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Income Tax Accounting

I.     Course Prefix/Number: ACC 244

       Course Name: Income Tax Accounting

       Credits: 3 (3 lecture; 0 lab)

II.    Prerequisite

Recommended: ACC 153

III.   Course (Catalog) Description

Course offers practical study of current federal and Illinois state income tax concepts, requirements, procedures and forms as they relate to businesses and individuals.  Content includes income inclusions and exclusions, capital gains and losses, business and personal deductions and accounting methods.  Computerized tax software used.

IV.   Learning Objectives

Student will learn to apply the income tax laws as they relate to the following topics:
A.  Tax Computations
B.  Income Inclusions and Exclusions
C.  Capital Gains and Losses
D.  Business and Personal Deductions and Credits
E.  New Tax Law
F.  Tax Research

V.    Academic Integrity

Students and employees at Oakton Community College are required to demonstrate academic integrity and follow Oakton's Code of Academic Conduct. This code prohibits:

• cheating,
• plagiarism (turning in work not written by you, or lacking proper citation),
• falsification and fabrication (lying or distorting the truth),
• helping others to cheat,
• unauthorized changes on official documents,
• pretending to be someone else or having someone else pretend to be you,
• making or accepting bribes, special favors, or threats, and
• any other behavior that violates academic integrity.

There are serious consequences to violations of the academic integrity policy. Oakton's policies and procedures provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the office of the Vice President for Student Affairs for a period of 3 years.
Details of the Code of Academic Conduct can be found in the Student Handbook.

VI.   Sequence of Topics

Ch 3    Overview
Ch 4    Gross Income
Ch 5    Exclusions
Ch 6    Deductions - General, Trade or Business
Ch 7    Business/Investment Losses and Passive Activity Losses
Ch 10    Property Transactions - Basis Determination & Gains & Losses
Ch 11    Property Transactions - Treatment of Capital & 1231 Assets
Ch 9    Tax credits, Prepayments & Special Methods

VII.  Methods of Instruction

A.    Lecture & Discussion
B.    Problem Solving
C.    Case Problems
Course may be taught as face-to-face, media-based, hybrid or online course.

VIII. Course Practices Required

Students must perform on a college level in reading, writing, problem solving, oral presentation and tax research.

IX.   Instructional Materials

Note: Current textbook information for each course and section is available on Oakton's Schedule of Classes.

Varies by instructor.

X.    Methods of Evaluating Student Progress

A.    Three Tests (100 points each)
Final Exam (200 points)
Homework (6 points each)
Quizzes (10 points each)
Projects/Cases (50 points each)
Attendance is considered if a student is between grades.

B.    A point scale based on total possible points.
90 - 100% = A
80 -  89% = B
70 -  79% = C
60 -  69% = D
59% & Below F

XI.   Other Course Information



If you have a documented learning, psychological, or physical disability you may be entitled to reasonable academic accommodations or services. To request accommodations or services, contact the Access and Disability Resource Center at the Des Plaines or Skokie campus. All students are expected to fulfill essential course requirements. The College will not waive any essential skill or requirement of a course or degree program.