Provides a basis for examining additional, more complex topics in individual federal taxation. Includes a comprehensive study of the federal income tax structure and the practical application of income tax accounting to specific problems related to individuals and proprietorships. Emphasizes the general filing status, includable and excludable income, analysis of the categories of itemized and other deductions, the tax treatment of sales and exchange of property, available depreciation methods, and recapture provisions. Introduces the alternative minimum tax on individuals, the earned income credit, childcare credit, and credit for the elderly. Ethics, research, and tax planning are integral parts of the course.
NOTE: This entire class includes discussions, assignments, course projects, and exams