ACC 403. Fundamentals of Taxation. 3 Credit Hours.

Basic concepts of federal income taxation applicable to all taxpayers. The principles ofindividual income taxation, the tax consequences of property transactions, and an introduction to the impact of income taxes on corporations and partnerships are discussed. Emphasis is placed on study of the basic income tax formula including income exclusion, inclusions, statutory deductions, exemptions, and credits. The fundamentals of tax research are also introduced.
Prerequisite or Corequisite: ACC 311.
Components: LEC.
Grading: GRD.
Typically Offered: Fall, Spring, & Summer.