Tax Accounting

Catalog description

Deals with federal income tax consequences and planning with respect to adoption of and change in accounting methods; income recognition and deduction allowance under the cash and accrual methods and installment reporting. Also covered is inventory accounting, including LIFO; adoption of and change in accounting periods; time value of money; transactional concepts, including the annual accounting concept, the claim of right doctrine, and the tax benefit rule; and income tax allocations for financial reporting. Prerequisite: BMBA 8008 or equivalent.