ACCT 322 - Federal Taxation—Business Entities 3 s.h.

Applications of the Internal Revenue Code and Regulations, Revenue Rulings, and federal court decisions that relate to formation, operation, and liquidation of C and S Corporations, Partnerships, and Trusts. The course also covers an introduction to mergers and acquisitions, taxes on estates and gifts, and taxation of foreign source income. Tax research for compliance and planning. Writing assignments will consist of preparing letters and reports to hypothetical tax clients and memos for working papers and supervisors to present findings and conclusions resulting from research relating to compliance, IRS audits, and tax planning. Students will be expected to use word processing, spreadsheets, and other professional software for these assignments. A-E Only. Offered Spring only.
Prerequisite(s): JrS, ACCT 323 and ACCT 312 both with a “C” or better and PACC major.