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Federal Income Tax II (ACC-402)

Semester:	Spring 2024
Number:	0201-402-002
Instructor:	Karen Wallace
Days:	Tuesday 6:00 pm - 8:30 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 will be able to apply tax laws as they relate to the following:1. Losses & bad debts2. Ethics as applied to tax advice & tax return preparation3. Special tax computations methods, tax credits & payments of tax4. Depreciation, modified cost recovery system & recapture of depreciation5. Deferred compensation, pension & profit sharing plans, stock options, Keogh plans, IRA, Roth IRA6. Methods of tax accounting7. Accounting periods & methods, inventory rules, installment sale rules8. Partnership formation & operation9. Corporation formation & capital structures10. Corporation income tax11. Corporation non-liquidation distributions12. S corporations *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:	ACC 101 ACC 102 ACC 201 ACC 202 ACC 401

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