Monday, June 28, 2010
Federal Income Tax
Today I studied Federal Income Tax. What I found was that I really, really enjoyed studying this subject. I did not take it in law school. I thought about it for a moment, but the teacher got such horrible reviews from students I talked to that took him, that I decided not too. I can say after studying it in Barbri and Ameribar, that I don't think a whole semester is needed. They are just testing basic concepts that I already knew and understood. The differences tax wise, briefly, of S and C corps, alimony is taxable to the recipient, but a deduction to the payor, child support has no tax consequences, those kinds of things. Anyone that has ever filed a personal tax return, or worked in a business on tax issues, probably possesses the knowledge needed.