Federal Income TaxationClass Term:
Fall Term 2018-2019Catalog Number:
4 (4 Contact, 0 Field)Priority:
Core Course - 2nd Year PriorityFull Year Course:
Grade will be based on three multiple-choice quizzes (30%) and an in-class final examination (70%) with in-class participation considered on a plus/minus basis.
This course will introduce the basic concepts found in the Internal Revenue Code, as interpreted by the Internal Revenue Service and the courts. We will explore the concept of “income,” and specifically consider the difference between ordinary income and capital gain, the timing of income inclusion, and the determination of a taxpayer’s basis in property (which relates to the calculation of income). We will also explore exclusions and deductions that may reduce a taxpayer’s income. This course has two primary goals: first, to give the students a basic familiarity with the Internal Revenue Code so that they will be aware of tax issues that may arise in their practice, and second, to prepare students who have (or acquire) a deeper interest in tax for more advanced courses in taxation.