A basic federal income tax course covering concepts of taxation applicable to all taxable entities but primarily relating to individuals. Introduces research approaches to tax problems as well as methods of analysis most appropriate to taxation issues.
Athena Title
Taxation I
Equivalent Courses
Not open to students with credit in ACCT 5400H, ACCT 7400, ACCT 7560E
Prerequisite
ACCT 2102 or ACCT 2102H or ACCT 2102E
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Student learning Outcomes
Students will develop a basic understanding of the federal income tax laws in the United States.
Students will develop an understanding of the most relevant types of taxes applicable at the federal level and how each is calculated.
Students will develop a framework for integrating income tax planning into accounting and business decisions.
Topical Outline
Overview of the Taxation of Individuals
Methods to Evaluate Alternative Tax Systems
Alternative Tax Rates and Methods of Tax Calculations
Sources of Tax Law
Tax Planning Methods
General Tax Concepts
Definition of Income and Alternative Forms of Taxable and Nontaxable Income
Business Deductions
Mixed-Use Activities
Losses
Personal and Dependency Exemptions
Filing Status and Itemized Deductions
Property Transactions
Cost Recovery
Institutional Competencies Learning Outcomes
Analytical Thinking
The ability to reason, interpret, analyze, and solve problems from a wide array of authentic contexts.
