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