ACT 321 - Federal Income Taxation

Offered Fall: Yes Offered Winter: Yes Offered Summer: No Offered Other: No

4 Credits
Hours (Lecture - Discussion - Lab): 4-0-0
Prerequisites: ACT 240 with a grade of “C-” or better and CIS 222 and completion of the Written English Competency Graduation Requirement [COMP] or instructor permission.

Basics of individual federal income taxation. Major topics include basic tax model, gross income, deductions, alternative minimum tax, property, nontaxable exchanges, capital gains/losses, depreciation and deferred compensation. Policy and historical developments are studied to aid comprehension of current law.