Print Version

Effective: Summer 2013

Prerequisites: Prerequisite: ACTG 67.
Advisory: Advisory: Eligibility for MATH 220 and ESLL 26.
Grade Type: Letter Grade, the student may select Pass/No Pass
Not Repeatable.
FHGE: Non-GE Transferable: CSU
4 hours lecture. (48 hours total per quarter)

Student Learning Outcomes -
  • Identify basics of Federal income tax law as it relates to Corporations and Fiduciaries.
  • Demonstrate practical knowledge of income tax form preparation and tax compliance process as these relate to corporations and fiduciaries.
Description -
Current federal income tax law as it relates to corporations, estate, trust, and gift taxes.

Course Objectives -
The student will be able to:
  1. prepare income tax returns for corporations.
  2. prepare estate, trust, and gift tax returns.
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 (java-enabled)and Email access.

Course Content (Body of knowledge) -
  1. The Corporation
    1. Form 1120
    2. Organizing.
    3. Corporate tax bill.
    4. Consolidated returns.
    5. "Tax-option" corporation.
  2. Estate, Trust and gift taxes
    1. Forms 1041, 706, and 709
    2. Introduction.
    3. Gross Estate
    4. Estate tax deduction.
    5. Valuation of property.
    6. Credits against estate tax.
    7. Estate tax procedures and computation.
    8. Deductions for distribution to beneficiaries.
    9. How beneficiary is taxed.
    10. Family trusts.
    11. Gift taxes
  3. Other
    1. Charitable Contributions
    2. Inventories
    3. The net operating loss
    4. Specially taxed corporations
    5. Capital charges
    6. Forms: 3800(General Business Credit), 6765(Credit for Increasing Research Activities)
    7. Highlights of Tax Changes
Methods of Evaluation -
  1. Examinations
  2. Quizzes
  3. Projects
  4. Tax return preparation
Representative Text(s) -
Willis, Eugene, William Hoffman, and David Maloney. Wests Federal Taxation 2012, Mason, Ohio: South-Western, 2012.

Disciplines -
Method of Instruction -
Lecture, in class or electronic discussions, group work, case studies.
Lab Content -
Not applicable.
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