ACCT 630 - Federal Taxation of Individuals and Sole Proprietors

Units: 3
Study of federal income tax laws relating to individuals and sole proprietors. Detailed consideration to basic income tax concepts, including gross income, property dispositions, cost recovery deductions, itemized deductions, and non-recognition transactions. Brief coverage of the taxation of business entities.

Prerequisites: ACCT 210 with B- or better.
Possible Instructional Methods: Entirely On-ground.
Grading: A-F grading only.
Student Learning Outcomes - Upon successful completion of this course students will be able to:

Identify the obligations and liabilities of taxpayers and tax return preparers.
Calculate the elements of the income tax formula as applied to common personal and business transactions.
Identify and explain tax reduction or deferral planning opportunities available to taxpayers.
Explain compliance with the Internal Revenue Service (IRS) reporting and payment requirements.
Describe and analyze the role of taxes in decision-making.
Enhance ability to identify and critically evaluate issues as they relate to taxation.
Describe the statutory and regulatory aspects of taxation as they relate to business and individual tax decisions.
Develop an appreciation of the necessity of understanding tax issues as they relate to personal and business decisions.