MST Curriculum

Online Master’s in Taxation Course Descriptions

Core (5 Courses)

ACCT 5230—Federal Tax Issues and Analysis (3 credit hours)

Gives a broad examination of tax authority as it guides action on tax issues, including personal and business decisions. Examines the tax structure with a specific focus on income and expenses for individual taxpayers. Emphasizes property transactions (including the calculation of basis, gain/loss, and the resulting tax treatment). Also incorporates tax planning and research related to these issues.

ACCT 6231—Corporations and Shareholders (3 credit hours)

Provides an in-depth study of tax issues related to the corporate form and the corresponding tax implications for shareholders. Given the importance of corporations in the federal income tax system, an understanding of the tax issues related to this type of business is essential for tax professionals. Topics include capital formation and structure, the operations of the corporation, distributions, dividends and redemptions, sales and liquidations, and taxable and tax-free reorganizations. Prerequisite: ACCT 5230.

ACCT 5232—Estate and Gift Taxation (3 credit hours)

Focuses on the study of the taxes common to the transfer of property and wealth. Topics include gift tax deductions and exclusions, estate valuation, state tax deductions and exemptions, and tax rates. Also explores planning opportunities for these wealth transfer taxes. Prerequisite: ACCT 5230.

ACCT 6235—Partners and Partnerships (3 credit hours)

Provides an in-depth study of the tax issues related to one of the central flow-through entities, the partnership. The increasing popularity of flow-through entities as an organizational form has made an understanding of the tax issues related to this type of entity an important area of study for tax professionals. Topics include capital formation, operations, transactions between the partner and the partnership, distributions, sales of partnership interests, and liquidation of the partnership. Prerequisite: ACCT 5230. 

ACCT 6292—Tax Research, Practice, and Ethics (3 credit hours)

Offers students an opportunity to develop and refine their tax research skills through practical exercises. Covers the creation of various sources of tax authority. Exposes students to the procedures used in dealing with the Internal Revenue Service (IRS), with an emphasis on practitioner responsibilities. Reviews the organization of the IRS, filing requirements, appeal procedures, civil/criminal statutes, assessments, and protests. Includes a study of the value and moral judgments inherent in the field of taxation, including client confidentiality, disclosure of false or misleading information, and advice counter to the law or public good.

 
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Electives (Choose 5 Courses)

ACCT 6239—State and Local Taxation (3 credit hours)

Addresses the most common types of taxes imposed by state and local governments. Examines state and local income, sales, excise, property, and city taxes. Emphasis is on the underlying principles governing the application of each type of tax and the interrelationships where they exist. Prerequisites: ACCT 5230

ACCT 6240—International Taxation: Inbound Transactions (3 credit hours)

Addresses the taxation of foreign individuals or corporations receiving income from sources, or conducting business, in the United States. With the globalization of the economy, a greater number of taxpayers must consider the impact of international taxation. Topics include the sourcing of income, taxation of passive income, taxation of income connected to a U.S. trade or business, branch-level taxes, issues of foreign-owned U.S. corporations, income tax treaties, and transfer pricing. Prerequisites: ACCT 5231 and ACCT 6235.

ACCT 6241—International Taxation: Outbound Transactions (3 credit hours)

Examines the federal taxation of U.S. individuals receiving income from sources or conducting business in foreign jurisdictions. An increase in the number of U.S. individuals and corporations operating in other countries has enhanced the importance of an understanding of international transactions for tax professionals. Examines sourcing of income, allocation and apportionment of deductions, foreign tax credits, taxation of U.S. citizens and residents abroad, controlled federal corporations, passive foreign investment companies, foreign currency translations and transactions, and special entities. Prerequisites: ACCT 5231 and ACCT 5235.

ACCT 6243—Advanced Flow Through Entities (3 credit hours)

Offers an in-depth look at the tax consequences of businesses formed as flow-through entities (including partnerships, S corporations, and LLCs). Discusses allocation rules, liability sharing rules, disguised sales rules, partnership debt workouts, the S corporation election, and tax treatment of shareholders in an S corporation. Prerequisites: ACCT 5231 and ACCT 5235.

ACCT 6246—Retirement Plans (3 credit hours)

Examines employee benefit plans including requirements for qualification, funding, coverage, and distribution requirements. Discusses a variety of plans including pension, profit-sharing, CODAs, IRAs, SEPs, TSAs, and stock plans. Prerequisites: ACCT 5230.

ACCT 6248—Income Taxation of Trusts and Estates (3 credit hours)

Examines the general rules for the taxation of estates and trusts. Topics include trusts that distribute current income only, grantor trusts, irrevocable trusts, charitable vehicles, income in respect of a decedent, estates and trusts that may accumulate income or may distribute corpus, and treatments of excess distributions and beneficiaries. Prerequisites: ACCT 5232.

ACCT 6249—Financial Planning for Investments (3 credit hours)

Surveys the investment products that can be used for financial planning. Emphasis is on constructing the investment plan, the investment policy statement, the asset allocation strategy, and implementation recommendations. Prerequisites: ACCT 5232.

ACCT 6250—Financial Planning for Insurance (3 credit hours)

Surveys insurance products used for financial planning. Topics include life, accident, health, disability, long-term care, homeowner, auto, and personal liability, with emphasis on personal risk management and the use of insurance products in the financial planning process. Prerequisites: ACCT 5232.

ACCT 6264—Planning for Estate Tax Issues (3 credit hours)

Examines advanced strategies for maximizing personal goals (including probate avoidance, tax minimization, and asset protection) related to property passed from one generation to another. Emphasizes trust vs. will planning and other vehicles for estate planning; the principles of estate taxation; the impact of employee benefits, trusts, and their taxations; and life insurance policies and associated annuities. No Prerequisites.

ACCT 6265—Tax Accounting for Income Taxes (3 credit hours)

Investigates the reporting of uncertain positions and accounting treatment accorded current and deferred income tax liabilities and expenses. Topics include accounting for uncertain tax positions, accounting methods and periods (particularly in cases where the accounting and tax records differ), special elections available to taxpayers, installment reporting, inventory methods, long-term contract accounting, and cash vs. accrual reporting. No Prerequisites.

 
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