Discussion - 4 hours. There are no prerequisites, although this course is a prerequisite for most other tax courses. This course surveys the federal income tax system, with consideration of the nature of income, when and to whom income is taxable, exclusions from the tax base, deductions and credits, and tax consequences of property ownership and disposition. Our objective will be to explore and critically evaluate the concepts and policies underlying the federal income tax, as well as to learn to interpret the statutory provisions by which these concepts and policies are implemented.