The course examines the basic economic principles of taxation as well as specific theories underlying the major policies of the current federal tax system and their impact on taxpayers. The major focus is on the federal income tax system with additional discussion of state and local systems. At the discretion of the instructor, this course may include a qualifying course paper which fulfills one half of the upper-level writing requirement if the instructor allows papers in lieu of examination. Enrollment limited to twenty-five students. Prerequisite: Federal Income Taxation.