Income Tax Accounting –

acc483

(3 credits)

This course is a basic introduction to federal 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 weeks. To enroll, speak with an Enrollment Advisor.

Topics and Objectives

Adjustments to Gross Income and Itemized Deductions
- Identify deductions allowed in computing Adjusted Gross Income (AGI).
- Calculate itemized deductions.
- Compute taxable income.
Filing Status, Exemptions, and Gross Income part I
- Determine a taxpayer's filing status.
- Determine personal and dependency exemptions.
- Determine if a taxpayer must file a return.
- Determine all included, excluded, and exempt gross income items.
- Determine net business income.
- Determine net rent and other pass through income.
Income Tax Foundations
- Define the objectives of U. S. tax law.
- Locate sources for information on U.S. tax law.
- Distinguish between instances of tax avoidance and tax evasion.
- Compare and contrast Generally Accepted Accounting Principles (GAAP) and income tax accounting.
- Identify the major components of Form 1040.
- Discover answers to tax questions using outside reference sources.
- Use tax preparation software.
Property Transactions, Passive Activities, and Gross Income part II
- Recognize what constitutes a passive activity.
- Calculate basis.
- Determine gain or loss.
- Identify non-taxable property transactions.
- Determine taxable implications of the purchase, sale or exchange of property.
- Differentiate between deductible and non-deductible losses.
- Calculate taxable capital gains and losses.
- Compute gross income.
Tax Computations and Analysis
- Identify tax preferences with regard to the Alternative Minimum Tax (AMT).
- Calculate applicable tax credits, payments and penalties.
- Calculate tax liability, refund, or amount due using a Form 1040.
- Propose year-end tax strategies to decrease taxable income.

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.

Income Tax Accounting –

acc483

Adjustments to Gross Income and Itemized Deductions

Filing Status, Exemptions, and Gross Income part I

Income Tax Foundations

Property Transactions, Passive Activities, and Gross Income part II

Tax Computations and Analysis

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