ACC 211 - Principles of Tax 1

 
Description
The course provides an introduction to the fundamental tax concepts as they apply to individuals. Students learn the conceptual framework underlying the tax code including tax liability determination, inclusions and exclusions from gross compensation, as well as allowed deductions and credits for calculating taxable income.  Additionally, students explore qualifying personal and business expenses.

1. Identify the various tax authorities and proper accounting components to accurately classify tax information to complete individualized tax forms.
2. Defend judgments made in applying tax law using research materials.
3. Analyze the legal requirements and substantiation requirements for various tax deductions.
4. Apply quantitative literacy by defining, representing and solving mathematical problems using accouting models.
5. Outline the basic structure of the Internal Revenue Code to locate, read, describe and paraphrase provisions relevant to tax scenarios.

1. Introduction to the basic tax model
2. Researching and compliance to current tax legislation
3. Correct tax determination after allowable personal and dependency exemptions
4. Gross income defined
5. Exclusions from gross income
6. Capital gains and losses
7. Allowed business expense deductions and losses
8. Depreciation, amortization and depletion cost recovery calculations
9. Allowed employee deductions
10. Certain itemized deductions

• Information Literacy
• Quantitative & Scientific Reasoning
• Critical Thinking & Problem Solving

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