A detailed examination of the federal income tax law concerning income of individuals from employment, business, property and other sources. The implementation of the tax law and its effects on both large and small corporations, their shareholders, and their business and financial decisions are also covered. Taxation of partnerships, trusts, and the Goods and Services Tax are examined. Issues in tax planning and other practical matters are explored, as well as legal interpretations of the law, through examination of a wide variety of practical problems and cases. Students should have a knowledge of accounting and business law, and be prepared to spend a minimum of three hours outside of class for every hour in class.