ACC-2225 Advanced Tax Accounting

Credits: 3
This course is the second course in a university-parallel sequence in taxation. Students build upon foundational tax concepts with an emphasis on the federal taxation of business entities. Students apply tax rules affecting partnerships, S corporations, and C corporations. Students are introduced to tax compliance, entity-level, shareholder-level, and partner-level considerations, as well as tax planning strategies. In addition, students analyze the tax implications of common business transactions, including business-related deductions, property acquisitions and cost recovery, and property dispositions. Lastly, students explore multijurisdictional taxation, including state and local tax considerations, as well as transfer taxes and basic wealth planning strategies.

Prerequisite(s): ACC-1002 and ACC-2210

Course Outcomes

Evaluate the impact of entity choice on federal tax obligations and business strategy.
Determine tax implications for shareholders and partners.
Apply tax rules to business-related income, deductions, and accounting methods.
Calculate depreciation, amortization, and other cost recovery methods for business property.
Determine the tax consequences of property dispositions in a business context.
Identify multijurisdictional tax considerations, including state and local taxation.
Explain the basic principles of transfer taxes and wealth planning strategies.