AC308 Individual Taxation (3 cr.)

Prerequisite(s): AC200  
This course provides an introduction to federal income tax law and regulations for individuals. Topics include an introduction to federal taxation, determination of gross income and taxable income for individuals, self-employment business income, special tax situations, ways of minimizing individual taxes and an introduction to estates and trusts.

Upon completion of the course students are expected to be able to do the following:

1. Evaluate and apply federal tax rules to individual returns.
2. Compute realized gains or losses on property dispositions, depreciation and cost recovery, and alternative minimum tax.
3. Analyze various types of computer tax software and relate the importance to the preparation of tax returns
4. Prepare comprehensive tax returns for individuals.
5. Study the inherent ethical responsibility of tax practice.
6. Evaluate sources of information or databases which can be used to keep current in the field of tax law.
7. Analyze the tax implications of alternative choices and communicate the findings.