ACCT 1371 - Business Income Tax

4.5 Credits

Students learn the fundamental principles of federal business taxation.  This course introduces students to basic filing requirements, includable income, adjustments, deductions, and tax credits for various types of business entities.  Students engage in a broad study of federal business taxation including the laws and practices related to calculating and preparing business tax returns. 

Note: This is one of two courses addressing taxation.   ACCT 1370 - Individual Income Tax explores taxation of individuals. Students planning to take both tax classes should attempt to take ACCT 1370 and ACCT 1371 immediately after one another to facilitate understanding and learning.

Lecture Hours: 4.5
Lab Hours: 0.0
Internship Hours: 0.0
Clinical or Practicum Hours: 0.0

Course Objectives

Demonstrate the ability to identify deductions and calculate taxable income.
Calculate the appropriate deductions for depreciation, amortization and depletion.
Calculate capital gains or losses and their effects on taxable income.
Identify types of business entities.
Demonstrate the ability to determine the tax consequences of corporate earnings or loss.
Demonstrate the ability to determine the tax consequences of partnership earnings or loss.
Demonstrate the ability to determine the tax consequences of S-Corporation earnings or loss.
Prepare Tax Forms, supplementary forms and schedules.

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