Federal Income Taxation

Course Information

Registration Information

Meeting Times

Day Time Location
MON, TUE, WED 2:15 - 3:22 pm TNH 3.124

Evaluation Method

Type Date Time Location
Final exam December 11, 2021 8:30 am A-Z in 2.124


Same as LAW 454J, Federal Income Taxation.

This is a four-credit course. There are no prerequisites. A prior background in accounting, economics, math, or finance is neither needed nor expected.

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. 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.

The instructor will put great emphasis on using both the Internal Revenue Code and the Treasury Regulations. 

Textbooks ( * denotes required )

Selected Federal Taxation Statutes and Regulations, 2022 with Motro Tax Map *
West Academic , edition: 2022
ISBN: 978-1-63659-263-3
Federal Income Taxation of Individuals : An Integrated Approach *
Kwall, Jeffrey L. and Kwall, Jeffrey
West Academic
ISBN: 978-1-64020-751-6


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Important Class Changes

Date Updated
10/29/2021 Exam information updated
Room(s) changed