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Income Taxation of Individuals. Inclusion in income. Offsetting liabilities. Gifts and bequests. Life insurance, annuities and employee death benefits. Compensation for personal injuries and sickness. Employee benefits. Interest on state and local obligations. Expenses incurred in business and profit-oriented activities. Cost recovery, depreciation and amortization. Loss transactions. Business operating deductions and tax shelter deductions. Personal exemptions and itemized deductions. Interest on indebtedness. Taxes. Bad debts. Casualty losses. Charitable contributions. Medical expenses. Realization of gains and losses. Sales of property. Non-recognition transactions. Capital gains and losses. Assignments of income. Grantor trusts. Deferred compensation.

Income Taxation of Trusts and Estates. Computation of taxable income and tax liability. Distributable net income. Allocation of tax among beneficiaries. Current distributions. Grantor and controlled trusts. Powers to revoke or control trust. Retained interest in trust income. Administrative powers. Beneficiary-controlled trusts. Foreign trusts. Charitable trusts. Income in respect of decedents. Procedure, administration and compliance.

Corporate Taxation. Elections under Subchapter S. Debt vs. equity. Undistributed corporate income. Dividends and non-liquidating distributions. Stock redemptions. Liquidations and stock distributions. Divisions and reorganizations.

Taxation of Subchapter S Corporations. Eligibility. Election of Subchapter S status. Termination of Subchapter S status. Organization, capitalization and shareholder agreements. Taxation of income, losses, deductions and credits. Distributions. Basis of stock and debt. Compensation. Reorganizations and divisions. Liquidations, redemptions, sales and purchases. Procedural matters.

Real Estate Taxation. Residential real  estate. Purchase, ownership and sale of residence. Leases. Acquisition, disposition and improvement of leaseholds. Operating expenses, taxes and depreciation. Mortgage and Equity Financing. Financing, settlement and foreclosure. Sales, Exchanges and Conversions. Installment sales. Exchanges. Involuntary conversions. Tax Planning. Development and ownership of residential real estate. Increasing deductions in realty operations. Tax planning for sales.

Transfer Taxes. Estate Tax. Imposition. Credits. Gross estate. Taxable estate. Estates of non-resident aliens. Gift Tax. Determination of liability. Transfers subject to tax. Gift tax deductions. Generation Skipping Transfers.

Income Taxation of Partnerships and Partners. Defining partners and partnerships under Subchapter K. Acquisition of partnership interests. Contributions of property and services. Determining the basis of a partner’s partnership interest. Basis consequences of partnership liabilities. Tax accounting for partnership operations. Partners’ distributive shares. Partner allocations. Termination of partnership. Sales, exchanges and transfers of partnership interests. Partnership distributions. Death or retirement of partner. Adjustments to partnership basis.




  • Individual Income Tax Rates – The individual income tax rates and bracket amounts are modified for tax years 2018 through 2025. The new tax rates are 10%, 12%, 22%, 24%, 32%, 35% and 37% percent.
  • Alternative Minimum Tax (AMT)  exemption amounts are increased for individuals.
  • Standard Deduction – Amounts are increased to $12,000 for single individuals and married filing separately, $18,000 for head of household, and $24,000 for married filing jointly.
  • Personal and Dependency Exemptions are Repealed.
  • State and Local Tax Deduction – The itemized deduction by individuals for state, local and foreign property taxes, and state and local income taxes and general sales taxes is limited.
  • Moving Expense deduction is repealed.
  • Medical Expenses – The Adjusted Gross Income (AGI) threshold to claim itemized deduction for unreimbursed medical expenses is  reduced to 7.5% of AGI.
  • Home Mortgage Interest – The itemized deduction for home mortgage interest is subject to new limitations. The home mortgage interest deduction may only be claimed paid on acquisition debt, and the deduction on home equity debt is suspended. The maximum amount that may be treated as acquisition debt is reduced to $750,000, for debt incurred after 2017.
  • Alimony and Separate Maintenance Payments – The deduction as well as the inclusion for payments in gross income is repealed, for divorce or separation agreements executed or modified after 2018.


  • Section 179 Expensing – The Section 179 dollar limitation is increased to $1 million and the investment limitation is increased to $2.5 million after 2017. The definition of eligible qualified real property is expanded. The exclusion for expensing for property used in connection with lodging facilities, such as residential rental property, has been eliminated.
  • Excess Business Losses of Non-Corporate Taxpayers – Excess business losses of non-corporate taxpayers are not allowed after 2017, but are treated as a net operating loss (NOL) carryover. The passive activity loss rules apply before application of the excess business loss rules.
  • Qualified Business Income Deduction (Pass-Through Deduction) – Non-corporate taxpayers may deduct up to 20% of qualified business income from a partnership, S corporation or sole proprietorship (including limited liability companies). A limitation on wages paid, or wages plus a capital element, is phased-in for taxpayers with taxable income above a threshold amount.


  • The exclusion for federal estate and gift taxes and the exemption amount for the GST tax is doubled from $5 million to $10 million for estates of decedents dying after 2017.
  • Other provisions, including portability of any unused exemption of a deceased spouse, are maintained.
  • Estate and Trust Income Tax Rates – The income tax rates and bracket amounts for estates and trusts are modified to 10%, 24%, 35% and 37%


  • The graduated corporate rate structure is eliminated and corporate taxable income is taxed at a 21% flat rate.
  • The Alternative Minimum Tax for corporations has been repealed..


  • The percentage limitation on the charitable contribution deduction is increased to 60% of AGI for cash donations to public charities.
  • A donor who makes a contribution of $250 or more in 2017 or later is not allowed a deduction unless substantiated with a contemporaneous written acknowledgement by the donee.


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