ACCT 247 - Federal Income Taxation II

A critical examination, analysis, and application of the tax law for Subchapter C and S corporations, limited liability companies, partnerships, estates and trusts. Attention is given to taxation of gifts, exclusions, net operating losses, determination of shareholder and partner basis, consolidated entities, book and income tax reconciliation, owner contributions and distributions, and beneficiary share of income. Students also engage in both electronic research and return preparation practica. PREREQUISITE(S): ACCT 237. Four hours each week.

4 semester hours

Course Outcomes:
Upon completion of this course, a student will be able to:

Analyze, research, and apply basic federal tax law for corporations, partnerships, limited liability companies, estates and trusts.
Analyze and make decisions with basic tax planning and research issues.
Prepare entity tax returns with the latest tax software.
Master the entity tax knowledge necessary to be successful on the CPA Examination.

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