Survey of Federal Income Tax

The course emphasizes income tax statutes as applied to partnerships, corporations, estates, and trusts.

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.