Tax Law

Corporate Taxation: This course is an introduction to the federal income taxation of corporations and their shareholders. Topics covered will include the tax classification of business entities, incorporation and capital structure, taxable and non-taxable dividends, stock redemptions, corporate liquidations, corporate reorganizations, and an overview of "S corporations". Prerequisite: Law 311 Federal Income Tax Recommended: Law 303 Corporations or Law 320 Business Associations. Close Window

A study of the tax and non-tax rules applicable to wealth transfers. The course will emphasize planning for intra- family transfers. It will also cover 'liviling' wills, durable powers of attorney, and special problems associated with disability. The student will be required to synthesize federal gift, estate and generation skipping transfers with state property, decedent's estate and trust law considerations. Prerequisites or co-requisites: Law 311 Federal Income Taxation and Law 305 Trusts and Estates. Close Window

A study of the basic laws relating to federal income taxation of the individual. Included are problems relating to computing gross income, the reduction of gross income to taxable income, and the recognition and character of gains and losses from disposition of property. Close Window

This course provides an introduction to basic financial accounting, auditing, and finance for students who have not previously taken an accounting course. The course will be limited to such students unless they receive permission from the professor. Accounting topics will include basic accounting procedures and principles, and the analysis of basic financial statements including the balance sheet, income statement, and statement of cash flows. Auditing will focus on the role of the auditor and the meaning of audit reports. Finance topics will include "time value of money" issues and business valuation topics. All topics will emphasize implications for the legal profession. This course has been revised and has been increased to three (3) credits in order to provide necessary business background and greater depth in each topic area. Close Window

Employee Benefits The course is an introduction to the federal regulation of employee benefits (including retirement benefits, medical coverage, disability, and severance). The course introduces students to the rights that employees have under the federal statute ERISA. It covers topics such as vesting of benefits, preemption of state law, fiduciary duties, enforcement, and remedies. This course is partiularly appropriate for students interested in a labor, employment, or health-care practice. - - - - - - - - - - - - - - - Close Window

Federal Tax Clinic: This clinic offers eight students the opportunity to assist in the representation of low income Virginia taxpayers seeking assistance from the nonprofit Community Tax Law Project before the IRS, U.S. Tax Court, and U.S. District Court. Work is done under Richmond attorney Craig Bell. Opportunities are provided to meet experienced judges and lawyers in the field, and to observe tax proceedings (which might require mediation rather than litigation). Students will find it helpful if they have taken Federal Income Tax, however Tax is not a prerequisite. Weekly clinic seminar Thursdays 6:00-8:30 pm. To receive credit for this course, each student must attend the first meeting. Pass/fail course. Close Window

International Taxation: This course is an introduction to the United States income tax treatment of income derived from foreign sources by U.S. persons, including legal entities, and income derived from U.S. sources by foreign persons. Topics covered will include the tax classification of persons as U.S. or foreign, the different treatment of different types of income (for example, investment versus business income), certain "inbound" and "outbound" transactions involving U.S. and foreign corporations, U.S. withholding taxes on income of foreign persons, the deferral of U.S. tax on foreign-source income of foreign corporations controlled by U.S. persons, the U.S. tax credit for foreign income taxes of U.S. persons, and the impact of tax treaties. Prerequisite: Law 311 Federal Income Taxation Close Window

Partnership Taxation: This course is an introduction to the federal income tax treatment of partnerships, including LLCs treated as partnerships, and their owners. Topics covered will include the tax classification of business entities as partnerships, partnership formations, allocations of partnership income and losses to partners, transfers of ownership interests by partners, distributions from partnerships to partners, terminations of partnerships, and a comparision of "S corporations" to partnerships. Prerequisite: Law 311 Federal Income Taxation Recommended: Law 320 Business Associations Close Window

Problem oriented analysis of tax aspects of real estate investment from a life cycle perspective of acquisition, operation and disposition. Areas studied are: start-up costs; acquisition costs and capital vs. ordinary expenditures; treatment of interest and depreciation; anti-tax shelter limitations on tax losses; deferred payment (installment sale and basis recovery reporting) and non-recognition like-kind exchange and involuntary conversion techniques; character issues including treatment of real estate dealers. Many topics are most frequently litigated by IRS. This is the principal area of common law of taxation; tax policy and politics are also examined. Prerequisite: Law 311 Federal Income Tax Close Window

The students will explore alternative solutions to planning issues encountered by small businesses, including formation, compensation to labor and capital and retirements. The course emphasizes income tax planning but requires the synthesis of state partnership and corporate law, and other non-tax rules with tax planning. Prerequisite: Law 311 Federal Income Taxation Suggested but not required: Law 303 Corporations or Law 320 Business Associations. Close Window

Taxation of Mergers & Acquisitions: This advanced course focuses primarily on corporate acquisitions. It will explore different ways to structure both nontaxable and taxable combinations of business entities, the tax goals and consequences of such transactions, and the role of the tax lawyer in representing a party to a business combination. Prerequisitie: Law 438 Corporate Taxation Close Window