ACCT 2864 Income Tax I

Course Information

Pre/Corequisites

Prerequisite: No prerequisites are required.

Institutional Core Competencies

• Communication - Students will be able to demonstrate appropriate and effective interactions with others to achieve their personal, academic, and professional objectives.
• Civic Engagement and Social Responsibility - Students will be able to demonstrate the ability to engage in the social responsibilities expected of a community member.

Course Competencies

1. Describe an overview of the Federal Tax System
2. Communicate factors other than revenue-raising that affect Federal tax law.
3. Apply the components of the Federal income tax formula.
4. Describe property transactions.
5. Identify tax planning opportuniites associated with the individual tax formula.
6. Define gross income.
7. List items specifically included in gross income.
8. Identify items specifically excluded from gross income.
9. Explain the tax benefit rule.
10. Differentiate between deductions for and from adjusted gross income.
11. Identify tax opportunities for maximizing deductions and minimizing the disallowance of deductions.
12. Elaborate on the different types of losses of individuals that are deductible.
13. Explain the rules for reporting casualty gains and losses.
14. Define a net operating loss including carrybacks and carryforwards.
15. Discuss passive loss limits.
16. Discuss the use of tax credits for individuals.
17. Elaborate on the use of the standard deduction.
18. Define exployee business expenses and how to correctly report them.
19. Explain the limitations on miscellaneous itemized deductions.
20. Explain the requirements for exemption deductions.
21. Explain the filing status concept.
22. Distinguish between deductible and nondeductible interest.