ACCT 275 - Taxation II - Business Entities

5 Credits
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.

Prerequisite(s): Completion of ACCT 179 with a 1.0 or higher.

Course Outcomes

Calculate the Child Tax Credit, Earned Income Credit, Child and Dependent Care Credit, Education Credits.
Calculate the Premium Tax Credit from the Affordable Care Act.
Compute depreciation using the MACRS tables including the Section 179 Election to Expense, “listed property” and “luxury automobile” limitations.
Calculate the gain, loss and recapture amounts from the sale of business property
Compute tax withholding and Estimated Tax payments.
Apply the regulations for the Federal and State Deposit system.
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.