The first half of the course examines the U.S. federal tax system as it relates to individuals, employees, and sole proprietors. Topics include the tax environment, sources of tax law, inclusions and exclusions to gross income, deductions, calculating the tax liability, employee and self-employed business expenses, and retirement plans. The second half of the course examines the U.S. federal tax system as it relates to property transactions of business owners and shareholders. Topics include cost recovery (e.g., depreciation, amortization, and depletion), realized versus recognized gains and losses, adjusted-basis considerations, non-taxable transactions (e.g., like-kind exchanges, involuntary conversions, and sale of primary residence), and the netting process for gains and losses.
Total Credit Hours: 4