Proposal for a New Degree Program Master of Science in Taxation

University of Colorado Denver Business School

Submitted to The Board of Regents of the University of Colorado February 2014

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Table of Contents A Description of Program A1 Basic Design of the Program A2 Student Learning Goals B Concerns to be Addressed B1 Bona Fide Need a. Student Demand 1. Enrollment Projections 2. Graduation Estimates 3. Annual Pool of Potential Applicants 4. Addressing the Needs of Part-time Working Students b. Workforce Demand B2 Role and Mission Criteria B3 Duplication B4 Statutory Requirements C Program Quality and Institutional Capacity C1 Admission, Transfer and Graduation Standards a. Admission Requirements b. Transfer Requirements c. Restriction on Enrollment d. Standards for Continuing in the Program and Graduation requirements C2 Curriculum Description and Assessment Process a. Program Requirements b. List of Courses c. Sample Curriculum d. Assessment Plan e. Student Advising C3 Professional requirements or Evaluations a. Professional Accrediting Association and Licensing Requirements b. Timetables for Professional Accreditation c. Qualifications of Program Faculty C4 Institutional Factors a. Achieving Diversity Goals b. Effect on other programs c. Impact on Campus Resources d. Formal Relationships and Affiliations C5 Physical Capacity and Needs C6. Cost Description and Source of Funds a. Cost Estimates for Five Years 1. Administration 2. Instruction Costs

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3. Capital Construction and Start Up Equipment 4. Revenue b. Operating and Capital Start-up Needs C7. Other Relevant Information C8. External Reviewer’s Comments

Appendices Appendix A – Letter from Dean Sueann Ambron, Business School CU Denver

Appendix B – Library Resources Letter

Appendix C -- Course Descriptions

Appendix D – External Review

Appendix E – Letters of Support from Accounting Firms

Appendix F – CVs and Resumes of Instructional faculty

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A. Description of Program The MS in Taxation degree program will provide students with a broad body of knowledge relating to U.S. federal, state and local, and international laws (collectively, Tax Laws) and the application of those Tax Laws to a wide range of business and personal transactions. Upon completion of the variety of courses in the program, graduates will be able to address tax issues encountered by individuals (Individual Taxation, Taxation of Estates, Gifts and Trusts), small, start-up companies (Partnership Taxation, Corporate Taxation), and large, multi-national publically traded companies (Corporate Taxation, Advanced Corporate Taxation, ).

The Business School currently offers eight tax-related classes within the Master of Science in Accounting (MS in Accounting) degree program and as elective courses for other degrees offered by the school. Students who successfully complete four of these tax courses are awarded a specialization in taxation designation (Tax Specialization) as part of their MS in Accounting degree. The Business School has prepared, but not offered, two additional tax courses which give the school enough tax-related courses to offer an MS in Taxation degree. An MS in Taxation degree will provide a valuable and marketable degree for individuals seeking a tax specialization.

The degree program will be targeted toward individuals who wish to acquire: • a comprehensive understanding of the Tax Laws and their significant impact on business and personal transactions, • a working knowledge of current practices and procedures used in business and/or personal tax planning, and • an educated and ethically sound basis for applying tax principles and Tax Laws to both extraordinary and day-to-day business operations and/or personal tax matters.

Based on current demographics for the MS in Accounting degree program, we anticipate that approximately two-thirds of the students who enroll in the MS in Taxation program will be working adults. These part-time students will be able to complete the program within two years. The estimated one-third of full-time students in the program could complete the program within one year.

A1. Basic Design of the Program The program consists of 30 credit hours comprised of ten tax courses, of which five courses will be required core courses. The five required courses are in tax research and writing, basic corporate taxation, basic partnership taxation, tax planning, and tax practice and procedure. Elective classes may include, but are not be limited to, classes in advanced individual taxation, advanced partnership taxation, the taxation of corporate reorganizations, the taxation of corporate consolidated groups, the taxation of S-corporations and their shareholders, international taxation (including classes focusing on out-bound transactions, in-bound transactions, and the application of tax treaties), state and local taxation (including classes focusing on sales and use , state and local income taxes, property taxes, and transfer taxes), the taxation of executive compensation and employee benefits, the taxation of property transactions (including classes focusing on the income taxation of real property and tangible and intangible personal property), the taxation of estates, gifts, and trusts, the taxation of oil and gas

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and other mineral rights, the taxation of non-profit entities, and independent studies and/or small class seminars focusing on advanced tax planning techniques for individuals, trusts, estates, corporations, and partnerships.

The program’s curriculum will utilize methodologies, language, and computational skills associated with areas of law, business management, and accounting/finance. Moreover, through group projects, oral presentations, written assignments analyzing hypothetical tax problems, and assignments requiring the preparation of tax returns, instructors in the program will enhance the communication, team building, and analytical skill sets of students enrolled in the MS in Taxation degree program. More specifically, written analytical work will be required of students taking the Tax Research and Writing class.

A2 Student Learning Goals Students will undergo rigorous training in the complexity and application of Tax Laws. Several common themes that run throughout all the courses will emphasize to students the need for: • Obtaining a thorough understanding of the client’s particular tax situation, • Researching the Tax Laws to identify relevant and applicable laws, • Formulating and implementing specific tax strategies responsive to the client’s particular needs within the parameters of the applicable Tax Laws, • Thinking and planning ahead as a proactive advisor to a client in need, • Communicating in an effective, thoughtful and analytical manner, • Working cooperatively and professionally with clients and other stakeholders, including representatives of various governmental taxing authorities, and • Adhering to and promoting high ethical standards.

Graduates of the program will have learned, and be able to: (in section C2d you need to describe how you will assess that students have acquired these 4 specific learning goals) 1. Identify tax issues from both a compliance and a planning perspective, 2. Perform and document professional quality tax research, 3. Formulate and implement appropriate tax compliance and planning strategies and solutions, and 4. Communicate findings and recommendations effectively both orally and in writing.

The CU Denver Business School is fully accredited by the Association to Advance Collegiate Schools of Business (AACSB). The proposed MS in Taxation degree program will comply with the outcomes assessment of student learning as required for AACSB.

B Concerns to be Addressed B1 Bona Fide Need: Student Demand and Workforce Demand B1a. Student Demand In the three years the Business School has offered the Tax Specialization as part of the MS in Accounting degree program, it has added six new graduate-level tax courses in response to student interest and demand. As of the 2012-2013 academic year, the Business School offers eight graduate tax courses at least once every two years and plans increase the number of tax- related classes to 11 or more once the MS Tax degree is approved.

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In the Fall 2011 semester 7 of the 169 students in the MS in Accounting program undertook the Tax specialization. In the Fall 2012 and Spring 2013 semesters this increased to 10 and 13 students respectively. As of fall 2013 census there were 8 students seeking the specialization. Table 1 provides a summary of projected enrollments for the first five years of the MS in Taxation degree program and estimated enrollments at full implementation. The program will enroll approximately 12 students in the first year and this will increase to approximately 20 new students each year at full implementation (year 4). The program can be completed by full time students in one year and by part time students in two years. Currently about two-thirds of students in the MA in Accounting program are part time. Assuming that one-third of the students in this program will also be full time and complete the program in one- year, at full implementation (year 4) the program will be comprised of approximately 31 students (either full-time or part-time). Accordingly, the estimated 4 full-time students will graduate in year 1. In subsequent years the graduating students will include both full time and part time (2 year) students. At full implementation, there should be 18 graduates of the program each year.

The size of the program at full implementation, 31 students, is in the range of other MS degree programs in the Business School, such as the MS in Management, MS in Marketing, and MS in Health Administration programs. These estimates of program enrollment are conservative and are based in part on the enrollment history for a very similar program offered at Georgia State University. Georgia State’s program is a good comparative program for the program currently being developed at CU Denver as it is considered one of the universities and areas that is most similar to CU Denver. Georgia State’s MS in Taxation program began with 45 students and grew to 80 students after 5 years. The steady state size of their program reached 95 students. According to Tad D. Ransopher J.D., the Director, Masters in Taxation Program at Georgia State, their “placement has been nearly 100% because of the demand for tax and the unique ten course format.” He states “As you know most MAC programs have only a concentration of four tax classes. There are only 15 MTax programs in the US and so you would be very unique.”

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Table 1: Projected Enrollment – In-State/Out of State Student Headcount & FTE**

Year Year Full Year 1 2 Year 3 Year 4 5 Implementation 2014-15 2015-16 2016-17 2017-18 2018-19 1-a In-state Headcount 10 19 25 26 26 26 1-b Out-of-state 2 3 4 5 5 5 2 Program Headcount 12 22 29 31 31 31 3-a In-state FTE 6.7 12.7 16.7 17.3 17.3 17.3 3-b Out-of-state FTE 1.3 2.0 2.7 3.3 3.3 3.3 4 Program FTE 8.0 14.7 19.4 20.7 20.7 20.7 5 Program Graduates 4 12 16 18 18 18

B1a3. Annual Pool of Potential Applicants Students will be recruited from four applicant pools: (i) working professionals practicing tax and/or accounting in the Denver metropolitan area, particularly downtown Denver (ii) undergraduate accounting and business students, (iii) international students seeking an understanding of U.S. tax principles and laws, and (iv) individuals or undergraduates seeking a change of career or major. As the program matures, it is likely that interest in that program will also develop among students with an interest in a dual degree offered in conjunction with the Business School’s MBA and MS in Accounting degrees.

