AEM 4560 - Federal Income Taxation of Business Entities, Estates and Trusts

Spring. 3 credits. Letter grades only.

Prerequisite: AEM 2210 or AEM 2225 or equivalent. Co-meets with NBA 5350 in 7week1; co-meets with NBA 5355 in 7week2.

J. McKinley.

This course presents the tax skills necessary to make business decisions regarding Corporations, Partnerships, Estates and Trusts. Emphasis is placed on such areas as organization and capital structure, earnings and profits, dividend distribution, redemptions, liquidations and reorganization of corporations. In addition, flow through entities such as partnerships and S Corporations will be studied along with estates, trusts, family tax planning and exempt entities. Practical application of the tax law will be emphasized with proper consideration placed on the historical, economic and political perspectives of the Internal Revenue.

Outcome 1: Identify the principles of federal taxation as it relates to corporations, partnerships, gifts, estates, and international transactions.

Outcome 2: Explain the tax implications regarding exempt entities.

Outcome 3: Compare the practices available to achieve maximum understanding of current legislation.

Outcome 4: Develop an understanding of the procedures relating to proper fundamentals of tax preparation and reporting.

Outcome 5: Provide individual competence in the preparation of income tax returns.

Outcome 6: Stimulate their problem-solving abilities and critical thinking skills.