LAW 422P - Tax Planning for the Closely Held Business Owner Practicum.

The combination of tax and estate planning and business planning is one of the most difficult areas of planning for a client. Planning for a client who owns a closely held business implicates tax issues, business issues, personal and family issues, and business succession issues. This course is designed to provide a student with an overview of the estate and gift tax system in the first half of the semester, which is particularly relevant to a business owner considering business succession issues. The second half of the semester will be devoted to business planning, and the student will draft memoranda and other documents during the second half of the semester that an associate would be expected to prepare for a partner when working with a business client. Each student will be expected to use the early assignments as a basis for developing an overall business plan, which the student will then present to the class at the end of the semester. After the presentation, the student will have the opportunity to address issues raised during the student’s presentation and hand in the revised plan as a part of the student’s grade for the course. Four hours. Mancini Prerequisite: Federal Income Taxation of Individuals.