Federal Income Taxation

4 units

This four - unit course provides an overview of the basic foundational principles of federal income taxation and an introduction to the taxation of individuals. In particular the course will consider the scope and nature of gross income, exclusions from the tax base, tax accounting and time value of money (including the role of debt), taxpaying unit, tax deductions and anti-abuse limitations, and progressive tax rates. The course will be taught from assigned materials. Students will work extensively with the Internal Revenue Code and Treasury Regulations. The course grade will be based primarily on a single open-book final examination made up of essay questions and/or short answers. 4 units.