ACCT-237 Taxation of Corporations, Partnerships, Estates, and Trusts

This course continues Tax Accounting for federal income tax for individuals and business taxpayers. Topics include federal tax research, tax practice and ethics, tax written communication, tax accounting methods and periods, reconciliation of tax and financial methods, tax elections, current tax laws governing alternative minimum tax for individual and corporate taxpayers, and property transactions. This course is the third of three tax courses that prepare students for individual and business decisions relating to federal taxation and the Federal Tax Regulation section of the Certified Public Accountant (CPA) Exam.

Credits

3

Prerequisite

ACCT-236

Hours Weekly

3 hours weekly

Course Objectives

1. 1. Analyze and apply research results that involve the Internal Revenue Code, Income Tax Regulations,
   and federal court tax cases.
   
2. 2. Analyze income tax rules when forming, operating, determining owner basis; distributions, transfers,
   and termination of various business forms including corporations and partnerships.
   
3. 3. Compare federal income tax rules to different business forms.
4. 4. Reconcile C Corporation financial income to taxable income using Schedule M-3.
5. 5. Determine Corporate Earnings and Profits (E&P) balance.
6. 6. Compare and contrast multijurisdictional tax issues.
7. 7. Evaluate unrelated business income for tax exempt organizations.
   
8. 8. Analyze federal wealth transfer taxes for gift and estate transfers.
9. 9. Apply income tax rules to estates and trusts.

Course Objectives

1. 1. Analyze and apply research results that involve the Internal Revenue Code, Income Tax Regulations,
   and federal court tax cases.
   
2. 2. Analyze income tax rules when forming, operating, determining owner basis; distributions, transfers,
   and termination of various business forms including corporations and partnerships.
   
3. 3. Compare federal income tax rules to different business forms.
4. 4. Reconcile C Corporation financial income to taxable income using Schedule M-3.
5. 5. Determine Corporate Earnings and Profits (E&P) balance.
6. 6. Compare and contrast multijurisdictional tax issues.
7. 7. Evaluate unrelated business income for tax exempt organizations.
   
8. 8. Analyze federal wealth transfer taxes for gift and estate transfers.
9. 9. Apply income tax rules to estates and trusts.