This course examines federal tax law as it applies to individuals. It emphasizes the determination of gross income, deductions and credits, as well as the identity of the taxable person, tax accounting and timing principles. It involves an overview of applicable tax statutes, regulations and rulings, and provides an awareness of the history and tax policy considerations behind various Internal Revenue Code provisions. Students assess the tax implications of decisions, develop an ability to recognize limitations in the tax law as it exists today and learn how to evaluate where additional research is necessary to adequately resolve tax issues. Finally, the course introduces flow-through entities such as partnerships, S-corporations and C-corporations. Credits: 4