courseoutlinetax9889 currentproblemsintaxation.doc

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Baruch College Summer 2012City University of New York

COURSE OUTLINE

Current Problems in TaxationTAX 9889Monday, Wednesday & Thursday 6-8:30pm

Room 3-150 VC

Professor: Darryl SteinbergE-mail: [email protected]

Optional Texts: Smith, Wests Internal Revenue Code of 1986 and Treasury Regulations:

Annotated and Selected(West Federal Taxation, 2012 Ed.).

Mission Statement, Stat Ross Department of Accountancy: The missions of the Stan Ross

Department of Accountancy are (1) to operate the undergraduate, masters and doctoral programsin accountancy, (2) to provide accounting knowledge to students with majors in areas other than

accounting, and (3) to serve its student, academic, and business constituencies throughengagement in high quality research. Consistent with the Zicklin Schools mission, theDepartment seeks to provide high quality, high value education to enhance the professional aims

of its students.

The Departments masters programs in accountancy seek to expand the knowledge and skillsthat students bring from undergraduate school and the workplace.

Course Description and Learning Goals: This is an advanced course, which assumes prior orco-requisite knowledge of federal income taxation. This course deals with an eclectic selection of

problematic areas of taxation and provides an in depth discussion of each. The learning goals ofthe course are to provide an in-depth understanding of these various topics so that students can (1)

be more informed and effective as practitioners in the fields of tax, accounting or generalbusiness; (2) be better able to recognize and evaluate legal and ethical tax issues regarding theseissues; and (3) be more creative as tax planners.

Class Syllabus (Reading material for each subject matter will be assigned and/or

distributed to the class each Friday prior to the following weeks lectures):

Introduction/Course Overview Class #1, June 4

Tax ReformBackground/Historical Overview of Current Tax System Class # 2, June 6

Tax ReformProposed Alternatives; Corporate & International Tax Reform Class # 3, June 7

FBAR/FACTA Class # 4, June 11

IRS Response to the Financial Crisis of 2008 Class #5, June 13

US & Foreign Tax Issues Associated with Alternative Energy Class #5, June 14

US Foreign Tax Credit Generator Transactions & Economic Substance Doct Class #6, June 18


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US Taxation of Equity Derivatives & IRC Section 871(m) Class #7, June 20

Advanced Concepts in State and Local Taxation Class #8, June 21US Taxation of Debt InstrumentsSpecial Rules for Non-Standard Debt Inst Class #9, June 25

US Transfer Pricing Class #10, June 27

US Taxation of Distressed Debt Investing by Hedge Funds & Private Equity Class #11, June 28

Class TBD Class #12, July 2

No Class Class #13, July 4

Reading Period Class #14, July 5

Tests and Grading: Grading for this class will consist of two (2) parts: (1) Meaningful class

participation; (2) a final examination. Class participation is strongly encouraged and will onlycount in your favor from a course grade perspective. Class participation could potentially raiseyour overall course grade by up to two (2) levels (e.g., from B to A- or B+ to A). The finalexamination will count for 100% of the overall course grade and cover all material covered

during the class. All exams are open book/open notes.

Contemporary Topics and Ethics: The course will address contemporary topics and ethicalissues as the subject matter and time may permit. To stay current on tax issues, students may be

interested in reading the tax column that appears on the front page of the Wall Street Journal eachWednesday or view Tax Notes Today on line. The class is also encouraged to access the

following tax research sources (Accessing Electronic Resources: On Campus From the NewmanLibrarys homepage,http://newman.baruch.cuny.edu select Information Resources):

*CCH Tax Research, WestLaw, *Office of Management and Budget

http://www.whitehouse.gov/omb *U.S. Department of TreasuryTaxeshttp://www.treasury.gov/topics/tax/index.html *Internal Revenue Service,http://www.irs.gov*Congressional Resources: U.S. Congress Joint Committee on Taxationhttp://www.house.gov/jct *U.S. Senate Finance Committee http://finance.senate*U.S. House Committee of Ways and Means http://waysandmeans.house.gov

Rita Ormsby is the accounting librarian who is available to assist students in accessing Newman

Library resources: [email protected].

Academic Honesty: Academic dishonesty is unacceptable and will not be tolerated.

Cheating, forgery, plagiarism and collusion in dishonest acts undermine the college's

educational mission and the students' personal and intellectual growth. Baruch studentsare expected to bear individual responsibility for their work, to learn the rules and

definitions that underlie the practice of academic integrity, and to uphold its ideals.

