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.