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Week 1 Agenda

Intro to Tax Research Skills
• Basic research tools
• Authoritative sources
• Computerized tax research
• Contents of the tax library
• Research cases
• Hands-on applications
• Avoiding penalties

Overview: Individual Taxtion
• Income determination
• Deductions and limitations
• Determination of tax liability,
   including AMT
• Tax planning opportunities
• Interest expense

Passive Activity and AMT
• Passive activity losses
• Limitations
• Credit and carryovers
• Activities defined
• Alternative minimum tax

Property and Depreciation
• Basis
• Gratuitous transfers
• Like-kind exchanges
• Sale of a principal residence
• Capital gains and losses
• Depreciation and recapture
• Involuntary conversions
• Property transfers in divorce