Analyzes federal income taxation of property transactions, including definition and mechanics of property transactions, definition of capital assets, nonrecognition property transactions, including I.R.C. Sections 121, 1031 and 1033; examination of the at risk and passive loss rules. Cross-listed with and equivalent to TA 330. (JD students seeking to enroll must obtain the approval of the program director.) Corequisites: LLM 318 and LLM 317A.