LLM 117 - Tax 1: US Tax

LL.M. Program

Syllabus for Federal Taxation Part 1

Fall Semester only – 16 weeks and an exam week

October 3rd until First week February

I. COURSE DESCRIPTION

(LLM-117) - TAX 1 (US) - (3 cr)

PROFESSOR CANTLEY

PROFESSOR BUTLER

FALL

Income Tax I introduce the fundamentals of US federal income tax applicable to individual taxpayers. Issues include an overview of the federal tax system; gross income, inclusions and exclusions; identity of the proper taxpayer; concepts and categories of deductions; basic timing principles; tax credits; and the tax aspects of the acquisition, ownership and disposition of property. This course is taught by Professors Beckett G Cantley and Gordon Butler. For non-tax practitioners studying US tax; this course is the foundation for the US concentration.

Module 1 – Introduction

Module 2 – Principals and Tax Benefit Doctrine

Module 3 – Exclusions

Module 4 – Charitable Deduction

Module 5 – Tax Credits

Module 6 – Capital Expenditures and For Profit Activities

Module 7 – Realization

Module 8 – Tax Basis and 1031 Exchanges

Module 9 – Capital Gains

Module 10 – Assignment of Income

Module 11 – Interest Deductions

Module 12 – Below Market Loans

Module 13 – Depreciation

Module 14 – Interpreting the Code