Focuses on general lifetime estate planning and estate planning at death based on the study of the relevant federal wealth transfer and income tax rules.
Prerequisite: Trusts and Estates
Studies the rules governing federal taxation of corporations and their shareholders. Covers tax consequences to corporations and shareholders of corporate formations, distributions, redemptions, and liquidations.
Prerequisite: Introduction to Taxation
Studies the rules governing the federal taxation of pass-through business entities, including partnerships, LLCs, LLPs, etc. Topics include tax consequences of the formation of pass-through entities, allocation of tax items to partners and members, distributions by pass-through entities, and sales of interests in these entities.
Surveys federal income tax law, especially as it relates to taxation of individuals.
Examines the non-profit regulatory environment and the role non-profits play in our economy and culture. Explores state and federal regulation and how it compares to for-profit corporations and governmental agencies. Provides in-depth coverage of the many compliance standards imposed on organizations seeking to obtain and maintain exempt status.
Examines state and local tax issues with emphasis on New York tax issues.
This seminar will deal with various proposals for reform of federal and state tax laws. Particular attention will be devoted to issues currently pending in Congress and state legislatures. Problem areas will be reviewed from an economic, social and practical, as well as legal standpoint. The first half of the course will be devoted to a study of the basic underlying principles and objectives of a tax system. Coverage will include the ability to pay concept, redistribution of wealth, the influence of the tax system on socially desirable and undesirable conduct, the use of taxation to regulate the economy, the regressive nature of the Federal social security tax and state sales tax, and various state issues such as the financing of public education and local government services through the property tax. During the second part of the course each student will analyze in depth a specific area of the student's own choosing and will conduct a session of the seminar at which his/her conclusions and recommendations will be reviewed by the other members of the class.
Prerequisite: introduction to Taxation.
Focuses on laws of interstate succession; execution, revocation, probate, and construction of wills; non-probate transfers; nature and creation of express, resulting and constructive trusts; powers of appointment; and fiduciary administration.
Introduces the field and discipline of financial accounting. This course seeks to acquaint the non-financial student with the general purposes of accounting and the role of independent accountants in business and society. Intended for lawyers who have a non-financial background, the student will be introduced to the mechanics and terminology of financial accounting and will learn the basic principles and procedures of accountancy in the preparation of financial statements. With this foundation, the student will learn the purpose behind each of the individual financial statements and how to analyze and interpret the financial statements.
Introduction to rights and obligations of financially distressed debtors and their creditors. Analyzes the Federal Bankruptcy Code and the Code's impact on general non-bankruptcy law.
The following course is a prerequisite: Creditors Rights & Debtors Protections.
Presents exercises in solving typical problems in the formation and operation of closely-owned small businesses, including business and financial considerations, and application of state and federal tax, partnership and corporation laws to such organizations. Business organizations and Introduction to Taxation are recommended, but not required prerequisites.
Studies problems in cases having contact with two or more states or nations. Course has three basic components: jurisdiction, choice of law, and recognition and enforcement of sister-state and foreign judgments.
Drafting and planning techniques of general application (for both married and unmarried persons and for persons of moderate and little wealth) are emphasized throughout. The course also covers important lifetime directives, including durable powers of attorney for property, health care proxies and living wills. In lieu of an examination, Estate Planning II involves a project. Students form teams of 2 and 3 (although you can work alone should you so choose) and prepare a will and trust for a hypothetical married person, taking into account all relevant tax and non-tax factors. The team or individual can select New York or any other state law in doing the project. The project is designed to give you an experience transferable to actual practice.
Estate Planning I is a prerequisite for Estate Planning II.
Dozens of field placement opportunities exist for second- third-year students. They spend a minimum of 10 hours per week at their field placement site and participate in a one-hour weekly seminar.
Note that most field placements need to be topic related and approved by a concentration advisor to count toward a degree.
Students represent taxpayers who have disputes with the IRS in both administrative and judicial proceedings. Such disputes include determinations of tax deficiencies and refunds, as well as tax collection and filing requirement issues. Students will gain relevant experience in tax practice and procedure including jurisdiction, the limitations involved in personal income tax controversies, and alternative assessment strategies. Often the tax problem of the client is a result of a major life change which can provide the student an opportunity to counsel as well as advocate on the client's behalf. A major focus of the Taxpayer Clinic is for students to learn the skills necessary for exercising professional judgment in interviews, counseling, and negotiation and, as a last resort, through litigation. These complex cases are referred to the Taxpayer Clinic from local government agencies and community organizations. A component of the Clinic involves community outreach.
Pre/Co-Requisite: Introduction to Taxation
Written under faculty supervision on a relevant aspect of tax law. Must qualify for the Law School's upperclass writing requirement, and may or may not be used to satisfy that requirement.
(Effective November 6, 2012)