Nov 30, 2023
ACCT 431 - Federal Taxation of Business Entities
A survey of federal income tax laws and regulations for businesses and other entities under the U.S. Federal Tax System. Topics include tax computation and reporting of C Corporations, S Corporations, Partnerships, Trusts, Estates, and Tax-exempt organizations.
Prerequisites: ACCT 312 and ACCT 331, both with grade C or better.
Possible Instructional Methods: On-ground or Online-Asynchronous.
Grading: A-F grading only.
Student Learning Outcomes - Upon successful completion of this course students will be able to:
- Analyze transactions of C corporations in areas such as stock dividends and stock redemption;
- Calculate taxable income and tax liability for a C corporation;
- Determine ordinary business income (loss) for a partnership for federal income tax purposes;
- Calculate ordinary business income (loss) for an S corporation for federal income tax purposes;
- Demonstrate the amount of taxable gifts for federal gift tax purposes;
- Calculate the taxable estate for federal estate tax purposes;
- Determine the beneficiary’s share of taxable income from a trust for federal income tax purposes;
- Demonstrate the amount of unrelated business income tax of an exempt organization.
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