Overview of Major Topics Covered:
Introduction; Administrative Appeals; Audit Process; 3-Day Letter; 90-Day Letter; U.S. Tax Court Petition; Statute of Limitations; Tax formula; + Gross Income; - Exclusions; - Business Deductions; - Specified Deductions; = Adjusted Gross Income; - Itemized or Standard Deductions; - Personal Deductions; = Taxable Income; Gross Income; Commissioner v. Glenshaw Glass; Sources of Income; Cesarini v. United States; Realization; Old Colony v. Commissioner; Form of Receipt; Exclusions; Gifts/Inheritances; Commissioner v. Duberstein; Wolder v. Commissioner; Personal Injury Award (Code § 104(a)(2)); 1997 Amendments; Roemer v. Commissioner; United States v. Burke & Commissioner v. Schleier; Punitive Damages (O’Gilvie v. United States); Hypotheticals/Exam Tips; Tax Basis Rules; Purchase – Cost; Exchange – Fair Market Value (“FMV”); Gift = Donor’s Basis; Inheritance = FMV; Co-Ownership Property; Divorce Tax Rules; Property Settlements/United States v. Davis; Code § 1041; Alimony; Child Support; Assignment of Income; Earnings/Lucas v. Earl; Property; Helvering v. Horst; Timing of Assignment; Salvatore v. Commissioner; Tax Avoidance/Stanahan v. Commissioner; Kiddie Tax (Code § 1(i)); Series EE Savings Bonds (Code § 135); Trust and Guardianships; Business Deductions (Code § 162); “Ordinary and Necessary”; Expense v. Capital Outlay; Midland Empire Packing Co. v. Commissioner; Higgins v. Commissioner; Investment Deductions (Code § 212); Two-Prong Test for Deductions; Passive Losses (Code § 469); Trade or Business Activity; Material Participation; Exceptions; Real Estate Professional; Rental Real Estate; Interest Deductions (Code § 163); Trade or Business; Consumer Debt; Qualified Residences; Passive Loss Activity; Investment Portfolio; Capital Gains and Losses; Computations; Code § 1212 Limitation; Tax-Deferred Sales/Exchanges; Like-Kind Exchange (Code § 1031); Principal Residence Sale (Code § 121)
About the Professor:
Professor Doti holds a B.S. in Accountancy from the University of Illinois at Urbana, Illinois (1966) and earned a Certified Public Accountancy in 1966 in Illinois. He earned his J.D. cum laude from Chicago-Kent in 1969, where he was an associate editor of the Chicago-Kent Law Review. Professor Doti practiced tax law full-time for twelve years, including five years with McDermott, Will & Emery, the largest tax law firm in the nation, and seven years as Vice President and Director of Taxes at the Leo Burnett advertising agency. Professor Doti has been teaching taxation law full time since 1982. He is a member of the Teaching Taxation Committee of the American Bar Association Section of Taxation, for which he has served as an editor of the Tax Lawyer’s Annual Report issue. Professor Doti has written numerous articles on tax issues for a variety of law reviews and professional journals, including the Denver University Law Review and Tax Notes. As a contracts law professor, he is the author of Contracts Law Outlines and Flowcharts. He is a member of the California, Colorado and Illinois bars and is certified as a tax law specialist by the California Board of Legal Specialization. Professor Doti teaches Contracts, Federal Income Taxation, and Estate and Gift Taxation.