Law 647:  Income Taxation

This course provides a survey of the federal income tax law. The course covers: (a) statutory and judicial standards for determining gross income; (b) determination of allowable deductions for business and non-business expenses; (c) methods of accounting for income and deductions; (d) determination of gain/loss from the sale or other disposition of property and their classification as ordinary income/loss or capital gain/loss; and (e) identification of the taxable person within families. Planning implications and pertinent tax policy issues are considered throughout the course as well.

Sequence and Prerequisites: No prerequisites. This course is a prerequisite for a number of advanced tax courses.

Evaluation: Final examination

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