Federal Income Tax I

3 Unit(s)

Introduces federal taxation for individuals. Students will study taxable income, gross income exclusions and inclusions, capital gains, depreciation, business and itemized deductions, personal exemptions, passive activity losses, tax credits and methods of accounting. Required for students in the BSB in accounting. Master of accountancy students must take ACCTG 360. Students who have passed the Enrolled Agents Exam are not required to take this course; another upper-division accounting course must be substituted for those students in the bachelor’s degree program. Satisfies part of the educational requirements to sit for the CFP®examination.* Prerequisite(s): ACCTG 1A.