Curriculum Guide · Courses
Income Tax Accounting
LL.M Course 854 | 2 credit hours
Covers accounting methods and accounting periods. The course examines a broad range of subjects concerning the timing of income and deductions under Subchapter E of the Internal Revenue Code. Topics include requests to change methods, inventories (including costing, valuation, and the requirements for maintaining inventories), principles of income recognition, prepaid income, cash equivalency and constructive receipt, special methods involving long-term contracts, depreciation, estimated expenses, prepaid expenses, and expensing versus capitalizing costs. These topics are analyzed from both a technical viewpoint and a tax policy perspective.
Prerequisite: Taxation I, but a knowledge of financial accounting is not necessary for this course.
This class, Income Tax Accounting, is required for U.S. trained students pursuing the Taxation LL.M. or Executive Tax LL.M. degree. This class is not required for students trained outside the U.S. Please note that J.D. students MAY NOT register for the section of this course with Professor Smiley.