|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: |
- prepare income tax returns for corporations.
- 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) - |
- The Corporation
- Form 1120
- Corporate tax bill.
- Consolidated returns.
- "Tax-option" corporation.
- Estate, Trust and gift taxes
- Forms 1041, 706, and 709
- Gross Estate
- Estate tax deduction.
- Valuation of property.
- Credits against estate tax.
- Estate tax procedures and computation.
- Deductions for distribution to beneficiaries.
- How beneficiary is taxed.
- Family trusts.
- Gift taxes
- Charitable Contributions
- The net operating loss
- Specially taxed corporations
- Capital charges
- Forms: 3800(General Business Credit), 6765(Credit for Increasing Research Activities)
- Highlights of Tax Changes
|Methods of Evaluation - |
- 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 - |
- Reading IRS Tax Publications and Form Instructions at http://www.irs.gov
- Reading California Publications and Form Instructions at http://www.ftb.ca.gov
- Reading the latest Federal Tax updates at the IRS website
- Reading the latest California Tax updates at the CA FTB website
- Reading Internal Revenue Tax Code and Regulations
- Reading of Wall Street Journal, Business Week, and Fortune