Professor Aprill Fall 2006 Federal Taxation
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Professor Aprill Fall 2006 Federal Taxation Textbook Klein, Bankman, and Shaviro, Federal Income Taxation (Aspen Law and Business, 14th Ed. 2003). Legislative and Administrative Material: Internal Revenue Code and Regulations: Rose, Selected Federal Taxation: Statutes and Regulations (most recent edition). Additional Required Material: Chirelstein, Federal Income Taxation: A Law Student's Guide to the Leading Cases and Concepts (Foundation Press, 10th Ed. 2005). (For your own review, note questions and answers at the end of the chapters.) Supplemental Handouts (Available from Graphics) Highly Recommended: Bankman, Griffith, and Pratt, Federal Income Taxation: Examples and Explanation (Aspen, 4th Ed. 2005) (“E&E”). ------------------------------------------------------------------------------------------------------------------ Assignment 1 INTRODUCTION (Skim pp. 1 36 of casebook, noting especially for future reference pages 22-30. Read “Introduction: Terminology, Timing and Rates” of Chirelstein) Handouts: Suggestions for Approaching Reading Assignments; Basic Computation, Structure of the Internal Revenue Code, Criteria for Tax Rules; Taxation of Lottery Winnings - Issues Raised; Credit vs. Deduction; Calculating After-Tax Income; Average Rate, Marginal Rate and After-Tax Income. ------------------------------------------------------------------------------------------------------------------
Food and Lodging (Code § 119(a)-(b); Reg. § 1.119 1) (Textbook pp. 37-48) Benaglia v. Commissioner Handouts: Some Characteristics of Income; Section 119; Section 119 Problems. ------------------------------------------------------------------------------------------------------------------ Assignment 3 (Be sure to bring Code/Regs) Other Fringe Benefits (Code § 132) (Textbook pp. 49-62) Turner v. Commissioner Handout: Fringe Benefits and Section 132; Putative Tax on Tax Benefits. B. Imputed Income (Reg. § 1.61 2(d)) (Textbook pp. 63-68); (Chirelstein section 1.03) (E&E Ch. 2(C)) Rev. Rul. 79 24 Handout: Imputed Income - Key Points ------------------------------------------------------------------------------------------------------------------Assignment 4 (Be sure to bring Code/Regs) C. Windfalls and Gifts (Chirelstein section 4.03) (E&E Ch. 2(D). Punitive Damages (Reg. § 1.61 14) (Textbook pp. 70-75) Commissioner v. Glenshaw Glass Co. Gift: The Basic Concept (Code § 102 and 274(b)) (Textbook pp. 75-95) Commissioner v. Duberstein United States v. Harris Handouts: The Notion of Gift; Policy Choices for Income Taxation of Gift; Nondeductible Gift v. Deductible Compensation. ------------------------------------------------------------------------------------------------------------------ Assignment 5 (Be sure to bring Code/Regs) Transfer of Unrealized Gain (Code §§ 1011, 1012, 1014(a), 1015(a) and 1016(a)(1) and (2)) (Textbook pp. 95-105) (Chirelstein Section 4.02) (E&E Ch. 2(E)(5). Taft v. Bowers Handouts: Problem re Belinda Beggar; Gifts and Basis; Special Rule of Section 1015; More on Section 1015; Irwin v. Gavit. ------------------------------------------------------------------------------------------------------------------ Assignment 6 D. Recovery of Capital (Chirelstein sections 2.02-2.03) (E&E Ch. 2 (E)(1-3). Sale of Easements (Textbook pp. 105-109) Inaja Land Co. v. Commissioner Life Insurance (Code §§ 101(a) and 264(a)) (Skim textbook pp. 109-115) Annuities and Pensions (Code § 72(a) and (b)) (Textbook pp. 115-19). Handouts: Introduction to Recovery of Basis; Excerpt from Chirelstein; Annuities and Recovery of Basis; Annuities Problems; Answers to Annuity Problems. ------------------------------------------------------------------------------------------------------------------ Assignment 7
