Gaining Valuable Insights
Thursday, September 1, 2011
Philip Albert, ’01 MBT
BY KEVIN MOE
Philip Albert’s initial interaction with the Carlson School was taking courses that offered specific tax information necessary for his job at the medical technology company Medtronic. “I took various international tax courses to help expand my understanding of the tax rules related to U.S. companies doing business in other taxing jurisdictions,” he says. “The instructors did a thorough job of providing both technical content and practical examples that I could apply at Medtronic. From there, I decided to enroll in the MBT program.”
Besides providing Albert with an expanded tax technical base which assisted his ability to identify tax savings opportunities, avoid potential tax risks, and comply with various legal and accounting requirements, the MBT program gave him valuable insights from which he was able to reap the benefits not soon after. One example: Fred Jacobs’s corporate tax course.
“When Fred started to wrap up one discussion, he addressed a specific rule around a ‘dividends received deduction’ that was new to me,” Albert says. “Later that year, subsequent to a Medtronic acquisition, I impressed my manager with a recommendation to delay an intercompany dividend and avoid a potential issue under the dividend received deduction rules. From a company perspective, the potential savings on this one item easily paid for my tuition costs. I don’t recall at the time if I gave credit to Fred, but it is probably about time that I did.”
Almost half of our tax department employees have Carlson School MBT degrees or are in the process of obtaining their degree through the Carlson School.
Albert eventually brokered his knowledge to become vice president of corporate tax at Medtronic. “Whether it is tax research, international tax issues, business writing, tax accounting, or even understanding state taxation, I continue to use the skills learned in the MBT program, he says. “I must admit, every so often I even pull out my methods and procedures notes to make sure I understand the rules.”
Albert is also quick to point out that he is not the sole person in his department with Carlson School experience. “Almost half of our tax department employees have Carlson School MBT degrees or are in the process of obtaining their degree through the Carlson School,” he says. “The knowledge and skills learned in the MBT program have helped Medtronic create what I believe is one of the best tax organizations in not only the Twin Cities, but the entire country. Of course, I might be a little biased.”