PUERTO RICO INCOME TAXES

Catalog description

The course covers the Puerto Rico Income Tax Act and Regulations covering taxable income. It includes the following topics: inclusions and exclusions; allowable deductions; flexible depreciation, basis for determining gain or loss; capital gain and losses; credits; computation of surtax and normal tax as affecting individuals, partnership and corporations. It also covers practical problems and the preparation of returns. CONT 4046: ACCOUNTING FOR NONPROFIT ORGANIZATIONS; three (3) credit s, three (3) contact hours per week . A comprehensive study of accounting principles and financial reports of government agencies, colleges and universities, hospitals and health services and nonprofit entities.