Federal Income Tax II: Business Income Tax ((4 Credits))

Catalog description

The course provides an overview - code and applications - of the Federal income tax law and provisions relevant to businesses enterprises in form of: partnerships, corporations, and gift, estates and trusts taxes [from family tax planning perspectives]. Among topics covered are business income tax implications of various transactions pertinent to legal status of business and its operations, formation, equity distribution, liquidations, reorganization, consolidations, redemption, and corporation accumulated earnings tax. It incorporates tax audit, penalty, assessment, appeal process, regulatory compliance procedure and offers practical experience with preparing simple-moderate Federal income tax returns for C-corporations, S-corporations, partnerships, and estates/gift, and/or Trusts. The course employs research in locating applicable sections of tax code, court decisions and IRS rulings in solving tax planning cases and reinforcing appropriate professional communications. This course covers in its components professional ethics and social responsibility, research and communication skills in business. The course satisfies quantitative aspects of business, research, professional ethics, and communication skills. This course was previously BME-213624 Income Tax 2. Prerequisites: ACCT 3015 , or equivalent.