ACCT:305 Federal Taxation.

This course is a continuation of ACCT:220 Introduction to Taxation. It emphasizes tax research through the use of RIAs Checkpoint and LexisNexis. The students also learn how to prepare tax returns using a computerized tax return preparation program such as TurboTax. Technical tax topics are covered in more depth. Learning is accomplished through the use of case studies, such as Prentice-Hall’s Life of Riley. There is a heavy emphasis on learning to recognize and research tax issues. The course places a considerable emphasis upon the development of the student’s ability to recognize, interpret and weigh the various and often conflicting sources of the tax law. These sources include the Internal Revenue code, congressional committee reports, Treasury Department regulations, IRS pronouncements, federal court precedents, and commentaries of tax practitioners and academicians. The student is exposed to the various sources of the tax laws: how to find them, how to correctly cite them, how to read and interpret them, and how to weigh conflicting authorities in formulating recommendations. The course also develops and refines students’ analytical and legal reasoning skills and their diagnostic instincts and abilities. Prerequisite: ACCT:220. 2 SH.