Required general courses
MBT 5150 Current Financial Accounting Issues (2 cr)
Prereq. ACCT 2050 and ACCT 5135 or equivalent
Accounting principles and practices underlying preparation of financial statements and additional disclosures. Includes recent pronouncements on financial accounting. The course also explores how financial statements can be analyzed to determine important fundamental criteria about a company.
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MBT 5500 Business, Government, and Economic Tax Policy (4 cr)
Prereq. ACCT 5135 or equivalent
The effects of business and government on the tax system; the social, political, economic, and cultural values affecting the tax system; macroeconomics and its implication for taxation; a history of taxes and alternate approaches to taxation. Public finance and government expenditures in theory and practice; specific taxes, their rationale and application; and how the tax system develops and changes. Course also addresses the role of ethics in tax practice and its application to specific tax problems. It considers the guidelines for tax practice promulgated by the American Institute of Certified Public Accountants, the American Bar Association, and the United States Treasury Department. It analyzes the ethical problems of tax practitioners in connection with tax planning, tax return preparation, and representation before the Internal Revenue Service and other tax controversy forums.
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Required taxation courses
MBT 5200 Tax Accounting Methods and Periods (4 cr)
Prereq. ACCT 5135 or equivalent
Rules affecting timing of income and deductions for tax purposes. Cash and accrual accounting methods are examined overall and with respect to individual items of income and deductions. Rules for changing accounting methods and changing accounting periods are also examined. Annual accounting and transactional concepts will be discussed, including the claim of right doctrine, the Arrowsmith doctrine, and the tax benefit rule. A Plan B paper requirement has been added in the form of a videotaped presentation along with the prepared documentation.
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MBT 5220 Tax Research, Communication, and Practice (4 cr)
Prereq. ACCT 5135 or equivalent
In-depth treatment of tax research methodology, locating and assessing potential authority, and communicating research results. Students will research and write several tax memorandums as well as a protest letter. Substantive material includes the IRS examination and appeals processes, penalties and interest, statute of limitations, assessment and collection, refunds, and ethical standards.
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MBT 5230 Corporate Taxation (2 cr)
Prereq. ACCT 5135 or equivalent
Federal income taxation of corporations and shareholders. Organization of a corporation; establishment of its capital structure; determination of its tax liability; dividends and other nonliquidating distributions; stock redemptions and liquidations.
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Electives
MBT 5223 Tax-Exempt Organizations (2 cr)
Prereq. ACCT 5135 or equivalent
Tax law and issues concerning Section 501(c)(3) and other tax-exempt organizations, including qualification and procedures. Other topics include unrelated business income, private foundations including intermediate sanctions, and joint ventures.
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MBT 5323 Mergers and Acquisitions I (2 cr)
Prereq. MBT 5230. Familiarity with consolidated return rules recommended.
Covers the different types of acquisitions, dispositions, tax-free reorganizations, and spin-offs involving C corporations. Includes the tax consequences of the acquisition to the corporations and shareholders involved. The use of 338 elections, limitations on acquired net operating losses and credits, the use of covenants not to compete and consulting agreements, deferred payment terms, and the treatment of transaction costs will be covered.
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MBT 5326 Mergers and Acquisitions II (2 cr)
Prereq. MBT 5230 & MBT 5323
Reviews transaction structures covered in Mergers and Acquisitions I. Participants then will prepare present value models of the related tax consequences to the corporations and shareholders involved. The use of Section 338(h)(10) for acquisitions of S corporations, limitations on acquired net operating losses and credits, the use of covenants not to compete and consulting agreements, deferred payment terms, the treatment of transaction costs. Guest speakers will address the business aspects of M&A transactions.
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MBT 5333 Tax Aspects of Consolidated Returns (2 cr)
Prereq. MBT 5230
In-depth coverage of the federal consolidated group regulations. Emphasis placed on consolidated issues arising from acquisitions and dispositions of members, including the ramifications of section 338 and section 338(h)(10) elections. Additional topics: affiliated group status, intercompany transactions, limitations pertaining to the use of net operating loss carryovers and other tax attributes, stock basis calculations, the loss disallowance rules relating to dispositions, unique elections available to consolidated groups, and consolidated group tax planning opportunities.
