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(5 credits)
This course is a continuation of Federation Taxation I and the focus is on corporate federal taxes. Students appraise the role taxation plays on organizations, the corporate structure, and tax strategies. They learn about the application of federal income taxes business entities, including corporations, partnerships, and entities taxed as partnerships and S corporations. They also examine gift and estate taxes and income taxation of estates and trusts. Students contextualize their learning through the preparation of a corporate federal tax return and related schedules. They consider the allocation of partnership taxable income and other deductions, credits, self-employment taxes, and loss carrybacks and carryforwards. Through the evaluation of legal and ethical issues involved in federal tax practice, students become familiar with laws, best practices, and the responsibilities of accounting professionals.
Pre-requisites
- ACCT 4005