Federal Income Tax

This course is an introduction to the federal income tax. It will concentrate on the provisions that apply to all taxpayers, with particular attention paid to the taxation of individuals. The course is designed 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 significance of the income tax in government and business, and to policy issues arising from the incentive and distributional effects of tax law. Federal Income Tax is a prerequisite for most other tax courses, including Corporate Tax, Partnership Taxation, and International Taxation.