Almost every important business and personal transaction involves tax considerations. This problem-based course addresses the fundamental issues at the core of our federal income tax law: What items of economic income or gain are includable in gross income? What items of expense are deductible? When is an amount included in gross income and when may a taxpayer claim a deduction for an amount that is clearly deductible? Who is taxed on items of income? What is the character of an item of income or of a deduction?