ACCT 4230 - Taxation for Individuals

Description

This course provides an overview of federal income taxation focused primarily on individual income tax accounting. Students will complete various tax forms along with a comprehensive tax return/project. (3-0-3)

Learning Objectives

• Calculate an individual's federal taxable income and the related income tax liability
• Apply rules for determining filing status and dependency exemptions
• Describe the components of gross income and identify and explain items that are included and excluded from gross income and deducted in arriving at adjusted gross income
• Identify and calculate allowable itemized deductions
• Determine gains and losses from business and personal property transactions, including the determination of basis, and the tax applicable to such transactions
• Calculate cost recovery deductions relating to fixed assets and applicable recapture upon disposition
• Prepare various individual income tax forms