ACC 321: Taxes I

This course introduces the fundamentals of taxation, types of taxes, structure of the tax system and how taxes are applied to various entities. It is an in-depth study of the income taxation of individuals and the provisions applicable to all tax return filers. Topics include gross income, exclusions, deductions, losses, adjustments, credits, property transactions and capital gains and losses, as well as business expenses, depreciation, cost recovery, amortization and depletion and the determination of the regular tax and the alternative minimum tax. Tax research and the practical compliance aspects of individual tax return preparation are covered. While the focus is on federal taxes, state tax implications are also studied, including multistate tax situations. Prerequisite: ACC 105.