Business and Tax Clinic

Pre-requisite: Completion of first year curriculum. Pre- or co-requisite: Ethics.
Preference: Completion of Federal Income Tax and any Business Law courses.

This clinic section is part of the law school's Economic Development program.  Although specific types of client matters cannot be guaranteed, the Business and Tax Clinic will emphasize the following:

• student representation of low-income taxpayers in disputes before the IRS and the New Mexico Taxation and Revenue Department, including Tax Court litigation, audit defense, and collections matters;
• assistance to startup and established nonprofit organizations seeking IRS recognition of tax-exempt status and other operational assistance;
• support of community-based efforts to promote economic development; and
• legal services to low-income, small-business clients who cannot afford to hire a lawyer.

Small-business cases will likely include the following:

• giving advice on the choice and formation of business entities;
• drafting organizational documents;
• reviewing and drafting leases, purchase and licensing arrangements and other contracts; and
• resolving business disputes.

Cases and instruction will also include matters of personal interest to a new lawyer seeking to open his or her own practice.  We strive to provide a broad-spectrum experience, including pure transactional practice (small business startup, contract drafting), dispute resolution (IRS controversy, small case business controversies) and consumer protection (bankruptcy, foreclosure defense and consumer credit dispute resolution).  

Clients of the law school’s Clinical Law Program include individuals and organizations that have multiple legal and non-legal needs and objectives.  Students of the Business and Tax Clinic often collaborate with students of the Community Lawyering Clinic or Southwest Indian Law Clinic in providing services to these clients.

Students will be required (1) to attend and actively participate in up to five classroom sessions (ten during summer’s first three weeks) during each week of the academic semester and (2) to maintain, in addition to classroom hours, a schedule of 24 (2-hours block) fixed office hours (physically present in the clinic, working on clinic matters) each week during Summer, or 16 (2-hours block) fixed office hours each week during Fall and Spring semesters.

Estate and Retirement Planning

Course Description

Estate and Retirement Planning is a survey course in which students begin to learn how individuals may arrange their affairs such that:

1. An individual's wealth and well-being will be managed adequately during his or her lifetime, even if the individual becomes incapacitated.
2. The individual's wealth will pass efficiently (a) through life-time gifts or upon the individual's death to those persons the individual chooses, and (b) in a manner that minimizes taxes and expenses and takes into account the special needs a particular beneficiary may have.

The course begins with an overview of how property passes at death through the use of wills, trusts, and beneficiary designations or by operation of law. Next is an introduction to estate, gift and income tax considerations in transferring wealth gratuitously. Building on that foundation, the remainder of the course (1) focuses on selected planning issues and on strategies that individuals and couples may use to preserve and transfer wealth gratuitously, and (2) introduces students to aspects of retirement planning, life insurance and annuities, charitable giving and other topics.

As its name suggests, Estate Planning is a planning course and combines theory with practice. Students learn through readings, sample documents, problem sets, drafting, and class discussion. The course grade is based primarily on writing assignments that require students to draft and explain documents an estate planning attorney is likely to use in practice. Unless taught by an adjunct professor, the course satisfies the law school writing requirement.

Federal Estate and Gift Tax

This course provides an overview of the federal gift tax and federal estate tax. Topics covered include the concept of a gift for federal gift tax purposes, when a gift occurs, components of the gross estate, estate tax deductions, and computation of the gift tax and estate tax. The matters covered in class are illustrated by examples drawn from current estate planning techniques. This course also covers policy issues surrounding proposals for permanent repeal of the estate tax.

Federal Income Tax

The goals of the course are for the student to acquire: (1) a broad perspective as to the application and impact of the federal income tax in a variety of transactions; (2) practice in using the legal materials of taxation, especially the Internal Revenue Code and Treasury Regulations; and (3) an understanding of the policies underlying various IRC provisions, i.e., how the tax system is used to influence behavior and thus promote various social and economic policies.

International Business Transactions

The goal of this course is to familiarize students with the transactional, regulatory, and litigation issues that affect international business through the use of hypothetical fact patterns. With respect to international transactions, we will explore the international sale of goods, international contract issues, international investments, cross-border financings, and international franchises. With respect to international disputes, we will focus on contract rights and remedies, choice of law, choice of forum, and international arbitration. Where appropriate, the course will focus on business transactions in Latin America.

Practicum

This class introduces you to the work and professional roles of lawyers. It investigates the meaning of professionalism; examines the role of personal and professional values in becoming and being a lawyer; and discusses various aspects of legal practice, including ways to improve your likelihood of success and happiness in your career.

As background, empirical studies show that lawyers who pick their fields carefully based upon their own strengths and needs are happier and do better in the profession overall. Other studies show that multitasking and excessive stress interfere with clear thinking. Indeed, calm focused people are better at what they do, whatever profession they enter. They are also more efficient and work better with others. Calm focused people are also happier and have a better sense of their own priorities and values. This class is designed to:

• help you learn about the legal system and the professional role of attorneys;
• help you create space in your life for activities that keep you balanced as a human being;
• help you control stress and thus enhance your academic and professional success;
• help you improve your interpersonal skills;
• allow you to develop a support system at the law school by getting to know some of your peers in an unconventional setting; and
• allow you to develop a relationship with a faculty member that is supportive both inside and outside the classroom.

Being a lawyer can be all you want it to be and can give you the power to bring about whatever change you want to see. This class will help prepare you to do just that.

Taxation of Business Enterprises

This course provides an overview of major federal income tax events with respect to business entities. These events include formations, contributions, operations, distributions, redemptions, and liquidations. The types of business entities covered in the course are entities that are taxed under federal law as Subchapter C corporations, Subchapter S corporations, and partnerships (including limited liability companies). This course will also consider policy issues related to the taxation of these business entities.

Wills and Trusts

Course Description

This course surveys the law of wills and trusts. Topics covered include intestate succession, will execution, will revocation, will contests, will substitutes, planning for incapacity, trusts, and problems arising during trust administration.  Students will be expected to draft a basic will.