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MBT 5335 Taxation of the Small Business Corporation (2 cr)
Prereq MBT 5230
Covers federal income taxation of S corporations including election eligibility; termination of status; treatment of income and deduction items; distributions; and basis of stock and debt. Also discusses compensation arrangements in closely held corporations; fiscal year issues; personal service corporations; the advantages of S corporations; corporation liquidation and redemption rules; the S corporation’s built-in gains tax. Professional responsibilities of tax consultants in the present environment and other ethical considerations are also covered.
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MBT 5340 Taxation of Partners and Partnerships I (2 cr)
Prereq. ACCT 5135 or equivalent
Reviews tax consequences associated with formation, operation, and dissolution of a partnership. Other topics include sales and exchanges of partnership interests, distributions, and an overview of partnership allocations and liability sharing provisions.
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MBT 5341 Taxation of Partners and Partnerships II (2 cr)
Prereq. MBT 5340 or equivalent
After briefly reviewing some of the key provisions covered in Partnership I, the course will cover in detail advanced partnership topics such as advanced partnership allocation issues (special allocation arrangements, substantial economic effect regulations, and allocations of gains, losses and depreciation under Code Section 704(c)), advanced partnership disguised sales issues, allocation of partnership liabilities, partnership mergers and divisions, special basis adjustments under Sections 734 and 743, hot asset rules under sections 751(a) and (b), and the interaction of section 197 and the partnership rules (including anti-churning provisions). The course will also touch upon issues relating to choice of entity, and various issues encountered when converting to and from partnership form.
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MBT 5346 FAS 109 Computations and Analysis (2 cr)
Prereq. MBT 5230 or equivalent
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, carryforwards, computation of deferred tax assets and liabilities, valuation allowances, business combinations, investments in subsidiaries and equity method investments, foreign operations, tax allocations, and interim period tax calculations. Participants will prepare tax provisions and draft sample financial statement presentations and disclosures.
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MBT 5350 Wealth Transfer Techniques I (2 cr)
Prereq. ACCT 5135 or equivalent
A practical study of fundamental estate planning techniques utilizing a case study method. Course topics: 1. Review Non-Tax Concepts, 2. Tax Planning Tools, 3. Estate Tax Planning Strategies, 4. Business Succession Planning.
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MBT 5351 Wealth Transfer Techniques II (2 cr)
Prereq. MBT 5350 or equivalent
A unique, real-life advanced class studying sophisticated wealth transfer strategies based upon a case study for clients with a $25M estate including a variety of assets, complete with spreadsheets with financial and tax projections. Topics include will/revocable trust structure, family limited partnerships, generation-skipping trusts, GRATs, installment sale to Grantor Trusts, life insurance planning, planning for S corporations and real estate, valuation issues and more.
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MBT 5353 Taxation of Fiduciaries (2 cr)
Prereq. ACCT 5135 or equivalent
Simple, complex, and revocable trusts; grantor- and beneficiary-controlled trusts; estates; income in respect of decedents; trust accounting income and principal; distributable net income; terminations; excess distributions; post-death estate planning; and planning for distributions.
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MBT 5356 Taxation of Qualified Retirement Programs (2 cr)
Prereq. ACCT 5135 or equivalent
Federal income taxation of qualified deferred compensation plans, the emphasis on qualification rules of pension plans, profit sharing plans, 401(k), and individual retirement accounts. Taxation of the distributions and the rules related to plan distributions.
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MBT 5360 State and Local Taxation I (2 cr)
Prereq. ACCT 5135 or equivalent
Examines state imposition of corporate income, sales, and use taxes. Tax problems of businesses with multistate operations such as nexus, unitary business, apportionment factors, nonbusiness income, and taxable transactions will also be addressed.
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MBT 5361 State and Local Taxation II (2 cr)
Prereq. MBT 5360 or equivalent
New issues and topics, such as the income and sales tax consequences of mergers and acquisitions, plus corporate reorganizations. Practical application of the tax concepts studied is emphasized along with an understanding of tax planning ideas involved with the various taxes. Examples of such taxation are drop shipments, investment holding companies, e-commerce, leasing companies and like tax alternatives. New issues include real property taxation, individual income taxation, state administrative tax procedures, and state payroll considerations.
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MBT 5363 Taxation of Executive Compensation (2 cr)
Prereq. ACCT 5135 or equivalent
Emphasizes executive compensation offered by companies (from small to large). We will take an in-depth look at case studies to review the benefits and costs of these plans, focusing on retaining senior managers and executives; hiring senior managers and executives; compensation and benefit strategies. The course reviews executive compensation (non-qualified plans and the total package) and health care plan design. Executive compensation is a key variable in the success of a company. Key decisions as to how to fund these plans, as well as the impact on the balance sheet play an important role in the short- and long-term success of the company. The course emphasizes strategies employed by companies of all sizes.