Damages for Personal Injuries in General (Code § 104(a)) (Textbook pp. 141-43) (Chirelstein sec. 2.04);l E&E Ch. 2(H). Medical Expenses and Other Recoveries (Code §§ 106(a) and 213(a)) (Textbook pp. 143-45) (E&E Ch. 2(B)(2). Handouts: Personal Injury; Operation of Section 213. F. Transactions Involving Loans and Income from Discharge of Indebtedness Loan Proceeds Are Not Income (Textbook pp. 145-46) True Discharge of Indebtedness (Code § 61(a)(12) (Textbook pp. 146-49) (Chirelstein section 3.02); E&E Ch. 2(H). United States v. Kirby Lumber Co. Handouts: Introduction to the Tax Treatment of Loans; Forgiveness of Debt ----------------------------------------------------------------------------------------------------------------------
Diedrich v. Commissioner Handouts: The Rule of Diedrich and its Alternatives; Hamlet/Gertrude/Diedrich; Rule of Reg. Sec. 1.1015-4; General and Special Basis Rules. ------------------------------------------------------------------------------------------------------------------ Assignment 9 Transfer of Property Subject to Debt (Textbook pp. 163-80) (Chirelstein sections 13.01-13.05). Crane v. Commissioner Commissioner v. Tufts Nonrecourse Borrowing in Excess of Basis (Textbook pp. 211-13) Woodsam Associates v. Commissioner
------------------------------------------------------------------------------------------------------------------ Assignment 10 III. PROBLEMS OF TIMING A. Gains From Investment in Property (Chirelstein sections 5.01,5.02,) (E&E Ch. 3(A)(1). Origins (Textbook pp. 193-206) Eisner v. Macomber Losses (Code § 1001(a))(Textbook pp. 213-24) (Chirelstein section 5.05) Cottage Savings Association v. Commissioner Gain on the Sale of a Home (Code § 121; Textbook pp.190-91)(Chirelstein section 15.02)(E&E 1Ch.2(J). Handouts: Eisner v. Macomber; Realization vs. Recognition; Realization and the Time Value of Money ------------------------------------------------------------------------------------------------------------------ Assignments 11 & 12 (Be sure to bring Code/Regs) Express Nonrecognition Provisions (Code §§ 1001(c), 1031) (Textbook pp. 224-27) (Chirelstein section 15.01) (E&E Ch. 3(A)(2). Rev. Rul. 82-166 Boot and Basis (Textbook pp. 231-33) Handouts: Introduction to Like-Kind Exchanges; Summary of Section 1031; Boot and Basis under Section 1031; Section 1031 Basis Rules; Realization and Recognition Examples; More on Like-Kind Exchanges; Excerpt from Fall 1989 Exam; 2004 Optional Quiz and Discussion of 2004 Optional Quiz. ------------------------------------------------------------------------------------------------------------------ Assignment 13 B. Transfers Incident to Marriage and Divorce Introduction and Property Settlements (Code § 1041) (Textbook pp. 301-311) (Chirelstein section 5.04) (E&E Ch. 3(B). United States v. Davis Farid-Es-Sultaneh v. Commissioner Handout: Excerpt from Fall 1990 Exam ------------------------------------------------------------------------------------------------------------------ Assignment 14 C. Constructive Receipt (Chirelstein section 11.01) (E&E Ch. 3(E). Code §§ 446(a) (c), 451(a); Reg. § 1.451 1 and 2) (Textbook pp. 253-59) Amend v. Commissioner Pulsifer v. Commissioner Handout: The Cash Method of Accounting D. Deferred Compensation (Textbook pp. 259-73, 277-81) United States v. Drescher Minor v. United States Commissioner v. Olmsted -------------------------------------------------------------------------------------------------------------
(E&E Ch. 2(F). The Use of Hindsight (Code § 172(a) and (b)(1)) (Textbook pp. 126-31) Burnet v. Sanford & Brooks Co.
