Federal Income Taxation

Course Information

Registration Information

Meeting Times

Day Time Location
MON, TUE, WED 10:30 - 11:37 am TNH 2.123

Evaluation Method

Type Date Time Location
Final May 2, 2018 8:30 am A-Z in 2.138


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.

Textbooks ( * denotes required )

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


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