LLM of tax law is a special area that deals with taxation procedure of a country. Specialist in LLM tax law often can be seen in law consultant firms and litigation arenas. LLM covers estate tax laws, gift tax laws, capital gains, and many more jurisdiction of taxation to the fullest.
In America, to follow LLM, candidates should be a graduate of a law school accredited by an American Bar Association. However, in other counties, a law degree is sufficient to admit for LLM in Taxation program. Nevertheless, LL.M degree is not a priority of a lawyer. It is not required to practice law. To follow a LLM Law program of study, law students should first obtain a degree in law.
The students who follow LLM tax laws cover Banking Law, European Community Law, Intentional Tax Law I, International Tax Law II, Taxation and Corporation Finance, Taxation Principles & Concepts and Business Taxation.
LLM Tax Law covers vast areas in taxation such as real estate, estates and trusts, corporate taxation, international taxation laws, partnerships in relation to taxation, retirement accounts, LLC etc., and influence vastly on tax practices and its sub division laws.
Those who are qualified with LLM Tax Law know the theoretical and practical systems to resolve any situations with regards complications of taxation as they have a wide knowledge in various respects of taxation. They can also create innovative methods to develop taxation systems for a country to get the full involvement of the citizens with the government in a way to harmonize its taxation procedures.
The persons who follow the LLM Master of Tax Laws cover one and half year duration covering 360 hours. It has a basic module that includes 150 hours in the fundamentals of business and finance in the selected areas relevant to LLM Tax Laws. After the basic module, specialization module covering 105 class rooms' hours has to be followed. This covers fundamental and structural laws.
The next specific module covers 105 class room hours that cover in-depth of taxation. An Optional area of International Extension also can be taken covering many aspects of Intentional Tax jurisdictions as well.
People are mostly in confusion when they deal with taxation laws. Some don't know how to get the advantages of tax deduction and pay their taxes without unnecessary payments. LLM Tax Law deals with the complicated tax situation of local as well as the international businesses taxation field.