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.

  

1. Compare different business entities and considerations applicable to those entities.
2. Apply the corporate tax rules and prepare a complex corporate tax return.
3. Demonstrate the application of Basis calculations for a partner in a Partnership.
4. Calculate Income, Expenses, and separately stated items in an S Corporation.
5. Analyze financial records with reference to tax preparation.
6. Demonstrate an understanding of taxation on Farmers.
7. Utilize tax research programs and tax return preparation software to analyze and complete various corporate, partnership, estate, and trust tax returns.

1. Various types of business entities
2. Accounting periods and methods
3. Reporting requirements

II. Corporation

1. Organization and capital structure
2. Distributions, redemptions, and liquidation
3. AMT and ATNOL

III. Partnerships

1. Formation, operation, and filing requirements
2. Distributions and contributions
3. Basis calculations
4. Dissolutions

IV. S Corporations

1. Formation, operation, and filing requirements
2. Distributions and contributions
3. Basis calculations
4. Revocations, terminations, and reinstatements

V. Business Financial Information

1. Income, Expenses, deductions, and credits
2. Financial records analysis

VI. Specialized Returns

1. Trusts and Estates
2. Exempt Organizations
3. Retirement Plans