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Course Number: LAW 651

Course Credits: 4

This required course is a study of the Federal Income Tax Code, regulations, and case law including the concepts of income, identification of the proper taxpayer deductions and credits in computing taxable income, allocation of tax items to taxable years, taxation of business entity, tax accounting, income taxation of trusts and estates, gains and losses from the disposition of property (ordinary versus capital gains and losses), and tax procedure. The course is designed to familiarize the student with the Federal Income Tax Code and regulations as well as the use thereof.