ITT: Federal Income Tax Forum

[941law]

I purchased understanding fed income and the audio for law school legends. Got a B. Learned it all in 2 weeks fwiw.

[brotherdarkness]

.

[Jsa725]

.

[Danger Zone]

Does anyone have access to some old exams with model answers that they'd be willing to send me?

Yah, I'd appreciate this too... My exam is MC and I have no clue how to approach studying the fucking IRC.

Ugh, mine is MC, too. Gonna be turrible. Would appreciate if anyone had PTs, especially with MC questions.

[brotherdarkness]

.

[Totalimmortal]

Hey folks, if you aren't finding Chirelstein too valuable, I've been reading the E&E first, and then going back and reading the textbook (Bankman, for me). Makes sense naow.

[brotherdarkness]

.

[stillwater]

This sounds terrible.

[brotherdarkness]

.

[stillwater]

Like-kind exchanges involving property subject to debt and boot are fucking retarded.

i encourage you to take any of your property-related questions to the "Property Tree House." Good luck!!!!

[stillwater]

on a more serious note, how are we supposed to do this FIT shit?

[brotherdarkness]

.

[stillwater]

on a more serious note, how are we supposed to do this FIT shit?

There are a few concepts I can understand (somewhat), but the vast majority of my studying involves staring dumbfounded at my notes wondering what the hell is going on. This is probably the most clueless I've been in law school thus far, even including the first few weeks of my 1L year.

ditto bro, ditto. i dont understand how anyone memorizes anything associated with this. i understand some overarching precepts but im not going to be able to apply any of this with any sense of speed or efficiency (or accuracy) without a good outline (that im clearly not going to make).

[Jsa725]

.

[brotherdarkness]

.

[Jsa725]

.

[brotherdarkness]

.

[stillwater]

i just depreciate EVERYTHING. declare a reserve amount and call it a day.

[brotherdarkness]

.

[TTRansfer]

Debating whether or not to take this class.

Don't need it since my state doesn't test on it.

Any use, then? Avoid at all costs if I don't plan on using it ever?

[brotherdarkness]

.

[TTRansfer]

Debating whether or not to take this class.

Don't need it since my state doesn't test on it.

Any use, then? Avoid at all costs if I don't plan on using it ever?

Despite my constant trash talking of FIT, it's a useful class. I'm planning on doing transactional work, so it seems necessary, but if you're planning on lit ymmv.

Yep. Lit. Sounds like avoid. I almost feel like a shithead with how light my semester is next semester (one real class with a test, a clinic, and lulzy seminars).

Four day weekends every week, too.

[Danger Zone]

i just depreciate EVERYTHING. declare a reserve amount and call it a day.

This changes if it's a capital asset rite? Something about amortization...

Huh?

Fuck I need to start reading.

[stillwater]

you depreciate tangible assets and amortize intangible. howver i was jokig about depreciating everything

[echooo23]

Another request for practice tests. Please PM me if you have any! Fed Tax. Ugh!