ACCT 442 - Advanced Tax 2: Corporations and other entities

Description:
Study of principles of federal income taxation of corporations and pass-through and their investors. Coverage includes formation, distributions, withdrawals, and dissolution. Course introduces income tax issues concerning estates, trusts, exempt organizations, retirement plans, and farmers. ACCT 442 and ACCT 542 are layered courses; a student may not receive credit for both. Course will be offered every year (Winter).

Prerequisites:
Prerequisite: Completion of ACCT 303 or ACCT 340 with a minimum grade of C.

Credits: (5)

Learner Outcomes:
Upon successful completion of this course, the student will be able to:

List the preliminary actions and documents necessary to prepare income tax returns for business entities, trusts, and estates
Compute and define all types of business income
Distinguish the tax treatment of C corporations, S corporations, Partnerships, Trusts, and Estates
Summarize the various retirement plans available to employees
Apply the law as it relates to tax credits and deductions available to businesses
Classify property exchanges as voluntary, involuntary, taxable, or tax-free
Identify the most common tax planning strategies available to businesses
Identify and apply key tax provisions applicable to farmers
Recall the process to apply for tax-exempt treatment
Evaluate a tax-exempt organization’s compliance with tax filing requirements
Evaluate a trust or estate’s compliance with tax filing requirements

Learner Outcomes Approval Date:
4/5/18

Anticipated Course Offering Terms and Locations: