Federal Income Tax

This course is the introduction to federal taxation in general, and income tax in particular. It will concentrate on the provisions that apply to all taxpayers, with particular concern for the taxation of individuals. The course is intended to provide grounding in such fundamental areas as the concept of income, income exclusions and exemptions, non-business deductions, deductions for business expenses, basic tax accounting, assignment of income, and capital gains and losses. Further particular attention will be paid to the processes for creating law and determining of liability in the tax area, the role of the Treasury and the taxpayer in the making of tax law and formulation of policy, and the significance of the income tax in government and business. Because of the importance of federal taxes, and the role of lawyers in the tax system, it is recommended that every student take the basic course at some time during his or her law school career. The course is a prerequisite to all further tax courses including Corporate Tax, Partnership Taxation, and International Taxation.