FEDERAL INCOME TAXES II

Catalog description

This course is the continuation of Federal Income Taxes I (ACCT 3230) and will cover: computing federal income taxes and determining and utilizing allowable credits, computing the overall tax result for a sole proprietorship business, determining the Alternative Minimum Tax for individuals, discussing and computing the various tax options related to property (including the computation of the adjusted cost bases and resulting gains and losses at the time of sale or other disposition and optional are required tax treatment for specific tax events such as the sale of a primary residence, involuntary conversions, etc.), basis rules regarding property received by gift or inheritance, special rules related to home ownership, basic issues related to tax free incorporation of an entity, and the basic understanding and some unique issues (which are different from individual tax issues) regarding corporations.