ACCT 404 - Federal Income Taxes II

(3 credits)

This course is designed to cover a broad range of tax topics related to applying specific federal income tax laws and regulations under the provisions of the Internal Revenue Code. Key topics covered will include tax planning considerations and approaches for individuals, corporations, and partnerships. Key business tax topics covered will include considerations of related party transactions, tax considerations related to choice of legal entity structure, and owner-employee compensation. Key corporate tax topics will include federal tax impacts of transactions between shareholders and a corporation and calculations of shareholder basis in an S Corporation. Key partnership tax topics include partnership and partner elections, transactions between partners and the partnership, distribution of partnership assets, and changes in ownership. Students will be introduced to multijurisdictional tax basic concepts as well. Prerequisite(s): ACCT 202. Spring.