ACCT 2865 Income Tax II
Course Information
| Course Number | ACCT 2865 |
|---|---|
| Course Title | Income Tax II |
| Description | This course provides an explanation and interpretation of the Internal Revenue Code as applied to sole proprietorships, partnerships, and corporations. Topics include business income and expense, depreciation, tax credits, alternative minimum tax, property transactions, retirement plans along with estate and trust income taxation with transfer taxes (gift tax and estate tax). . |
| Total Credits | 3 |
| Total Hours | 48 |
| Instruction Type | Credits and Hours |
|---|---|
| Lecture | 3 Credits, 48 Hours |
Pre/Corequisites
None
Institutional Core Competencies
- Critical and Creative Thinking - Students will be able to demonstrate purposeful thinking with the goal of using a creative process for developing and building upon ideas and/or the goal of using a critical process for the analyzing and evaluating of ideas.
Course Competencies
- Distinguish and define different types and classes of property.
- Expand conversion of property from personal to rental.
- Differentiate between depreciation, cost recovery, amortization and depletion.
- Determine the amount of cost recovery under MACRS.
- Explain the calculation of realized gain or loss from the sale of property.
- Discuss reclassification of gains under depreciation recapture rules.
- Explain preferential treatment of capital gains/losses
- Discuss non-recognition (deferral) of gains.
- Explain the provisions on the sale of personal residence.
- Discriminate nontax factors in business entity selection.
- Describe basis of the owners of various entity types.
- Define sole proprietorships.
- Define partnerships.
- Define corporations.
- Define S corporations.
- Provide an overview of different types of pension plans.
- Examine Individual Retirement Accounts (IRA).
- Define Alternative Minimum Tax.
SCC Accessibility Statement
South Central College strives to make all learning experiences as accessible as possible. If you have a disability and need accommodations for access to this class, contact the Academic Support Center to request and discuss accommodations.
North Mankato: Room B-132, (507) 389-7222; Faribault: Room A-116, (507) 332-7222.
Additional information and forms can be found at: southcentral.edu/disability
This material can be made available in alternative formats by contacting the Academic Support Center at 507-389-7222.