The Business School has extensive professional contacts with local Denver businesses and organizations that it will tap into to advertise this degree to professionals and employees. Many of these local firms send employees to MS in Taxation programs to allow them to obtain the training necessary to be effective tax professionals as well as to allow them to meet the new 2015 CPA requirements. Some of these larger firms send as many as 5 students per year to obtain the type of degree proposed for the CU Denver MS Tax program. Executives in these tax firms strongly support the CU Denver program (see letters in Appendix E) and have indicated that they plan to send their employees to the CU Denver program once it is launched. As one of only 15 full MS Tax programs in the country, the demand from across the State of Colorado, the Rocky Mountain region, the United States and even countries outside the U.S. should increase dramatically once the program becomes established.

The Master degrees offered by the Business School also attract students in undergraduate programs as CU Denver and other colleges and universities in the state (i.e. CU-Boulder, Colorado School of Mines, and the DU). The Business School has historically attracted students with technical backgrounds (i.e. engineering, mathematics, biology, etc.) interested in pursuing the management side of business in fields related to their backgrounds. The MS in Taxation degree is a natural match for those students interested in business management, finance, or entrepreneurial efforts as taxes are an integral part of these business activities. It is also very attractive to these students because of the high placement rates for students graduating from full MS in Taxation programs. We will aggressively recruit students with undergraduate degrees in

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business, accounting and finance, as well as undergraduates with degrees in economics, political science, mathematics, and other technical fields.

Another potential source of students includes those interested in dual degrees and those pursuing a MS in Accounting degree with a Tax Specialization. The Business School has offered the Tax Specialization since 2009 and this specialization program has attracted a number of students since its inception. At least a half a dozen students in the past year have approached Dr. Michael Roberts (Director of the Accounting Program at CU Denver) about their interests in the proposed MS in Taxation degree program. These students are currently enrolled in and pursing their MS in Accounting degrees with Tax Specializations. Moreover, a potential MS in Accounting/MS in Taxation dual degree would appeal to students attempting to meet the criteria for the 2015 CPA requirements and looking for a career specializing in taxation. The MBA/MS in Taxation dual degree may also appeal to those wanting a generalist overview of management practices offered by the MBA program combined and a technical/procedural taxation component. Thus, the applicant pool for the proposed MS in Taxation degree program will grow in number as interest among students in the MS in Accounting and MBA degree programs increases over time.

B1a4. Addressing the Needs of Part-time and Underrepresented Students Many of the students currently enrolled in graduate programs in the Business School are working adults who are attending school part-time and the Business School is already geared toward serving the needs of these students. Most classes are taught in the late afternoons and evenings, and in response to student demand, classes may be offered on Saturdays. Some courses are available online. Appointments for student advising can be made after hours, by phone, or by email. This degree program will serve its students in the same ways.

The student population that enrolls in the current MS in Accounting degree program includes individuals from traditionally underrepresented groups. The MS in Taxation degree program will likely draw from and recruit the same groups and will utilize methodologies employed by the MS in Accounting degree program and other graduate programs offered by the Business School. The retention of all students enrolled in our program will be accomplished by monitoring the progress of all students in the program by faculty as well as the director of the program. Students who appear to be in academic jeopardy will be asked to participate in special advising and mentoring sessions with faculty. After the program achieves a sufficient size (projected in year four of the program and beyond), the program hopes to offer merit-based scholarships to promising students in their first year. It is initially anticipated that one such scholarship will be awarded in years 4 and five of the program. Based on revenues generated by the program in later years, the number of merit-based scholarships may increase. In addition, students will be made aware of scholarships available to students through CU-Denver or external agencies, including sources of funding targeted to under-represented students (such as the American Association for University Women scholarship available to African-American applicants and also the scholarships provided by the National Society of Hispanic MBAs).

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B1b. Workforce Demand: Needs Assessment and Job Market for Graduates Large accounting firms within the metropolitan Denver area, as well as nationwide, looking for tax specialists now prefer hiring individuals with an MS in Taxation degree, over those who have an MS in Accounting degree (see letters in Appendix E).

Table 2 shows the results from a simple web-based search among different job websites for tax positions in the Denver metropolitan area. Job listings are all within 7 days of the date of the search (7/25/2013).

Table 2: Job/Employment Statistics Job Opportunities -- Denver* Website Number of Postings** Simply Hired 207 Denver Post 27 CareerBuilder 143 Indeed.com 23

*Denver -- Radius of 35 miles **Posted within the last 7 days as of July 25, 2013

Additionally, the U.S. Bureau of Labor Statistics (the “BLS”) notes that, as a general future trend, “[o]ccupations classified as needing a master’s degree are projected to grow [between 2010 and 2020] by 21.7 percent, followed by doctoral or professional degree occupations at 19.9 percent, and associate’s degree occupations at 18.0 percent.”1 The BLS also predicts significant growth through the year 2020 in job prospects for accountants and auditors (16%), as well as tax professionals (7%) in the form of tax examiners, collectors, and agents. Table 3 reflects this predicted job growth.

Table 3: Projected Job Growth Projected Change, 2010-2020 Employment Employment Percentage Numerical 2010 2020 Increase Increase Accountants and Auditors 1,216,900 1,407,600 16% 190,700 Tax Examiners, Collectors, 74,500 80,000 7% 5,500 and Revenue Agents

With regard to the future job prospects of accountants and auditors, the BLS states that “applicants who have a master’s degree in accounting or a master’s degree in business with a

1 http://bls.gov/news.release/ecopro.nr0.htm.

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concentration in accounting also may have an advantage.”2 The BLS also notes that factors such as additional and stricter laws and regulations will likely increase the demand for accounting services as organizations seek to comply with new standards and laws.3 This would be true for areas in the financial sector and in taxation.

To generate greater tax collections and close perceived “tax loopholes,” federal, state, and local governments have recently enacted, and will continue to enact, additional and often complex tax legislation. This is especially true at the federal level where Congress has enacted broad, new taxes to finance “Obamacare,” has sought to spur employers to hire more employees through tax incentives and tax credits, and has considered ways to tax the “offshore” income of U.S. multinationals.

To apply these new and complex tax laws and to understand the intricacies of these laws, clients and organizations will place greater demand on the tax services of their accountants and tax specialists. This increased demand supports the conclusion that graduates holding MS in Taxation degrees will have an advantage in the job market for such tax services. This advantage aligns with the conclusions of the BLS that job seekers, in general, holding master degrees and accountants, in particular, holding master degrees should face better prospects of hire in the future job market.

With regard to the potential growth in jobs for tax examiners, collectors, and revenue agents, the BLS states: “Historically, employment of these workers has increased with the overall economy, with growth in the number of businesses and individuals filing tax returns creating a need for more workers in tax enforcement. In addition, demand for tax enforcement is expected to increase, particularly at the federal level. When government budgets are tight, these workers are more likely than other government employees to be kept on the job, because stronger tax enforcement and collection increases government budgets. Accordingly, employment of these workers should increase, even if overall government spending and employment are reduced. [Both federal and state] [g]overnments also are expected to hire third-party collectors to work on special cases.4” Again, students graduating with MS in Taxation degrees will be in prime position to fill these jobs of tax examiners, collectors, and revenue agents.

B2. Role and Mission Criteria. The mission of the University of Colorado Denver Campus is defined in the Colorado Revised Statutes: The downtown Denver campus of the University of Colorado shall be an urban comprehensive undergraduate and graduate research university with selective admission standards. The downtown Denver campus shall offer baccalaureate, masters, and a limited number of doctoral degree programs, emphasizing those that serve the needs of the Denver

2 http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm#tab-6.

3 Id.

4 http://www.bls.gov/ooh/business-and-financial/tax-examiners-and-collectors-and-revenue- agents.htm#tab-6.

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metropolitan area. The Denver campus has statewide authority to offer graduate programs in Public Administration and exclusive authority in Architecture and Planning.

The proposed MS in Taxation degree program is consistent with, and supports, this legislative mission statement. The goal of the MS in Taxation degree program is to provide its graduates with current and relevant knowledge and the necessary skill set successfully to analyze the Tax Laws and their significant impact on business and personal transactions, to understand and apply current practices and procedures used in business and/or personal tax planning, and to apply the Tax Laws to both extraordinary and day-to-day business operations and/or personal tax matters utilizing an educated and ethically sound basis of tax principles. Students who graduate from the program will be able to enter the Denver business community, or other business communities throughout the country, with the skills competently and ethically to advise participants within those communities on tax-related matters.

B3. Duplication Numerous MS in Taxation degree programs exist throughout the United States. A sample of MS in Taxation degree programs is provided in Table 4. Table 4: Sample of MS in Taxation Degree Programs in the United States

Non-Resident # of School/Location Resident Tuition* Tuition* Credits American University - Washington DC $43,200 $43,200 30 - Tempe, AZ $35,530 $50,078 30 Baruch College - City University Of NY $11,550 $21,300 30 Bentley University - Waltham, MA $37,058 $37,058 30 California State Univ - Fullerton, CA $21,000 $21,000 30 Georgetown University - Washington DC $40,203 $40,203 30 Georgia State University - Robinson Coll. of Business $36,000 $36,000 30 Golden Gate Univ - San Francisco, CA $29,250 $29,250 30 - Boston, MA $36,792 $36,792 30 Pace University - New York, NY $33,702 $33,702 30 Seton Hall University - South Orange, NJ $31,890 $31,890 30 University of Denver - Denver, CO $36,501 $36,501 30 Univ of Illinois at Urbana-Champaign $36,200 $36,200 36 University of Miami - Miami, FL $37,836 $37,836 30 University of San Diego - San Diego, CA $37,372 $37,372 30 Total tuition cost for the entire degree.

