Feb 09, 2023  
2021-2022 On Campus Catalog 
2021-2022 On Campus Catalog [Archived Catalog]

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AC 312 - Federal Income Taxes

Credits: (4 credits)

The application of federal income tax law is studied as it applies to individuals, partnerships, and corporations. Course content includes tax preparation, tax research, and tax planning.

Learning Outcomes
Upon completion of this course, the student will be able to do the following:

  1. Compare various types of taxes and the bases on which they are levied by various governmental units;
  2. Explain the characteristics of progressive, proportional, and regressive tax systems using the characteristics of equity, economy, certainty, and convenience;
  3. Describe the steps in the tax research process and demonstrate the ability to evaluate primary sources of authority, reach reasonable conclusions, and communicate the results;
  4. List the most common income exclusions and explain the rationale for excluding them from taxation;
  5. Identify common employee fringe benefits, whether taxable or nontaxable, and explain their tax effects on employers and employees;
  6. Outline the components of the individual tax model;
  7. Compare the deductions available on personal income tax returns with those of business tax returns;
  8. Contrast the tax provisions in place for capital gain property dispositions with the taxation of other types of income;
  9. Prepare a basic individual income tax return, including income from wages, interest, and dividends, as well as the most common itemized deductions.


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