An in-depth analysis of the federal income tax structure, use of tax services, and the concept of taxable income for individuals.

Not required

Learning Outcomes

The study of taxation can be divided into many areas: individuals, partnerships, corporations, estates, trusts, state taxes, and gift taxes to name a few. The emphasis in this course will be the federal income tax on individuals and the tax consequences of transactions in property. Each student will be expected to gain a strong grasp of the concepts covered as well as an enhanced ability to effectively communication their tax and business knowledge.

Even if you chose to go down a non-tax specific career path, an understanding of the issues and policies relating to taxes and is critical:
"Because federal taxes affect so many aspects of your financial life and will influence most of the economic decisions that you will make during your lifetime, it is worth the time and effort to learn about these taxes.¿ (CCH: Federal Tax Course 1996, Paragraph 100).

"Policy decisions concerning rates lie at the heart of any system of taxation. The tax rates must be high enough to meet the proper expenses of government, yet low enough to ensure that taxpayer discontent is expressed with words and not weapons." Professor Philip Postlewaite of Notre Dame School of Law.

All of your professional skills will probably be under utilized or wasted if you are unable to communicate effectively, both in writing and orally. To further develop your communication skills, you will be expected to lead and/or participate in class discussion and to complete one research assignment.

By the end of this course, the student should be able to:

1) Understand the computation of an individual¿s federal taxable income.
2) Understand the all-inclusive concept of gross income, its various components, and exclusions.
3) Understand the requirements for deductibility of trade or business expenses.
4) Understand the tax rules for depreciation, amortization, and depletion.
5) Understand the tax rules for personal and other nonbusiness deductions.
6) Understand the rules for characterization and recognition of gains and losses.
7) Understand the rules for deducting bad debts and casualty losses.
8) Understand tax credits and certain special taxes imposed on individuals.

1. Required Materials


1. Textbooks

2010 Federal Taxation Comprehensive Topics - 2010
Smith, Harmelink, & Hasselback
Commerce Clearing House
ISBN: 9780808020783

Notes: Textbooks may be purchased from the NSU Bookstore by calling 1-800-509-2665 or online at www.nsubooks.bkstore.com.

2010 Federal Taxation Comprehensive Topics Study Manual - 2010
Foth, Edward
Commerce Clearing House
ISBN: 9780808020752

Notes: Textbooks may be purchased from the NSU Bookstore by calling 1-800-509-2665 or online at www.nsubooks.bkstore.com.


APA Manual
Effective October 1^st 2009, the 6th edition of the APA Manual is required for all courses.

NSU Bookstore
Textbooks and Case Studies may be purchased from the NSU Bookstore (located in the University Park Plaza) by calling 1-800-509-2665 or online at http://www.nsubooks.bkstore.com.



2. Recommended Materials

Internal Revenue Code, and Regulations

The NSU libraries comprise the Alvin Sherman Library, Research, and Information Technology Center, East Campus Branch Library, Health Professions Division Library, Law Library and Technology Center, North Miami Beach Branch Library, University School Library Media Centers, and the William S. Richardson Ocean Science Library. Students are strongly encouraged to visit one of the physical locations and/or take advantage of the vast electronic library available for research. For more information, please visit http://www.nova.edu/library.

Please note that all required and recommended materials should be referenced in APA style.