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.
- 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.
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