ADVANCED INDIVIDUAL INCOME TAX
GEORGETOWN UNIVERSITY LAW CENTER
Spring 2015—Professor David Kirk
CONTACT INFORMATION:
David Kirk, CPA, CFP, LLM
Class
Tel:
Lecture Topic/Reading:
Jan 12
TOPIC: Class Introduction, Basic Financial Planning, and Basics of Individual Tax
Class
1
Class Introduction
a. Take-Home Exam & Grading
b. Course Structure
General Overview of Individual Income Tax
IRC §§ 61-63
Introduction to Individual Alternative Minimum Tax (AMT)
IRC §§ 55-59 & Treas. Reg. § 1.55-1
Introduction to Net Investment Income Tax
IRC § 1411
Introduction to Self-Employment Tax
IRC §§ 1401-1402
Income Tax Return Review (Obama & Romney)
Found under “Random Tax Tidbits” in Courseware
Jan 19
MARTIN LUTHER KING HOLIDAY: No classes meet
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ADVANCED INDIVIDUAL INCOME TAX
GEORGETOWN UNIVERSITY LAW CENTER
Spring 2015—Professor David Kirk
Jan 26
Class
2
TOPIC: Basics of Financial Planning, Investments, and Tax Implications:
1. What is Financial Planning?
2. Liability Management- what to do with student loans, other debt, tax
deductibility, lease vs. own?
3. Taxable, Tax Deferred, Tax-Free accounts- discussion of investment
account structures
4. Different types of common investments- Mutual Funds, Stocks, Bonds,
UIT’s, ETF’s, Annuities, REIT’s (public/private), Limited Partnerships
(i.e.- private equity, hedge funds)
5. Basics on Taxation of those investments: RICs, REITs, PTPs
6. Asset Allocation Modeling- types of asset classes and examples of risk
based model portfolio’s
7. Overview of investments in Life Insurance & Annuities- purposes and
pros/cons of each
Guest Co-Instructor: Nathan Huveldt, Morgan Stanley (Chicago, IL)
Feb 2
TOPIC: Individual Loss Limitations
Class
3
Basics of Loss Allowance (Tax Basis)
1. IRC § 1366(d) (S Corporation Basis Limitation)
2. IRC § 704(d) (Partnership Basis Limitation)
-Feb 9
Class
4
Section 465: At-Risk
1. IRC § 465
2. Prop. Treas. Reg. § 1.465-1 through -13
3. Prop. Treas. Reg. § 1.465-20
4. Prop. Treas. Reg. § 1.465-22 through -27, -38, -39
5. Prop. Treas. Reg. § 1.465 -41 (Examples)
6. Zeluck v. Comm’r, T.C. Memo. 2012-98
7. IRS Form 6198 & Instructions (Not Required)
8. BNA TMP 550-3rd: At-Risk Rules (Not Required)
9. IRS Pub 925: Passive Activity & At Risk Rules (Not Required)
Section 469: Passive Activity Loss
1. IRC § 469 & Regulations
2. Prop Reg: LLC Members as Limited Partners (REG-109369-10, 76 F.R.
72875)
3. Grouping, Rev. Proc. 2010-13 (Not Required)
4. IRS Form 8582 & Instructions (Not Required)
5. BNA TMP 549-2nd: Passive Loss Rules (Not Required)
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ADVANCED INDIVIDUAL INCOME TAX
GEORGETOWN UNIVERSITY LAW CENTER
Spring 2015—Professor David Kirk
Feb 19
Passive Activity Loss (Finish)
(Thursday)
TOPIC: Income Inclusions, Deductions, and Exclusions
Class 5
1. Sale of Personal Residence
a. IRC § 121 and § 121 Regulations
b. Gates v. Comm’r, 135 TC 1 (July 1, 2010)
c. CCA 201428008 (April 21, 2014)
d. Fed. Tax'n Income, Est.& Gifts ¶ 45.1
e. BNA TMP 594: Home Ownership, § IV (Not Required)
2. Individual Net Operating Loss
a. IRC § 172 & Treas. Reg. § 1.172-1, -3 through -7
b. IRS Form 1045 & Instructions
c. BNA TMP 539, § III, C (Not Required)
Feb 23
Mar 2
Mar 9
(Off)
Mar 16
Class
6-8
TOPIC: Interest Expense Deductions
Interest Expense, Generally
1. IRC § 163(a), (h)(1)-(2)
2. Treas. Reg. § 1.163-9T
3. IRC § 265(a)(2)
4. Fed. Tax'n Income, Est.& Gifts ¶ 52.1 (Not Required)
Mortgage Interest Expense Deduction
1. IRC § 163(h)(3)
2. IRC § 461(g)
3. IRS Notice 88-74
4. Treas. Reg. § 1.163-10T
5. Rev. Rul. 2010-25
6. CCA 201201017 (Nov 1, 2011) / Rev. Rul. 2010-25
7. BNA TMP 594: Home Ownership, § II, D
Investment Interest Expense Deduction
1. IRC § 163(d)
2. Rev. Rul. 70-221
3. Fed. Tax'n Income, Est.& Gifts ¶ 52.5 (Not Required)
