BUS4065 provides a comprehensive introduction to income taxation in the United States, covering the tax treatment of individuals, partnerships, and corporations. Students examine the tax implications of common business transactions, learn basic tax planning strategies, and develop practical skills in preparing tax forms. The course develops the tax literacy essential for accountants, financial professionals, and business owners navigating the U.S. tax system.
U.S. income taxation: individuals, partnerships, and corporations
Core topics
- Individual income taxation: Filing status, gross income inclusions and exclusions, adjusted gross income, deductions (standard and itemized), credits, and the calculation of individual tax liability — the framework that applies to most small business owners (sole proprietors and pass-through entities)
- Partnership taxation: The pass-through nature of partnership taxation, partnership formation, allocation of income and losses among partners, partnership distributions, and the special tax issues that arise in partnership arrangements
- Corporate income taxation: C-corporation taxation — computing corporate taxable income, the dividends-received deduction, corporate tax rates, and the double taxation issue that distinguishes corporate-level taxation from pass-through entity taxation
- Tax-related transactions: The tax treatment of property transactions — basis, gain and loss recognition, capital assets, depreciation, like-kind exchanges, and installment sales — that affect business and investment decisions
- Tax form preparation: Hands-on practice completing key federal tax forms including individual returns (Form 1040), business schedules (Schedule C, Schedule E), and corporate returns (Form 1120), developing practical tax compliance skills
- Tax planning strategies: Timing of income and deductions, entity choice considerations, retirement account contributions, and other legal strategies for minimizing tax liability within the bounds of tax law
BUS4065 assignments include tax return preparation, tax research papers, and tax planning case studies
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Frequently asked questions
Business entity choice has profound tax implications. Sole proprietorships, partnerships, and S-corporations are "pass-through" entities — income flows directly to the owners' individual returns and is taxed once. C-corporations face double taxation — the corporation pays tax on profits, then shareholders pay tax again on dividends. However, C-corporations offer advantages including the 21% flat corporate rate, retained earnings strategies, and fringe benefit options. S-corporations avoid double taxation but face restrictions on shareholders and stock classes. LLCs can choose their tax treatment. BUS4065 helps students understand these trade-offs so they can advise clients or structure their own businesses for optimal tax efficiency.