Foothill CollegeApproved Course Outlines

Business and Social Sciences Division
4 hours lecture.4 Units

Total Quarter Learning Hours: 48 (Total of All Lecture, Lecture/Lab, and Lab hours X 12)
 Lecture Hours: 4 Lab Hours: Lecture/Lab:
 Note: If Lab hours are specified, see item 10. Lab Content below.

Repeatability -
Statement: Not Repeatable.

Status -
 Course Status: ActiveGrading: Letter Grade with P/NP option
 Degree Status: ApplicableCredit Status: Credit
 Degree or Certificate Requirement: AA Degree,   Certificate of Achievement
 GE Status: Non-GE

Articulation Office Information -
 Transferability: CSUValidation: 12/13/10

1. Description -
Current federal income tax law as it relates to sole proprietorship and partnership.
Prerequisite: ACTG 67.
Co-requisite: None
Advisory: Eligibility for MATH 220 and ESLL 26.

2. Course Objectives -
Student will be able to:
  1. describe and explain the tax consequences related to and prepare business income tax returns for proprietorship.
  2. describe and explain the tax consequences related to and prepare business income tax returns for partnerships.
3. Special Facilities and/or Equipment -
Access to spreadsheet, word-processing, presentation. When taught as an online distance learning section, students and faculty need ongoing and continuous Internet and email access.

4. Course Content (Body of knowledge) -
  1. Inventories.
    1. When inventories are used.
    2. How inventories are valued.
    3. Change in inventory method
    4. When inventories are not used.
    5. Farmer's inventories--special accounting factors.
  2. Installment sales.
    1. Qualifying for installment method.
    2. Sale of real property.
    3. Sale of installment obligation.
    4. Deferred payment sales.
    5. Repossession of real and personal property.
  3. Depreciation
    1. Natural.
    2. Useful life.
    3. Methods of computing
    4. Changing depreciation methods
    5. Additional first year "bonus" depreciation.
    6. Retirement of depreciated property.
    7. Asset depreciation range system.
  4. Depletion and mine exploration development.
    1. Cost depletion.
    2. Percentage depletion.
    3. Exploration and development.
  5. Bad debts and losses.
    1. Bad debts.
    2. Losses.
  6. The net operating loss.
    1. Deduction.
    2. Amount of carry back and carry forward.
  7. Partnerships.
    1. Formation.
    2. Operation.
    3. Change in partnership interest.
    4. Distributions.
    5. Ending partnership interest.
    6. Miscellaneous matters.
  8. Decedents, estates, and trusts.
    1. Decedents.
    2. Estates and trusts.
    3. Deductions for distribution to beneficiaries.
    4. How beneficiary is taxed.
    5. Family trusts.
  9. The corporation.
    1. Organizing.
    2. Corporate tax bill.
    3. Consolidated returns.
    4. "Tax-option" corporation.
5. Repeatability - Moved to header area.
6. Methods of Evaluation -
  1. Examinations
  2. Quizzes
  3. Projects
  4. Tax Return preparation
7. Representative Text(s) -
Willis, Eugene, William Hoffman, and David Maloney. West??s Federal Taxation 2010. Mason, Ohio: South-Western, 2010.

8. Disciplines -
9. Method of Instruction -
Lecture, in class or electronic discussions, group work, case studies.
10. Lab Content -
Not applicable.
11. Honors Description - No longer used. Integrated into main description section.
12. Types and/or Examples of Required Reading, Writing and Outside of Class Assignments -
  1. Reading IRS Tax Publications and Form Instructions at
  2. Reading California Publications and Form Instructions at
  3. Reading the latest Federal Tax updates at the IRS website
  4. Reading the latest California Tax updates at the CA FTB website
  5. Reading Internal Revenue Tax Code and Regulations
  6. Reading of Wall Street Journal, Business Week, and Fortune
13. Need/Justification -
This course is a restricted support course for the AA degree in Accounting.

Course status: Active
Last updated: 2013-07-29 15:50:02

Foothill CollegeApproved Course Outlines