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Introduction to Income Taxation
INTRO TO TAX
CLASS CODE: ACCTG 321 CREDITS:  3
DIVISION: BUSINESS & COMMUNICATION
DEPARTMENT: ACCOUNTING
GENERAL EDUCATION: This course does not fulfill a General Education requirement.

DESCRIPTION: A study of the basic features of the federal income tax laws as applied to individuals and business entities. The course will emphasize compliance procedures, the determination of taxable income, the practical use of current technology and resources, and the role of taxes in the business decision-making process.
TAUGHT: Winter, Summer, Fall
CONTENT AND TOPICS:

  • The Tax Environment

  • Taxes as Transaction Costs

  • Tax Planning

  • Measurement of Taxable Income

  • Cost Recovery Deductions

  • Pass-Through Entities

  • Corporate Taxpayers

  • Choice of Business Entity

  • Individual Tax Formula

  • Compensation and Retirement Planning

  • Tax Consequences of Personal Activities

  • The Tax Compliance Process

GOALS AND OBJECTIVES:

  1. Provide a basic understanding of the federal income tax laws.

  2. Provide a conceptual approach to many tax topics and emphasizes the role that income taxes play in the business decision-making process.

  3. Cover individual, corporate, and partnership income tax topics.

  4. Learn to communicate using common income tax vocabulary and terminology.

  5. Obtain practical experience with tax research and tax compliance by analyzing cases and completing hypothetical income tax returns.

REQUIREMENTS: The course requires daily homework assignments, occasional group presentations, preparation of hypothetical income tax returns, and completion of chapter quizzes and periodic exams.
PREREQUISITES: ACCTG 202
OTHER:
EFFECTIVE DATE: August 2002