Accounting 411

ACTG 411: Federal Taxation

Prerequisites: ACTG 212.

Credit Hours: (3)

An introduction to the basic concepts and systems of federal income taxation applicable to individuals, corporations, and partnerships. Emphases is on the taxation of individuals with a basic introduction to business entity taxation.

Detailed Description of Content of Course

1. Overview of history of federal income taxation
2. Tax formula, tax determination, dependents, exemptions, and filing status
3. Gross income- inclusions and exclusions
4. Deductions and losses in general
5. Business deductions
6. Cost recovery
7. Employee & self-employed related expenses
8. Itemized deductions
9. Basic property transactions
10. Overview of subchapter C corporations, subchapter S corporations, and partnerships

Detailed Description of Conduct of Course

The course will consist of a combination of lecture, problem analysis, both in and out of class, computer assignments and tax form (return) preparation projects.

Goals and Objectives of the Course

1. Students should have a basic understanding of rules and principles which govern our federal income tax system.
2. Students should understand how to use the principles of federal income taxation in realistic tax situations requiring planning, analysis and problem solving.
3. Students should develop a greater appreciation for the role the federal tax system plays in business decision making.

Assessment Measures
Graded assignments may include in-class and take-home exams, pop quizzes, the assignment and presentation of problem exercises, computer projects including return preparation projects, papers, and class preparation and participation.

Other Course Information

Review and Approval

Date Action Reviewed by
March 2011 Reviewed
March 27, 2012 Revised