ACC432A Taxation-Individual

Lead Faculty: Dr. Consolacion Fajardo

Course Description

An introduction to the theory and practice of federal income taxation of individuals, including income, deductions, exemptions, credits, capital gains, depreciation, and deferred compensation plans. As a course requirement, students prepare Form 1040 income tax returns.

Learning Outcomes

  • Describe and apply the rules for determining exemption and filing status of individual.
  • Identify allowable deductions and distinguish between those that can be used to reduce adjusted gross income and those that are deducted from adjusted gross income.
  • Correctly use the types of deductions that may be allowed as itemized deductions, and calculate appropriate limits, where applicable.
  • Analyze capital transactions, identify those for which gain or loss is recognized, and apply capital loss rules, including carry-forward provisions, when applicable.
  • Describe and apply Passive Activity Loss rules.
  • Apply rules regarding depreciation of tangible capital assets.
  • Describe and apply the rules relating to Alternative Minimum Tax 8.Prepare a moderately complex Form 1040 individual income tax return and supporting schedules.