Introduction to federal income tax -- Gross income concepts and limitations -- The effect of an obligation to repay -- Gains derived from dealings in property -- Gifts, bequests and inheritance -- Sale of a principal residence -- Scholarships and prizes -- Life insurance, annuities, and individual retirement accounts -- Discharge of indebtedness -- Compensation for personal physical injury and physical sickness -- Fringe benefits -- Business and profit seeking expenses -- Deduction for qualified business income : Section 199A -- Capital expenditures -- Depreciation -- Losses and bad debts -- Travel expenses and business meals -- Educational expenses -- Dual use property : home offices, vacation homes, and passenger automobiles -- The interest deduction -- The deduction for taxes -- Casualty losses -- Medical expenses -- Charitable deductions -- Limitations on deductions -- Cash method accounting -- Accrual method accounting -- Annual accounting -- Capital gains and losses -- Quasi-capital assets : Section 1231 -- Depreciation recapture -- Assignment of income and kiddie tax -- Below-market loans -- Effect of debt on basis and amount realized -- Transfers between spouses and incident to divorce -- Like-kind exchanges of real property -- Involuntary conversions -- Installment sales -- Sale of a business and sale-leasebacks -- An introduction to original issue discount -- Limitations on tax shelters -- The alternative minimum tax.
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