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