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COURSE SYLLABUS

FEDERAL INCOME TAXATION ACC-421-GS

Course Syllabus FEDERAL INCOME TAXATION ACC-421-GS ©Thomas Edison State College January 2008

Course Essentials

Federal Income Taxation is a one-semester course designed to help you learn the basics of federal income taxation of individuals. The course covers the basic tax calculations, filing status, gross income inclusions and exclusions, gain and loss recognition, business and personal deductions, tax credits, and filing requirements. It also looks briefly at the taxation of partnerships, as well as that of corporations and special “S corporations.”

Objectives

By successfully completing the learning activities of the course, including careful study of the textbook, use of chapter self-tests, and problem solving, you should be able to: 1. Apply all steps in preparing individual taxable income and tax. 2. Indicate which items are included in income and which items are excluded. 3. Recognize deductible business expenses and nonbusiness deductions. 4. Calculate depreciation, bad debts, and losses. 5. Apply the rules for capital and ordinary gain and loss recognition. 6. Demonstrate conversance with available individual tax credits. 7. Articulate the fundamentals of the taxation of corporations and partnerships.

Course Syllabus—Course Essentials S-3

Required Textbook

In addition to the Course Syllabus, which consists of “Course Essentials,” “Course Calendar,” “Written Assignments,” and two appendixes, you will need the following text to do the work of the course. West Federal Taxation: Individual Income Taxes, 2008 Edition, ed. William H. Hoffman Jr., James E. Smith, and Eugene Willis (Thomson SouthWestern, 2008)

Course Structure

Federal Income Taxation is a three-credit, twelve-week course, consisting of ten written assignments and two