ACCT241 Federal and State Taxes II

Department of Business Studies: Accounting

I. Course Number and Title
ACCT241 Federal and State Taxes II
II. Number of Credits
3 credits
III. Number of Instructional Minutes
IV. Prerequisites
ACCT240 (C or better) or permission of the Department of Business Studies
V. Other Pertinent Information
VI. Catalog Course Description
This course examines the Federal and Pennsylvania state tax laws as they relate to individual income taxes. It focuses on concepts of gains and losses from property transactions, miscellaneous income items, tax computation, and credits. This course also introduces pass-through entities and their impact on individual taxation.
VII. Required Course Content and Direction
  1. Course Learning Goals

    Students will:

    1. determine gains and losses and basis considerations and analyze various property transactions;
    2. demonstrate an understanding of tax computation and compliance; and
    3. describe the tax consequences of pass-through entities and individual taxation.
  2. Planned Sequence of Topics and/or Learning Activities

    1. property transactions: determination of gain or loss and basis considerations
    2. property transactions: nontaxable exchanges
    3. property transactions: capital gains and losses
    4. property transactions: section 1231 and recapture provisions
    5. passive activity losses
    6. alternative minimum tax
    7. tax credits and payment procedures
    8. accounting periods and methods
    9. deferred compensation
    10. s-corporations and partnerships
  3. Assessment Methods for Course Learning Goals

    The assessment of course learning goals will be based on exams, assignments, performance based tasks, a comprehensive tax project which addresses research and analysis of tax law, and/or instructor evaluation.
  4. Reference, Resource, or Learning Materials to be used by Student:

    See course syllabus for required textbook and any related materials.

Review/Approval Date -5/99; Revised 12/2011; New Core 8/2015