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

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

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

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

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

Courses and Registration

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ACCT 2035 - Fundamentals of Federal Income Tax