Federal Income Taxation
Fall 2012
Massachusetts School of Law
Professor McLellan
(978) 475-2400
AmyM@LifetimeTrusts.com
Casebook: Freeland, Lathrope et al., Fundamentals of Federal Income Taxation
(16th Edition 2011)
Code: Klein and Stark, Federal Income Tax Code and Regulations: Selected Sections
(2012 Edition)
Course Description:
This course is an overview of the fundamentals of the federal income tax system as it
affects individuals and small businesses. You will learn about the definition and
treatment of different types of income, including earned income and income derived from
property. This course also addresses issues related to public policy, timing and
procedure.
Federal Income Taxation is a core law school course that covers very practical tax issues
every attorney should be aware of. You will learn about tax concepts which are central to
filing individual tax returns, starting and running or selling a business (including a law
practice), and the disposition of personal property and real estate. We will also cover the
tax consequences of legal matters such as divorce settlements and child support, gifting,
bankruptcy, and personal injury awards.
There will be a midterm exam which covers chapters one through ten. The midterm
accounts for 35% of your final grade. The final exam will focus on the remaining
chapters and represents the other 65% of your grade.
Date
Chapter(s)
Description
Aug. 21
1
Orientation
Aug. 23
1
Chapter 1 continued, tax policy introduction
Aug. 28
2
Gross Income
Aug. 30
3
The Exclusion of Gifts and Inheritance
Sept. 4
4
Employee Benefits
Sept. 6
5
Awards
Sept. 11
6
Gain from Dealings in Property
Sept. 13
6
Gain from Dealings in Property (continued)
Date
Chapter(s)
Description
Sept. 18
7
Life Insurance and Annuities
Sept. 20
8&9
Discharge of Indebtedness, Damages and Related Receipts
Sept. 25
10
Separation & Divorce
Sept. 27
REVIEW
Oct. 2
MIDTERM - CHAPTERS 1-10
Oct. 4
11
Other Exclusions from Gross Inc. (section A only)
12
Assignment of Income
Oct. 9
14
Business Deductions (pages 328-360)
Oct. 11
14
(pages 375-382, 388-393, 399-414)
Oct. 16
14
Depreciation (pages 418-455)
Oct. 18
15
Profit-Making, Non-Business Activities (section A only)
16
Deductions not limited to Business or Profit Activities (just
section A, Rev. Ruling 69-188, Rev. Ruling 2010-25, &
Cramer v. Comm’r)
Oct. 23
17
Oct. 25
Restrictions on Deductions
continue Chapter 17 (just skim Passive Activity rules)
Oct. 30
18
Deductions for Individuals Only
Nov. 1
19
Fundamental Timing Principles
Nov. 6
19
Fundamental Timing Principles
Nov. 8
Timing Principals- review (begin ch. 21 if time)
Nov. 13
21
Capital Gains and Losses
Nov. 15
21
Capital Gains and Losses
Nov. 20
Assignment- Tax Return (due November 27)
Nov. 22
No Class- Thanksgiving
Nov. 27
27
Computations and Review of IRS Form 1040
IRS Audits and Professional Responsibility
(just skim chapter 28, sections B & D only)
Nov. 29
Review