Tax Accounting I

This course introduces students to the complexystudy of federal taxation. It focuses mainly onytaxation of individuals, but also covers a broadyrange of subjects from the definition of income toytax practices related to businesses, and includesypractice in preparation of tax returns. Uponysuccessful completion of this course, studentsywill be able to: 1) describe basic provisions ofyFederal income tax law as they relate toyindividual taxpayers; 2) discuss tax complianceyissues affecting individual taxpayers; 3)yrecognize the ethical implications of workingywithin a tax system characterized, in part, by ayhigh degree of ambiguity; 4) understand (at aybasic level) the Federal Income Tax Code and otherysources of authority that combine to make up theyworking body of tax law; 5) use precise,ytax-specific terminology in communicating withyother constituencies regarding tax accountingyissues; and 6) use tax information in a variety ofyplanning and decision making contexts.yPrerequisite: Junior standing