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None of the other public universities in Colorado (CU-Boulder, CU-Colorado Springs, University of Northern Colorado, University of Southern Colorado, Colorado State University, Metropolitan State University and the Colorado School of Mines) offers an MS in Taxation. The Deans of the Business Schools at both CU Boulder and UCCS were contacted with respect to possible conflicts between this new proposed MS in Taxation degree and degrees planned at their schools. Neither Dean expressed an intention to offer a MS in Taxation degree at their respective schools in the foreseeable future. The Sturm College of Law at DU offers an MS in Taxation in conjunction with an LL.M. in Taxation. The proposed MS in Taxation degree program at CU Denver will distinguish itself from the DU MS in Taxation degree program in several ways. The first point is that tuition at DU is much greater than at CU Denver, especially for Colorado residents. Second, the location of the CU Denver Business School at the Lawrence Street Center offers an advantage to students who work full-time in downtown Denver and want to enroll in evening classes. Third, this advantage of a downtown Denver location also benefits many of the faculty members who will teach in the MS in Taxation program. Many of the instructors will be attorneys and accountants who work at firms in downtown Denver. Fourth, the class sizes in this program will be smaller than those at DU and may appeal to students interested in a more intimate classroom environment. Fifth, the proposed MS in Taxation degree program will offer many of its classes in the evening and/or on-line and therefore appeal to working students. In contrast the schedule of the DU MS in Taxation program is designed for full-time students. Finally, the MS in Taxation degree program will be offered in conjunction with the numerous other Master degree programs offered at the Business School. Consequently, the Business School’s offering of a multiplicity of dual degree options, in conjunction with an MS in Taxation degree, will be a real benefit for graduates attending the MS in Taxation degree program at CU Denver. B4. Statutory Requirements The MS in Taxation program conforms to the 30-hour credit requirement established for Master degree programs within the CU Denver Business School. The MS in Taxation degree program also conforms to all other requirements, rules, and regulations.

C. Program Quality and Institutional Capacity C1. Admission, Transfer and Graduation Standards C1a . Admissions requirements Applicants to the MS in Taxation program will complete the same application materials required of all other applicants to graduate programs at the CU Denver Business School: resume, optional letters of recommendation, official undergraduate transcripts, and a minimum GMAT score (a test whose possible outcomes range from zero to 800) or the equivalent thereof from another standardized test, such as the GRE or LSAT. All application materials are considered when making an admission decision.

For admission, students will be measured against a set of four minimum standards: • 500 GMAT minimum score or applicable minimum score substituted from either the GRE or the LSAT; • A weighted combination of GMAT and undergraduate GPA (grade point average): 100 x GPA + GMAT = 800; • 50th percentile minimum on the quantitative portion of the GMAT examination, and

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• 30th percentile minimum on the verbal portion of the GMAT examination. Students who are not native speakers will also be required to meet CU Denver’s English proficiency requirements. (Those proficiency requirements are quite involved and may be found at http://www.ucdenver.edu/academics/colleges/business/Documents/admissions/Applicatio n%20Checklist%20and%20Instructions%20-%20International%20Students.pdf.)

The admissions standards for the program meet or exceed those of existing Master degree programs in the Business School.

C1b. Transfer requirements. Transfer requirements for the program will be consistent with the transfer requirements for other existing graduate programs within the Business School. Specifically, up to nine semester hours of course will be accepted for transfer if the course work was completed at another AACSB accredited school within the prior 10 years and if the transferring student maintained grades of “B” or better.

C1c. Restriction on enrollments. At full implementation, the program size is projected to be about 31 students. At this time there is no obvious need to limit enrollment in the program.

C1d. Standards for continuing in the program and graduation requirements. We will apply to the MS in Taxation degree candidates the same existing CU Denver Business School standards regarding continuation in other Master degree programs offered by Business School; that is, students must maintain a 3.0 cumulative GPA or face probation and/or suspension. Graduation requirements for MS in Taxation degree candidates will also be identical to graduation requirements for existing Master degree programs in the Business School. In particular, students must achieve a 3.0 cumulative GPA or higher to be eligible for graduation and complete the entire required curriculum.

C2. Curriculum Description and Assessment Process C2a. Program requirements The program requires 30 credit hours comprised of ten, three-credit hour courses. Of the ten tax courses, five (15 credit hours) are required and five (15 credit hours) are elective.

C2b. List of courses The following courses are associated with the proposed MS in Taxation degree. Required Courses Each of the five required core courses (all 3 credits each) are currently offered as either a required or an elective course under other degree programs in the Business School. A brief description of those currently offered required tax classes follows: ACCT 6140 – Tax Planning for Managers: A Federal tax survey emphasizing the application of individual, partnership, and principles to the decision-making process. ACCT 6400 – Taxation of Corporations and Shareholders: A study of federal problems of corporations and corporate shareholders. ACCT 6440 – Tax Practice and Procedure: A study of the organization, policies, and procedures of federal and state taxing authorities.

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ACCT 6450 – Research Problems In Taxation: A study of the methodology used in tax research and tax planning, together with a study of some aspects of tax administration and tax practice. ACCT 6480 – Partnership Taxation: A study of the fundamental tax issues relating to partnerships and partners arising from the formation, operation, and liquidation of partnerships.

Elective Courses Students will choose five elective courses from a total of 6 courses (all 3 credit hours each). Four of these elective courses have previously been taught as elective courses for other degree programs in the Business School: A brief description of the currently offered and planned elective tax classes follows (see appendix C for course descriptions): ACCT 6410 – Advanced Tax for Individuals: An advanced federal income tax course stressing the use of the Internal Revenue Code, accompanying Treasury regulations, case law, and administrative guidance to resolve federal income tax issues affecting individuals. ACCT 6420 – Taxation of Estates, Gifts, and Trusts5: A focus on the taxation of trusts, estates, and gifts under Subchapter J of Subtitle A of the Internal Revenue Code and on the fundamentals of basic estate and gift tax planning under Subtitle B of the Internal Revenue Code. ACCT 6430 – International Taxation: International taxation focuses on the U.S. taxation of international transactions, including a review of the taxation systems in several countries and of consumption tax regimes (e.g. value-added taxes), the taxation of U.S. expatriates, the tax consequences of repatriating profits to the U.S., and the application of tax treaties. ACCT 6460 – Advanced Topics in Taxation5: A course that focuses on advanced topics in tax planning for closely held businesses and other topics. ACCT 6482 – Advanced Partnership Taxation: Advanced federal income tax course focusing on the taxation of partnerships and their partners. Topics include discussions of “substantial economic effect” as defined under pertinent Treasury regulations, allocation of debt to partners’ bases, “hot assets”, profits interests, related-party transactions, distribution “waterfalls”, profit and loss allocation “waterfalls”, and taxation of retiring partners. ACCT 6500 – Advanced Corporate Taxation: A study of the tax rules and problems relating to corporate organizations, reorganizations, commonly controlled corporations, and consolidated tax returns, with a special emphasis on the tax rules associated with restructuring of corporate entities in the context of corporate merger and acquisition transactions.

Additional New Elective Courses As student interest and enrollment in the program increases other future elective courses that may be offered in that program include the taxation of: • corporate consolidated groups, • S-corporations and their shareholders, • executive compensation and employee benefits, • property transactions (including classes focusing on the income taxation of real property and tangible and intangible personal property), • oil, gas, and natural mineral rights, and • non-profit entities.

5 This course has been prepared but has not previously been taught

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C2c. Sample Curriculum Currently, all of the required and elective courses, except for ACCT 6420 and ACCT 6460, are offered every year. The proposed scheduling of tax classes offered by the Business School is:

Table 5: Proposed Course Schedule Fall Semester Spring Semester Summer Semester ACCT 6140 – Tax Planning for ACCT 6140 – Tax Planning ACCT 6430 – International Managers for Managers Taxation ACCT 6400 – Taxation of ACCT 6480 – Partnership ACCT 6482 – Advanced Corporations and Shareholders Taxation Partnership Taxation ACCT 6410 – Advanced Tax ACCT 6500 – Advanced For Individuals Corporate Taxation ACCT 6420 – Taxation of 6440 – Tax Practice and Estates, Gifts, and Trusts Procedure ACCT 6450 – Research Problems In Taxation

For the most part, students will not be required to follow or maintain any specific sequence or ordering of classes. However, ACCT 6400 – Taxation of Corporations and Shareholders; will be a pre-requisite for ACCT 6500 – Advanced Corporate Taxation and ACCT 6480 – Partnership Taxation will be a pre-requisite for ACCT 6482 – Advance Partnership Taxation. Because no particular sequencing of classes is dictated, the possibility exists that a candidate admitted into the program may begin the program in any semester he or she wishes. This ability of a student to begin course study within that program in any semester and not to have to follow any set sequence of course work offers a high degree of flexibility to one of the program’s primary target student populations -- full-time working professionals. Full-time students who begin in the fall could complete the curriculum in one year. Part-time students will likely take one or two courses per semester until they have completed all ten courses. A sample curriculum for a part-time student, based on current course offerings, is presented in Table 6.

Table 6: Sample Curriculum

Fall Spring Summer Fall Spring Summer ACCT 6400 ACCT 6140 ACCT 6430 ACCT 6410 ACCT 6480 ACCT 6482 Corporate Tax Tax Planning International Advanced Tax Partnership Advanced for Managers Tax For Individuals Tax Partnership Tax ACCT 6450 ACCT 6440 ACCT 6420 ACCT 6500 Tax Research Tax Practice Estates, Gifts, Advanced and Procedure and Trusts Tax Corporate Tax

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C2d. Assessment Plan As stated in section A2 graduates of the program will have learned, and be able to: 1. Identify tax issues from both a compliance and a planning perspective, 2. Perform and document professional quality tax research, 3. Formulate and implement appropriate tax compliance and planning strategies and solutions, and 4. Communicate findings and recommendations effectively both orally and in writing.

