Federal Income Taxation

Introduces students to the principles and policies of federal income taxation. Provides a framework for recognizing and dealing with tax issues and with tax-related strategies or transactions encountered in other legal practice specialties, including a basic understanding of the major theoretical and structural issues posed by an income tax, and the policy considerations involved in resolving those issues; a basic knowledge of the individual income tax treatment of various types of business and personal transactions and events (including taxation of compensation and fringe benefits, the taxation of various types of investment vehicles, debt-financed property transactions, installment sales, issues related to capitalization and cost recovery, timing issues, and selected issues regarding taxation of the family); the skills necessary to apply a complex statute; an understanding of the planning function provided by tax lawyers; the technical grounding necessary for further tax study or research.