Federal Taxation

(3 Credit Hours) · Undergraduate

This course is intended to help students acquire a broad perspective of taxation that is relevant for current as well as future tax regimes. The basic federal income tax provisions applicable to individuals, sole proprietorships, corporations, and small business firms are covered in this course, which emphasizes their rationale and significance in business and investment decision making. The course is an integrated blend of tax law, tax planning, tax research, accounting, economics, and finance. Specific topics include: gross income; business and individual deductions; business and individual tax credits; losses and loss limitations; issues concerning property transactions such as basis, gain and loss, nontaxable exchanges, capital gains and losses, section 1231, and recapture provisions; self-employment tax considerations; and capital structure. Course cannot be taken Pass/Fail.