2020-2021 Catalog 
    
    Aug 10, 2020  
2020-2021 Catalog

ACC 117 - Advanced Tax Planning and Preparation


Description: Advanced study in individual, corporate, and partnership taxation.

Prerequisites: ACC 115  

Credits: 3
Lecture: 3
Lab: 0

Course Content:
  1. Individual Taxes: Review of basic tax planning concepts; Active, investment, and passive types of income; Tax deferred and tax-free transactions; Capital and 4797 transactions; Carryover and transition items;Tax planning considerations
  2. Corporate Taxes: Structure of the corporate tax system; Tax planning considerations
  3. S corporation Taxes; Built in gains tax; Accumulated adjustments account (AAA) calculation; Tax planning considerations
  4. Partnership Taxes: Structure of the partnership tax system; Tax planning considerations

Learning Outcomes:
  1. Solve individual income tax problems of moderate to advanced complexity. (1)
  2. Describe moderate to advanced individual income tax planning issues. (1)
  3. Solve problems of basic to moderate complexity involving C corporations, S corporations, and partnerships. (2-4)
  4. Explain basic to moderate C corporation, S corporation, and partnership tax planning issues.  (2-4)
  5. Prepare individual, corporate, and partnership tax returns using a personal computer.  (1-4)