ACCT 431 - Federal Taxation of Business Entities

Units: 3
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.