Federal Income Tax

LAW XB 961

This course presents an introduction to the fundamentals of federal income tax law, emphasizing issues common to individual taxpayers. Topics include an overview of the federal tax system; gross income, inclusions and exclusions; identity of the proper taxpayer; concepts and categories of deductions; basic timing principles; federal income tax aspects of the acquisition, ownership, and disposition of property; realization and recognition; basis and amount realized; the effects of debt (including its cancellation); depreciation and amortization; at risk, not for profit, and passive activity loss deductibility limitations; capital gains and losses, related party transactions, quasi-capital assets and depreciation recapture; and deferred payment transactions (original issue discount and installment sales).

Note that this information may change at any time. Please visit the Student Link for the most up-to-date course information.