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| Semester: | Spring 2024 |
| Number: | 0201-401-001 |
| Instructor: | Karen Wallace |
| Days: | Monday Wednesday 6:00 pm - 7:15 pm |
| Note: | Traditional In-Person Class |
| Location: | Garden City - NEX 159 |
| Credits: | 3 |
| Course Materials: | View Text Books |
| Description: |
A conceptual approach to federal taxation. Basic principles of the law are stressed, along with the reasons for the adoption of the principles. The interplay of accounting and law is explained. During the first semester, the areas of federal income taxation are covered; during the second semester, the emphasis is on partnerships and corporations. Principles applicable to all entities are covered throughout the course. |
| Learning Goals: |
Course Goals: Upon completion of this course, the successful student should be able to; Cite tax law sources Determine the amount of tax due by a taxpayer Determine filing status Determine when to claim a dependent Recognize gross income items Recognize items that are not subject to income and major statutory exclusions Determine gain/loss from property transactions Determine tax basis of property transactions Determine tax treatment of capital gains/losses Determine like-kind exchanges rules, involuntary conversions and sale of principal residence rules Determine the deductibility of various expenses Determine tax ethics of tax transactions *The learning goals displayed here are those for one section of this course as offered in a recent semester, and are provided for the purpose of information only. The exact learning goals for each course section in a specific semester will be stated on the syllabus distributed at the start of the semester, and may differ in wording and emphasis from those shown here. |
| Prerequisites: |
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