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ACCT 403

ACCT 403Federal Income Taxation3 credits
Prerequisite: Accounting 301 with a grade of C or better. Admission to College of Business.
This course is an introduction to the basic concepts of the federal income taxation. An overview of the sources and basic framework of federal income tax law is provided followed by concepts of filing status, exemptions, income recognition, exclusions, business and personal expenses, and credits. The basics of property transactions and cost recovery are also covered. Tax research will also be introduced. Prerequisites: Accounting 301 with a grade of C or better. Business majors who have been admitted to the COB. All other students can take up to 21 credits of 300 and 400 level College of Business department courses, provided they have completed 60 credits with a combined GPA of 2.5.(Fall)