Advanced Federal Income Tax

Catalog description

This course is designed to provide students with a solid understanding of the U.S. Federal Tax System as it relates to property transactions of business owners and shareholders. Topics include cost recovery; depreciation, amortization and depletion, realized versus recognized gains and losses, adjusted-basis considerations, non-taxable transactions; like-kind exchanges, involuntary conversions and sale of primary residence and the netting process for gains and losses. 3 Lecture hours. Prerequisite: AC 336. Offered: Spring.