ACC 401 Federal Individual Income Taxation (3)

Examines federal income tax concepts, such as gross income, exclusions, deductions, exemptions, and tax credits, especially for sole proprietors. Introduces taxation of property transactions.

Pre: 202 or BUS 610.

A minimum of at least C- or better is required

Subjects:

• Tax concepts and the U.S. tax system
• Legal processes
• Ethical and legal responsibilities
• Taxable entities
• Income: general concepts
• Income: exclusions
• Deductions: general concepts
• Deduction for adjusted gross income
• Itemized deductions
• Limitations on deductions
• Tax credits
• Tax rates
• Tax basis
• Depreciation
• Related party transactions
• Capital gains and losses
• Like kind exchanges
• Passive losses
• Tax planning
• Introduction to tax accounting methods
• Introduction to the alternative minimum tax
• Pass-through Income
• Optional topics: retirement planning, involuntary conversions, tax research paper, tax return preparation