ACCT-230 Corporate Income Tax Accounting

Credits 5 / 5 Contact Hours
Pre-requisite: Placement into ENGL-100 (ACSR-100), completion of ELAP-120 with a 2.0, or completion of RDNG-030, ACLT-075 or ACLT-076; ACCT-202.
Corporate Tax Accounting focuses on the taxation of corporations s-corporations LLCs partnerships estates and trusts from a historical and theoretical perspective. Students will also prepare tax and information returns based on current tax law.

Course Outcomes
1. Demonstrate knowledge of the history of taxation of businesses, including major types of taxes. 2. Demonstrate knowledge of the understanding of the federal tax laws, including the Internal Revenue Code and other legal sources. 3. Describe the allowable accounting periods, including when it is feasible for each to be used. 4. Describe the various accounting methods permissible for businesses and the criteria that used be used in selecting a method. 5. Calculate gross income, deductions and Federal taxes owed. 6. Calculate allowable deductions for ordinary and necessary business expenses based on current law. 7. Calculate allowable deductions for employment-related business expenses based on current law. 8. Calculate depreciation, depletion, and amortization business expenses based on current law. 9. Calculate the realized and recognized gains and losses for business property transactions based on current law. 10. Demonstrate an understanding of the character of gains or losses on business property transactions. 11. Determine if a business has suffered net operating loss (NOL), is subject to an Alternative Minimum Tax (AMT) or other business tax and calculate the impact of this on current and future business tax returns. 12. Determine if a business is permitted to apply a business tax credit. 13. Apply the current tax law as regarding new corporate formations, distributions and other corporation-related tax issues. 14. Apply current tax laws to prepare returns for sole proprietorships. 15. Apply current tax laws to prepare returns for flow-through entities including partnerships, LLPs and LLCs. 16. Apply current tax laws to prepare returns for the S-Corporations form of flow-through entities.