ACTG 211 - Income Tax Fundamentals

Credit(s): 4

Prerequisite(s): ACTG 201.
This course introduces the basic principles of federal taxation for the sole proprietor, partnership, or corporation. It includes income determination, deductions, sales of properties, depreciation and its recapture, nontaxable exchanges, dividends, corporate liquidations and S Corporations. (Fall Semester)

Course Learning Outcomes: Upon completion of the course, students will be able to

Compute schedule C for the federal tax return.
Describe the tax treatment given to sole proprietorships, partnerships, and corporations.
Compute applicable federal tax of partnership and corporate taxation.
Describe organization and transfers to controlled corporations, the resulting capital structure, and tax planning considerations.
Compute partial and complete corporate liquidations, understanding the effect on shareholders and the corporation, and compute the related tax consequences.
Compute the penalty on excess corporate accumulations, and explain the tax planning considerations for avoiding the penalty.
Discuss the S corporation and its taxation and be able to explain the tax planning considerations relating to S corporation.
Describe organization and transfers to partnerships, the resulting capital structures, operations of the partnership, and tax planning considerations.