TAX 2000 - Federal Individual Income Taxation

College of Business

Credit(s): 3
Contact Hours: 47
Effective Term Fall 2024 (640)

Requisites

Prerequisite ACG 2021 with a minimum grade of C

Course Description

This course is designed to provide an overview of the Federal individual income tax structure. Students will learn the laws, regulations, and accounting practices pertaining to individual Federal taxes. Students will analyze gross income, inclusions and exclusions, business expenses, depreciation, itemized deductions, and capital gains and losses. This course will provide training in these principles with applications using tax documents (forms) and tax software.

Learning Outcomes and Objectives

  1. The student will describe the history of taxation in the United States and the federal individual income tax system by:
    1. explaining the history of taxation in the United States.
    2. discussing the tax rate structure and types of taxes.
    3. identifying the tax entities in the federal income tax system.
    4. explaining the legislative process for the enactment of the tax law.
  2. The student will analyze tax rules, regulations, and calculations regarding individual federal income taxes by:
    1. explaining deductions and losses.
    2. illustrating the deductions for depreciation, cost recovery, amortization, and depletion.
    3. explaining the differences between cash, accrual, and hybrid accounting.
    4. selecting the appropriate filing status and understanding dependency status requirements.
    5. examining inclusions and exclusions in gross income.
    6. examining an individual's taxable income and federal tax including alternative minimum tax, tax credits, and tax payments.
  3. The student will apply tax rules and regulations through the completion of related applied activities by:
    1. using income tax terms and forms.
    2. preparing federal individual tax returns in a simulated environment.

Criteria Performance Standard

Upon successful completion of the course the student will, with a minimum of 70% accuracy, demonstrate mastery of each of the above stated objectives through classroom measures developed by individual course instructors.

History of Changes

Course was assigned to TAX 2000 by SCNS. Historical/inactive record for TAX 2000 was part of initial load. Decision was made to update this current record to TAX 2000 and permanently delete the Inactive TAX 2000 record from CurricUNET.
C&I Approval: 02/17/2024, BOT Approval: 03/19/2024, Effective Term: Fall 2024 (640)

Related Programs

  1. Accounting Technology Operations (ACTAP-CT) (670) (Active)
  2. Business Administration (BUS-AS) (670) (Active)