Taxation-Individual

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.

Prerequisites

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School of Business and Management

“Our business and management programs equip students with the knowledge and tools needed to lead their organizations and stay competitive in the job marketplace.”
School of Business and Management
Asya W.
Class of 2009