ACCT 237 Federal Taxation of Corporations, Partnerships, Estates, and Trusts

In this course, students will learn tax treatment of forming, operating, basis determination, distributions, transfers of interests, and termination of various business forms including C Corporations, S Corporations, and Partnerships.  Determining Earnings and Profits (E&P) calculation for corporations is covered along with required disclosures for Schedule M-3. Multijurisdictional tax issues are discussed. Tax exempt organizations are covered, which include unrelated business income. Federal wealth transfer tax of gifts and estates are discussed along with income tax rules on estate and trusts. Emphasis is placed on tax research and alternative tax treatments that affect economic decisions. This course 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. Analyze and apply research results that involve the Internal Revenue Code, Income Tax Regulations,
   and federal court tax cases.
   
2. 2. Analyze income tax rules when forming, operating, determining owner basis; distributions, transfers,
   and termination of various business forms including corporations and partnerships.
   
3. 3. Compare federal income tax rules to different business forms.
4. 4. Reconcile C Corporation financial income to taxable income using Schedule M-3.
5. 5. Determine Corporate Earnings and Profits (E&P) balance.
6. 6. Compare and contrast multijurisdictional tax issues.
7. 7. Evaluate unrelated business income for tax exempt organizations.
   
8. 8. Analyze federal wealth transfer taxes for gift and estate transfers.
9. 9. Apply income tax rules to estates and trusts.
10. 10. Evaluate alternative minimum tax for corporations.

Course Objectives

1. 1. Analyze and apply 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
2. 2. Analyze income tax rules when forming, operating, determining owner basis; distributions, transfers,
   and termination of various business forms including corporations and partnerships.
   

   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. Compare federal income tax rules to different business forms.

   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. Reconcile C Corporation financial income to taxable income using Schedule M-3.

   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. Determine Corporate Earnings and Profits (E&P) balance.

   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. Compare and contrast multijurisdictional tax issues.

   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 unrelated business income for tax exempt organizations.
   

   Learning Activity Artifact

   • Other (please fill out box below)
   • Exam

   Procedure for Assessing Student Learning

   • Other (please fill out box below)
   • Exam
8. 8. Analyze federal wealth transfer taxes for gift and estate transfers.

   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. Apply income tax rules to estates and trusts.

   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. Evaluate alternative minimum tax for corporations.

    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