ACC 5080 - Introduction to Federal Income Taxation

Credits: 4

This course examines federal tax law as it applies to individuals. It emphasizes the determination of gross income, deductions and credits, as well as the identity of the taxable person, tax accounting, and timing principles. It involves an overview of applicable tax statutes, regulations, and rulings, and will provide an awareness of the history and tax policy considerations behind various Internal Revenue Code provisions. Students will assess the tax implications of decisions, will develop an ability to recognize limitations in the tax law as it exists today, and will learn how to evaluate where additional research is necessary to adequately resolve tax issues. Finally, the course introduces flow-through entities such as partnerships, S-corporations, and C-corporations.