The University of Texas at Austin   School of Law

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UT Law School Classes - Fall 2008

Federal Income Tax

Instructor: Peroni, R Credits: 4 Course ID: 454J Unique #28615
     Day    Time   Location
   Monday 12:30 pm - 1:37 pm TNH 2.138
   Tuesday 12:30 pm - 1:37 pm TNH 2.138
   Wednesday 12:30 pm - 1:37 pm TNH 2.138
Exam Type    Test Date Time      Name Range Regular Room Extegrity Room
  Final Thursday, December 18 8:30 am -   A-Z
  2.140
  2.140
Registration Information
This course is restricted to upper division students only.

Description
Federal Income Tax (FIT) presents 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 and to convey the style and flavor of tax thinking.  As a survey, FIT will touch on all 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 that will be covered in reasonable depth include:  employee fringe benefits, business deductions, the exclusions for gifts, bequests, and recoveries for personal injuries, income attribution, the taxation of the family (including divorce taxation), the tax treatment of loans, capital expenditures, methods of capital recovery, capital gains and losses, and tax-free exchanges.  The grade for this course will be based entirely on a final, open book examination.

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