North American Oil Consolidated v. Burnet United States v. Lewis Tax Benefit Doctrine (Code § 111) (Textbook pp. 138-41)(Chirelstein section 10.03) Alice Phelan Sullivan Corp. v. United States
------------------------------------------------------------------------------------------------------------------ Assignment 16 (Be sure to bring Code/Regs) F. Open Transactions, and Installment Sales (Chirelstein section 14) (E&E Ch. 3(C). Open Transactions (Code § 453(a), (c), (d) and (j) (Textbook pp. 245-50) Burnet v. Logan Installment Method (Textbook pp. 250-53)
------------------------------------------------------------------------------------------------------------------ Assignment 17 (Be sure to bring Code/Regs) G. The Accrual Method (Chirelstein section 12.01-12.02) (E&E Ch. 3(G). Delay in Receipt of Cash (Code §§ 446, 451(a), 456 and 461(h); Reg. §§ 1.446 1(c)(1) and 1.451-1(a)) (Textbook pp. 322-26) Georgia School Book Depository v. Commissioner Prepaid Income (Textbook pp. 326-33) American Automobile Association v. United States
------------------------------------------------------------------------------------------------------------------ Assignment 18 (Be sure to bring Code/Regs) IV. PERSONAL DEDUCTIONS, EXEMPTIONS, AND CREDITS A. Introduction (Textbook pp. 339-42, 588-91) (Chirelstein section 7.01-7.06); B. Casualty Losses (Code § 165(a), (b), (c) and (h) (Textbook pp. 342-55) (E&E Ch. 4(B). Dyer v. Commissioner Chamales v. Commissioner Blackman v. Commissioner Handouts: Casualty Losses; Casualty Loss - Property Used for Personal Purposes; More on Casualty Losses; Answers to More on Casualty Losses. C. Extraordinary Medical Expenses (Code § 213) (Textbook pp.356-66) (E&E Ch. 4(C). Taylor v. Commissioner Henderson v. Commissioner Ochs v. Commissioner D. Charitable Contributions (Code § 170(a)(1)(b), (c) and (e)(1); 501(a) and (c)(3)) (Textbook pp. 366-68) (E&E Ch. 4(D). ---------------------------------------------------
(Textbook pp. 390-91) ------------------------------------------------------------------------------------------------------------------ Assignment 20 (Be sure to bring Code/Regs) V. MIXED BUSINESS AND PERSONAL OUTLAYS A. Controlling the Abuse of Business Deductions (Code §§ 67, 162(a), 183(skim), 262, 274(a), (d) and (e), 280A) (Chirelstein sections 6.01, 7.05) (Textbook pp. 401-431) (E&E Ch. 6(A)). Nickerson v. Commissioner Popov v. Commissioner Moller v. United States Whitten v. Commissioner Henderson v. Commissioner
----------------------------------------------------- Assignment 21 (Be sure to bring Code/Regs) B. Travel and Entertainment (Textbook pp. 431-43) (Chirelstein section 6.02)(E&E Ch. 6(B). Rudolph v. United States Moss v. Commissioner
(Textbook pp. 459-75) Commissioner v. Flowers Hantzis v. Commissioner -------------------------------------------------------------------------------------------------------------------
Pevsner v. Commissioner Handouts: Expenses When Away from Home; Business Expense Practice Question
United States v. Gilmore Handout: Origin of the Claim Test F. Expenses of Education (Code § 25A, §222; Reg. § 1.162 5) (Textbook pp. 484-488) (Chirelstein sections 6.03(d), 7.09) (E&E Ch. 6(G)). Carroll v. Commissioner Handouts: Educational Expenses; Educational Expenses Problems; Credits for Higher Education Expenses ------------------------------------------------------------------------------------------------------------------ Assignment 23 VI. DEDUCTIONS FOR THE COST OF EARNING INCOME A. Current Expense vs. Capital Expenses; Repair and Maintenance Expenses (Code § 195; §§ 162(a), 263 and 263A(a) and (b); Reg. § 1.162 4) (Textbook pp. 491-518; 480-96) (Chirelstein section 6.03(a) –(b)) (E&E Ch. 5(A-C)). Encyclopaedia Britannica v. Commissioner Midland Empire Packing Co. v. Commissioner Norwest Corporation v. Commissioner
------------------------------------------------------------------------------------------------------------------ Assignment 24 B. Depreciation, ACRS and Investment Credit (Code §§ 167(a), 168(a) (c); 197 (Chirelstein section 6.08; 6.09(a); 6.10) (Textbook pp. 544-51) (E&E Ch. 5(H)). Handout: Cost Recovery or Depreciation Deductions
Gillian v. Commission ------------------------------------------------------------------------------------------------------------------
VII. CAPITAL GAINS AND LOSSES A. Background, Statutory Framework and Policy (Code §§ 1(h), 64, 65, 1202(a), 1211, 1221, and 1222) (Chirelstein section 16)(Textbook pp. 665-71) (E&E Ch. 8(A-C)). Handout: Capital Gains Preference - Summary of Policy Debate B. Property Held Primarily for Sale to Customers (Code §§ 1221(1) and 1237) (Chirelstein section 18.01 (Textbook pp. 671-84) Bielfeldt v. Commissioner Biedenharn Realty Co. v. United States ---------------------------------------------------------------------------------------------------------------------- Assignment 26 C. Transactions Related to the Taxpayer's Regular Business (Code § 1231) (Chirelstein section 17.02 )(Textbook pp. 684-95) Corn Products Refining Co. v. Commissioner Arkansas Best Corp. v. Commissioner Handout: Business Hedges ------------------------------------------------------------------------------------------------------------------ Assignment 27
(Textbook pp. 601-10) (Chirelstein section 8.01) (E&E Ch. 7(A). Lucas v. Earl Poe v. Seaborn Directory: fall2006 fall2006 -> Alevtina Verbovetskaya fall2006 -> Faculty and staff office hours please note Download 49.04 Kb. Share with your friends:
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