The first semester, AF450, is a prerequisite for this course and covers basic income tax concepts and the taxation of individuals. AF450 is required for accounting concentrators. AF451 is elective. Applies the income tax concepts presented in AF450 to corporations, partnerships, Subchapter S corporations, trusts, and estates. The course introduces the concepts of the federal gift and the federal estate tax.
Emphasis is on the corporate and partnership forms of business.
The successful student will understand how corporations and partnerships are taxed and how the transactions between a business and its owners are affected by the federal tax system. Additionally, coverage of the taxation of international transactions exposes the student to the global aspects of business. Additionally, students are expected to develop written and oral communication skills, research and analytical reasoning skills, and to demonstrate literacy in the use of the computer. Writing skills will be developed through the research projects as described below. These research projects are also intended to help the student develop research skills and analytical reasoning skills.