Individual/estate Taxation –

acc456

(3 credits)

This course is a basic introduction to federal individual and estate taxation. The purpose is to familiarize the student with fundamental tax issues and provide the student with a general understanding of the history, laws, and policies of federal taxation.

This undergraduate-level course is 5 weeks. To enroll, speak with an Enrollment Advisor.

Topics and Objectives

Basics of Tax Law and Income Determination
- Apply the concept of tax law as used by tax advisors.
- Calculate the basic components of the tax formula including filing status, dependency exemptions, and personal exemptions.
- Compute taxable income.
- Determine what constitutes gross income for tax purposes.
Exclusions, Deductions, and Losses
- Identify exclusions from gross income.
- Distinguish between deductions for adjusted gross income and deductions from adjusted gross income.
- Calculate deductions and losses used in the determination of taxable income.
- Determine the proper classification and deductibility of employee expenses and deferred compensation items.
Taxable Property Transactions, Cost Recovery, and Recapture
- Calculate adjusted basis, amount realized, realized and recognized gain or loss, basis of property, and holding period for property transactions including Section 1231 property.
- Apply the appropriate depreciation method to property transactions.
- Apply the appropriate depreciation recapture provisions found in Sections 1245 and 1250.
Losses and Bad Debt, Nontaxable Property Transactions, and Tax Credits
- Apply the passive activity loss rules in the determination of taxable income.
- Explain the requirements of a like-kind exchange.
- Describe what constitutes self-employment income and the requirements for estimated tax payments by self-employed individuals.
- Describe the various personal tax credits.
Estate and Gift Tax Basics
- Explain the concept of a unified transfer tax system.
- Determine which interests are includible in a gross estate.
- Identify the annual and lifetime gift tax exclusion and the exemption amount for an estate.

The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Advisor.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.

Individual/estate Taxation –

acc456

Basics of Tax Law and Income Determination

Exclusions, Deductions, and Losses

Taxable Property Transactions, Cost Recovery, and Recapture

Losses and Bad Debt, Nontaxable Property Transactions, and Tax Credits

Estate and Gift Tax Basics

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