ACCT 403 - Federal Income Taxes I

(3 credits)

This course is designed to cover a broad range of tax topics essential to the field of accounting through a combination of lectures, case studies, and practical exercises applying tax regulations. Key topics covered in the course include applying basic individual income tax regulations to calculate taxable individual gross income, loss limitations, filing status, tax rates, tax computations, and tax credits. Key corporate tax topics will introduce students to regulations for acquisition, depreciation, and disposition of business assets, corporate taxable income calculations, tax liability, net operating loss, S corp election, and book to tax differences. Key partnership tax considerations covered will include ordinary business income, income allocation, and partner basis. Prerequisite(s): ACCT 202. Fall, Summer.