Study Federal Income Tax with expertly written law school outlines available in Full, Cram, and Bar exam formats.
Federal Income Tax is the Internal Revenue Code translated into something you can actually apply on an exam. Our outline starts with the definition of gross income under IRC §61 (Glenshaw Glass's accession-to-wealth standard, realization, and recognition), then works through the exclusions under §§101–139 (gifts and inheritances under §102, life insurance proceeds, employer-provided benefits, and discharge-of-indebtedness exclusions). Deductions are split into above-the-line (§62) and below-the-line, with §162 trade-or-business expenses, §212 investment expenses, §170 charitable contributions, §163 interest, and §164 taxes each covered with the limitations Congress has layered on over time. Capital gains and losses are treated under §§1221–1222 and 1231, including holding period, character conversion, the netting rules, and the preferential rates. Property transactions cover basis (§1012 cost basis, §1014 stepped-up basis at death, §1015 carryover basis for gifts), amount realized, §1001 recognition, and the major nonrecognition provisions (§1031 like-kind exchanges for real property, §1033 involuntary conversions, §121 personal residence exclusion). Credits — child tax credit, earned income credit, foreign tax credit — and the alternative minimum tax are addressed, along with the timing rules that govern when items are reportable (cash versus accrual, §446, the claim-of-right doctrine, and the tax benefit rule). Whether you are preparing for a law school tax exam, studying for the CPA, or building a foundation for a tax practice, this outline maps the IRC with clear structured analysis. Available in Full, Cram, and Bar formats. Connects to Business Associations, Real Property, and Wills, Trusts, & Estates. Search terms: IRC section 61 gross income, basis, capital gains, like-kind exchange, Glenshaw Glass, charitable deduction, AMT.