Course: ACCT 440. Income Tax I (3)
Prerequisites: Grades of “C” or higher in ACCT 350 and BUS 302, and a passing score in BUS 302L; Upper Division Writing Proficiency Exam (UDWPE) score of 8 or higher; May be taken concurrently with ACCT 351. This course examines fundamentals of individual federal income taxation, including the following topics: tax determination; inclusions and exclusions from gross income; deductions and losses; property transactions (gain or loss, basis considerations, nontaxable exchanges, capital gains and losses, Section 1231, and recapture provisions); depreciation; employee expenses; deductions of the self-employed; itemized deductions; and passive activity losses. The course emphasizes the development of written and oral communication skills, tax research, as well as individual tax compliance.