Reddit reviews Federal Income Taxation (Concepts and Insights)
We found 1 Reddit comments about Federal Income Taxation (Concepts and Insights). Here are the top ones, ranked by their Reddit score.
If you can, buy the barbri course for 2Ls and watch the income tax course. It's super basic and will give you the gist of the concepts.
I second Chirelstein. When something in class didn't make sense, I referenced it. It's super cheap.
https://www.amazon.com/Federal-Income-Taxation-Concepts-Insights/dp/1599419378
Keep in mind, this will be income tax. There are other tax bases, like the consumption tax, the estate tax, etc.
The hardest part is reading the internal revenue code. Just note that the rules start out with a general rule at the top, then go into exceptions to the general rule. Of course, the whole point of the code is to know what is taxed as income, and what is not. Then you go on to figure out what is deductible or not. And at the end, there are credits. These are all the questions that show up on your 1040 form.
I remember learning that there are basically four questions you ask in (income) tax:
What is taxable (what is taxable income + out of that income, what is deductible)
When it is taxable (when is the gain realized, the later the better)
How is it taxed (what rate, ordinary rate or at the better capital gains rate)
Whom is taxed (matters when a transaction looks like someone is shifting income to a lower tax bracket)