Course Description
An introduction to current tax laws, regulations, and principles and to the structure of tax laws that affect individuals/families. Students will learn how current tax planning strategies/practices are affected by legislative, administrative, and judicial interpretations/changes to the tax code and how to manage tax liability through proper financial planning.
Athena Title
Advanced Family Tax Planning
Equivalent Courses
Not open to students with credit in FHCE 6230E
Semester Course Offered
Offered fall
Grading System
A - F (Traditional)
Course Objectives
1) Understand the structure of tax law and what constitutes primary sources of tax law information. 2) Demonstrate the ability to navigate authoritative tax literature to find information relevant to specific fact patterns. 3) Apply optimal and appropriate tax laws and principles to specific situations. 4) Demonstrate the ability to clearly articulate the purposes of tax planning in the overall financial planning process. 5) Identify key facts and circumstances that will alter the treatment of specific items of income or expenses. 6) Demonstrate the ability to determine potential tax liability using alternate approaches to specific financial circumstances. 7) Demonstrate a working knowledge of tax code provisions relating to investing, working as an employee, and working as a business manager.
Topical Outline
1) Introduction to taxation 2) Income tax fundamentals and tax calculation 3) Income tax law 4) Taxation of investment vehicles 5) Basis considerations 6) Limitations to deductibility of investment interest and expenses 7) Tax treatment of gains and losses 8) Nontaxable (like-kind) exchanges 9) Passive activities and at-risk rules 10) Changing circumstances and income taxes 11) Adjustments to income (excluding those related to small business or self-employment) 12) Itemized deductions 13) Tax credits for individuals 14) Tax accounting 15) Characteristics of taxpaying entities and treatment of income 16) Depreciation/Cost-recovery 17) Depreciation recapture 18) Self-employment tax calculation 19) Adjustments related to self-employment and small business 20) Integration 21) Alternative minimum tax (AMT) and AMT planning 22) Income tax compliance
Syllabus