WILLIAM MITCHELL 

COLLEGE OF LAW

 

SYLLABUS -- REVISED 03-03-2011

 

COURSE:                   TAXATION - INCOME TAX (Course Number 2600; Section Number 2) An overview of the fundamentals of federal income taxation, including gross income, exclusions, basis, divorce, assignment of income, deductions, passive loss and interest expense limitation rules, capital gains/losses and deferral.

 

PROFESSOR:           Jeffrey R. Peterson, Adjunct Professor

 

SEMESTER:              Spring 2011

 

REQUIRED:              Fundamentals of Federal Income Taxation, Foundation Press

15th Edition (2009)

Freeland ISBN-13: 9781599417004 / ISBN: 1599417006

 

Selected Federal Taxation Statutes & Regulations, with Motro Tax Map: Lathrope, Latest Edition. (2011)

Most current version available.

 

http://www.irs.gov/pub/irs-drop/rp-11-12.pdf 

 

WEEK                                 READING AND PROBLEM ASSIGNMENTS

 

#1 – January 10 - 12                Chapter 1, Orientation 2-45 (43)

Chapter 18, Deductions for Individuals Pages 548-586 (38)

 

(NO CLASS MONDAY JANUARY 17, 2011 MARTIN LUTHER KING, JR. DAY)

 

#2 – January 19                        Chapter 28, Procedures & Professional Responsibility

                                                Pages 964-1000 (36)

Basic Tax Formula – Bottom Portion of Motro Tax Map

 

 

#3 – January 24 - 26                Chapter 2, Gross Income Pages 46-67 (21)

Chapter 3, Gifts, etc. Pages 67-89 (22)

 

#4 – January 31 -  Feb 2          Chapter 6, Property Basis/Gain: Pages 115-153 (38)

 

#5 – February 7 - 9                  Chapter 4, Employee Benefits: Pages 89-105 (16)

Chapter 5, Awards: Pages 105-115 (10)

 

#6 – February 14 - 16              Chapter 7, Life Insurance: Pages 153-163 (10)

Chapter 8, Discharge of Debt: Pages 163-182 (19)

 

#7 – February 21 - 23              Chapter 9, Damages: Pages 183-196 (13)

Chapter 10, Divorce: Pages 196-227 (31)√

re-read Chapter 6: Pages 122-127 (5) Farid-Es-Sultaneh

 

(SPRING BREAK NO CLASS FEBRUARY 28 AND MARCH 2)

 

#8 – March 7 - 9                      Chapter 11, Other Exclusions: Pages 227-248 (21)

CLOSED BOOK QUIZ  MARCH 7 (See Syllabus Pg. 4)

 

#9 – March 14 - 16                  Chapter 12, Assignment of Income: Pages 249-284 (35)

 

#10 – March 21 - 23                Chapter 14, Business Deductions: Pages 318-341 (23)

                                                MULTIPLE CHOICE OPEN BK. TEST MARCH 23

 

#11 – March 28 - 30                Continuation of Chapter 14, Business Deductions:

                                                Pages 341-395 (54)

 

#12 – April 4 - 6                      Continuation of Chapter 14, Business Deductions:

                                                Pages 395-447 (52)

 

#13 – April 11 -13                   Chapter 15, Non-Business Deductions: Pages 447-479 (32)

Chapter 17, Restrictions on Deductions Pages 513-547 (34)

 

#14 – April 18, 20 & 25           Chapter 16, Deduction Limitations Pages 479 - 512 (33)

Chapter 26, Nonrecognition:  Pages 889 – 928 (39)

Read Starker v. U.S., 602 F2d 1341 (9th Cir.. 1979)  44 A.F.T.R.2d 79-5525, 79-2 USTC P 9541

 

Last Class – April 27              IN CLASS EXAM - Closed Book Essay & Short Answer

This exam may cover any material in the readings or that was presented.

 

Note:  Assigned readings for Chapter 12 and beyond may be augmented or deleted depending on the progress of the class.  Lectures will fall behind the assignments.

 

PROF. PETERSON CONTACT INFORMATION:

 

Jeffrey R. Peterson

President

Commercial Partners Exchange Company, LLC

200 South Sixth Street #1300

Minneapolis, MN 55402-1439

 

e-mail: jeffp@cptitle.com (preferred method of communication)

Skype Name: JeffreyRPeterson (video web conference)

tel: (612) 643-1031  (emergencies only)

mobile: (612) 703-4031  (extreme emergencies only)

Web: http://www.linkedin.com/in/jeffpeterson1031

 

GRADING:  This is an estimate of the point breakdown.

In Class Closed Book Diagram Quiz (Week 8, 3/7)        15%    60 points

Multiple Choice Test: Open Book (Week 10, 3/23)         30%    120 points

Class Participation: Brief Cases & Answer Questions        30%    120 points

Exam: Closed Book Essay & Short Answer (Last Class)     25%    100 Points

                                                 100% 400

 

COURSE OBJECTIVE

Students will be expected to acquire a general knowledge of the assigned Internal Revenue Code provisions, and the judicial and administrative materials interpreting the Code.

 

CASES, READING ASSIGNMENTS AND CLASS PARTICIPATION:           

All of the assigned cases must be ready to brief no later than the beginning of the first class session for the week that they are assigned.  The problems contained within these chapters should be completed by students as part of the assigned reading.  Prior to reading an assigned chapter, it is recommended that students read the corresponding code sections or tax regulations set out in the section headers.  Professor Peterson will call on students to provide case briefs and answer questions about the cases and the assigned problems.  Class participation grades will be based on each student’s preparedness and performance when called upon to brief a case or answer questions regarding assigned problems and possible unscheduled quizzes.  Class participation evaluation may not include unsolicited or spontaneous comments or questions.  Class participation will be graded on a curve.  Students are encouraged to participate early and often.

ATTENDANCE POLICY:

            Students are expected to attend all scheduled meetings of this course.  An attendance roster will be circulated at each class meeting.  It is the student’s responsibility to sign the roster before the end of class.  Absences may adversely impact the class participation grade.  Excessive absences shall be reported to the Dean of Student Affairs. A student may receive a grade of “F” for extreme absenteeism.

 

LECTURES

Classes will consist of lecture and powerpoint presentations by the instructor and discussion of the cases and hypothetical questions contained in the assigned readings.  The powerpoint slides will not be provided to students.  Students are encouraged to take notes.  Students are encouraged to brief cases, answer questions and to participate in class discussions. 

 

IN CLASS CLOSED BOOK “DIAGRAM QUIZ”

Students will be asked to draw a diagram from memory of, and annotate: (1) the procedural process of a tax controversy from the filing of the tax return to review by the United States Supreme Court; and (2) the US income tax formula showing how income tax is calculated.  This quiz is graded on a curve.  Examples of prior typical quiz answers will be provided on Blackboard.

 

OPEN BOOK MULTIPLE CHOICE TEST

            Students will be given fact patterns and then asked specific questions related primarily to the materials covered thus far in the class.  This will be a timed open book test administered electronically online via Blackboard.  Make sure your computer is functional with Blackboard.  This test is graded on a curve.  The test will end at 8:20 PM.

Students who do not take the test on Blackboard may receive lower grades.