10-101-152 ACCOUNTING-BUSINESS TAX ...learners will be introduced to federal tax laws as they apply to business entities and will prepare business income tax returns. (Prerequisite: 10-101-154, Accounting-Personal Tax)
Total Credits
2
Prior Learning Assessments
None
Course Competencies
Describe, in general, the federal income tax issues that apply to recognition of business income.
Describe, in general, the federal income tax issues that apply to business deductions.
Determine federal tax basis of assets
Apply federal income tax rules to compute regular and AMT depreciation
Determine federal income tax consequences on the disposition of business property.
Contrast the federal income tax advantages and disadvantages of ownership in various business entities
Apply appropriate income tax law in the formation, operation and dissolution of a Limited Liability Company
Apply appropriate income tax law in the formation, operation and dissolution of a Partnership
Apply appropriate income tax law in the formation, operation and dissolution of a Corporation
