Current tax legislation, particularly the Internal Revenue Code and Regulations, is included in this course with major emphasis on the preparation of tax returns for individuals and small firms. (fall) Prerequisite: ACC 121

This course introduces the fundamentals of taxation, the types of taxes, the structure of the tax system, and how taxes are applied to various entities. It is an in-depth study of the income taxation of individuals and provisions applicable to all tax return filers. Topics include gross income, exclusions, deductions, losses, adjustments, credits, property transactions, capital gains and losses, as well as business expenses, depreciation, cost recovery, amortization, and depletion, and the determination of the regular tax and the alternative minimum tax. Tax research and the practical compliance aspects of individual tax return preparation are covered. While the focus is on Federal taxes, state tax implications are also studied, including multi-state tax situations. accounting periods and methods and the alternative minimum tax.