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Introduction to Federal Tax Law: Overview of Tax Sources and the US Tax System
- Describe the various tax law sources.
- Differentiate between federal, state, and local taxes.
- Calculate individual taxpayer's income taxes payable or refund.
- Discuss Professional Responsibility and Ethics.
Individual Taxation Basics
- Identify components of gross income.
- Determine adjusted gross income and tax deductions.
- Review Employee Compensation.
- Calculate itemized deductions and tax credits.
Property Dispositions and Tax-Free Exchanges
- Evaluate property transactions and select appropriate depreciation methods.
- Apply special expensing and limits of depreciation provisions.
- Compute capital gains and losses on dispositions.
- Apply tax treatment for tax-deferred exchanges and dispositions
- Discuss common property transaction issues and treatment.
Business Expenses and Introduction to Business Taxation
- Determine the criteria, limitations, and timing of business deductions.
- Explain the tax treatments of various business entity forms.
- Determine taxable income and income tax liability for Sole Proprietorships, S Corporations, Partnerships, and C Corporations.
Taxation of Business Entities
- Calculate earnings and profits for corporations and determine corporate ability to pay dividends.
- Calculate shareholder'sâ basis in S corporation stock.
- Calculate gain, loss, and basis consequence of liquidating and non-liquidating partnership distributions.
- Discuss Special Topics in Business Taxation.
Tax Planning and Transfer Taxes
- Apply appropriate estate tax planning strategies to fit taxpayersâ needs.
- Apply use of trusts in estate planning.
- Evaluate the use necessity of the fiduciary tax return.
- Compute federal estate and federal gift taxes.
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