Course Abstract Details

ACCT-210, Principles of Taxation 1

Credits: 3

Course Description

ACCT-210, Principles of Taxation 1, is a comprehensive study of federal taxation of individuals. The course includes in-depth analysis of personal and dependency exemptions, determination of gross income, deductions and losses, tax credits, property transactions, and the Alternative Minimum Tax. Prerequisite: ACCT-102 or permission of the instructor. Three hours lecture each week. Three credits. Three billable hours. Offered Fall Term only.

Course Objectives and Grading Information

Major Course Objectives:  Upon completion of this course, the student will be able to: 

1. Compute the regular income tax liability of single, joint, head of household, surviving spouse, and married filing separate taxpayers. 

2. Explain the basic structure of the Internal Revenue Code and be able to read and understand specific provisions. 

3. Evaluate various tax authorities. 

4. Recognize what is included in and excluded from taxable income. 

5. Evaluate the deductibility of personal and business expenditures as itemized deductions and be able to calculate the deductible amount for each category of itemized deductions. 

6. Recognize the legal requirements and substantiation requirements for various deductions. 

7. Analyze various non-taxable exchanges, including like kind exchanges, voluntary conversions, and sale of primary residences. 

8. Differentiate between tax depreciation methods. 

9. Apply the rules for deductibility of passive losses, net operating losses, and business and non-business bad debts. 

10. Calculate the tax on capital gains. 

11. Differentiate between capital assets, Section 1231 assets, Section 1245 assets, and Section 1250 assets. 

12. Calculate depreciation recapture for personal and real property.    

Learning Goals

The abbreviations in parentheses represent Learning Goals which have been identified for this course and program of study:

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