral rules of Subpart F, and the intercompany transfer pricing rules. The planning and business aspects of these international transactions are emphasized.

Prerequisite(s): TAX 510

Restriction(s):
Can enroll if Class is Graduate

TAX 630     State and Local Taxation     3 Credit Hours

This course studies the basics of state and local taxation and their relationship to the federal tax structure. Topics include state/local income, property, and sales taxation structures.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate

TAX 680     Special Topics in Taxation     1 to 6 Credit Hours

This course provides Master of Science in accounting students an opportunity for study of advanced and/or emerging issues in taxation. Selected topics in the course may include: Consolidated Tax Returns, Transfer Pricing, Accounting for Income Taxes, Deferred Compensation, Income Taxation of Trusts and Estates, Exempt Organizations, and Tax Procedure and Compliance.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate
Can enroll if Level is Graduate or Rackham

TAX 680A     Special Topics in Taxation     3 Credit Hours

Topic: Laws for Tax-Exempt Organizations. This course will survey the law of tax-exempt organizations, with primary emphasis on federal tax law, and secondary emphasis on state laws related to the formation and governance of non-profit organizations. The focus is on 501(c)(3) organizations, including both public charities and private foundations and the differences between them. Topics will include initial application for exempt status; annual filings and disclosure rules; restrictions on private benefit and private inurement; treatment of unrelated business income; and an overview of the federal tax treatment of charitable contributions to 501(c)(3) organizations.

Prerequisite(s): ACC 360

Restriction(s):
Can enroll if Class is Graduate

 

Frequency of Offering

The following abbreviations are used to denote the frequency of offering: (F) fall term; (W) winter term; (S) summer term; (F, W) fall and winter terms; (YR) once a year; (AY) alternating years; (OC) offered occasionally