ACCT 323 - Federal Taxation—Individuals 3 s.h.

Applications of the Internal Revenue Code and Regulations, Revenue Rulings, and federal court decisions affecting individual taxpayers (including self-employed). Topics covered include a brief overview of the important concepts underlying taxation, legislation and court decisions which led to enactment of the 16th amendment providing for the constitutionality of an income tax; income inclusions and exclusions; deductions; ordinary losses; tax credits; capital gains and losses; property transactions, and retirement plans. Tax return preparation using professional software and 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 Fall only.
Prerequisite(s): JrS, ACCT 311 with a “C” or better and PACC major.