Law 647: Income Taxation
This course provides a survey of the federal income tax. The materials focus upon the following problem areas: (a) the constitutional, statutory, and judicial standards for determining gross income; (b) determination of allowable deductions for both business and non-business expenses; (c) methods of accounting for income and deductions; (d) determination of gain or loss upon the sale or other disposition of property and the classification thereof as ordinary income or loss, or capital gain or loss; and (e) the identification of the taxable person in situations where attempts are made to split or shift the burden of the income tax within family groups.
Sequence and Prerequisites: No prerequisites. This course is a prerequisite for a number of advanced courses including Business Taxation (Law 648), Partnership Taxation (Law 648), and Tax Exempt Organizations (Law 651).
Evaluation: Final examination