Federal Income Taxation

Semester: Fall 2013
Course ID: 454J
Credit Hours: 4
Unique: 29130

Course Information

Registration Information

Upperclass-only elective
Reversed priority

Meeting Times

Day	Time	Location
MON, TUE, WED	9:10 - 10:17 am	TNH 2.139

Evaluation Method

Type	Date	Time	Location
Final exam	December 16, 2013	8:30 am	A-M in 2.137 N-Z in 2.124

Description

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. Four units.

Textbooks ( * denotes required )

Federal Income Tax: Doctrine, Structure, and Policy *

Dodge, Fleming & Peroni

LexisNexis , edition: 4th

Federal Income TaxCode and RegulationsSelected Sections *

Martin B. Dickinson ed.

CCH , edition: 2013-2014

Federal Income Taxation (optional)

Chirelstein & Zelenak

Foundation Press , edition: 2012

Concise Hornbook: Principles of Federal Income Taxation (optional)

Posin & Tobin

West Group , edition: 7th ed, 2005

Instructors

Peroni, Robert J.