ACCT505 Business Taxation (3 cr.)

Prerequisite(s): This course does not count toward the degree credtis.
This course provides an introduction to corporate federal income tax law. Tax provisions and administrative rules pertaining to corporations and alternative organizational structures are examined.

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

1. Interpret and evaluate the tax code as it applies to taxpayer situations.
2. Identify the advantages and disadvantages of the taxation of different entities.
3. Assess tax and nontax costs of various organizational forms.
4. Prepare Form 1120 tax return for C corporations, Form 1065 Partnerships - Schedule M1 & M2 and Form 1120 S Corporations - Schedule M1 & M2.
5. Evaluate and calculate methods of cost recovery depreciation.
6. Summarize and compare basic tax concepts among most states and determine tax planning to reduce a corporation’s overall state tax burden.
7. Analyze the tax implications of a tax client’s case facts and communicate these findings.