LAW 0641: Taxation II
Spring 2021 • Section 21 • CRN 25331

Course Description

This course builds upon the foundation laid by the basic course in Taxation which covers principally income and deductions. Taxation II will cover additional broad-based tax principles which are of concern to all classes of taxpayers and their advisors. As to capital transactions, the course will cover the distinguishing of capital gain from ordinary income, the determination of basis, the realization of gain or loss in non-cash dispositions, the amount of gain realized, the requirement of a sale or exchange for capital treatment, the nonrecognition of deferral of gain or loss in specified situations, and the treatment of certain amounts realized in otherwise capital transactions [including original issue discount] as ordinary income. As to timing and recognition, Taxation II will cover tax accounting periods and methods, the proper year of inclusion of income items and of taking of deduction items, the requirement of inventories for those engaged in the production or purchase and sale of goods, the effects of changes in the method of accounting, and the mitigation of the annual tax accounting period requirement through the carry back and carryover of certain losses and unused credits, where the taxpayer or the Internal Revenue Service treats related items inconsistently, or where amounts received under a claim of right are restored.

Book List/Materials