Personal Tax Study Guide PDF
Preview Personal Tax Study Guide
Federal Income Tax Professor Lon Sobel Southwestern Law School Study Guide Fall 2010 Copyright © 2010 by Lionel S. Sobel SCALE – Federal Income Tax Southwestern Law School FEDERAL INCOME TAX Syllabus, Course Requirements, and Grading Criteria Professor Lon Sobel SCALE II- Period 4 Fall 2010 PHONE: 213-738-6756 EMAIL: SCALE – Federal Income Tax Grades for this course will be awarded based upon an alphabetical system and will strictly follow Southwestern’s grading policies. After a grade is awarded for the course, I am happy to discuss ways to improve a student’s performance. In accordance with law school policy, however, assigned grades will not, and cannot, be changed except for mathematical/clerical errors. D. Special Rules Regarding Electronic Devices Recording of class meetings is permitted only if the professor is first asked and gives permission. Recording a class without permission is prohibited. If a student is granted permission, recording is condition upon the student’s agreement to share any recording with any classmate who makes a reasonable request. E. Statement of Reasonable Accommodations Students who need accommodations due to disabilities should contact the Counselor/Disability Specialist in the Diversity Affairs Office. The office is located in BW 361 and can be reached at (213) 738-6888 or SCALE – Federal Income Tax Read in Day/Date Topics Study Guide √ Posin & Tobin Principles of Federal Income Tax Tuesday Overview of Course and Federal Tax August 10 Income 1 1- 8 Introduction 51 - 59 Income in General Fringe Benefits 2 59 - 65 Prizes 117 - 118 Wednesday Interest 3 79 - 83 August 18 Dividends 86 - 89 Rents 89 - 89 Royalties 89 - 92 Life Insurance Proceeds 4 92 - 96 Gifts and Inheritances 101 - 111 Thursday Discharge of Debt 5 121 - 122 August 26 Damages 136 - 143 Assignment of Income 329 - 336 Deductions 6 354 - 362 Structural Issues Thursday Ordinary and Necessary Business Expenses 7 362 - 364 September 2 Rental Expenses - Bribes and Penalties 472 - 475 Lobbying and Political Expenses 475 - 476 Moving Expenses 406 - 407 457 - 464 Capital Expenditures vs. Business Expenses 8 422 - 435 Depreciation Itemized Deductions in General 487 - 489 Tuesday 9 Tax Advice and Attorney's Fees 489 - 490 September 7 Taxes 498 - 500 Interest 490 - 498 Casualty Losses 500 - 506 10 Charitable Contributions 519 - 527 Floor on Miscellaneous Itemized Deductions 527 - 528 Standard Deduction 529 - 530 Thursday Income & Deductions, Combined: 11 September 16 Sales and Exchanges of Property Overview of Sales and Exchanges 148 - 152 The Requirement of Realization 152 - 166 Computation of Gain or Loss Realized 12 171 - 184 Carryover Basis of Gifts 198 - 203 Thursday 13 Basis of Property Received from Decedents 205 - 209 September 23 Recognition of Gain or Loss: 217 - 220 Thursday 14 In General 220 - 228 September 30 Exchanges of “Like-Kind” Property Recognition of Gain or Loss: Thursday 15 Involuntary Conversions 237 - 239 October 7 “Wash Sales” of Stock 242 - 246 SCALE – Federal Income Tax SCALE – Federal Income Tax Read in Day/Date Topics Study Guide √ Posin & Tobin Thursday Tax Rates 16 October 14 Ordinary Income vs. Capital Gains 251 - 252 Capital Assets 282 - 289 301 - 306 Capital Losses 266 - 268 Section 1231 Property - 17 Calculation of Capital Gains Tax - Capital Gains Policy 319 - 322 Thursday Tax 18 October 21 Alternative Minimum Tax 532 - 539 Social Security and Medicare Taxes - Credits: Earned Income and Certain Others 19 633 - 634 637 - 638 639 - 640 Selected Applications Thursday Family 20 November 4 The Marriage Tax Personal and Dependents Exemptions 448 - 451 Dependents Exemptions after Divorce 530 - 532 Alimony and Child Support 21 443 – 447 Thursday Property Division in Divorce 22 166 - 171 November 11 Child and Dependent Care Credit 634 - 637 Child Tax Credit 640 - 642 Health Care 23 Medical Expenses 514 - 519 Thursday Home Ownership 24 November 18 490 - 498 Home Mortgage Interest - Property Taxes - First-Time Homebuyers Credit Home Office Expenses 25 412 - 417 Vacation Homes 417 - 422 Monday Gains (and Losses) on Sales of Homes 26 210 - 217 November 22 SCALE – Federal Income Tax SCALE – Federal Income Tax Tuesday For this class session, we will cover whichever one of November 30 the following topics the class selects Education 27 118 - 121 Scholarships 384 - 388 Education Expenses - Student Loan Interest Hope Scholarship/Lifetime