What is LLM in Tax Law?
An LLM in tax law is an additional master's degree program that a lawyer can study to specialize in taxes. Law schools offer LLM degrees in many other specialties, such as real estate, environmental law, patent law and health care. Most programs require the student to have the JD, or juris doctorate, program already completed before starting the tax law course.
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Significance
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An LLM is not necessary to practice tax law. It is an optional degree to help a lawyer understand the tax code in more detail. A law firm may ask a lawyer to get an LLM in tax law if it needs more staff with tax knowledge, and a government agency may prefer an applicant with an additional degree in tax law. Northwestern University states that in its 2008 class, 48 percent of the students were lawyers working at an accounting firm or a consulting firm, with more than the 36 percent of students working at a law firm.
Courses
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The master's degree program focuses on taxation related topics and does not include other general law courses. Some of the typical courses include corporate income taxes, taxes for partnerships, limited liability companies and other business forms, estate tax and probate planning, real estate taxation and bankruptcy tax arrangements.
An LLM program can also include work experience. Loyola Law School offers a tax clinic in which students in the program represent the Internal Revenue Service in tax cases in the US Tax Court. Students can also help set up nonprofit organizations or represent clients in state or federal tax court, while receiving supervision and guidance from their instructors.
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International Tax
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Some law schools offer an LLM program that specifically focuses on international tax law. An international tax law program includes courses on how the US taxes income that a corporation earns in another country, how to report taxable transactions between a corporation's overseas business units and tax arrangements and treaties between foreign countries and the United States.
Foreign Students
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LLM programs admit lawyers from foreign countries who have the right to practice in their home country. An LLM in tax law is one way for a foreign lawyer to obtain a degree from an American law school, although it will not meet all of the course requirements that are necessary for the foreign lawyer to take the state bar exam within the US.
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