ACC 401 – Federal Individual Income Taxation

3 credit(s)

Examines federal income tax concepts, such as gross income, exclusions, deductions, and tax credits, especially for sole proprietors. Introduces taxation of property transactions. Pre: 202 or BUS 624 with C- or better.


  • Tax concepts and the U.S. tax system
  • Ethical and legal responsibilities
  • Sole proprietors, single member LLCs
  • Filing status and dependents
  • Income-general concepts
  • Income-exclusions
  • Deductions for adjusted gross income
  • Itemized deductions
  • Limitations on deductions
  • Tax credits
  • Tax rates
  • Tax basis
  • Depreciation
  • Related party transactions
  • Capital gains and losses
  • Sale of principal residence
  • Tax planning
  • Optional topics: alternative minimum tax, retirement planning,  passive losses, involuntary conversions, like-kind exchange, tax audits, FICA and self-employment tax, tax research paper, tax return preparation (forms and schedules).
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