Federal Income Tax
This course is an introduction to the federal income tax for students who have little or no background in accounting and finance. Students with a background in finance or accounting or who are certain that they would like to practice tax should take the four-credit version of this course. Like the four-credit course, this three-credit course fulfills the prerequisite to advanced tax courses including Corporate Tax, Partnership Taxation, and International Taxation. This course concentrates on tax principles and tax code 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. Attention will be paid to policy issues arising from the incentive and distributional effects of tax law. Because of the importance of the federal income tax, 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.
Flex exam at end of semester. It will be open-book and multiple-choice.
*Yes means professor requires everyone in the course to submit a substantial research paper (which is the requirement standard in Academic Policies), so no paperwork required to be submitted to SRO. No means student must timely submit paperwork to SRO if intending to use a paper in this course to satisfy the Writing Requirement.
**Yes indicates course credits count towards UVA Law’s Prof. Skills graduation requirement, not necessarily a skills requirements for any particular state bar.