Federal Income Taxation

4 units

This four unit course is a survey of the federal income taxation of individuals, with consideration of the scope and nature of gross income, exclusions from the tax base, timing considerations and the impact of time value of money (including the role of debt), defining the proper taxpayer, deductions and anti-tax shelter limitations, credits and tax rates (including ATM). The instructor emphasizes statutory interpretation and tax policy, including economic and distributive effects of the tax laws. The course will be taught from a casebook and assigned supplemental materials through a combination of the case and problem methods. Students will work extensively with the International Revenue Code and Treasury Regulations. The course grade will be based on an in-classroom final examination, which will consist primarily of short essay questions, and class participation. The final will be open book.