Federal Income Taxation II

Mr. Wry (Fall)
Professor Davenport (Spring)

Federal income tax aspects of the acquisition, ownership, and disposition of property. Topics include:

1. Realization and recognition,
2. Basis and amount realized,
3. The effects of debt (including its cancellation),
4. Depreciation and amortization,
5. At risk, not for profit, and passive activity loss deductibility limitations,
6. Capital gains and losses, related party transactions, quasi-capital assets and depreciation recapture, and
7. Deferred payment transactions (original issue discount and installment sales). Prerequisite or corequisite: Federal Income Taxation I.