SUFFOLK COUNTY COMMUNITY COLLEGE COLLEGE-WIDE COURSE SYLLABUS
I. COURSE TITLE: Federal Income Taxation
II. CATALOG DESCRIPTION: 2004 – 2006 History of income taxation, gross income and exclusions therefrom; deductions; credits; exemptions; capital gains; depreciation; inventory and accounting methods; accounting records; preparation and filing of tax returns, with special emphasis on small business and individual taxpayers. Prerequisite: AC12 or AC15. A-E-G/ 3 cr. Hrs.
III. GOALS OF THE COURSE: The accounting faculty will assist accounting and non-accounting majors to achieve the desired learning outcomes below. In addition, the faculty will provide an opportunity for all students to develop and improve their analytical skills.
To that end, instruction will be directed at introducing students to:
A. Tax Concepts and How to Apply them, including but not limited to the preparation of Federal Form 1040 and Required Forms and Schedules B. The principles behind Tax Planning and Tax Minimization C. Tax Research, including Sources of Tax Law, Citation Formats, and the use of Judicial Citators
IV. STUDENT LEARNING OUTCOMES: Upon successful completion of AC88 (Federal Income Taxation) students will:
A. have a fundamental understanding of federal income tax concepts that affect individual taxpayers and small businesses. B. be highly familiar with additional core taxation concepts, such as: 1. Gross Income and Exclusions 2. Capital Gains and Losses 3. Dividends and Interest 4. Deductions for and from Adjusted Gross Income 5. Tax Credits 6. Basis 7. Estimated Tax 8. MACRS Tax Depreciation 9. Alternative Minimum Tax C. be familiar with tax software. D. be prepared for more advanced study in taxation and/or other related business topics.
V. SPECIAL INSTRUCTIONS/INFORMATION FOR THE TEACHER A. Prerequisite to this course: B. Programs that require this course: C. Courses which require this as a prerequisite or corequisite: None D. External Jurisdiction: None
VI. MAJOR TOPICS REQUIRED (50 Hours) A. Overview and Introduction to Taxation (3 hours) B. Understanding the Tax Law/Tax Research (3 hours) C. Determination of Tax: The Tax Formula ( 6 hours) D. The Gross Income Concept: Inclusion and Exclusions (6 hours) E. Property Transactions: Capital Gains and Losses (6 hours) F. Deductions and Losses: For and From AGI and Advanced Concepts (6 hours) G. Employee Expenses and Deferred Compensation (3 hours) H. Depreciation, Cost Recovery, Amortization and Depletion (3 hours) I. Property Transactions: Nontaxable Transactions (3 hours) J. Alternative Minimum Tax, Special Tax Computation Methods, Tax Credits and Payment of Tax (6 hours)
K. EVALUATION OF STUDENT PERFORMANCE (5 HOURS):
MIDTERM EXAM: IN-CLASS TEST AND/OR TAKE HOME TAX RETURN PROBLEM AND/OR ESSAY
FINAL EXAM: IN-CLASS TEST AND/OR TAKE HOME TAX RETURN PROBLEM AND/OR ESSAY
