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ACCT 2430 Income Tax

This course is designed to have both personal and vocational value. Students will learn the latest tax information that is generally applicable to many taxpayers. This information will allow students to prepare their own tax returns intelligently and provides the necessary foundation for those who enter the vocation of preparing individual and business tax returns. Generally offered in Spring only.(3 lect)

Credits

3 credits

Transfer Status

Transferable to UW

Major Topics

  • An Introduction to Taxation
  • Understanding the Federal Tax Law
  • Working with the Tax Law
  • Tax Determination; Personal and Dependency Exemption:
    • An Overview of Property Transaction
  • Gross Income: Concepts and Inclusions
    • Concepts and Inclusions
    • Exclusions
  • Deductions and Losses
    • In General
    • Certain Business Expenses and Losses
    • Employee Business Expenses
    • Certain Itemized Deductions
    • Depreciation, Cost Recovery, Amortization, and Depletion
  • Special Methods for Computing the Tax and Payment Procedures
  • Tax Credits
  • Property Transactions
    • Determination of Gain or Loss
    • Basis Considerations
    • Nontaxable Exchanges
    • Capital Gains and Losses
    • Section 1231 and Recapture Provisions
    • Accounting Periods and Methods

Outcomes

In order to successfully complete this course, the student will:

1. Describe the social and economic goals of the Federal Tax Laws.

2. Apply the following sections of the Federal Tax Laws to individual income tax returns:

2a. Filing Status

2b. Personal and dependency exemptions

2c. Standard or itemized deductions

2d. Gross income and exclusions

2e. Business expenses and retirement plans

2f. Self-employed and employee expenses

2g. Itemized deductions and other incentives

2h. Credits and special taxes

2i. Accounting periods and methods

2j. Depreciation

2k. Capital gains and losses

2l. Withholding, estimated payments, and payroll taxes

3. Explore Federal Tax Administration and Tax Planning

Other Information

Any information placed here must be adhered to by all instructors:

 Please contact the on-campus instructor for the current textbook.