This course examines the federal income tax consequences of sales, exchanges, and other dispositions of property and the fundamental tax issues presented by these transactions.

Topics include the concept of realization, identifying the taxable event, debt encumbered property, determining basis and adjusted basis, amount realized and gain or loss, at-risk rules, passive activity and other limitations on the use of losses, distinguishing capital gain from ordinary income, nonrecognition transactions including like-kind exchanges, and involuntary conversions and replacements. This course introduces depreciation and amortization.

This upper-level substantive course examines the federal income tax consequences of sales, exchanges, and other dispositions of property and the fundamental tax issues presented by these transactions.

Open to Tax LL.M. students only.

2 Credits