This course will introduce students to the principles, policies, and structure of the federal income tax system. It covers basic concepts of federal income taxation by studying the Internal Revenue Code, Treasury regulations and subregulatory pronouncements, and the judicial opinions, (decisional law) of different courts. Students will examine these authorities in the broader context of the structure of federal government, which informs their relative power and how they interact. Students will develop a foundation of core federal income tax law principles by asking: What is the item? (Does an item of receipt or increase in value constitute income or does an item of expenditure or loss constitute a deduction?) Who is the taxpayer? How is the item of income or deduction characterized? When was the income realized or the deduction allowed? Students will appreciate that the tax Code provides both a source of revenue collection and authority for government to make appropriations to address federal economic and social policy.
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This is a Master of Science in Taxation program course and only open to students enrolled in that program.