This course provides an introduction to federal income tax law and regulations. Tax provisions and administrative rules pertaining to individuals, corporations and alternative organizational structures are examined.
Upon completion of the course students are expected to be able to do the following:
- Interpret and evaluate the tax code as it applies to taxpayer situations.
- Identify the advantages and disadvantages of the taxation of different entities.
- Assess tax and nontax costs of various organizational forms.
- Compute property transactions to determine depreciation and cost recovery,
- Evaluate property transactions to determine gain or loss considerations, nontaxable exchanges, capital gains and loss, and recapturing provisions.
- Prepare tax return schedules for partnerships, C corporations, and S corporations.
- Analyze tax implications and communicate these findings.
- Evaluate and analyze tax sources of information related to tax practice along with its inherent ethical responsibility.