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ACC3120

Survey of Federal Income Tax

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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.

Course Syllabi

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