ACCT2012 — Taxation I
Academic Division: Business, Industry and Technology Academic Discipline: Accounting Assistant Dean: Brooke Miller, M.B.A. 3 Credit(s) Income tax concepts will be stressed in the course, such as income, exclusions, deductions, adjusted gross income, capital gains and losses, exemptions, tax credits, and determination of income from business, trade, or profession. Attention is given to the reasoning behind major tax regulations and their effects upon the business firm and the impact of tax regulations upon managerial decision-making. Undergraduate 3 Lecture Hour(s); Required Exams and/or quizzes, daily homework - First half of the term Define gross income, including gross income exclusions and income adjustments. Exams and/or quizzes, daily homework, and computer-generated tax returns, - First half of the term Prepare Forms 1040, 1040-SR, & Schedules 1, 2, 3, A, B, C, D, E, and SE and all necessary supporting forms. Manually prepared and computer-generated tax returns – throughout entire semester Demonstrate an understanding of the concepts and calculations related to the recovery of the cost of long-term business assets, including an illustration of how to report depreciation on Form 4562. Exams, quizzes, daily homework, computer generated tax returns – Second half of the term Analyze other tax considerations, including the finalizing of tax calculation and the consideration of additional taxes & other taxes and credits. Exams and/or quizzes, daily homework, computer generate