Overview
Description
Students are introduced to the federal tax system that will enable them to analyze the basic framework utilized in measuring and reporting taxable income of individuals and business entities.
Requirements
Prerequisites
- Admission to the online MAcc
Original catalog text
Prerequisites
Prerequisite(s): Admission to the online MAcc
Units
Lecture3
Catalog Details
Offering
Offered: Every Fall
Terms
fall
Restrictions
Admission to the online MAcc
Attributes
StandardRepeatable up to 3 credits
Learning Outcomes
- explain the personal income tax formula as well as the federal forms needed to prepare individual tax returns.
- perform calculations needed to properly state taxable income, deductions, and credits.
- describe tax concepts related to businesses as well as the acquisition and disposition of business assets.
- utilize federal depreciation tables related to business assets to calculate depreciation as well as the adjusted basis of depreciable assets.