ACC 130 Business Income Taxes

Lecture: 2 Lab: 2 Clinic: 0 Credits: 3

This course introduces the relevant laws governing business and fiduciary income taxes. Topics include tax law relating to business organizations, electronic research and methodologies, and the use of technology for the preparation of business tax returns. Upon completion, students should be able to analyze basic tax scenarios, research applicable tax law, and complete various business tax forms.

Pre-requisite(s): ACC 129.
Course is typically offered in Spring.
Course has transfer restrictions - 10 years

Student Learning Outcomes (SLOs)
At the completion of the course, the students should be able to do the following:

Describe the differences between C corporations, S corporations, partnerships, and LLCs.
Explain the tax treatment of business asset dispositions and the treatment of depreciation recapture.
Calculate depreciation expense on company assets (MACRS, IRC Sec.179, Bonus Depreciation).
Compute corporate tax liability and the tax accrual on the income statement.
Analyze the differences between book and tax income for corporations, S corporations, and partnerships.
Calculate the basis of a partner at all points throughout the partnership’s life cycle.
Complete a form 1120, 1120S, and 1065.
Identify key attributes of estates.