ACC 415 - Tax Accounting II (3)

Prerequisites: ACC 232 and ACC 315 , each with a C- or higher, or permission.

This course provides an overview of income tax law as it relates to corporations, partnerships, fiduciaries, estates and trusts, and the gift tax, and includes practice in preparation of tax returns. In addition, there is a tax research and planning component to the course, which acquaints the student with the fundamentals necessary for better understanding complex tax issues. Upon successful completion of this course, students will be able to 1) describe basic provisions of Federal income tax law as they relate to the taxpaying entities mentioned above; 2) discuss tax compliance issues affecting these taxable entities; 3) better understand the ethical implications of working within a tax system characterized, in part, by a high degree of ambiguity; 4) understand (at a basic level) the Federal Income Tax Code and other sources of authority that affect the specific topics discussed in this course; 5) use precise, tax-specific terminology in communicating with other constituencies regarding tax accounting issues related to this course; 6) use tax information in a variety of planning and decision making contexts; and 7) exercise research skills that will enable them to find answers to a variety of tax scenarios.