Embedded in each of the four learning goals are both general and management specific goals as required for accreditation by the AACSB. General learning goals such as communication and problem-solving abilities are embedded in each of the goals set forth above. In particular, a student’s ability to “problem solve” is a necessary consequence of that student’s first identifying tax issues from both a compliance and a planning perspective and then formulating and implementing appropriate tax compliance and planning strategies and solutions. Communication skills are addressed by requiring students to perform and document professional quality tax research and to communicate their findings and recommendations effectively both orally and in writing. The instructor for each course in the MS in Taxation program will initially oversee assessment of these learning goals on an individual student basis. Through the evaluation and grading of exams, written course work, and class presentations, each course instructor can gauge a student’s mastery of course concepts and the above learning goals. For example, in ACCT 6450, Research Problems in Taxation, each student is required, among other assignments and class presentations, to draft a research memorandum to a client based on a hypothetical set of facts outlining the student’s advice to the client regarding a tax return position to be claimed by the client. Through this research memorandum, the student’s ability to identify tax issues, perform quality tax research, implement an appropriate tax compliance solution, and communicate such findings and solutions in writing can be evaluated by the course instructor. Additionally, assessment of these learning goals will be accomplished by an internal course-based assessment by the department and an external assessment conducted by the business community. Learning Goals by Course The required courses and some of the elective courses for the proposed program are already being taught. The incorporation of these learning goals in these courses is presented in Table 7.

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Table 7: Learning Goals included in existing courses

Existing Courses Goal #1 Goal #2 Goal #3 Goal #4

6140 - Tax √ √ √ √ Planning 6410 – Adv. Indiv. √ √ √ √ Tax 6430 - Intrnt’l √ √ √ √ 6450 – Research √ √ √ √ 6460 - Adv. √ √ √ √ Topics 6480 - Partnership √ √ √ √

6400 - Corp I √ √ √ √ 6420 - Estate/Gift √ √ √ √

6440 – Procedure √ √ √ √ 6500 - Adv. Corp √ √ √ √ II 6482 – Adv. √ √ √ √ Partnership

The local business community will also provide an assessment of the current tax courses offered by the Business School and their input as to which additional tax classes that should be offered. This external assessment has two interrelated goals. First, results from that external assessment will be used to fashion and enhance the curriculum so that students will graduate with the skill set and knowledge sought by the accounting and business communities in Denver. Second, the external assessment will raise the visibility and provide publicity for the program within Denver’s accounting and business communities. The CU Denver Outcomes Assessment process requires annual assessment and reporting. That reporting process imposes continuous improvement activities. The program will be fully engaged in the assessment and continuous improvement activities required by CU Denver and the AACSB, the Business School’s accrediting body. The program will conduct a preliminary analysis of the course-based learning goals at the end of the Fall 2013 semester and consult with the Director of Outcomes Assessment to determine how best to define and measure the four learning goals. Course content, delivery methods, and other possible assessment options will all be examined and adjustments made to enhance acquisition of the learning goals. Program faculty will then prepare an Outcomes Assessment Plan and submitted to the Director of Outcomes Assessment for suggestions for further improvements. After the program is implemented, data on learning outcomes will be reviewed and any changes will be incorporated as needed on an annual basis. In subsequent semesters, instructors will assess their courses for the particular learning goals to be measured and report the results to the Taxation faculty.

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C3 Professional Requirements or Evaluations C3a. Professional Accrediting Association and Licensing Requirements The Business School and the Accounting Program are fully accredited by the AACSB. AACSB accreditation requires, among other things, that business schools and accounting programs align their actions and goals with their strategic mission. This proposed degree program is in alignment with the Role and Mission Criteria and the strategic plan of the university and the Business School. AACSB accreditation also requires rigorous documentation of assessment of learning outcomes. That requirement has shaped the assessment of learning outcomes as discussed earlier in Section C2d above. AACSB accreditation does not stipulate specifics such as program length, content or mode of delivery. The program will meet AACSB staffing needs as all classes will be taught by current CU Denver faculty or Denver business professionals with appropriate academic credentials (i.e., a master’s degree in taxation, a juris doctor degree or a master of laws degree plus evidence of continuing intellectual contributions) and professional qualifications. Part-time lecturers will be drawn from the outstanding and exemplary professionals that comprise the Denver business community (see Appendix F for CVs and resumes of instructional faculty). The Business School currently has highly qualified lecturers with LL.M. degrees from top-rated taxation programs in the country. Moreover, these faculty members have relevant practice experience (e.g., IRS Chief Counsel’s Office) and/or are employed with large local law firms and national accounting firms. Based on the foregoing, this program will satisfy AACSB accreditation guidelines.

2015 CPA Exam Requirements Prior to July 1, 2015, the State of Colorado requires that those eligible to sit and take the certified public accountant (CPA) exam must have 120 credit hours with: 1. A Bachelor's degree from an accredited institution with at least 27 hours in Accounting, of which 21 hours must be cost accounting, tax, intermediate accounting, accounting theory and advanced accounting. At least 3 hours must be in auditing, and 2. At least 21 hours in other business administration such as business law, management, marketing, statistics, business communication, economics and finance. No more than 6 hours can be in any one of those areas to count toward the 21 hour total. 3. If the above requirements are not met at time of application, a CPA candidate must satisfy the requirements within 60 days after the candidate takes the first CPA exam section.

After July 1, 2015, the State of Colorado’s eligibility requirements will be 150 credit hours with 27 hours in number 1 and number 2 above, including advanced auditing and accounting ethics courses. Accordingly, students with accounting bachelor’s degrees graduating from this program after July 1, 2015 may have to enroll in, or have taken Advanced Auditing, an accounting ethics course, and one or more additional business courses to satisfy the requirements for eligibility to sit for the CPA exam. Students with bachelor’s degrees in a business discipline other than accounting will need to satisfy the licensing requirements in number 1 above plus Advanced Auditing and accounting ethics. Students with bachelor degrees in a non-business field who want to earn their CPA license will need to satisfy criteria 1 and 2 above plus Advanced Auditing, accounting ethics, and six additional hours of general business courses. Graduates from this proposed master’s program who do not plan on taking the CPA exam will not need to satisfy these requirements.

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C4. Institutional Factors C4a. Achieving Diversity Goals Policies for recruiting, training and placement of all students will be consistent with the policies on diversity of the Business School and CU Denver. The program will adhere to CU Denver’s policies on inclusion, non-discrimination, and equal opportunity. In this regard, “The University of Colorado is an affirmative action/equal opportunity employer and institution and does not discriminate on the basis of race, sex, creed, color, age, national origin, individual handicap, or veteran status in any aspect of employment or services. The institution’s educational programs, activities, and services are administered on a nondiscriminatory basis subject to the provisions The Business School currently enrolls a diverse student population and it is likely that the student population in this program will be similarly diverse. Moreover, the retention of under- represented students will be accomplished through mentoring and modeling. C4b. Effect on other programs The tax courses that currently are offered by the Business School are highly integrated with the MS in Accounting degree program. The MS in Taxation program will continue to partner with the Accounting department to jointly offer business and tax classes. Enrollment of students in the MS in Taxation program has the potential to enhance both taxation and accounting course offerings and class sizes at CU Denver.

Some of the students who may have pursued the Tax Specialization track in the MS Accounting degree may choose to enroll in the MS Tax program resulting in a decreased enrollment in the MS Accounting program. Nevertheless, given the size of the MS in Accounting program, this potential reduction in enrollment should not have a significant effect on enrollment numbers in the MS in Accounting program. The average enrollment in the MS in Accounting program has been 154 students over the past 3 terms (Fall/Spring). Moreover, to the extent the Business School offers an MS in Taxation degree, it will retain students in the Business School that would otherwise transfer to other universities to pursue their interest in taxation and receive MS in Taxation degrees. Additionally, there may also be a positive impact on the MS Accounting program by expending the number of electives from which they can choose. This should happen when the MS Tax program becomes more established and begins to offer additional specialized electives in Tax-related issues that may also appeal to students in the MS Accounting program.

C4c. Impact on Campus Resources There are 2 new courses expected to be offered based on the sample curriculum. Annual changes in require the program retain a faculty member with expertise in tax law and practice. It is also important to maintain Association to Advance Collegiate Schools of Business (AACSB) accreditation standards requiring rostered faculty in each discipline. Therefore, the school budgeted one non-tenure-track instructor with this expertise. The use of a non-tenure-track faculty is appropriate because of the program's reliance on local tax professionals to teach courses. This faculty will likely administer the program and represent a point of contact for students and participating faculty. The instructor salary budget is $70,000 and the instructor’s teaching load will be seven sections each year. The remaining sections

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will be taught by faculty, with a per section cost of $5,000. Including benefits, the instructional compensation is estimated at $128,200 at full enrollment. Although 2 new courses will be added to the course schedule to support the MS in Taxation degree, some of the additional sections are likely to be offered as on-line classes, thereby reducing the demand for classrooms and other campus resources necessitated by the addition of those new class sections to the program’s course schedule. Existing library resources are more than adequate to suit the needs of the proposed MS in Taxation degree program. Many of the library resources to be used by students in the MS in Taxation degree program are computer-based databases, including LEXIS/NEXIS, CCH Tax Research, BNA Tax & Accounting Center, Checkpoint RIA, Westlaw, various federal legislative history website libraries, the Library of Congress website, and the website of the Internal Revenue Service, to which the library already subscribes or has access via the Internet (a letter from the Auraria campus library, regarding the adequacy of current library resources to support the proposed MS in Taxation degree program is provided in Appendix B). When the program enrollment reaches 40 or more students a portion of student fees will be used to help support these existing database resources.