Interest Tracing
1. Treas. Reg. § 1.163-8T
2. IRS Notice 89-35
3. Fed. Tax'n Income, Est.& Gifts ¶ 52.10 (Not Required)
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ADVANCED INDIVIDUAL INCOME TAX
GEORGETOWN UNIVERSITY LAW CENTER
Spring 2015—Professor David Kirk
Self-Charged Interest
1. Treas. Reg. § 1.469-7 (In PAL Materials)
2. BNA TMP 549-2nd: Passive Loss Rules, IV, A, 1, c, 3
TOPIC: Non-Interest Itemized Deductions
State, Local & Foreign Taxes
1. IRC § 164 & Treas. Reg. § 1.164-1 through -7 (Skim)
2. IRC § 275
3. Sale of State Tax Credits, CCA 201147024
4. Fed. Tax'n Income, Est.& Gifts ¶ 32.1 (Not Required)
Mar 23
Class
9
Charitable Contributions
1. IRC § 170(a) – (f)
2. Treas. Reg. § 1.170A-1, -3, -4, -8, -10 (Skim)
3. Treas. Reg. § 1.170A-13
4. Rolfs v. Comm’r, 668 F.3d 888 (7th Cir, 2011)
5. Fed. Tax'n Income, Est.& Gifts ¶ 35 (Not Required)
Casualty & Theft Losses
1. IRC § 165(a), (c)
2. Cox v. United States, 537 F.2d 1066 (9th Cir. 1976)
3. Rev. Rul. 2009-8
4. Fed. Tax'n Income, Est.& Gifts ¶ 34.1
Miscellaneous Itemized Deduction Subject to 2% Floor
1. IRC §§ 67 & 212
2. Treas. Reg. § 1.67-1T, -2T
3. Treas. Reg. § 1.212-1
4. Treas. Reg. § 1.162-1, -6, -15
5. Scott v. Comm’r, T.C. Summ. Op. 2010-47 (Not Required)
Mar 30
Apr 9
(Off)
Apr 13
Apr 20
TOPIC: Other Individual Tax Systems
Class 10: Individual Alternative Minimum Tax (AMT)
1. IRC §§ 55-59 & Treas. Reg. § 1.55-1
2. IRS Form 6251 & Instructions
3. BNA TMP 587-2nd: Noncorporate AMT (Not Required)
Class 10: Self-Employment Tax
1. IRC §§ 1401-1402
2. Treas. Reg. § 1.1402(a)-1 through -18
3. Treas. Reg. § 1.1402(b)-1
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ADVANCED INDIVIDUAL INCOME TAX
GEORGETOWN UNIVERSITY LAW CENTER
Spring 2015—Professor David Kirk
Class
10-12
4.
5.
Treas. Reg. § 1.1402(c)-1
BNA TMP 392-6th: Withholding, Social Security and Unemployment Taxes
on Compensation, Part II, B (Not Required)
Section 1411 – Net Investment Income Tax
[a/ka the “Unearned Income Medicare Contribution”]
1.
2.
3.
4.
IRC § 1411
2013 Final Reg: Net Investment Income Tax (TD 9644)
2013 Prop Reg: Net Investment Income Tax (REG-130843-13)
Form 8960 + Instructions & IRS Website FAQs
Class 11 – General Basics of Tax
Treas. Reg. § 1.1411-1, -2, -4(a)-(f), -5, -6, -8, -9
-------------Class 12 – Special 469 Interactions, Sale of Partnership Interests, CFCs & PFICs
Treas. Reg. § 1.1411-4(g),-5(b), and -10
Prop Reg § 1.1411-4(g), -7 (2013)
TOPIC: Education Planning
If
Extra
Time
Final
Exam
1. IRC § 25A (Hope & Lifetime Learning Credit)
2. IRC § 117 (Scholarships)
3. IRC § 127 (Education Assistance)
4. IRC § 135 (EE Saving Bond Interest Exclusion)
5. IRC § 221 (Student Loan Interest Deduction)
6. IRC § 222 (Above-The-Line Tuition Deduction)
7. IRC § 529 (529 Plans)
8. PA Statute 72 P.S. § 7303(a.7)(1) (State Ded. for 529 Plans)
9. IRC § 530 (Coverdale IRAs)
10. Treas. Reg. § 1.165-5
a. Hudgens v. Comm’r, T.C. Memo 1997-33
b. Allemeier v. Comm’r, T.C. Memo. 2005-207
c. Singleton-Clarke v. Comm’r, T.C. Summ. Op. 2009-182
d. Hart v. Comm’r, T.C. Memo. 2013-289 (Not Required)
Earliest Download: April 28, 2015
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Latest Upload: May 7, 2015
General Exam Parameters:
 There is no prescribed form for exam answers.
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ADVANCED INDIVIDUAL INCOME TAX
GEORGETOWN UNIVERSITY LAW CENTER
Spring 2015—Professor David Kirk


There will be a page limit (approximately one double-spaced page per 5
points)
Bullet point lists and/or imbedded spreadsheets (to show calculations) are
acceptable. Citations are not required (and points will not be reduced for
lack thereof), but they may be helpful shorthand in light of the length
limitation described above.
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