Course Description

This course examines the application of federal taxes as they apply to individuals, partnerships, and corporation. The understanding of federal tax laws allows the firm (sole proprietorship, partnership, or corporation) to make spending and investment decisions that ultimately will help realize the financial and other goals of the firm. This course will address such topics as; tax authorities, tax planning and strategies, individual incomes taxes, corporation income taxes, and partnership income taxes.

This is an accounting specialization course for the Masters of Business Administration in Aviation (MBAA) degree program. The course is designed to provide the student with an understanding of federal taxes as they apply in the business setting.

Learning Outcomes

Upon successful completion of this course, the student will be able to:

1. Understand and discuss federal taxes, the IRS, tax strategies, and tax authorities.

2. Analyze individual income taxes, income, AGI deductions, and exclusions.

3. Analyze Business income, deductions, and accounting methods.

4. Analyze property acquisition, property dispositions, and cost recovery.

5. Evaluate the forming and operating of partnerships.

6. Evaluate the disposition of partnership interests and partnership dispositions.

7. Analyze corporate formations and operations.

8. Evaluate corporate non-liquidating and liquidating distributions.

9. Demonstrate appropriate and effective research skills in federal taxation and be able to communicate the results (oral and/or written) in this course.