Federal Income Taxation

Semester: Spring 2014
Course ID: 354J
Credit Hours: 3
Unique: 29275

Course Information

Registration Information

Upperclass-only elective
Reversed priority

Meeting Times

Day	Time	Location
MON, TUE, WED	1:15 - 2:05 pm	TNH 2.139

Evaluation Method

Type	Date	Time	Location
Final exam	May 12, 2014	8:30 am	A-Z in 2.139

Description

This is a three credit course. No prerequisites. Federal Income Tax (FIT) is an overview of the federal income tax, mostly as it applies 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. 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 will include: employee fringe benefits, business deductions (e.g., travel, entertainment, and education), hobby losses, personal deductions (e.g., medical expenses and charitable contributions), the exclusions for gifts, bequests, and life insurance proceeds, taxation of the family (including divorce), the tax treatment of loans, capital expenditures, methods of capital recovery (e.g., installment sales and depreciation methods), capital gains and losses, tax-free exchanges and rollovers, tax accounting (e.g., the cash and accrual methods), and the "tax benefit" rule. Great emphasis will be given to using the Internal Revenue Code and Regulations. Prior background in accounting, economics, math, or finance is neither needed nor expected.

Textbooks ( * denotes required )

Problems and Materials in Federal Income Taxation *

Guerin, Postlewaite & Rosenzweig

Wolters Kluwer , edition: 8th 2013
ISBN: 9781454810667

Federal Income Tax: Code & Regulations, Selected Sections *

Dickinson (ed.)

Wolters Kluwer , edition: 2013-2014 ed.
ISBN: 9780808034650

Instructors

Ascher, Mark L.