Oct 20, 2019  
2019-2020 Course Catalog 
    
2019-2020 Course Catalog
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ACCT 2035 - Fundamentals of Federal Income Tax

Credits: 3
Hours/Week: Lecture 3 Lab None
Course Description: This course is an introduction to taxation policy and the application of that policy to the preparation of federal income tax returns¿individual and corporate. Topics include taxable income, deductions, exemptions, and tax credits.  This course also includes the use of a computer software package.
MnTC Goals
None

Prerequisite(s): ACCT 1010  or ACCT 2020  with a grade of C or higher.
Corequisite(s): None
Recommendation: None

Major Content
  1. Filing Data
    1. Filing Status
    2. Personal and Dependency Exemptions
  2. Determining Tax Liability
    1. Identifying Gross Income
    2. Itemized Deductions
    3. Tax Credits
  3. Business Return for the Individual
  4. Returns for a Corporation, Limited Liability Company, and Partnership
  5. Tax Administration
    1. Filing Requirements
    2. Penalties

Learning Outcomes
At the end of this course students will be able to:

  1. demonstrate a basic understanding of federal income tax returns for corporations.
  2. demonstrate a basic understanding of federal income tax returns for limited liability companies.
  3. demonstrate a basic understanding of federal income tax returns for partnerships.
  4. demonstrate a basic understanding of the Internal Revenue Code.
  5. prepare a basic federal income tax return for individuals.

Competency 1 (1-6)
None
Competency 2 (7-10)
None


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