Ignorance of the rules is not an acceptable excuse for disobeying them. Any student who

attempts to compromise or devalue the academic process will be sanctioned. Forfurther information on matters relating to Student Academic Dishonesty and Student
http://newman.baruch.cuny.edu/http://newman.baruch.cuny.edu/http://newman.baruch.cuny.edu/http://www.whitehouse.gov/ombhttp://www.whitehouse.gov/ombhttp://www.treasury.gov/topics/tax/index.htmlhttp://www.treasury.gov/topics/tax/index.htmlhttp://www.treasury.gov/topics/tax/index.htmlhttp://www.irs.gov/http://www.irs.gov/http://www.irs.gov/http://www.house.gov/jcthttp://www.house.gov/jcthttp://www.house.gov/jcthttp://finance.senate/http://finance.senate/http://waysandmeans.house.gov/http://waysandmeans.house.gov/http://waysandmeans.house.gov/http://finance.senate/http://www.house.gov/jcthttp://www.irs.gov/http://www.treasury.gov/topics/tax/index.htmlhttp://www.whitehouse.gov/ombhttp://newman.baruch.cuny.edu/


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Affairs, you may go to the Baruch College website at Baruch.cuny.edu and select

Academics and Academic Honesty from the scroll bar, or contact The Dean ofStudents Office (646) 312-4570, Room 2-255, Vertical Campus.

Introduction/Course Overview Class #1, Mon June 4

For the initial lecture on June 4th, please read Chapters 1-4 of thedocument Simple, Fair and Pro-Growth: Proposals to Fix America's TaxSystem. The first week of class we will discuss our current US federalincome tax system and alternatives to it being currently proposed.

The document for Monday's lecture is attached to this email and shouldalso be in the Course Documents section of Blackboard.

Files:---- )[Open in Browser]

Tax ReformBackground/Historical Overview of Current Tax System Class # 2, Wed June 6

On next Wednesday, we will continue our general class discussion on USTax Reform.

Please read pages 65-94 on Corporate Tax Reform in the EconomicRecovery Advisory Board, The Report on Tax Reform Options (Aug 2010),attached hereto.

FilesPERAB_Tax_Refo )[Open in Browser]

)[Open in Browser]

Tax ReformProposed Alternatives; Corporate & International Tax Reform Class # 3, Thurs June 7

For Thursday's lecture, we will be discussing recommendations made bythe two tax reform panels. Please skim pages 3-56 in the August 2010report and skim Chapter 5 in the November 2005 report. I will highlight therelevant portions during class discussion.

FBAR/FACTA Class # 4, Mon June 11

IRS Response to the Financial Crisis of 2008 Class #5, Wed June 13

In your Course Documents folder, there are 6 files for next Wed, June13th's lecture: 4 IRS 2008 Notices along with 2 articles, Trampling on theUS Economy and IRS to the Rescue.
https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0


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For Wednesday's lecture, I've posted on Course Documents four (4)additional short articles...one from Barrons on US MNCs and Redomicilingto Avoid US Tax...and three others dealing with the 2008 WellsFargo/Wachovia merger.

Files:http://online.barrons.com/article/SB50001424053111904470204577446523380895232.html?mod=BOL_twm_fs#text.email

US & Foreign Tax Issues Associated with Alternative Energy Class #5, Thurs June 14

Daily Tax Report, Lawmakers and Witnesses Debate Impact of TaxReform on Energy Policy

Interesting article for tomorrow's lecture...to provide context to ourdiscussion.

Apologies for delayed circulation.

An additional slide presentation for tonight's lecture.

Files: )[Open in Browser] )[Open in Browser]

US Foreign Tax Credit Generator Transactions & Economic Substance Doct Class #6, Mon June 18

In addition to the readings below, slides will be circulated for Monday'slecture.

Stay tuned.Please read the attached case for Monday's class.

Files: )[Open in Browser]; )[Open inBrowser] )[Open in Browser] )[Open in Browser]

No class , Wed June 20

Advanced Concepts in State and Local Taxation Class #7, Thurs June 21 )[Open in Browser]

Alternative Energy and US FTC Generator lectures review Class #8, Mon June 25

US Transfer Pricing Class #9, Wed June 27
https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0https://bl2prd0810.outlook.com/owa/?wa=wsignin1.0


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US Taxation of Distressed Debt Investing by Hedge Funds & Private Equity Class #10, Thur June 28 )[Open in Browser]

US Taxation of Equity Derivatives & IRC Section 871(m) Class #11, Mon July 2

No Class , Wed July 4

Reading Period Class #12, Thur July 5

Final Class #15, Mon July 9
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