Taxation – acc547 (3 credits)
In this course, students develop an understanding of the taxation of business entities and the individuals who own those entities. Topics include tax entities, property transactions, calculating basis, gains and losses, alternative minimum tax, S corporations, and partnerships.
Entity Overview and Taxation of C Corporations
- Compare tax and non tax consequences of business entities.
- Apply Section 351 requirements in determining the tax consequences of corporate formation.
- Perform earnings and profits calculations and corporate taxable income calculation and reconciliation to financial income.
- Determine the tax consequences of a cash dividend distribution, stock dividends, and stock redemption.
S Corporations and Partnerships
- Compare S corporations and partnerships.
- Calculate the basis in stock for an S corporation shareholder.
- Calculate a partner’s basis in a partnership interest.
- Prepare schedules K and K-1.
Overview of the Tax System and Sources of Tax Law
- Determine the components of taxable income.
- Prepare in proper form a personal balance sheet, cash flow statement, and budget.
- Evaluate the relative weights of tax law sources.
Estate and Gift Taxes
- Compare income tax to gift and estate unified tax.
- Determine the unified credit for estate taxes, annual exclusion for gift taxes, and lifetime exclusion for gift taxes.
Basics of Individual Taxation
- Determine gross income and adjusted gross income.
- Calculate itemized deductions, business deductions, and tax credits.
Calculating Basis, Depreciation, Gain, and Losses
- Calculate gains, losses, basis adjustments, depreciation, and depreciation recapture.
- Compare active, portfolio, and passive income.
- Apply the tax basis, at-risk, and passive activity loss limitations from passive investments.
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