ACCT 2235 - Income Tax

Institution:

Minnesota State College Southeast

Subject:

Description:

This course covers individual and business income tax law as prescribed in the Internal Revenue code of 1986 and subsequent changes in the tax code. A brief overview of federal tax legislation provides a framework for understanding the law. The components of the tax formula are defined and discussed. The incremental nature of tax rates is explained, and tax rate schedules are used to compute sample cases. Gross income is defined along with exclusions and deductions as well as various tax credits. Business deductions including depreciation are described and calculated. Employee and self-employed related expenses are discussed as well as investor gains and losses. Property transactions and the many different classifications and treatments are discussed. Intuit Proconnect software, which is included with the text, is utilized to acquaint students with professional tax software and assist in return preparation. (Prerequisite: none) (4 credits: 4 lecture/0 lab)

Credits:

4.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.southeastmn.edu

Phone Number:

(507) 453-2700

Regional Accreditation:

North Central Association of Colleges and Schools

Calendar System:

Semester

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