Tax Law I study plan

Build a one-page map of gross income inclusions versus exclusions, citing the controlling Code section for each item (e.g., scholarships, life insurance proceeds, gifts, fringe benefits, discharge of indebtedness).

Work 40 gross income problems spanning inclusion, exclusion, and timing, and log every miss with the rule that would have prevented it.

Classify 25 deduction items as trade or business, production of income, or personal, and state the authority that permits or denies each.

Draft a decision tree for the ordinary-and-necessary test under section 162 and the capital-vs-expense distinction.

Compute adjusted gross income for three fact patterns that mix business, rental, and personal deductions, showing each line's authority.

Apply the hobby loss rules, the passive activity limits, and the section 183 and section 469 interaction to at least five scenarios.

Analyze loss deductibility including basis limits, at-risk rules, and casualty and theft losses, and state where each limitation bites.

Solve 30 mixed deduction problems under timed conditions and review every wrong answer against the primary source.

Compute basis in purchased, gifted, and inherited property, and distinguish realized from recognized gain in each case.

Work 25 problems applying the nonrecognition provisions for like-kind exchanges, involuntary conversions, and principal residence sales, including boot and basis carryover.

Apply section 1231 netting, the section 1245 and section 1250 recapture rules, and the holding period rules to at least 15 disposition scenarios.

Build a capital gain and loss netting worksheet that handles the 0/15/20 percent brackets and the section 1211 limitation.

Re-solve every missed property transaction problem from weeks 3 and 4 without notes and confirm the reasoning holds.

Compute depreciation and amortization under MACRS, section 179, and bonus depreciation for mixed asset classes, then trace how each choice affects recapture on sale.

Distinguish capital from ordinary under the section 1221 and section 1231 framework for at least 20 asset descriptions.

Draft a one-page recapture flowchart that shows the order of section 1245, section 1250, and section 1231 netting.

Compare the cash, accrual, and hybrid methods and identify which entities may use each, including the small business exception.

Apply the all-events test, the economic performance requirement, and the claim of right doctrine to at least 15 timing scenarios.

Compute inventory value under FIFO, LIFO, and the lower of cost or market rules, and explain the uniform capitalization rules at a conceptual level.

Rank sources of authority from the Internal Revenue Code through regulations, court decisions, and IRS pronouncements, and identify which are binding versus persuasive.

Determine filing status for at least 12 fact patterns, including married filing separately, head of household, and qualifying surviving spouse tests.

Compute the child tax credit, earned income credit, and education credits for four scenarios with phase-out calculations shown.

Calculate required estimated tax payments and the underpayment penalty, including the safe harbor rules.

Practice a research exercise: given a fact pattern, locate the controlling authority and write a short conclusion memo.

Summarize Circular 230 duties covering practice before the IRS, written advice standards, and sanctions for violation.

Apply the preparer penalty rules and the accuracy-related penalties to at least ten fact patterns.

Outline the examination, appeals, and collection process, including statute of limitations periods and the role of the Taxpayer Advocate.

Identify conflicts of interest and confidentiality obligations in three practice scenarios and state the correct response.

Take two full-length timed practice exams under exam conditions and record the score by domain.

Re-teach the two weakest domains by rewriting the underlying rules in your own words without referring to notes.

Review every missed question from all eight weeks and confirm each error traces to a specific rule gap now closed.