Federal Income Taxation

4 units

This survey of the federal income taxation of individuals considers the nature of income, when and to whom income is taxable, exclusions from the tax base, deductions, credits, and the tax consequences of property ownership and disposition. The instructor emphasizes tax policy and statutory interpretation. The course will be taught from a casebook and a statutory pamphlet, by a combination of the case and problem methods. Students will work extensively with the Internal Revenue Code. In addition to in-person class sessions there may be a few asynchronous presentations, consisting of prerecorded lectures introducing or summarizing important concepts. Attendance and participation are required, and sanctions will be imposed in cases of serious noncompliance. The course grade will be based on an in-school timed four-hour final examination, with adjustment for attendance and participation in exceptional cases. The exam will predominantly consist of essay questions or short answer questions but might also include a multiple-choice question component. The format of the exam will be Closed Software and Modified Closed Book. Closed software means that students will not have access to the internet or files on their computers. Modified closed book means that during the exam students will be permitted to consult only: (i) an unannotated print copy of the statutory pamphlet; and (ii) one standard-sized sheet of paper bearing any information the student wishes.