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ACCT 4850: Principles of Federal Income Tax

Credits: 3. Contact Hours: Lecture 3.

Prereq: Minimum of C- in ACCT 3860
Introduction to the fundamentals of federal income taxation and concepts applicable to all tax entities. Addresses issues related to the measurement and recognition of income, deductions, gains, and losses, taxation of property transactions, and basis / cost recovery concepts. Includes coverage of tax law policy objectives, tax implications of business and investment decisions, tax versus financial reporting treatment of common business transactions, and ethical issues related to tax compliance and planning. (Typically Offered: Fall, Spring)