Federal Income Taxation

Model Problems and Outstanding Answers

Camilla E. Watson

Model Problems and Outstanding Answers

Each problem/test question is separated into components so students can easily identify the key concepts in Federal Income Taxation and learn how to apply those concepts in a sophisticated manner on law exams
Helps students identify the deficiencies in their own answers, allowing them to refine their writing and provide the answers law professors expect on Federal Income Taxation exams
A self-evaluation section identifies which issues are most often missed on exams, allowing students to master the answers to challenging test questions

Federal Income Taxation

Model Problems and Outstanding Answers

Camilla E. Watson

Model Problems and Outstanding Answers

Description

Tax law is a daunting subject for many law students. It requires a firm grasp of the Internal Revenue Code provisions, the reasoning behind them, the way they interact, and the way courts have interpreted them. Students must also acquire a brand new vocabulary of tax terms.

For the first time, Oxford University Press equips students with an accessible guide to acing this most challenging of law school tests. In Federal Income Taxation: Model Problems and Outstanding Answers, Camilla E. Watson helps students demonstrate their knowledge of federal income tax law in the structured and sophisticated manner that professors expect on law school exams.

This book includes clear introductions to the major topics in tax law, provides hypothetical's similar to those that students can expect to see on an exam, and offers model answers to those hypothetical's. Professor Watson then gives students the opportunity to evaluate their own work with a comprehensive self-analysis section. This book prepares students by challenging them to use the law they learn in class while also explaining the best way to express an answer on law school exams.

Federal Income Taxation

Model Problems and Outstanding Answers

Camilla E. Watson

Model Problems and Outstanding Answers

FEDERAL INCOME TAX: Model Problems and Outstanding Answers

Introduction
1. The Concept of Gross Income: Realization and Recognition
2. The Concept of Gross Income: Exclusions
3. Property Transactions: The Concept of Basis and Capital Recovery
4. Purchase and Sale of a Principal Residence
5. Dissolution of a Marriage
6. Employee Fringe Benefits
7. Meals and Lodging Furnished To An Employee
8. Life Insurance
9. Discharge of Indebtedness
10. Assignment of Income
11. Education Incentives
12. Casualty Losses, Medical Expenses and the Tax Benefit Rule
13. Charitable Deductions
14. Moving Expenses
15. Business Expense Deductions
16. Nonbusiness, Profit-Oriented Expenses
17. Mixed Purpose Expenditures
18. Sale of a Vacation/Secondary Residence
19. Accounting Methods: Cash Receipts/Disbursements and Accrual
20. Claim of Right and Tax Benefit Doctrines
21. Capital Gains and Losses
22. Depreciation
23. Sale of A Business: Characterization of Gain and Loss
24. Installment Sales
25. Nonrecognition Transactions: Like-Kind Exchanges and Involuntary Conversions
26. Nonrecognition Transactions: Wash Sales of Stock and Securities
27. Loss Transactions Between Related Parties
28. Transfers of Property For Services
29. Income in Respect of a Decedent
30. Grantor Trusts
31. Bad Debts
32. Interest Deductions
33. Adjusted Gross Income and Social Security Benefits
34. Personal Exemptions, Standard Deduction, Itemized Deductions and Tax Credits
35. Tax Shelters
36. Tax Procedure

Federal Income Taxation

Model Problems and Outstanding Answers

Camilla E. Watson

Model Problems and Outstanding Answers

Author Information

Camilla E. Watson is a Professor of Law at the University of Georgia School of Law, where she teaches courses on federal taxation and criminal law. Her scholarly interests lie in the area of federal taxation in which she has published a number of articles and several books. Professor Watson served as founding chair of the Section on Employee Benefits of the Association of American Law Schools.

While in private practice, she was a member of the Federal Tax Council of the Illinois State Bar Association. She is a member of the bar of the states of Illinois, South Carolina and Mississippi.

Federal Income Taxation

Model Problems and Outstanding Answers

Camilla E. Watson

Model Problems and Outstanding Answers

Reviews and Awards

"Professor Watson has created an outstanding set of materials. The Hypotheticals are comprehensive yet concise, the Sample Essays are thoughtfully constructed, and the Tools for Self Assessment provide insights that are obviously the product of years of teaching experience. This book will serve as a useful supplement." --Mark Wright Cochran, Professor of Law, St. Mary's University School of Law

"A wonderful study aid for students, with sophisticated, highly nuanced problems in individual subject areas, model solutions, and references. More than an exam-prep tool, this is the kind of reference a student will want to have next to their casebook throughout the semester." --Norman Stein, Professor of Law, Earle Mack School of Law at Drexel University

"Camilla Watson has provided a very helpful guide for beginning tax students. With its extensive coverage of thirty-six subjects typically covered in the basic federal income tax course, the book gives students the opportunity to test their understanding through the vehicle of thoughtful problems with truly 'outstanding' sample answers. Diligent students will benefit enormously by reviewing each topic as they complete the material in their course." --Paul L. Caron, Charles Hartsock Professor of Law, University of Cincinnati College of Law

"The value of Federal Income Taxation is its discussion of basic tax topics using example fact situations. The examples make tax law approachable and offer a good stepping stone to more advanced texts." --The Colorado Lawyer