ACCT 235 Federal Taxation of Individuals

This course covers current tax laws governing recognition of items of gross income, exclusions, deductions, capital gains and losses, credits, estimated taxes, employment taxes, and the calculation of taxable income for an individual and sole proprietor. This is one of two tax courses that prepares students for individual and business decisions relating to federal taxation and the Federal Tax Regulation Section of the Certified Public Accountant (CPA) Exam.

Credits

3

Prerequisite

ACCT 112

Hours Weekly

3 hours weekly

Course Objectives

1. 1. Identify tax structures, tax research sources, and tax practice.
2. 2. Determine proper filing status and dependency exemptions for individual and sole proprietor taxpayers.
3. 3. Analyze income, exclusions, deductions, and credits for individual and sole proprietor taxpayers,
   including business-related tax credits.
4. 4. Describe various business and individual losses.
5. 5. Utilize tax formulas for arriving at taxable income and tax liability for individual and sole proprietor
   taxpayers.
6. 6. Prepare an individual and sole proprietor tax form with supporting schedules from a prepared set of facts.
7. 7. Evaluate At-Risk and Passive-Loss limits.
8. 8. Develop effective tax estimates and tax planning methods for individual and sole proprietor taxpayers.
   
9. 9. Analyze research results that involve the Internal Revenue Code, Income Tax Regulations, and federal court tax cases.
   
10. 10. Determine proper tax accounting periods for various taxpayers.
11. 11. Distinguish and evaluate methods of accounting for tax and financial accounting.
12. 12. Compare tax treatments of property transactions.
13. 13. Evaluate alternative minimum tax for individuals.

Course Objectives

1. 1. Identify tax structures, tax research sources, and tax practice.

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
2. 2. Determine proper filing status and dependency exemptions for individual and sole proprietor taxpayers.

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
3. 3. Analyze income, exclusions, deductions, and credits for individual and sole proprietor taxpayers,
   including business-related tax credits.

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
4. 4. Describe various business and individual losses.

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
5. 5. Utilize tax formulas for arriving at taxable income and tax liability for individual and sole proprietor
   taxpayers.

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
6. 6. Prepare an individual and sole proprietor tax form with supporting schedules from a prepared set of facts.

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
7. 7. Evaluate At-Risk and Passive-Loss limits.

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
8. 8. Develop effective tax estimates and tax planning methods for individual and sole proprietor taxpayers.
   

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
9. 9. Analyze research results that involve the Internal Revenue Code, Income Tax Regulations, and federal court tax cases.
   

   This objective is a course Goal Only

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
10. 10. Determine proper tax accounting periods for various taxpayers.

    This objective is a course Goal Only

    Learning Activity Artifact

    • Other (please fill out box below)
    • Exam

    Procedure for Assessing Student Learning

    • Other (please fill out box below)
    • Exam
11. 11. Distinguish and evaluate methods of accounting for tax and financial accounting.

    This objective is a course Goal Only

    Learning Activity Artifact

    • Other (please fill out box below)
    • Exam

    Procedure for Assessing Student Learning

    • Other (please fill out box below)
    • Exam
12. 12. Compare tax treatments of property transactions.

    This objective is a course Goal Only

    Learning Activity Artifact

    • Other (please fill out box below)
    • Exam

    Procedure for Assessing Student Learning

    • Other (please fill out box below)
    • Exam
13. 13. Evaluate alternative minimum tax for individuals.

    This objective is a course Goal Only

    Learning Activity Artifact

    • Other (please fill out box below)
    • Exam

    Procedure for Assessing Student Learning

    • Other (please fill out box below)
    • Exam