Course Abstract Details

ACCT-211, Principles of Taxation 2

Credits: 3

Course Description

ACCT-211, Principles of Taxation 2, is a comprehensive study of federal taxation of corporations and partnerships, as well as exempt entities, multistate taxation issues, taxation of international transactions, federal gift and estate taxes, and taxation of trusts and estates. Prerequisite: ACCT-210 or permission of the instructor. Three hours lecture each week. Three credits. Three billable hours. Offered Spring Term only. DIVERSITY/WORLD VIEW.

Course Objectives and Grading Information

Major Course Objectives:  Upon completion of this course, the student will be able to: 

1. Identify proper accounting periods and methods. 

2. Compute the regular income tax liability of corporations. 

3. Explain the organization and capital structure of corporations. 

4. Describe corporate distributions not in complete liquidation and corporation distributions in complete liquidation, as well as corporate reorganizations. 

5. Relate fundamental concepts of partnership taxation, including formation, transactions between partners and partnerships, ramifications of distributions from partnerships, and sales of partnership interests. 

6. Describe S Corporation taxation, including qualification for S Corporation status, operational rules, and tax planning considerations. 

7. Evaluate types of tax-exempt organizations, requirements for tax-exempt status, tax consequences of exempt status, reporting requirements, private foundations, and unrelated business income tax. 

8. Identify multi-state corporate tax issues. 

9. Recognize issues with regard to the taxation of international transactions, including the taxation of U.S. persons with foreign income and U.S. taxation of nonresident aliens. 

10. Explain federal gift and estate tax rules. 

11. Describe the income taxation of trusts and estates, including the taxation of beneficiaries.

Learning Goals

The abbreviations in parentheses represent Learning Goals which have been identified for this course and program of study:

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