Masters of Taxation degree recipients are fully prepared to analyze the taxation implications of the modern economy from a variety of different angles. In today’s economy, lawyers, accountants, and economists interact with increasing frequency, and it is important for accountants in particular to have a strong grasp on fundamental aspects of the other two professions.
Here are a few important courses a Master’s of Taxation program must include in order to be useful to students and future graduates:
1. Corporate Tax (I and II)
Many schools break this class into two sections that each last a semester, which is an excellent strategy because the materials taught in Corporate Tax are essential for master’s students to become proficient in. Corporate tax courses explore basic dividend calculations and machinations, and they teach students about the nature of corporate redistribution. Because Master’s of Taxation graduates will often be assisting lawyers in drawing up complex cash distribution and stock redemption contracts, they must be able to understand the system of business entity taxation that is adhered to in the corporate world.
2. Taxation of Mergers and Acquisitions
Negotiating acquisition agreements from a tax perspective is one of the most important things a corporate accountant will do in his or her career, and this course gives him or her the necessary tools needed to fashion a comprehensive, simply understood document. The course also goes over in tremendous detail tax-free reorganizations, different types of and business reactions to bankruptcy, disposition of assets, and various types of transactions including §351 and §338. By the class’s end, trained accountants will be able to assist firm accountants and business strategists in creating one solid company where there once were two.
3. Advanced Concepts in International Taxation
Because so many multinational corporations in the modern economy operate outside the constraints of the traditional nation state, it is extremely to take a Master’s of Taxation program course structure that includes principles of international taxation. These courses often include international aspects of U.S. federal tax law, such as controlled foreign corporations and expatriate taxation, as well as true international tax law. Concepts in the latter category include foreign tax credits, creating and ratifying foreign tax treaties, and tax structures of foreign corporations.
4. Business Economics
Although many candidates for a Master’s of Taxation program will have a background in economics, most course selections will include a mandatory economics course to get everyone on the same page and weed out any students unfit for the rigors of the program. This business economics course will often include microeconomic analysis of firm behavior, including pricing determination, supply and demand issues, and production costs; and macroeconomic analysis of national and international currency flows, focusing on the roles of fiscal and monetary policy, output and employment rates, and exchange rate determination in world currency markets.
5. Introduction to Law
Many Master’s of Taxation programs will include a law component to separate themselves from the accountancy programs offered elsewhere in the university. Although traditional accountants who are well trained still have excellent job prospects, masters degree recipients with training in law and economics are even more valuable to firms. Law courses usually focus on different sources and administration of the law, including different aspects of the Constitution and the civil code, property and personal law, and detailed analysis of contracts and mandates.
Courses in Taxation Master’s programs are designed to train students in many different areas of corporate accounting while also broadening their academic horizons to include law, business economics and international financial systems. Students emerge from these Master’s of Taxation program courses as well-rounded economic professionals prepared for anything the corporate world might throw at them.