Federal Income Tax

Class Unique: 28795
This is a four credit course with no prerequisites. Federal Income Tax presents an overview of the federal income tax laws, mostly as they apply to individuals. The aim of the course is to present the fundamental principles underlying the federal income tax and to convey the style and flavor of tax thinking. This survey course will touch on most major tax issues, including what is gross income, what expenditures are deductible, what is the appropriate taxable unit, what is the function of "basis," and what is the appropriate timing of income and deductions. Specific topics may include: employee fringe benefits, business deductions (e.g., travel, entertainment, and education), personal deductions (e.g., medical expenses and charitable contributions), the exclusions for gifts, bequests, and recoveries for personal injuries, the taxation of the family (including divorce taxation), the tax treatment of loans, capital expenditures, methods of capital recovery (e.g., installment sales and depreciation methods), capital gains and losses, and tax-free exchanges and rollovers, including sales of a principal residence and like kind exchanges, and tax accounting (e.g., the cash and accrual methods). Emphasis will be given to using the Internal Revenue Code and Regulations. Prior background in accounting, economics, math, or finance is not needed or expected.

Class Details

Meeting Days Time Location
Monday, Tuesday, Wednesday, Thursday 11:30 am - 12:20 pm TNH 2.140
Evaluation Method Date Time Alpha Range Room
Final 12/19/07 8:30 am A-Z
2.140

Additional Information

Course Type

Faculty

Cecil, Michelle A Cecil, Michelle A