Federal Income Taxation

Federal Income Taxation (FIT) presents an overview of the federal income tax, mostly as it applies to individuals. The aim of the course is to present the fundamental principles and policies underlying the federal income tax and to convey the style and flavor of tax law thinking. As a survey, FIT will touch on all the major issues, such as 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 that will be covered in reasonable depth include: the definition of gross income, including the specific inclusion and specific exclusion provisions, business and investment expense deductions, the exclusions for gifts, bequests, and recoveries for personal injuries, income attribution, the taxation of the family (including divorce taxation), the tax treatment of loans, capital expenditures, methods of capital recovery, capital gains and losses, tax-free exchanges, and various tax policy issues (including horizontal and vertical equity, economic efficiency, optimal tax theory, the tax expenditure concept, and a comparison of an income tax base with a cash flow consumption tax base). The grade for this course will be based entirely on a final, open book examination.


Class Details

Meeting Days Time Location
Monday, Tuesday, Wednesday 10:30 - 11:37 am TNH 2.123
Exam Type Date Time Alpha Range Room
Final 5/2/18 8:30 am A-Z
2.138

Additional Information

Course Type
Grading Method
Pass/Fail Not Allowed
Will use floating mean GPA if applicable

Textbooks

  • Federal Income Taxation - Chirelstein & Zelenak
      Foundation Press , edition: 13th ed., 2015
        (optional)
  • Federal Income Tax: Doctrine, Structure, and Policy - Dodge, Fleming & Peroni
      LexisNexis , edition: 4th
        (required)
  • Concise Hornbook: Principles of Federal Income Taxation - Posin & Tobin
      West Academic , edition: 7th ed, 2005
        (optional)
  • Federal Income Tax--Code and Regulations--Selected Sections - Martin J. Dickinson, coord. ed.
      Wolters Kluwer/CCH , edition: 2017-2018
        (required)