Students work in pairs researching and writing half of the issues of their joint brief. On the second night of oral arguments in the competitive versions of AAII, students are judged indepedently and advance in the competition independent of their partner. The course considers the operation of the federal income tax with emphasis on the policies and principles instrumental in shaping the law of federal income tax law and the development of analytical skills necessary for solving income tax issues. The course focuses on the determination of gross income and deductions and develops issues involving the disposition of property, tax accounting, assignment of income among family members, time value of money, and leveraging. The course is based on a series of problems involving common business transactions in the context of business planning and counseling.
Emphasis is placed upon problems of closely held corporations.
Approximately one-third of the course is devoted to related tax matters. Federal Income Tax I . The University of Iowa . All Rights Reserved. Please note our disclaimers .