Nearly every business decision has tax implications: compensation packages, M&A activity, R&D, movements of cash, changing or expanding lines of business, deciding the locations in which business activity should be carried out, whether to export, and so on. Even though business decisions drive tax results, there is often little understanding among decision-makers of the tax consequences of their decisions. From the other side, tax practitioners often propose tax-planning strategies without understanding the business complexities that may be involved in implementing those strategies. This course will offer students a practical approach to the management of tax expense as a business problem which requires input and involvement from every part of a business. Throughout the course, emphasis will be placed on the EPS and cash flow effects of tax expense, although the technical tax rules will also be applied. The overall approach of the course will be to use case studies to promote class discussion. Students will be evaluated based on class participation, and on a written assignment. The written assignment will be completed in teams of two to four, with at least one business school student, and one law school student.