Jun 21, 2024  
2024-2025 Catalog 
    
2024-2025 Catalog
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ACC 211 - Principles of Tax 1


Credits: 3
3 Lecture Hours

Prerequisites: ACC 104  

 
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.


Learning Outcomes
Upon successful completion of the course, the student will:

  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.
Listed Topics
  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
Reference Materials
Current textbook, supplementary materials and library resources
Students who successfully complete this course acquire general knowledge, skills and abilities that align with CCAC’s definition of an educated person. Specifically, this course fulfills these General Education Goals:
  • Information Literacy
  • Quantitative & Scientific Reasoning
  • Critical Thinking & Problem Solving
Approved By: Dr. Quintin B. Bullock Date Approved: 11/12/2021
Last Reviewed: 11/12/2021


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