Essentials of Federal Taxation

Catalog description

This course provides students with an overview and basic understanding of the federal income tax structure with respect to individuals, as well as corporations, partnerships, estates, and trusts domiciled or engaging in business in the United States. The course is an introduction to the basic concepts of federal income taxation with particular emphasis on the concepts of gross income, deductions, exemptions, basis, recognition of gains and losses, and accounting methods and periods. Additional topics addressed include the formation, operation, and liquidation of business enterprises. Federal transfer taxes will also be explored. Offered: Spring. 3