ACCT 275 - Taxation II - Business Entities

Credits 5
Income tax principles relating to MACRS depreciation, capital gains and losses, preparing a partnership and corporate return. S-Corporations and Limited Liability Companies will be discussed. The course will also discuss income tax administration as well as preparing forms 940 and 941 and introduce the state of Washington’s combined Business and Occupation (B&O) tax.
Course Outcomes

Compute depreciation using the MACRS tables including the Section 179 Election to Expense, “listed property” and “luxury automobile” limitations.
Determine the long-term and short-term gains and losses from various capital asset transactions and prepare a Schedule D.
Compute income tax on long term capital gains and qualified dividends.
Prepare a Partnership Tax return, Form 1065 and related K-1’s using tax preparation software.
Prepare a Corporate Income Tax Return, Form 1120 using tax preparation software.