ACCT242 Taxation for Entities
Department of Business, Innovation, and Legal Studies: Accounting
- I. Course Number and Title
- ACCT242 Taxation for Entities
- II. Number of Credits
- 3 credits
- III. Number of Instructional Minutes
- 2250
- IV. Prerequisites
- ACCT241 (C or better) or permission of the Department of Business, Innovation, and Legal Studies.
- Corequisites
- None
- V. Other Pertinent Information
- None
- VI. Catalog Course Description
- This course provides an overview of federal taxation of corporations. It examines the concepts of income deductions, property acquisitions and dispositions, and corporate operations. It also provides a study of flow-through entities, partnerships, and S-corporations and the state and locate taxes on these entities.
- VII. Required Course Content and Direction
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Course Learning Goals
Students will:
- explain tax computation and compliance for corporations;
- describe corporate formation operations, reorganization, and liquidation;
- summarize tax issues pertaining to the formation, operations and distributions for partnerships and S-corporations; and
- analyze state and local taxation for business entities.
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Planned Sequence of Topics and/or Learning Activities
- business income, deductions, and accounting methods
- property acquisition and cost recovery
- property dispositions
- entities overview
- corporate operations
- accounting for income taxes
- corporate taxation: non-liquidating distributions
- corporate formation, reorganization, and liquidation
- forming and operating partnerships
- dispositions of partnership interests and partnership distributions
- S corporations
- state and local taxes
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Assessment Methods for Course Learning Goals
The assessment of Course Learning Goals is based on end-of-chapter review and practice assignments (questions, exercises and problems), critical-thinking cases, and periodic testing as conceptual topics are covered. -
Reference, Resource, or Learning Materials to be used by Student:
See course syllabus.
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New 11/8/2022