2024-2025 College Catalog
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ACC 205 - Corporate and Partnership Tax Accounting 3 Credits, 3 Contact Hours 3 lecture periods 0 lab periods Introduction to taxation of business entities and transactions. Also includes taxation of property transactions; various tax issues that apply to different tax entities; tax administration and practice; and the taxation effects of formation, operation, and dissolution of corporations, partnerships, S corporations, trusts and estates.
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Course Learning Outcomes
- Compare different business entities and considerations applicable to those entities.
- Apply the corporate tax rules and prepare a complex corporate tax return.
- Demonstrate the application of Basis calculations for a partner in a Partnership.
- Calculate Income, Expenses, and separately stated items in an S Corporation.
- Analyze financial records with reference to tax preparation.
- Demonstrate an understanding of taxation on Farmers.
- Utilize tax research programs and tax return preparation software to analyze and complete various corporate, partnership, estate, and trust tax returns.
Outline: I. Business Entities and considerations
- Various types of business entities
- Accounting periods and methods
- Reporting requirements
II. Corporation
- Organization and capital structure
- Distributions, redemptions, and liquidation
- AMT and ATNOL
III. Partnerships
- Formation, operation, and filing requirements
- Distributions and contributions
- Basis calculations
- Dissolutions
IV. S Corporations
- Formation, operation, and filing requirements
- Distributions and contributions
- Basis calculations
- Revocations, terminations, and reinstatements
V. Business Financial Information
- Income, Expenses, deductions, and credits
- Financial records analysis
VI. Specialized Returns
- Trusts and Estates
- Exempt Organizations
- Retirement Plans
Effective Term: Fall 2022
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