Jul 18, 2024  
2024-2025 University Catalog 
2024-2025 University Catalog
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ACCT 442 - Advanced Tax 2: Corporations and other entities

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. 

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:

Anticipated Course Offering Terms and Locations:

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