In this course, we will examine the taxation of income, with an emphasis on income earned in the business context. This will provide an introduction to the U.S. tax system through the study of the statutory framework of U.S. tax laws, certain principal and illustrative judicial authorities, and selected Treasury Department regulations and rulings.
The Business Associations section for LLM students must be taken concurrently with Federal Income Tax Section 3 with Professor Bank. Business Associations will meet 8/21/2017 - 10/19/2017 (approximately the first 9 weeks of the term) and Federal Income Tax will meet 10/23/2017 - 11/20/2017 (approximately the last 4 weeks of the term). LLM students who enroll in one of these courses must enroll in the other. Students who enroll in only one of these courses will be automatically dropped from the other. Students who do not wish to take both courses in this sequence should enroll in a different section of Business Associations or Federal Income Tax.
Course Specific Learning Outcomes
Be able to explore and critically evaluate the concepts and policies underlying the federal income tax as well as to interpret and apply the statutory provisions by which these concepts and policies are implemented.