ACC620M Taxation of Individuals
Lead Faculty: Dr. Thomas S. Rim
Course Description
Study of the statutory provisions and judicial doctrines. Understanding and implementation of the theory and practice of federal income taxation of individuals. Incorporation of a series of tax strategy, case study (ethics) and research problems including tax form and return preparation.
Learning Outcomes
- Evaluate the tax law as a method to influence human behavior as well as to achieve social and economic objectives.
- Evaluate the income tax formula along with its components.
- Differentiate between specific items that must be included or excluded in the formula to compute gross income (all inclusive system of taxation unless specific excluded by statute).
- Integrate within the income tax formula the deductibility of taxpayers' expenditures and losses, encompassing taxpayer's itemized deductions, the deductibility of losses and bad debts, employee expenses, deferred compensation, as well as tax depreciation, amortization and depletion under the 'Return of Capital Doctrine.'
- Analyze the accounting method and accounting period used to determine the year in which income and expenses will be reported for tax purposes (i.e., cash, accrual, and hybrid) including the accounting treatment of specific items (i.e., installment sales, long-term contracts).
- Classify the disposition (sale or exchange) of property along with the analysis and recording of the realized and recognized/non-recognized gains or losses that occur.
- Integrate the special tax computations methods, tax credits and payment of taxes into the formula to arrive at taxes payable.
- Analysis tax strategies for individuals through a series of comprehensive problems, case study problems (ethics), research problems and tax form/return preparation problems.
