ACNT 1373 - Taxation Procedures for Partnerships, C Corporations, and S Corporations

3 Credits (3 hrs. lec.) This course covers concepts and Federal income tax rules related to the formation and operation of flow-through entities treated as partnerships; and the concepts and principles governing the taxation of corporations and their shareholders; the effect of taxes on corporate formation, capital structure, distributions and liquidations. This course is for students who possess a Bachelor’s degree and is part of the Certificate in Professional Accountancy. You must contact Karen Russom at: Karen.N.Russom@LoneStar.edu to register for this course. Prerequisite: Enrollment in Professional Accountancy ATC (C4_ACC4), ACCT 2301, ACNT 1370 or ACNT 1331
Course Outcomes
1 - Understand the basic principles of partnership formation and operation.
2 - Understand the federal tax rules related to flow-through entities treated as partnerships.
3 - Determine the tax consequences of partnership current and liquidating distributions.
4 - Identify the concepts and objectives of the federal corporate income tax rules.
5 - Understand the basic principles of corporate income taxation.
6 - Understand the basic principles of corporate formation and operation.
7 - Determine the tax consequences of corporate distributions and liquidations.
8 - Understand the basic tax concepts surrounding corporate reorganizations.
9 - Understand the basic concepts of Sub Chapter S Corporations.
10 - Identify tax issues necessary to prepare tax returns for partnerships and corporations.

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