1 Constitutional and Historical Framework U.S. Tax Law Fundamentals · 4:24 Explore the constitutional roots of U.S. taxation, tracing how Article One Section Eight established Congress's taxing power and how the Sixteenth Amendment reshaped the rules around direct and indirect taxes.
2 Legislative and Administrative Sources U.S. Tax Law Fundamentals · 3:34 Diving into the structural backbone of U.S. tax law, this chapter explores the Internal Revenue Code (Title 26) and how its organized framework of sections and chapters serves as the primary legislative source for navigating tax regulations.
4 Tax Policy Fundamentals U.S. Tax Law Fundamentals · 3:44 Explore the core principles that shape effective tax policy, including how horizontal and vertical equity guide the design of fair systems where individuals at similar income levels are taxed consistently and higher earners contribute proportionally more.
1 Gross Income — The Foundation U.S. Tax Law Fundamentals · 3:54 Gross Income — The Foundation introduces the cornerstone concept of U.S. tax law, exploring how IRC Section 61's sweeping "all income from whatever source derived" standard shapes everything that follows, from the Haig-Simons definition to everyday examples like compensation, interest, and dividends.
2 Exclusions from Gross Income U.S. Tax Law Fundamentals · 4:14 Dive into the tax code's silver linings as key exclusions from gross income are revealed, from employer-paid health insurance under Section 106 to tax-free life insurance proceeds under Section 101, showing listeners exactly what they legally don't have to report as income.
3 Deductions — Above the Line (Adjustments to Income) U.S. Tax Law Fundamentals · 4:52 Dive into the world of "above the line" deductions and adjustments to income that occur before your AGI is calculated, with a focus on self-employment expenses and business costs under Section 162 that can significantly lower your tax burden.
4 Deductions — Below the Line U.S. Tax Law Fundamentals · 3:32 Diving into the world of below-the-line deductions, this chapter breaks down the critical choice between taking the standard deduction or itemizing, giving you the key figures and framework to determine which strategy saves you the most money on your tax return.
5 Tax Credits U.S. Tax Law Fundamentals · 3:39 Dive into the world of tax credits and discover how they differ from deductions by reducing your tax bill dollar-for-dollar, starting with the Child Tax Credit that puts $2,000 back in your pocket for each qualifying child.
6 Filing Status, Rates, and the AMT U.S. Tax Law Fundamentals · 3:37 Covering the essential building blocks of how Americans are taxed, this chapter walks listeners through the five filing statuses, progressive tax brackets, and the Alternative Minimum Tax (AMT) designed to ensure high earners pay their fair share.
1 Basis and Amount Realized U.S. Tax Law Fundamentals · 3:29 Dive into the foundational tax concept of basis and amount realized, learning how to track what you paid for an asset, how adjustments like improvements and depreciation affect it over time, and why these calculations are essential for determining gains or losses when you sell.
2 Capital Gains and Losses U.S. Tax Law Fundamentals · 3:08 Covering the fundamentals of capital gains and losses, this chapter breaks down what qualifies as a capital asset under Section 1221, including stocks, bonds, real estate, and cryptocurrency, while clarifying which assets like business inventory are excluded from capital treatment.
3 Recapture and Characterization U.S. Tax Law Fundamentals · 4:56 Diving into Section 1231 of the U.S. Tax Code, this track breaks down the powerful tax treatment available when selling business assets, revealing how gains and losses are handled differently — and why a five-year lookback period could recapture previously claimed ordinary losses.
4 Nonrecognition Transactions U.S. Tax Law Fundamentals · 3:22 Exploring the powerful tax-deferral strategy of like-kind exchanges under Section 1031, listeners will discover how swapping real property assets can legally postpone capital gains taxes and allow wealth to grow uninterrupted.