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Spring 2010 - Federal Income Tax

Peroni, Robert J

Course ID: 554J  Unique # 28445  Credit Hours: 5
Meeting DaysTimesLocation
   Monday 8:56 am - 10:20 am TNH 2.124
   Tuesday 8:56 am - 10:20 am TNH 2.124
   Wednesday 8:56 am - 10:20 am TNH 2.124
Exam Type   Date   Time      Name Range   Room  
  Final Wednesday, May 12    8:30 am          A-Z
Registration Information
This course is restricted to upper division students only.

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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