C4d. Formal Relationships and Affiliations Although the program will develop and maintain close ties to several taxation and accounting organizations in Denver, there are no formal relationships or affiliations required for the program.

C5. Physical Capacity and Needs The first two years of the program 10 course sections will be taught as a part of the MS in Taxation degree program. In year three it anticipated one additional section will be added. In year 4 and year 5 it is anticipated that enrollments will have grown enough to warrant additional sections of the MS in Taxation core courses. However, 9 of the initial 11 courses being offered are already being taught as a part of the MS in Accounting’s Tax specialization. In addition some of the new courses will be offered online. Thus, as indicated in Table 8, only one additional classroom is required in the first two years of the program and only three additional classrooms are required at full implementation (3 of the new sections added will be offered online). The program will not require any specifically dedicated classrooms, so these classroom requirements can be met with the existing resources of the Business School and the Auraria campus. Consequently, the proposed program will not require any new capital construction for classrooms, offices, laboratories, additional office space, or special facilities.

The program will require one additional office to be allocated for the one instructor that will be hired to support the classes being taught as a part of the MS in Taxation degree.

In addition, there is no anticipated need for additional computers beyond those already available in the Business School computing labs. In addition, a large proportion of students in graduate programs in the Business School satisfy their computing needs by their own personal computers and accompanying devices.

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Table 8: Physical Capacity Estimates (First five years of the program)

Space: Total Available Renovation New Lease/Rent Revenue/Source Additional Construction Needed Classroom 3 3 0 0 0 0 Instructional 0 0 0 0 0 0 Lab Offices 1 1 0 0 0 0 Study 0 0 0 0 0 0 Special/General 0 0 0 0 0 0 Use Other 0 0 0 0 0 0 TOTAL 4 4 0 0 0 0

C6. Cost Description and Source of Funds C6a. Cost Estimates for Five Years Instruction costs In the first year, the program will offer 10 tax course sections. In subsequent years up to 4 additional sections will be added to meet workforce requests and to stay current with the ever- changing tax code. Annual changes in tax law require the program retain a faculty member with expertise in tax law and practice. It is also important to maintain Association to Advance Collegiate Schools of Business (AACSB) accreditation standards requiring rostered faculty in each discipline. Therefore, the school plans to hire one non-tenure-track instructor with this expertise. The use of a non-tenure-track faculty is appropriate because of the program's reliance on local tax professionals to teach courses. The instructor salary budget is $70,000 with an expected instructional load of seven sections each year. The remaining sections will be taught by a combination of tenure track and adjunct faculty, with a per section cost of $5,000. Including benefits, the instructional cost is estimated at $123,200 at full enrollment. No new tenured faculty positions are needed to implement the program. The program requires no new capital, construction, or laboratory expenses.

Instructional Materials and Student Support Beginning in year two, the program anticipates $2,000 in instructional materials for items supporting the classroom that may not be covered by fee revenue. It is expected gift funds will support scholarships. However, the program has earmarked a non-gift-sourced scholarship for one student a year. Total student support is $15,699 beginning in year two. Administrative costs Administrative costs for the program are estimated to be $10,000 per year and will be used to pay for an instructor who will serve as a point of contact for the students and will also communicate with local tax firms for demand for curriculum subject areas, student recruitment, and adjunct faculty.

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Operating costs The program estimates annual marketing costs of $5,000 to advertise the program and recruit students. There are additional fee-supported expenses for advising and teaching assistant support, estimated at $13,667 at full enrollment. Total operating costs are estimated at $18,667 at full enrollment. Start-up costs The Business School will provide $5,000 in start-up costs for marketing the program for fall 2014. Tuition Revenue The proposed tuition rate is $785 per credit hour for residents and $1,216 per credit for nonresidents. The total cost of this 30-credit program, including campus and program fees for six terms, will be $27,674 for residents. Although this resident rate is higher than the $501 per credit that Business School currently charges for its other MS programs, it is lower than the cost at all but two (City University of New York and California State Fullerton) of the other 15 institutions that offer a MS in Taxation degree. The total program cost at the other three public universities (Georgia State, Arizona State, and the University of Illinois) ranges from $35,530 to $36,200.

The program will generate an estimated $130,500 in tuition in the first year and an estimated $242,308 at full enrollment after accounting for the campus and the Business School Dean's office recharges for administrative support. The School collects program fees to support software licenses, library database access, and career advising. Total fee revenue available to support the program is estimated at $5,492 in year one and $14,188 at full enrollment.

.

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Table 9: Projected Expenses for New Program and Accompanying Revenue

Full Year 1 Year 2 Year 3 Year 4 Year 5 Imple- 2014-15 2015-16 2016-17 2017-18 2018-19 mentation Operating Expenses 1 Faculty $103,200 $108,200 $113,200 $118,200 $123,200 $123,200 2 Financial Aid specific to program $0 $15,699 $15,699 $15,699 $15,699 $15,699 3 Instructional Materials $0 $2,000 $2,000 $2,000 $2,000 $2,000 4 Program Administration $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 5 Rent/Lease $0 $0 $0 $0 $0 $0 6 Laboratory & Other Operating Costs $12,733 $15,267 $17,200 $18,133 $18,667 $18,667 7 Subtotal Operating Expenses $125,933 $151,166 $158,099 $164,033 $169,566 $169,566 Program Start-Up Expenses 8 Capital construction $0 $0 $0 $0 $0 $0 9 Library/Equipment Acquisitions $0 $0 $0 $0 $0 $0 10 Other Start-up Expenses $5,000 $0 $0 $0 $0 $0 11 Subtotal Program Start-Up Exp. $5,000 $0 $0 $0 $0 $0 TOTAL PROGRAM EXPENSES $130,933 $151,166 $158,099 $164,033 $169,566 $169,566 Enrollment Revenue 12 General Fund: State Support 13 Cash Revenue: Tuition $130,500 $171,960 $226,675 $242,308 $242,308 $242,308 14 Cash Revenue: Fees $5,492 $10,069 $13,273 $14,188 $14,188 $14,188 Other Revenue 15 Gifts/Donations $0 $0 $0 $0 $0 $0 16 Program Reallocation $0 $0 $0 $0 $0 $0 17 Federal Research Grant Support $0 $0 $0 $0 $0 $0 18 Other Revenue $0 $0 $0 $0 $0 $0 TOTAL PROGRAM REVENUE $135,992 $182,030 $239,948 $256,496 $256,496 $256,496 TOTAL PROGRAM SURPLUS/DEFICIT $5,059 $30,864 $81,849 $92,464 $86,930 $86,930

C7. Other Relevant Information: N/A.

C8. External Reviewer’s Comments Dr Jon Davis Chair of the Department of Accountancy at the College of Business at the University of Illinois at Urbana-Champaign reviewed this proposal and his letter is provided in Appendix D. Dr. Davis is Chair of the Accounting Accreditation Committee for the AACSB and his very familiar with the operation of over 100 academic accounting programs worldwide and numerous MS in Taxation programs.

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In his review, Dr. Davis concluded that the Business School of CU Denver presented a strong a case for instituting an MS in Taxation degree program. In summary, his support for the program is based on the following factors: 1. The MS in Taxation degree has become the preferred credential in the public accounting profession for hiring individuals interested in working in the field of tax. 2. The proposed CU Denver MS in Taxation program offers competitive advantages (relative to the similar DU program) in the form of tuition costs and location. 3. Demand for individuals with MS in Taxation degrees will increase over the next decade given legislative trends in Washington, D.C. and staffing patterns in tax in public accounting firms. 4. The initial financial risk of implementing the program is low and program surpluses are projected through time. With good quality course delivery and a small amount of marketing, the projected revenue numbers appear very reasonable. 5. The proposed curriculum is very strong and consistent with other MS in Taxation degree programs across the country. 6. As the only publicly supported MS in Taxation program, CU Denver’s program will provide an important public service to Colorado and the surrounding Rocky Mountain region and will supply qualified tax professionals important to the economy of the region as a whole. 7. The MS in Taxation degree program will increase the visibility of the CU Denver Business School.

In citing this supporting factors, Dr. Davis does offer three precautionary items. First, he notes that the CU Denver MS in Taxation program must deliver “good quality course[s]” and invest in a small amount of marketing. Second, the program must focus on recruiting “staff and seniors at public accounting firms” and “students graduating with accounting degrees from other universities that will likely be working in the Denver [metropolitan] area.” Third, elective courses should not be added too quickly to the curriculum.

Appendices:

Appendix A – Letter from Dean Sueann Ambron, Business School CU Denver

Appendix B – Library Resources Letter

Appendix C -- Course Descriptions

Appendix D – External Review

Appendix E – Letters of Support from Accounting Firms

Appendix F – CVs and Resumes of Instructional faculty

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Appendix A – Letter from Dean Sueann Ambron, Business School CU Denver

APPENDIX B: Library Resources Letter

PROJECTED FINANCIAL IMPACT Master of Science Degree in Taxation Auraria Library August 14, 2013

Auraria Library currently supports the Business School’s faculty and undergraduate programs, including those working in Taxation and Accounting, with numerous information resources (including books/e-books, journals/e- journals, and databases). Our collections are presently well equipped to support a graduate program in Taxation. Based on our analysis, we find no immediate need for additional funding to support this new Master of Science degree program.

