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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.
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.
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.
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.
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.
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.