Federal IncomeTax I

Catalog description

This course introduces students to the basic conceptual issues underlying the income tax. The course will focus on the statutory framework of U.S. tax laws, and will include frequent discussion of federal tax policy, as well the history and politics of U.S. income tax. Topics will include inclusions and exclusions from income, gains and losses, computation of tax liability, accounting methods and other timing issues, and non-recognition provisions. Finally, this basic tax course will present brief overviews of concepts explored in more detail in advanced courses for which this course is a prerequisite, including Corporate Tax and Partnership Tax.