ACCT 405 - Principles of Income Tax

Credits: 5
Reviews the federal tax structure and ability to apply tax principles to specific problems.
Course Outcomes:

Define the components of the federal tax equation.
Differentiate components of gross income.
Compare and contrast Internal Revenue Code with Generally Accepted Accounting Principles.
Define personal and dependency exemptions.
Define characteristics of itemized deductions.
Demonstrate understanding of refundable and non-refundable tax credits.
Apply depreciation rules and capital gains and loss rules to capital assets.
Apply individual tax law to achieve minimum tax liability as required by law.
Identify and analyze tax forms related to business entities and trusts.

Course Topics:

Tax formula for individuals
Reporting and taxable entities
Gross income and exclusions
Retirement plans
Itemized Deductions
Credits and Special Taxes
Capital gains and losses

LEC Credits: 5
LEC hours per week: 5
Prerequisite(s): Grade of C or higher in ACCT& 202
Course Attribute(s): Course-BAS
OEE Permitted: No
Grading Basis: Graded
Instructor/Department Consent Required: Consent Required
CIP Code: 52.0301
Default Section Size/Cap: 25
Quarter(s) offered:

Fall