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Learner Outcome
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Activity (optional)
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Assessment
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Compare and contrast the fundamental components of the income tax system including filing forms, filing status, income, exemptions, exclusions, deductions, adjustments, credits, and tax rates.
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Written Assignment
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Explain how a progressive income tax system works and contrast it with other tax systems
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Written Examination or Quiz
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Differentiate between the organizational form and the tax treatment of income, expenses, payroll and wage taxes for sole proprietorships, partnerships, LLPs, LLCs, S- corps and C-corps.
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Written Examination or Quiz
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Explain the basic income tax compliance rules for trusts and estates including when a return is required and how it is filed.
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Written Examination or Quiz
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Contrast the trust and estate income tax rules with personal income tax rules.
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Written Examination or Quiz
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Explain how a client will report income and appropriate deductions from a trust or estate on his income tax return.
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Written Assignment, Case Analysis
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Differentiate between tax avoidance and tax evasion.
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Written Examination or Quiz
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Identify income shifting techniques (transfer and timing) and explain how income shifting benefits a taxpayer.
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Written Examination or Quiz
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Compare the cash flow impact of receiving tax- exempt or tax-sheltered income to taxable income.
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Written Examination or Quiz
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Explain how deduction clustering results in a lower tax liability.
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Written Assignment, Case Analysis
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Distinguish between different investment strategies that can be used to manage tax liability; e.g., tax loss harvesting, bond swaps, etc.
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Written Examination or Quiz
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Differentiate between the taxation of capital gains and ordinary income, including the difference in applicable tax rates.
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Written Examination or Quiz, Case Analysis
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Explain the special rules regarding capital gains and losses on a principal residence.
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Written Examination or Quiz
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Explain the tax implications of supporting an elderly parent or adult child.
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Written Assigment
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Select the appropriate credit/deduction to use for post-secondary education costs.
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Written Assignment, Case Analysis
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