ACC 401 Federal Individual Income Taxation (3)

Course Prefix
Course Number

Course Title

Federal Individual Income Taxation

Credit Hours



Examines federal income tax concepts, such as gross income, exclusions, deductions, exemptions, and tax credits, especially for sole proprietors. Introduces taxation of property transactions. Development of professional writing skills is integral to this course. Pre: 202 or BUS 624 with C- or better.


  • Tax concepts and the U.S. tax system
  • Legal Processes
  • Ethical and legal responsibilities
  • Taxable entities
  • 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
  • Like kind exchanges
  • Passive losses
  • Tax planning
  • Introduction to tax accounting methods
  • Introduction to the alternative minimum tax
  • Optional topics: retirement planning, involuntary conversions, tax research paper, tax return preparation.