Advance Assignment -- Basic Federal Incme Taxation, Dav + Evening Divisions -- Professor YochumSYLLABUS BASIC FEDERAL INCOME TAXATION DAY & EVENING DIVISION PROFESSOR YOCHUM OFFICE: (412) 396-5012 / E-MAIL: yochum@duq.edu 318 Murray Pavilion, Law School FALL 2007 COURSE DESCRIPTION: This course covers the basic income tax provisions of the federal Internal Revenue Code, with a particular focus on provisions that affect the tax liabilities of taxpayers. While the course will frequently focus on individual taxpayer issues, the fundamental nature of the problems presented in this course affects all taxpaying entities. Emphasis will be on primary materials, i.e., the Code itself, Treasury regulations, IRS revenue rulings and other administrative pronouncements, as well as decisions of the Supreme Court, the Tax Court, and other federal courts. Classroom analysis of these materials plus the problems provided by the text will constitute the bulk of this course.

GENERAL OBJECTIVES: Students will master a body of substantive knowledge about the federal income tax. They will also begin to develop the habits of mind, analytical skills, and ethical framework that are the hallmark of the tax practitioner. They will learn to use that body of knowledge and set of skills to advise taxpayers (or, in fact, the tax collector) and resolve the sort of problems that are encountered in the real world tax practice. The text for this course is Westin, Basic Federal Income Taxation (Aspen 2002) and Federal Income Tax: Code & Reg. 2007-2008, (CCH). Attendance will be taken in this course. This Syllabus is based upon a four (4) hour class week. Consequently, for the Evening Division, Week #1 will cover four (4) class hours. Because the Day Division class meets for 28 weeks over both the Fall and Spring Semester, each “week” of this syllabus for the Day Division will be covered over two weeks of class. References herein are to the Westin text. There may be one "pop" quiz during the year, worth no more than 10% of the total grade.

SYLLABUS BASIC FEDERAL INCOME TAXATION DAY & EVENING DIVISION PROFESSOR YOCHUM FALL 2007 (PAGE 2) Course Outline Week 1 Chapter 1 Introduction/Key Concepts/Tax Procedure pp. 1-43 Administration and Court Processes Week 2 Chapter 2 (Skip Section G) Gross Income Defined/Return of Capital/ Barter/ Debt Discharge Week 3 Chapter 3 Gains from Dealings in Property/Computation of pp. 1-135 Basis in Sales/ Gifts/Inheritance Week 4 Chapter 3 Amount Realized (Complete Chapter 3) pp. 135-158Week 5 Chapter 4 (Skip Sections K, O, Q, R, S and T) Exclusions from Gross Income/Gifts, Inheritance, pp. 159-207 Scholarships, Meals and Lodging Week 6 Chapter 4 (continued - NOTE skips above) Fringe Benefits/Recoveries for Personal Injury and pp. 207-281 Sickness Week 7 Chapter 5 Business and Profit Seeking Deductions/ Trades and Businesses Defined/Ordinary and Necessary Defined

Week 8 Chapter 6 (Skip E, Problem 6-6; I, Problems 6-8, 6-9, Other Deductions/Entertainment/Compensation 6-10, L, M, N, P, and S) 327-359 Week 9 Chapter 6 Depreciation/Bad Debt pp. 359-459 (NOTE skips above) Week 10 Chapter 7 (Do ONLY Sections A-D Individual Calculations/Personal Exemptions, and L and M; do NOT do the problems Standard Deduction/Alimony/Taxation of Children in these sections) Week 11 Chapter 8 (Read the Chapter but only skim Capital Gain and Losses Sections D, G-K, and M and just skim the problems) Week 12 Chapter 9 Accounting Methods/Cash and Accrual/Installment Method/Claim of Right Doctrine Week 13 Chapter 11 Like Kind Exchanges and Other Tax pp. 745-770 Deferred Transactions Week 14 Chapter 12 Assignment of Income/Who is the Taxpayer? pp. 775-799