ACC 650 - Basic Taxation

(3 Credits)

This course is a study of federal tax law as it pertains to individuals. It emphasizes fundamental principles and concepts of federal income tax, determination of gross income, allowable deductions from income, recognition of gains and losses, tax accounting, and basic rules and standards of tax practice. Students gain an understanding of the history and tax policy considerations behind various Internal Revenue Code provisions. Preparation of Form 1040 will be studied in detail.

Prerequisite: ACC 644 Financial Reporting and Analysis; or one of the following should apply:

The student should have an undergraduate degree in accounting.
The student should have previously completed a basic tax course (either ACC 301 or a similar tax course at another college/university).
Presently employed in an accounting role.