Federal Income Tax (JD Academic Unit)
Study content for Federal Income Tax (JD Academic Unit): notes, practice MCQs and flashcards across 8 syllabus topics. This is AI-generated draft content — citations have not yet been independently verified.
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Syllabus
- Introduction & Tax System FrameworkTopic
Sources of federal tax law: Constitution, IRC, Treasury Regulations, case law · Calculating individual income-tax liability: filing status, rates, brackets · Taxable year and accounting periods
- Gross Income (IRC §61)Topic
All-income definition: §61 breadth and policy rationale · Compensation for services: wages, salaries, tips, fringe benefits · Loans and cancellation of debt income (§108)
- Exclusions from Gross IncomeTopic
Gifts and bequests (§102) · Life insurance proceeds (§101) · Academic scholarships and fellowships (§117)
- Deductions and LossesTopic
Business expense deduction (§162): ordinary, necessary, trade or business · Capital expenditures vs deductible expenses (§263) · Depreciation and amortization (§§167, 168, 197)
- Capital Gains and LossesTopic
Capital asset definition (§1221) and exclusions · Sale-or-exchange requirement · Holding period: short-term vs long-term
- Special Property TransactionsTopic
Like-kind exchanges (§1031) · Involuntary conversions (§1033) · Installment sales (§453)
- Timing of Income and DeductionsTopic
Annual accounting concept · Cash method timing rules · Accrual method: all-events test
- Tax Credits and AMTTopic
Earned Income Tax Credit (§32) · Child Tax Credit (§24) · Alternative Minimum Tax overview (§55)
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Flashcards
Unlock all 34 with Pro →- Commissioner v. Glenshaw Glass Co.
Define gross income under IRC §61. What does Glenshaw Glass tell us about the scope?
348 U.S. 426 - Lucas v. Earl
What is the assignment of income doctrine, and how does Lucas v. Earl apply it?
281 U.S. 111 - Commissioner v. Duberstein
How does Duberstein distinguish gifts from compensation for Federal income tax purposes?
363 U.S. 278
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