The Auraria Library’s online resources (i.e. databases) are sufficient to support this program. The Library subscribes to the CCH Tax Research Network (aka IntelliConnect), RIA’s Checkpoint, and the Bloomberg BNA Tax and Accounting Center (formerly BNA Tax Management). The first of these three offers federal and state tax information, including cases, regulations, and rulings. The second provides primary tax documents and secondary analysis for federal, state and local taxation, estate planning, pensions and benefits, international taxation and payroll deduction. The third comprises analysis, practice tools (including interactive forms), primary sources, and news regarding taxation of U.S. income, and estates, gifts and trusts, as well as foreign income.

The Library’s journal/e-journal subscriptions and book/e-book collections are also sufficient. The Library provides students and faculty with access to well over 100 Taxation and Accounting periodicals/e-periodicals. The Library’s collection of books/e-books on Taxation and Accounting is also extensive. In addition, it has an interlibrary loan/Prospector/document delivery system that can obtain Taxation and Accounting materials not immediately available from the Library’s collection.

In addition to the collections/resources mentioned above, the Library offers its faculty and students a number of services. These include: course reserves, research consultation, collaboration with teaching faculty to identify pertinent resources and research assignments for their syllabi, and library instruction.

We look forward to working with Taxation faculty and graduate students to enhance student learning!

Prepared by Thomas J. Beck

Appendix C: Course Descriptions Required Courses ACCT 6140 – Tax Planning for Managers: A Federal tax survey emphasizing the application of individual, partnership, and corporate tax principles to the decision-making process.

ACCT 6400 – Taxation of Corporations and Shareholders: A study of federal income tax problems of corporations and corporate shareholders.

ACCT 6440 – Tax Practice and Procedure: A study of the organization, policies, and procedures of federal and state taxing authorities.

ACCT 6450 – Research Problems In Taxation: A study of the methodology used in tax research and tax planning, together with a study of some aspects of tax administration and tax practice.

ACCT 6480 – Partnership Taxation: A study of the fundamental tax issues relating to partnerships and partners arising from the formation, operation, and liquidation of partnerships.

Elective Courses ACCT 6410 – Advanced Tax for Individuals: An advanced federal income tax course stressing the use of the Internal Revenue Code, accompanying Treasury regulations, case law, and administrative guidance to resolve federal income tax issues affecting individuals.

ACCT 6420 – Taxation of Estates, Gifts, and Trusts: A focus on the taxation of trusts, estates, and gifts under Subchapter J of Subtitle A of the Internal Revenue Code and on the fundamentals of basic estate and gift tax planning under Subtitle B of the Internal Revenue Code.

ACCT 6430 – International Taxation: International taxation focuses on the U.S. taxation of international transactions, including a review of the taxation systems in several countries and of consumption tax regimes (e.g. value-added taxes), the taxation of U.S. expatriates, the tax consequences of repatriating profits to the U.S., and the application of tax treaties.

ACCT 6460 – Advanced Topics in Taxation: A course that focuses on advanced topics in tax planning for closely held businesses and other topics.

ACCT 6482 – Advanced Partnership Taxation: Advanced federal income tax course focusing on the taxation of partnerships and their partners. Topics include discussions of “substantial economic effect” as defined under pertinent Treasury regulations, allocation of debt to partners’ bases, “hot assets”, profits interests, related-party transactions, distribution “waterfalls”, profit and loss allocation “waterfalls”, and taxation of retiring partners.

ACCT 6500 – Advanced Corporate Taxation: A study of the tax rules and problems relating to corporate organizations, reorganizations, commonly controlled corporations, and consolidated tax returns, with a special emphasis on the tax rules associated with restructuring of corporate entities in the context of corporate merger and acquisition transactions.

APPENDIX D: External Review by Jon Davis, University of Illinois

Appendix E – Letters of Support from Accounting and Taxation Firms

Aclivity LLC, Denver, CO Anton Collins Mitchell LLP, Denver, CO. BKD LLP, Denver CO EKS&H LLLP, Denver CO. Ernst & Young LLP, Denver, CO. Gates Corporation, Denver CO. Knight Field Fabry, LLP, Denver, CO. PricewaterhouseCoopers LLP, Denver CO. RubinBrown LLP, Denver CO. Van Gilder Insurance Corporation, Denver CO. WhiteWave Foods, Broomfield, CO

Angela Roberts, CPA Managing Director Aclivity LLC

August 15, 2013

Michael L. Roberts, Ph.D., J.D., CPA Director of Accounting Programs University of Colorado Denver Denver, Colorado 80217

Dear Professor Roberts,

Your proposal to start a Master’s Degree for Taxation at University of Colorado, Denver is excellent. The MS Taxation degree is an entry requirement for many major accounting firms and is not easily obtained in the Rocky Mountain region. Currently only offered at a private and very expensive university in the area, University of Colorado, Denver is the perfect place to offer this degree program. It is situated near large accounting firms and would add interest to the University as well as provide employment for the graduates. This central location of CU, Denver will provide a way for people already working with accounting degrees to obtain their MS Taxation in the evenings while still working.

As the owner/operator of a consulting, accounting placement and contracting firm, I am very much in favor of this program. It will provide many expertly trained tax specialists that will be in high demand in the market place and it will be a pleasure to place them with my clients. I may be able to use these graduates for our in house projects as well.

I would like to conclude by stating that a MS Taxation degree to be offered at University of Colorado, Denver would provide a real service to the accounting community and to the students of the university. This would provide them a lower cost alternative to a degree that is necessary for tax employment in major companies.

Sincerely,

Angela Roberts, CPA Managing Director Aclivity LLC

ACLIVITY, LLC • 3381 South Ash Street • Denver, Colorado 80222 • 720.232.3111 [email protected] • www.aclivity.com

September 16, 2013

To Whom it May Concern

As a member of Accounting Program Advisory Council, I am aware of a proposal for a new Master of Science in Taxation degree that would potentially be offered by the University of Colorado Denver Business School.

I am a professional in public accounting and heavily involved in the recruiting of new staff for our firm. I am aware that graduating students are in a highly competitive environment when applying for new positions with accounting firms and in industry. Providing them with the best opportunities for employment begin with a strong education from a respected college. The proposed Master of Science in Taxation degree would be a way for students from UCD to differentiate themselves from peer candidates in the interview process and I believe would identify them as being better educated, more well equipped and marketable for the Denver market, at least. I know that our firm, as well as the other public accounting firms in Denver and those corporations seeking tax professionals, would take notice of the program and interest in the students with this accreditation.

Thank you for your time.

Douglas Slaybaugh, Partner EKS&H LLLP

Page 1 of 1 Michael I am encouraged to hear that you are proposing a Master of Science in Taxation Degree. Given, that hiring in our tax department generally requires a masters in Taxation for an entry level position, I certainly support such a degree at UC Denver as this would increase our pool of potential candidates in our recruiting process. This program will be one more educational opportunity that contributes to the continued attraction of the Colorado community as a great workplace and one of the most educated workforces in the nation. Kind regards, Mark

Mark O. Belfance | Partner | Assurance Services Ernst & Young LLP 370 17th St., Suite 3300, Denver, Colorado 80202, United States of America Direct: +1 720-931-4455 | Office: +1 720-931-4000 | [email protected] Fax: +1 866-273-2515 | Mobile: +1 330-329-8618 | EY/Comm: 9262357 Website: http://www.ey.com Assistant: Gayle Eberhard | Phone: +1 720-931-4536 | [email protected] Read our points of view while on the go via the EY Insights mobile app .

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https://legacy.ucdenver.edu/owa/?ae=Item&a=Open&t=IPM.Note&id=RgAAAABqskgRu ... 10/ 2/ 2013

1551 Wewatta Street Denver, Colorado 80202

Tel +1 303 744 5790 Fax +1 303 629 8203 [email protected]

John W. Zimmerman Chief Financial Officer

August 15, 2013

Michael L. Roberts, Ph.D., J.D., CPA Director of Accounting Programs The Business School University of Colorado Denver Campus Box 165, POB 173364 1475 Lawrence Street, Rm 6204 Denver CO 80217

Dear Professor Roberts,

I was very pleased to hear of your proposal to add a MS Degree in Taxation at the University of Colorado at Denver. This program will prove valuable for students seeking advanced degrees in taxation.

The university’s downtown location will give enrolled students visibility to local businesses and all of the Big 4 accounting firms while offering those already employed downtown an excellent opportunity to further their educational needs.

The Gates Corporation currently employs twelve professionals in our Corporate Tax department. We would welcome the opportunity to recruit students who have graduated with a MS in Taxation from the University of Colorado at Denver. Given the legislative environment in Washington, I believe there will be a strong need for qualified tax professionals in the Denver market for years to come.

Sincerely,

John W. Zimmerman Chief Financial Officer

Michael L. Roberts Ph.D., J.D., CPA Director of Accounting Programs The Business School University of Colorado at Denver Campus Box 165, POB 173364 1475 Lawrence Street, Room 6204 Denver, Colorado 80217

Dear Dr. Roberts,

I'm writing you to express my support for the MS Taxation degree you are proposing at the University of Colorado at Denver Business School. There has long been a need for a publicly funded state university in Colorado to offer such a program. As a graduate of the University of Denver Masters of Taxation Program, I understand the value of such a degree but also recognize the prohibitive cost limits access to very few students. Offering a MS Taxation degree at CU Denver would be a cost effective alternative to many students who otherwise wouldn't have access to it.