Learning Credits 642 – 646 Travel 28 Business Travel Expenses 370 – 380 Business vs. Pleasure Travel Expenses 394 – 396 Entertainment, Amusement, and Recreation 29 Expenses Entertainment, Amusement, and Recreation 396 – 403 Expenses Limits on Deductibility of Business Meals and 403 – 404 Entertainment Expenses Hobby Expenses 407 – 412 Review and Exam Thursday Review and Distribution of Final Exam Questions December 2 Monday Final Exam Answers Due by 9:30 am December 6 SCALE – Federal Income Tax Survey of Federal Income Tax Southwestern Law School SURVEY OF FEDERAL INCOME TAX Syllabus, Course Requirements, and Grading Criteria Professor Lon Sobel Fall 2010 PHONE: 213-738-6756 EMAIL: Survey of Federal Income Tax D. Special Rules Regarding Electronic Devices Recording of class meetings is permitted only if the professor is first asked and gives permission. Recording a class without permission is prohibited. If a student is granted permission, recording is condition upon the student’s agreement to share any recording with any classmate who makes a reasonable request. E. Statement of Reasonable Accommodations Students who need accommodations due to disabilities should contact the Counselor/Disability Specialist in the Diversity Affairs Office. The office is located in BW 361 and can be reached at (213) 738-6888 or Survey of Federal Income Tax Read in Day Date Topics Study Guide √ Posin & Tobin Mon Aug 23 Overview of Course and Federal Tax No reading Principles of Federal Income Tax Wed Aug 25 Income 1 Introduction 1- 8 Income in General 51 - 59 Thur Aug 26 Fringe Benefits 2 59 - 65 Prizes 117 - 118 Mon Aug 30 Interest 3 79 - 83 Dividends 86 - 89 Rents 89 - 89 Royalties 89 - 92 Wed Sept 1 Life Insurance Proceeds 4 92 - 96 Gifts and Inheritances 101 - 111 Thur Sep 2 Discharge of Debt 5 121 - 122 Damages 136 - 143 Assignment of Income 329 - 336 Mon Sept 6 No class. Labor Day. Wed Sept 8 Deductions 6 Structural Issues 354 - 362 Thurs Sept 9 No class. Rosh Hashanah. Mon Sept 13 Ordinary and Necessary Business Expenses 7 362 - 364 Rental Expenses - Bribes and Penalties 472 - 475 Lobbying and Political Expenses 475 - 476 Moving Expenses 406 - 407 457 - 464 Wed Sept 15 Capital Expenditures vs. Business Expenses 8 422 - 435 Depreciation Itemized Deductions in General 487 - 489 Thurs Sept 16 9 Tax Advice and Attorney's Fees 489 - 490 Taxes 498 - 500 Interest 490 - 498 Casualty Losses 500 - 506 Mon Sept 20 10 Charitable Contributions 519 - 527 Floor on Miscellaneous Itemized Deductions 527 - 528 Standard Deduction 529 - 530 Wed Sept 22 Income & Deductions, Combined: 11 Sales and Exchanges of Property Overview of Sales and Exchanges 148 - 152 The Requirement of Realization 152 - 166 Thurs Sept 23 Computation of Gain or Loss Realized 12 171 - 184 Carryover Basis of Gifts 198 - 203 Mon Sept 27 13 Basis of Property Received from Decedents 205 - 209 Recognition of Gain or Loss: 217 - 220 Wed Sept 29 14 In General 220 - 228 Exchanges of “Like-Kind” Property Survey of Federal Income Tax Survey of Federal Income Tax Read in Day Date Topics Study Guide √ Posin & Tobin Recognition of Gain or Loss: Thur Sept 30 15 Involuntary Conversions 237 - 239 “Wash Sales” of Stock 242 - 246 Mon Oct 4 Tax Rates 16 Ordinary Income vs. Capital Gains 251 - 252 Capital Assets 282 - 289 301 - 306 Capital Losses 266 - 268 Section 1231 Property - Wed Oct 6 17 Calculation of Capital Gains Tax - Capital Gains Policy 319 - 322 Thur Oct 7 Tax 18 Alternative Minimum Tax 532 - 539 Social Security and Medicare Taxes - Mon Oct 11 Credits: Earned Income and Certain Others 19 633 - 634 637 - 638 639 - 640 Selected Applications Wed Oct 13 Family 20 The Marriage Tax Personal and Dependents Exemptions 448 - 451 Dependents Exemptions after Divorce 530 - 532 Thur Oct 14 Alimony and Child Support 21 443 – 447 Mon Oct 18 Property Division in Divorce 22 166 - 171 Child and Dependent Care Credit 634 - 637 Child Tax Credit 640 - 642 Wed Oct 20 Health Care 23 Medical Expenses 514 - 519 Thur Oct 21 Home Ownership 24 490 - 498 Home Mortgage Interest - Property Taxes - First-Time Homebuyers Credit Mon Oct 25 Home Office Expenses 25 412 - 417 Vacation Homes 417 - 422 Wed Oct 27 Gains (and Losses) on Sales of Homes 26 210 - 217 Thur Oct 28 Education 27 Scholarships 118 - 121 Education Expenses 384 - 388 Student Loan Interest - Hope Scholarship/Lifetime Learning Credits 642 - 646 Survey of Federal Income Tax
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