ACC620M

Course Description

Study of the statutory provisions, judicial doctrines, and implementation of the theory and practice of federal income taxation of individuals.

Learning Outcomes

• Apply the rules for determining exemption and filing status of individuals.
• Assess specific items to include or exclude to arrive at gross income (all inclusive system of taxation unless specific excluded by statute).
• Evaluate the items to be used to reduce adjusted gross income and those that are deducted from adjusted gross income.
• Integrate within the income tax formula the deductibility of taxpayers’ expenditures and losses, encompassing taxpayer’s itemized deductions.
• Analyze the accounting method and accounting period used to determine the year in which income and expenses will be reported for tax purposes.
• Appraise 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.
• Evaluate the rule relative to Passive Activity Loss rules.
• Judge the applicability of Alternative Minimum Tax.
• Assess income tax information to prepare a moderately complex Form 1040 individual income tax return together with necessary schedules.

Prerequisites

• ACC615M