A DePaul student team received second place honors at the Deloitte Regional Tax Case Competition, held at Deloitte’s Chicago offices, October 22, 2011. DePaul team members, mentored by School faculty members Mingjun Zhou and Lynne Glennon(MST ’95), were graduate student Dan Parrillo, senior Veronica Criollo, junior Jasmina Krpo and sophomores Carlos Fierro and Sabana Patel. Each team member, as well as the university, received a scholarship award. Teams competing regionally with DePaul included Loyola, Northern Illinois, Iowa, Oklahoma State and Missouri.
The Deloitte Tax Case Program provides an opportunity for students from some of the nation’s top accounting and tax programs to gain real-world experience through intercollegiate competition. The experience provides students a taste of how exciting public accounting can be and gives them a glimpse of what they will be doing as tax professionals. The case presents a close approximation of professional tax practice, and requires the students to draw creatively on their communication and research skills: none of the students have completed a tax course.
The team had less than two weeks to prepare for their case presentation, and in an already stressful time: DePaul’s midterm exam week. The case consisted of six parts which required the team to identify both the business and tax issues concerning a sales leaseback transaction, like-kind exchanges of property, an initial public offering, research and experimentation expenditures, setting up a tax-exempt organization, and structuring the acquisition of a company. The night before the competition the teams attended a reception and dinner hosted by Deloitte, where they networked with Deloitte professionals.
“The team appeared very poised and professional both presenting and fielding technical questions during the 20-minute power point presentation,” noted faculty advisor Glennon.
Chicago’s Deloitte office assisted in the program, with Mike Ulleweit serving as partner-in-charge of the competition, and Maggie Zellers serving as judge. Eight teams will be advancing to the national final competition at Deloitte University in Dallas on November 18, including a team from the University of Missouri, the regional winner.