A Masters in Taxation has become a minimum requirement, almost an entry level degree, for most private employers and for almost all large public accounting firms. Starting in July of 2015, Colorado law will require the equivalent of a masters degree (150 hours of education) to become a licensed CPA. This program would expand the offerings and give students options in getting this education requirement satisfied and meet the minimum requirements to be employable.

The downtown campus offers a unique demographic of accounting students. Many of the students have full time jobs and pursue Masters degrees on a part-time basis in the evening. Many of these students hold high level accounting positions or have worked in the industry for a number of years and want to complete a Masters degree specializing in tax. I also believe there is a substantial demand from folks already working in public accounting who want to pursue a specialization in tax and can’t without such a degree.

As the owner of a mid sized public accounting firm in Denver, I'd welcome such a program as we find the pool of employable tax professionals with advanced degrees to be very small.

You have 100% of my support in offering this degree. I personally know both the value of the degree and the current demand.

Sincerely,

KNIGHT FIELD FABRY, LLP CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS

Sarah J. Knight, CPA MT MAFF

September 10, 2013

University of Colorado Denver Board of Regents:

I am writing to share my support of the proposed Master’s in Taxation program at the University of Colorado Denver. This degree will be valuable for both students and Colorado-based businesses, and graduates are expected to be of interest for hire to public accounting firms like PwC.

Colorado law will require 150 hours of education for CPA licensing (essentially, sufficient education for a master's degree) starting July 1, 2015. Due to the change in Colorado CPA laws in 2015, many Colorado employers, including international firms like PwC, now require a degree similar to the proposed Master’s in Taxation for entry-level positions.

As there currently are no public-supported universities in Colorado that offer a degree to meet the 2015 CPA requirements, this new degree will provide a cost-effective alternative to private school and enable many students to earn their Master’s in Taxation degree. Many of these students otherwise would be unable to do so. Additionally, the downtown Denver location also makes earning the degree part-time, in evenings, accessible for full-time working accountants who do not already have a master's degree or who want to specialize in tax; further increasing demand for the degree.

I look forward to hearing of your decision.

Sincerely,

John Kulich

PricewaterhouseCoopers LLP, 1900 16th Street, Suite 1600, Denver, CO 80202-5258 T: (720) 931 7000, F: (720) 931 7100, www.pwc.com/us

September 24, 2013

Michael,

The Masters in Tax Degree is becoming increasingly important in the competitive job market. At our firm, we have revised our focus to tax students who will be graduating with this degree. The education earned during this degree provides a competitive advantage to students. The University of Colorado- Denver would benefit heavily by adding this to their curriculum.

______Chris Daues, CPA | E: [email protected] | Staff RubinBrown LLP | An Independent Member of Baker Tilly International 1900 16th Street | Suite 300 | Denver, CO 80202 | P:303.952.1276 | F: 303.777.4458 | www.rubinbrown.com

an independent member of BAKER TILLY INTERNATIONAL

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Under U.S. Treasury Department guidelines, we hereby inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used by you for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed within this tax advice. Further, RubinBrown LLP imposes no limitation on any recipient of this tax advice on the disclosure of the tax treatment or tax strategies or tax structuring described herein.

APPENDIX F CVs and Resumes of Instructional faculty

ERIC JON ZINN

P.O. Box 181083 Cell: 720.438.1888 Denver, Colorado 80218

Work Experience

ERIC ZINN, P.C. (Denver, Colorado) Shareholder Fall 2013 to Present • Originate, identify and implement business and tax planning structures to promote clients’ business needs with an emphasis on mergers and acquisitions of corporate and non- corporate entities, asset acquisitions and divestitures, real estate holding company structures, and the formation, operation, and dissolution of corporate, pass-through, and international entities; identify and research pertinent tax issues relating to same; analyze cost, revenue, and cash flow projections, allocation and distribution waterfalls, and tax returns relating to same • Draft and review general business documents and contracts, including limited liability company operating agreements and partnership agreements, nonqualified profit sharing plans for employees of limited liability companies and partnerships, corporate merger documents, corporate organizational documents, confidentiality and nondisclosure agreements, and asset transfer documents • Advise clients regarding income tax matters and controversies before the Internal Revenue Service

KRENDL KRENDL SACHNOFF & WAY (Denver, Colorado) Special Counsel, Shareholder Fall 2009 through Summer 2013 • Originated, identified and implemented business and tax planning structures to promote clients’ business needs with an emphasis on mergers and acquisitions of corporate and non-corporate entities, asset acquisitions and divestitures, real estate holding company structures, and the formation, operation, and dissolution of corporate, pass-through, and international entities; identified and researched pertinent tax issues relating to same; analyzed cost, revenue, and cash flow projections, allocation and distribution waterfalls, and tax returns relating to same • Drafted and reviewed general business documents and contracts, including limited liability company operating agreements and partnership agreements, nonqualified profit sharing plans for employees of limited liability companies and partnerships, corporate merger documents, corporate organizational documents, confidentiality and nondisclosure agreements, and asset transfer documents • Advised, negotiated on behalf of and represented clients in the preparation of offshore voluntary disclosures with the Internal Revenue Service

UNIVERSITY OF COLORADO, BOUDLER – SCHOOL OF LAW (Boulder, Colorado) Adjunct Professor Commencing Spring 2014 • Teach introduction course regarding the taxation of partnerships and S corporations to J.D. candidates

UNIVERSITY OF COLORADO, DENVER – BUSINESS SCHOOL (Denver, Colorado) Adjunct Professor 2003, 2004, 2007 to Present • Teach tax classes, including tax research, individual income taxation, introduction to partnership taxation, and advanced partnership taxation, to students in the Master of Accounting program at the Business School of the University of Colorado, Denver. Also taught classes relating to the taxation of “C” corporations and “S” corporations to the same group of students

BROWNSTEIN HYATT FARBER SCHRECK (Denver, Colorado) Special Counsel Winter 2003 to Fall 2009 • Originated, identified and implemented business and tax planning structures to promote clients’ business needs with an emphasis on real estate holding company structures and syndications and entity formations, operations, and dissolutions; identified and researched pertinent tax issues relating to same • Drafted and reviewed general business documents and contracts, including limited liability company operating agreements and partnership agreements, corporate merger documents, leases, private placement memoranda, corporate organizational documents • Negotiated on behalf of and represented clients in income tax and sales and use tax matters and controversies before the Internal Revenue Service, the Colorado Department of Revenue, and various municipal jurisdictions in the State of Colorado and in the United States Tax Court and other federal courts

GELT, PADDISON & ZINN P.C. (and predecessor firms) (Denver, Colorado) Associate, Shareholder Fall 1995 to Winter 2003 • Specialized in the resolution of corporate and complex tax issues; analyzed cost, revenue, and cash flow projections • Identified and utilized tax planning structures with an emphasis on mergers and acquisitions of corporate and non-corporate entities, spin offs and split ups of business entities, asset acquisitions and divestitures, and the formation, operation, and dissolution of corporate, pass-through, and international entities • Oversaw the drafting and review of general business documents and contracts, including limited liability company operating agreements and partnership agreements; corporate organizational documents; debt instruments, security agreements, and other credit documents; confidentiality, proprietary data and licensing agreements; executive compensation, employment, and nonqualified stock option agreements; and real estate deeds, deeds of trust, and like-kind exchange and personal property transfer documents

ACUMENICS RESEARCH &TECHNOLOGY, INC. (Denver, Colorado) Project Manager Fall 1994 to Fall 1995 • Managed Denver branch office of litigation support contractor to the United States Department of Justice; oversaw a staff of 20 employees, including attorneys, paralegals, data processors, word processors, clerks, and receptionists; prepared costs and revenue projection schedules; acted as liaison between corporate home office and employees of Denver branch office • Successfully oversaw the creation and implementation of computer and paper systems designed to organize and track discovery documents produced in large, complex cases involving environmental claims and government contract disputes

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-2- UNITED STATES TAX COURT (Washington, D.C.) Attorney-Advisor to the Hon. Carolyn P. Chiechi Fall 1993 to Fall 1994 Attorney-Advisor to the Hon. Lapsley W. Hamblen Summer 1987 to Fall 1989 • Strategized with Tax Court judges regarding the resolution of tax controversies and precedential value of court opinions • Drafted legal opinions and legal memoranda resolving tax controversies between taxpayers and the Internal Revenue Service

VERNER, LIIPFERT, BERNHARD. MCPHERSON, & HAND, CHARTERED (Washington, D.C.) Associate Spring 1992 to Fall 1993 • Identified, analyzed and drafted proposed legislative changes to the Internal Revenue Code, including changes relating to excise taxes affecting airlines, value added taxes, the amortization of intangible assets, and tax credits for corporations operating in Puerto Rico and other United States possessions • Represented amicus curiae before the United States Supreme Court in the matter of Newark Morning Ledger Co. v. United States, 507 U.S. 546 (19 93), regarding the amortization of intangible assets • Implemented paper systems designed to organize and track discovery documents produced in large, complex “anti-dumping” claims under United States trade laws.

