LAW-2983 Federal Tax of Property
This course, together with Basic Income Taxation, will provide students with a thorough and in depth exposure to fundamental income tax concepts. This course is recommended to students who are considering specializing in tax law or in any commercial or business planning area. The course will begin with a review of capital gains and losses and holding period. It will then cover sales of business property and other transactions covered under section 1231, depreciation recapture from transfers of real and personal property, gains and losses from sales between related parties, bad debts, worthless securities, charitable contributions, personal casualty losses, installment sales, property transfers in connection with the performance of services, incentive stock options, original issue discount and unstated interest, section 1031 like kind exchanges, involuntary conversions under section 1033, passive activity losses, section 465 at risk rules, activities not engaged in for profit, restriction on deductions for vacation rental and other business uses of a home, and the tax consequences of below market rate loans. Students enrolled in JD/LLM TAX program are not eligible to enroll in this course.
Prerequisite
Student has completed all of the following course(s) LAW 2200 - Basic Fed. Income Tax