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MBT 5370 Taxation of Property Transactions (2 cr)
Prereq. ACCT 5135 or equivalent
Examination of federal income tax regime for business and non-business transactions. Includes tax law and judicial doctrine related to capital assets, depreciable property used in a trade or business and real estate assets. Also includes adjusted basis issues; components of amounts realized from property transactions; depreciation recapture; installment sales; like-kind exchanges; and involuntary conversions.
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MBT 5373 Taxation of Inventories (2 cr)
Prereq. ACCT 5135 or equivalent
Basic inventory requirements; valuation; charitable contributions of inventory; acquisition of going-business valuations; uniform capitalization requirements; retail inventory method; and accounting method changes. Also includes the following topics as related to LIFO: background, economic considerations, election, conformity, costing, pooling, methods, and Inventory Price Index Computations (IPIC).
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MBT 5376 Taxation of Financial Instruments (2 cr)
Prereq. ACCT 5135 or equivalent
This course focuses on how financial instruments and derivatives are used and the tax consequences that result. The course will also highlight current trends and latest developments.
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MBT 5380 Tax Aspects of International Business I (2 cr)
Prereq. MBT 5230
Introduction to the U.S. taxation of foreign operations of U.S.-based corporations. Focus on application of international tax concepts to the basic business decisions faced by multinational businesses. Specific subjects include taxing jurisdictions, choice of entity for foreign operations, source of income and expenses, foreign tax credits, subpart F, and outbound structuring. This course does not contemplate a review of inbound international taxation (where foreign corporations invest in the U.S.).
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MBT 5381 Advanced International Tax Topics (2 cr)
Prereq. MBT 5380
This course is structured as a detailed discussion of international tax issues important to U.S.-based multinational corporations. Topics include foreign tax credit and subpart F, including planning strategies for the repatriation of non-U.S. earnings, international structuring, restructuring, mergers and acquisitions.
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MBT 5390 Business Income Tax Compliance (2 cr)
Prereq. ACCT 5135
This directed/self study business income tax compliance class is designed exclusively for students with no prior tax return preparation experience. Through the completion of seven weekly case study assignments, students will prepare the major components of business tax returns including the manual and online preparation of a tax trial balance, Forms 1120 and 1065 and business tax return checklists, and work papers. Assignments will be due each Thursday and returned electronically to students by the following Monday with grades and review notes.
All students will meet the first night of class, Thursday, October 30 for introductions and discussion. Thereafter, instructors will be available for individual instruction online, by telephone, or in person on Thursday evenings from 5:45 p.m. until 9:05 p.m. (November 6 - December 18). The final exam is scheduled for Thrusday, December 18, 2008.
There are no books or printed materials for this class.
Prerequisite: ACCT 5135 (pretest is available upon request for students to review their readiness for this class) .
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MBT 5390 FAS 109 Computations and Analysis–Part II (2 cr)
Prereq. MBT 5230 and MBT 5346
Covers intermediate and advanced topics in accounting for income taxes under FAS 109, including share-based compensation under FAS 123R, business combinations under FAS 141R, other comprehensive income, interim financial statements, and implementation of accounting for uncertainty in income taxes under FIN 48.
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MBT 5390 Transfer Pricing (2 cr)
Prereq. MBT 5230 and MBT 5380
Multinational companies face a variety of challenges and opportunities when they set up operations in foreign countries, and among the challenges is transfer pricing. This course will provide an introduction to transfer pricing requirements facing multinational companies with a focus on the tax requirements of the United States and other countries that have adopted the "arm's-length standard" or the transfer pricing guidelines adopted by the Organization for Economic Cooperation and Development. The courses will include both conceptual (e.g., regulations, methods, and economic models) and practical aspects (e.g., pricing policies, transaction accounting, and management of audits) of managing transfer prices within a multinational company.
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MBT 5390 US Taxation of Expatriate and Foreign National Individuals (2 cr)
Prereq. ACCT 5135
Expatriate issues include income tax exclusions, credits and deductions, social security tax and totalization agreements, US filing and administrative requirements, foreign country taxation, tax equalization and tax protection. Foreign national issues include residency tests, filing requirements, taxing regimes for income, allowable deductions, social security tax, and treaty exemptions.
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