Income Tax Procedures: Partnerships and CorporationsBack to Course Guide
The course emphasizes income tax statutes as applied to partnerships, corporations, estates, and trusts.
PREREQUISITE: ACC3116 or the equivalent.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Analyzing the conceptual framework of income tax as applied to taxpayers other than individuals.
- Evaluating tax reporting requirements for taxpayers other than individuals.
- Analyzing and illustrating legitimate tax planning techniques.
- Differentiating between capital gains and ordinary income.
- Conducting research to support opinions about significant tax issues.
- Determining the tax aspects of specific business transactions.
- Identifying income tax credits versus tax deductions.
- Analyzing the tax effect upon various business structures.
- Computing the carry-over and recapture of tax benefits and credits.
- Interpreting current changes in tax law.
- Computing a partner’s distributive share of income.
- Analyzing the tax effects of corporate distributions.
- Evaluating liquidation and reorganization concepts as applied to corporations and shareholders.
- Determining the unique tax aspects of “S” corporations, excess accumulated earnings, and personal holding companies.
- Analyzing international tax implications of foreign corporations.
- Identifying the tax consequences of property transfers between taxpayers and controlled entities.
- Reconciling net income per accounting records with taxable income per tax returns.