Taxation (TX)

TX 470. Income Taxation. 3 hours.

Topics include defining gross income and exclusions, assignment of income, personal deductions and exemptions, business deductions, capital gains and losses, and accounting concepts in taxation. Course Information: Same as EPL 470 and JD 470. Previously listed as EPL 445/JD 135/TX 345. Prerequisite(s): JD 401 and JD 405 and JD 406 and JD 407 and JD 411 and JD 414 and JD 415 and JD 416; and LAW 402 or LAW 403 or LAW 404; and LAW 412 or LAW 413; or EPL 512 or TX 512.

TX 503. Taxation of Intellectual Property. 2 hours.

Covers the federal and state tax treatment of sales, purchases, licensing, and transfers of intellectual property. Course Information: Same as IP 503. Previously listed as IP 412/TX 329. Prerequisite(s): TX 513.

TX 505. Estate Planning I. 2 hours.

Topics include the initial interview, framing the scope of engagement, drafting the engagement letter, ethical issues during representation and the probate process, and drafting documents. Course Information: Same as EPL 505. Previously listed as EPL 411/TX 371. Prerequisite(s): EPL 512 or TX 512.

TX 506. Comparative and International Patent Law. 3 hours.

Examines substantive non-U.S. patent law, including an examination of treaties and conventions and illustration of how international patent systems operate. Course Information: Same as IBT 506 and IP 506. Previously listed as IP 494/IBT 769. Prerequisite(s): JD 432 or IP 432 or JD 469 or IP 469.

TX 507. Estate Planning II. 2 hours.

Students develop estate plans for clients with significant tax consequences with attention to marital deduction planning, estate liquidity and life insurance, and inter vivos gifts. Course Information: Same as EPL 507. Previously listed as EPL 412/TX 373. Prerequisite(s): EPL 505 or TX 505; and EPL 512 or TX 512.

TX 508. State and Local Real Estate Tax. 2 hours.

Examines Illinois's ad valorem real estate tax, the need for such taxes, calculation and imposition of such taxes, processes of appeal, and collection. Course Information: Previously listed as TX 328.

TX 509. Tax Accounting. 2 hours.

Topics include income recognition, prepaid income, claim of right, cash equivalency, constructive receipt, long-term contracts, depreciation, deductions, inventories, estimated/prepaid expense, and expense versus capitalization. Course Information: Previously listed as TX 301. Prerequisite(s): EPL 505 or TX 505; and EPL 512 or TX 512.

TX 510. Partner Tax. 2 hours.

Examines subchapter K of the Code related to partnership formation, operation, termination, and transfers of interests, transactions between partners and partnership liabilities. Course Information: Previously listed as TX 380.

TX 511. Tax and Employee Benefits Research. 2 hours.

Acquaints students with the of research materials available in the tax and employee benefits areas and develops their skills in researching issues. Course Information: Same as EB 511. Previously listed as EB 333/TX 333.

TX 512. Wealth Transfer Taxation I. 2 hours.

Topics include the role estate and gift taxes play in the federal transfer tax, tax calculation, taxable transfers, and gift tax exclusions and deductions. Course Information: Same as EPL 512. Previously listed as EPL 414/TX 370.

TX 513. Wealth Transfer Taxation II. 1 hour.

Analyzes all relevant estate planning considerations, including income tax and probate law considerations. Drafting considerations are emphasized. Course Information: Same as EPL 513. Previously listed as EPL 415/TX 368. Prerequisite(s): EPL 512 or TX 512.

TX 514. Estate Settlement and Post-Mortem Trust Administration. 2 hours.

Covers federal tax issues and state probate law and trust law issues that occur in the settlement of a decedent's estate or administering a trust. Course Information: Same as EPL 514. Previously listed as EPL 417/TX 374. Prerequisite(s): EPL 505 or TX 505; and EPL 513 or TX 513.

TX 515. Income Taxation of Estates and Trusts. 2 hours.

Explores taxation of personal trusts and estates; fiduciary rights, powers, and duties; trust accounting; virtual representation; total return trusts; and planning and drafting. Course Information: Same as EPL 515. Previously listed as EPL 418/TX 372. Prerequisite(s): EPL 512 or TX 512.

TX 516. Survey of Corporate Taxation. 2 hours.

Survey course of the materials of Corporate Taxation I and II on a less intensive basis. Course Information: Previously listed as TX 353.

