This course offers a rigorous and detailed introduction to U.S. federal income taxation, focusing on the taxation of individuals and, to a limited extent, business entities under the Internal Revenue Code (IRC). Topics include the concept of gross income, inclusions and exclusions, deductions, timing rules, basis and gains, tax accounting, and tax policy considerations. Through examination of statutory provisions, Treasury regulations, judicial decisions, and IRS guidance, students develop the analytical skills needed to navigate, interpret, and apply the tax laws to real-world scenarios.
This course emphasizes statutory interpretation, computational logic, and tax policy, preparing students for upper-level tax courses, bar examination topics, and transactional or litigation tax practices.
Course Objectives
By the end of the course, students will be able to:
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Identify and apply the statutory framework of the Internal Revenue Code and related regulations.
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Analyze what constitutes gross income, and distinguish between taxable and non-taxable receipts.
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Evaluate deductions, exclusions, and credits, and understand their policy rationales.
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Understand timing rules, the role of accounting methods, and how taxpayers determine when to report income and expenses.
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Compute taxable income and determine tax liability under progressive rate structures.
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Recognize the realization, basis, and gain/loss principles that govern property transactions.
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Critically examine the fairness and efficiency of current tax rules and policy debates.
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Interpret complex statutory language using textual, contextual, and purposive methods.
