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

Credit Hours: 3
Contact Hours - Lecture: 3
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. This course meets Texas State Board of Public Accountancy standards to satisfy a qualifying educaitonal educational credit required for the CPA examination.
Prerequisite: Enrollment in Professional Accountancy ATC (C4_ACC4), ACCT 2301, ACNT 1370 or ACNT 1331, department approval required.
Student Learning 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.