Course: ACCT 440. Income Tax I (3)
Prerequisites: Grades of “C” or higher in ACCT 350 and BUS 312. 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.