ACCT2231 Income Tax

This course is an explanation and interpretation of the Internal Revenue Code to assist taxpayers in the preparation and filing of individual, business, and corporate tax returns.

Credits

4

Prerequisite

ACCT1102 or ACCT1107

Course Requirements and Evaluation

Refer to Course Syllabus for detailed information regarding the requirements and evaluation standards for this course. The Course Syllabus will be distributed the first week of the course.

Learning Outcomes

The following outcomes will be addressed in the course:
Explain how individual income tax liability is determined
Determine dependency exemptions and filing status
Determine gross income inclusions and exclusions
Classify deductions for determination of adjusted gross income
Compute depreciation and amortization of assets
Calculate travel, entertainment and transportation expenses
Determine itemized deductions and limitations
Compute gain or loss on property dispositions
Apply tax rules for reporting capital gains and losses
Explain tax holding period rules
Calculate refundable and nonrefundable tax credits
Explain tax carryover provisions

Text and References

A list of textbooks required for this course is available at the bookstore.

Course Scheduling

The scheduled hours of instruction include sixteen hours for each lecture credit, thirty two hours for each lab credit and forty hours for each credit of supervised occupational experience (SOE). Lecture credit may include formal or impromptu lectures, demonstrations or discussions with the entire class or with small groups or individuals. Refer to the Credit Details section of this course outline for the credit breakdown.

Accommodations Statement

Disability Services assists students with disabilities who need accommodations to access programs, services and college activities.  If this applies to you, please contact the DS Office on your campus to initiate the accommodations process. 
Brooklyn Park Campus - 763-488-2477
Eden Prairie Campus – 952-995-1544

Campus

Brooklyn Park Campus Eden Prairie Campus 952-995-1300

Credit Details

lecture:

4