TX 517. Corporate Taxation I. 3 hours.

Examines taxation of corporations and shareholders, including organization of a C corporation, the debt-equity distinction, distributions and other related issues including corporate liquidation. Course Information: Previously listed as TX 350.

TX 518. Business Practices for Tax Lawyers. 2 hours.

Explores basic accounting and interpretation of financial statements, and business activities giving rise to tax issues, including debt, securities, mergers, and bankruptcy. Course Information: Previously listed as TX 330.

TX 519. Corporate Taxation II. 3 hours.

Explores corporate reorganizations, including stock and asset acquisitions, corporate separations, issues related to affiliated corporations, and the survival and transfer of corporate attributes. Course Information: Previously listed as TX 351.

TX 520. Advanced Federal Income Tax. 3 hours.

Explores federal tax considerations for individual taxpayers, including include concepts of gross and taxable income, deductions, ordinary and capital gains, and deferred compensation. Course Information: Previously listed as TX 340. Prerequisite(s): JD 470 or EPL 470 or TX 470 or Tax 503 or EPL 503.

TX 521. Charitable Contributions. 2 hours.

Provides an in-depth analysis of income, estate and gift tax consequences of transmitting wealth via charitable giving. Course Information: Same as EPL 521. Previously listed as EPL 430/TX 375. Prerequisite(s): EPL 512 or TX 512.

TX 522. Personal Financial Planning. 2 hours.

Enables students to do personal financial planning for clients. Topics include tax and investment issues, risk management, us of trusts and retirement options. Course Information: Same as EPL 522. Previously listed as EPL 435/TX 335. Prerequisite(s): EPL 512 or TX 512.

TX 523. Estate Planning: Insurance. 1 hour.

Introduces students to the types of life insurance products available to clients in personal and business settings, their features, and tax consequences. Course Information: Same as EPL 523. Previously listed as EPL 436/TX 336. Prerequisite(s): EPL 505 or TX 505; and EPL 507 or TX 507.

TX 524. Asset Protection Plan. 2 hours.

Topics include techniques and strategies for maximum wealth protection, including the selection of business entity, the use of trusts, foreign asset protection, and ethical issues. Course Information: Same as EPL 524. Previously listed as EPL 437/TX 389. Prerequisite(s): EPL 507 or TX 507.

TX 525. Tax Exempt Organizations. 2 hours.

Focuses on federal tax aspects of tax-exempt organizations, including charities, nonprofit organizations, private foundations, churches, hospitals, trade associations, social clubs, and political organizations. Course Information: Previously listed as TX 386.

TX 527. Taxation of Closely Held Businesses. 2 hours.

Examines tax aspects of sole proprietorships, C corporations, S corporations, partnerships, and limited liability companies for small and closely held businesses. Course Information: Previously listed as TX 334. Prerequisite(s): TX 513.

TX 528. State and Local Taxes. 2 hours.

Designed to provide a beginning familiarity with the practical aspects of a state and local tax practice, with emphasis on Illinois law. Course Information: Previously listed as TX 385.

TX 531. U.S. Taxation of International Transactions and Foreign Taxpayers. 2 hours.

Examines U.S. taxation of international commercial transactions involving U.S. and foreign taxpayers. Course Information: Same as IBT 531. Previously listed as TX 387/IBT 787.

TX 533. Civil and Criminal Tax Procedure. 2 hours.

Explores jurisdictional and procedural problems arising in civil and criminal tax practice, including choice of courts, statutes of limitation, penalties, and collection issues. Course Information: Previously listed as TX 392.

TX 550. Externship and Practicum in Tax. 1-4 hours.

Placements include IDOR, IRS, U.S. Department of Treasury, law firms, and consulting firms. Course Information: May be repeated to a maximum of 4 hours. Previously listed as TX 395. Prerequisite(s): TX 513 and TX 511 or EB 511.

TX 594. Special Topics in Tax Law. 2 hours.

The topics will change from time to time to allow the professor and students to explore advanced topics in tax law. Course Information: May be repeated if topics vary. Previously listed as TX 324.

TX 596. Independent Study in Tax Law. 1-3 hours.

An independent study project must be approved by the director and requires scholarly study which will result in a significant contribution to tax planning law. Course Information: May be repeated if topics vary. Previously listed as TX 398.