KING & SPALDING (Washington, D.C.) Associate Fall 1989 to Spring 1992 • Prepared ruling request with regard to which the Internal Revenue Service ruled favorably concerning net operating loss limitations under Internal Revenue Code section 382 as applied to consolidated groups prior to the issuance of regulatory guidance in that area • Involved in the implementation of business structures emphasizing corporate, partnership, and individual tax solutions, including the creation of a $3 billion limited partnership in the chemical and homecare products industry; identified and researched pertinent legal issues relating to same; drafted and reviewed transactional documents for same

UNIVERSITY OF FLORIDA, COLLEGE OF LAW (Gainesville, Florida) Assistant Professor Fall 1986 to Summer 1987 • Taught Legal Accounting and Introduction to Individual Income Taxation to J.D. candidates and taught Tax Research to LL.M. candidates

Education

Master of Business Administration -- University of Colorado, Denver 2000 Master of Science in Information Systems -- University of Colorado, Denver 2000 Master of Science in Finance -- University of Colorado, Denver 2000 LL.M., Taxation -- University of Florida 1986 J.D. with Honors -- University of Florida (Order of the Coif) 1985 B.A., Economics, Summa Cum Laude -- University of the South (Phi Beta Kappa) 1981

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Professional Memberships, Boards

Colorado Bar Association, Florida Bar Association, District of Columbia Bar Association, American Bar Association

President, Tax Section of the Colorado Bar Association 2007-2008

Tax Section Representative, Colorado Bar Association Board of Governors 2007-2008

Chair, Development Committee, University of Colorado, Denver, Business School Accounting Program 2012 to Present

Member, Professional Advisory Board, University of Colorado, Denver, Business School Accounting Program 2010 to Present

Executive Council of the National Association of State Bar Tax Sections Chair October 2013 to Present Vice Chair October 2011 to September 2013 Member 2010 to Present

Admitted to practice before the United States Supreme Court, the United States Tax Court, the United States Court of Appeals for the Tenth Circuit, the United States Court of Appeals for the Federal Circuit, the United States Court of Federal Claims and the United States District Court for the District of Colorado

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-4- Books, Lectures, Articles and Outlines

Books

Author of the Colorado Limited Liability Company -- Forms and Practice Manual, Data Trace Publishing Company, a multi-volume treatise focusing on the formation, operation, liquidation, and taxation of Colorado limited liability companies

Original author of a chapter on the formation of Colorado limited liability companies included in the Colorado Bar Association’s The Practitioner’s Guide to Colorado Business Organizations

Lectures

Lecturer for the American Bar Association, Colorado Bar Association, Lorman Education Services, the College of Law of the University of Denver, the Heart of America Tax Institute, CLE International, and the Center for International Legal Studies on topics including the proper choice of a legal entity for the operation of a business enterprise, the drafting of operating agreements for limited liability companies, real estate taxation, reverse like-kind exchanges, international taxation, Internal Revenue Code section 367 and international transfers of property, current trends and transactional structuring under partnership taxation, and current developments in corporate taxation

Sample Lectures:

October 16, 2013 – “Substantial Economic Effect Allocations Versus Targeted Capital Account Allocations,” Colorado Business Law Institute, Colorado Bar Association, Business Law Section

April 10, 2013 – “Exercise of Non-Compensatory Options, Final Partnership Regulations,” Colorado Bar Association, Tax Section

June 8, 9, 2012 – “Partnership Tax Basics,” 32d Annual Estate Planning Retreat, Colorado Bar Association CLE

March 21, 2012 – “Partnership Compensation: Payment and Profit Possibilities,” Colorado Bar Association CLE

April 12, 19, and 26, 2011 – “Partnership Capital Account Series – Allocations, Distributions, Taxation, and More!,” Colorado Bar Association CLE

February 15, 2011 – “The New Federal Tax Act”, Colorado Bar Association CLE

October 1, 2010 -- “Recent Federal Taxation Changes Affecting Small Businesses,” 11th Annual Colorado Business Law Institute, Colorado Bar Association, Business Law Section

March 26, 2009 -- “Partnership Taxation Fundamentals,” Colorado Bar Association CLE

September 24, 2008 – “Drafting LLC and Partnership Agreements,” Business Document Drafting Series, Colorado Bar Association, Business Law Section

September 18, 2008 -- “Drafting and Negotiations Skills I: Working with Forms and Developing Good Forms,” 9th Annual Colorado Business Law Institute, Colorado Bar Association, Business Law Section

July 9, 16, and 30, 2008 -- “Partnership Capital Accounts: Allocations, Distributions, Taxation, and More,” Colorado Bar Association CLE

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-5- July 23, 2008 -- “LLCs, LLPs and Partnerships: Organization and Operation in Colorado,” Lorman Education Services

June 2, 2008 -- “Tax Effective Planning for Mixed-Use Development: How to Save Your Client a Fortune in Taxes”, 13th Annual Mixed-Use Development Conference, CLE International

April 9, 2008 -- “Final Circular 230 Regulations Regarding Practice Before the IRS,” Colorado Bar Association, Section of Taxation

October 3, 2007 -- “Business Document Drafting Series: Drafting LLC and Partnership Agreements,” Colorado Bar Association CLE

September 7, 2007 -- “Limited Liability Companies: Advanced Withdrawal Strategies for Members in Colorado,” Lorman Education Services

May 12, 2007 -- “Monetary Penalties and the Firm, Ethical Considerations,” American Bar Association, Section of Taxation, May Meeting 2007

Articles and Outlines

Authored and co-authored numerous outlines and articles relating to the taxation of damage awards, international taxation, choice of entity, current developments in the taxation of pass-through entities and C corporations, the partnership audit rules under the Internal Revenue Code, corporate spin offs and other distributions governed by Internal Revenue Code section 355, and international tax and tax treaty considerations affecting partnerships, trusts, foundations, and similar entities

Sample Articles:

“Colorado and the ‘Amazon Tax’ – Recent History,” The Colorado Lawyer, Vol. 41, No.6, p. 43, June 2012 (Co-Author)

“Allocation of LLC Profits and Losses and the Alternate Economic Effect Test,” The Colorado Lawyer, Vol. 41, No.4, p. 41, April 2012 (Author)

“Built-In Gains Within the Context of S Corporations,” The Colorado Lawyer, Vol. 40, No.7, p. 81, July 2011 (Author)

“Allocation of LLC Profits and Losses and the Basic Economic Effect Test,” The Colorado Lawyer, Vol. 40, No.4, p. 45, April 2011 (Author)

“Taxation of LLCs and the Use of Balance Sheets: An Introduction,” The Colorado Lawyer, Vol. 40, No.1, p. 75, January 2011 (Author)

“Final Circular 230 Regulations Affect Practice Before the IRS,” The Colorado Lawyer, Vol. 37, No.9, p. 59, September 2008 (Co-Author)

“Leases in Affordable Housing Transactions,” Journal of Affordable Housing, Vol. 13, No. 2, p. 185, Winter 2004 (Co-Author)

“Registration and List-Keeping Requirements Under the New Tax Shelter Regulations,” The Colorado Lawyer, Vol. 32, No. 12, p. 107, December 2003 (Co-Author)

“Simplifying the Disclosure Requirements Under the New Tax Shelter Regulations,” The Colorado Lawyer, Vol. 32, No. 9, p. 109, September 2003 (Co-Author)

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-6- “Structuring Fractional Interests in Real Estate to Permit Like-Kind Exchanges,” The Colorado Lawyer, Vol. 31, No. 12, p. 73, December 2002 (Co-Author)

“Partnerships, Trusts, Foundations and Similar Entities – Treaty Resolution of Conflicting National Positions: Part 1: United States,” Tax Planning International Review, Vol. 18, No.12, p. 5, December 1991 (Co-Author)

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CBIZ MHM, LLC 8181 East Tufts Avenue, Suite 600 Denver, CO 80237 Ph: 720.200.7000 ■ F: 720.200.7002 www.cbiz.com

Sarah Knight, CPA MT MAFF holds a Bachelor of Science degree in Accounting from the University of Colorado and a Master of Taxation from the University of Denver Law School. In addition to her CPA license, Ms. Knight, for nearly a decade, held Series 7 and 66 securities licenses, an Accident, Health & Life Insurance license and received the PFP certification (Personal Financial Planner) from the American Institute of CPAs. She is a member of the Colorado Society of Certified Public Accountants (CSCPA), the American Institute of Certified Public Accountants (AICPA), the Colorado Association of Commerce and Industry (CACI) and the National Association of Valuators and Analysts (NACVA) where she received her Master Analyst in Financial Forensics (MAFF) designation.

Ms. Knight is currently the Tax Practice Leader of the Denver office of CBIZ MHM; one of the top ten accounting and tax firms in the country. Prior to joining CBIZ MHM in late 2013, Ms. Knight was the founder and Managing Partner of Knight Field Fabry LLP since its inception in 2007.

Ms. Knight also teaches as an adjunct professor at the University of Colorado Denver Business School.

Ms. Knight has over 20 years of experience providing tax consulting, compliance and litigation support services to closely held businesses, individuals and non‐profits. Her experience includes comprehensive tax planning and compliance, business formation and liquidation, real estate, conservation easements, entity selection and conversion, mergers and acquisitions, debt structuring, buy‐sell arrangements, divorce strategies, litigation support, mediation and transactional analysis for a diverse clientele.

Sarah's civic and community activities include the following:

University of Colorado – Adjunct Professor University of Colorado Accounting Advisory Board ‐ Chair Metro Denver Executive Club – President Elect Colorado Association of Commerce & Industry – Tax Council Member Denver Botanic Gardens ‐ Finance Committee (2000 ‐ 2005) Leadership Denver ‐ Class of 2002 Social Venture Partners – Founding Partner (2000 ‐ 2004) Denver Metro Chamber of Commerce ‐ Finance Committee (1999 ‐ 2003) Denver Metro Chamber Foundation ‐ Treasurer (2001‐2003) 2001 Recipient of the Denver Chamber's Chamber Champion Award Denver SCORES ‐ Board Member (2000 ‐ 2003) Colorado Trail Foundation ‐ Treasurer (1997 ‐ 1999)