ACCT 521 - Advanced Tax 1: Business 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.

Prerequisites:
Prerequisites: (ACCT 303 or ACCT 340 or equivalent) and admission to the professional tax practice graduate certificate or department permission.

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 Homework assignments and examinations. 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 Homework assignments and examinations. Classify property exchanges as voluntary, involuntary, taxable, or tax-free
Identify the most common tax planning strategies available to businesses Tax simulations and examinations. 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:
5/23/19

Anticipated Course Offering Terms and Locations:
Fall Locations Ellensburg, Online, Des Moines, JBLM, Lynnwood, Moses Lake, Sammamish, Pierce County, Wenatchee, Yakima Spring Locations Ellensburg, Online, Des Moines, JBLM, Lynnwood, Moses Lake, Sammamish, Pierce County, Wenatchee, Yakima