Individual/estate Taxation –

acc456

(3 credits)

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.

This undergraduate-level course is 5 weeks. This course is available to take individually or as part of a degree or certificate program. To enroll, speak with an Enrollment Advisor.

Basics of Tax Law and Income Determination

  • Apply the concept of tax law as used by tax advisors.

  • Calculate the basic components of the tax formula including filing status, dependency exemptions, and personal exemptions.

  • Compute taxable income.

  • Determine what constitutes gross income for tax purposes.

Exclusions, Deductions, and Losses

  • Identify exclusions from gross income.

  • Distinguish between deductions for adjusted gross income and deductions from adjusted gross income.

  • Calculate deductions and losses used in the determination of taxable income.

  • Determine the proper classification and deductibility of employee expenses and deferred compensation items.

Taxable Property Transactions, Cost Recovery, and Recapture

  • Calculate adjusted basis, amount realized, realized and recognized gain or loss, basis of property, and holding period for property transactions including Section 1231 property.

  • Apply the appropriate depreciation method to property transactions.

  • Apply the appropriate depreciation recapture provisions found in Sections 1245 and 1250.

Losses and Bad Debt, Nontaxable Property Transactions, and Tax Credits

  • Apply the passive activity loss rules in the determination of taxable income.

  • Explain the requirements of a like-kind exchange.

  • Describe what constitutes self-employment income and the requirements for estimated tax payments by self-employed individuals.

  • Describe the various personal tax credits.

Estate and Gift Tax Basics

  • Explain the concept of a unified transfer tax system.

  • Determine which interests are includible in a gross estate.

  • Identify the annual and lifetime gift tax exclusion and the exemption amount for an estate.

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