FEDERAL TAX OUTLINE
www.swapnotes.com FALL 2002
PROF ZELINSKY
INCOME
61 Commissioner v. Glenshaw Glass (pg 90) Are punitive damages income? Glenshaw Glass was awarded punitive damages but reported only non-punitive damages Holding: Taxpayer looses
GROSS INCOME www.swapnotes.com
Basic Structure of the Tax System - (1) Gross Income (61) - Deductions (162, 212) = AGI (62) - (2) AGI (62) - Itemized Deductions = Taxable Income (63)
Definition of Gross Income - GI includes all income (wages, inter
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1)
Federal Jurisdiction Outline a) Development of the Federal Judicial System
b) Congressional Control over Federal and State Courts i) Power of Congress over Federal Court Jurisdiction 2) Congress has limited power over state co
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Elan Weinreb September 10, 2001 Federal Courts Rudenstine Federal Courts Outline The exam: There are no midterms and no papers. The final grade in this course is based upon the final exam. The exam this year will be open book. You
Engler/Spring 2002
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Kohn
1
FEDERAL INCOME TAX OUTLINE
INTRODUCTION
SOURCES OF FEDERAL TAXATION - Consumption tax: Tax what people spend. Very simple to administer, as one rate would apply (probably in the form of a sales tax). E
Analyze: Horizontal equity Ts w/ similar ability should pay the same Vertical equity Ts w/ higher ability should pay more
=FED TAX OUTLINE 1. Sources of Federal Taxation a. Criteria for evaluating these possibilities 2. Cash Accounting vs. Accrual
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Federal Income Taxation Outline
Spring 2003 Professor Engler
CHAPTER 1. Introduction
Criteria for Tax Regimes Vertical fairness: those with a higher ability to pay should pay more. Horizontal fairness: those in similar situations s
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I.
Introduction
A. What is the Main Source of Federal Taxation and What are the Other Options? INCOME TAX is the main source.
1. Consumption tax. Encourages savings not consumption. Lacking in fairness b/c the rich can save and
Federal Income Tax 2000
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FEDERAL TAX - ENGLER I. Introduction A. 2 fundamental Questions 1. What is the treatment of a particular item? 2. What should be the treatment under an ideal tax system? B. Critique of Tax Systems 1. 3 Basi
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Federal Income Tax Outline Engler, Fall 2000
Federal Income Tax Outline
61 Income gross income is all income from whatever source derived.
(gives, e.g.'s).
Income definitions:
1. COMMISSIONER V. GLENSHAW GLASS Sup Ct defn of
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FEDERAL TAX OUTLINE
Chapter One: Introduction A. The Importance of Income Taxes The main source of federal tax collection is income tax Other possibilities: -Value Added Tax: Consumption tax. Tax what you spend, don't tax investmen
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Federal Income Tax Outline CHAPTER 1 I. Introduction a. Themes i. What is the actual result under tax law? ii. From a policy standpoint, what should the law be? b. Possible Types of Taxation i. Head Tax flat rate for each person ii
My Fed Tax Outline Engler 2000
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CHAPTER 1 INTRODUCTION
2 Central Themes: 1) What is the treatment under current tax law? 2) What should the treatment be under an ideal tax system? I. Why Income Tax over other possibilities A. The
Fed tax outline: I) Definition of the tax base: what is gross income? 1) text 1-13(1-13), 17-24(16-24), 32-38(32-38), 70-72(69-71) Code Section 61 Glenshaw Glass what is income? Punitive damages are income 1) accession to wealth, 2) clearly realize
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