ACCT 4235 - Advanced Income Tax

Description

A continuation of ACCT 4230 with emphasis on taxation of property transactions and business organizations, particularly corporations partnerships and S-corporations.

Learning Objectives

• Determine the federal tax consequence for capital contributors to corporate formation
• Determine the federal taxable income and tax for C-corporation returns
• Analyze the tax effect to shareholders and corporations of corporate capital distributions
• Determine the federal taxable income and separately stated income and deductions for partnership returns
• Determine the federal taxable income and separately stated income and deductions for S-corporation returns
• Determine the tax effect of gift giving and be able to calculate the gift tax liability
• Determine the Estate tax liability utilizing the formula for the Estate Tax
• Examine the tax consequences of Property Transactions - NonTaxable exchanges
• Understand the Tax treatment for Section 1231, 1245, and 1250 Property transactions