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Advanced Tax Accounting

I.     Course Prefix/Number: ACC 274

       Course Name: Advanced Tax Accounting

       Credits: 3 (3 lecture; 0 lab)

II.    Prerequisite

Recommended: ACC 244

III.   Course (Catalog) Description

Course examines basic concepts of corporation income taxation for person in business field or student aspiring to a business career. General understanding of federal income tax system assumed.  Focus is on tax aspects of business transactions and on compensation techniques.  Content includes basic principles of income taxation as applied to partnerships, estates and trusts; taxation on transfer of wealth, both during lifetime and testamentary. Computerized tax software used.

IV.   Learning Objectives

Students will learn to apply income tax laws as they relate to the following topics:
A.    Partnerships
B.    "C" Corporations
C.    "S" Corporations
D.    Personal Holding Companies
E.    Federal Gift Tax
F.    Federal Estate and Trust Taxes

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

A.    Income Taxation of Corporations
B.    Corporate Formation and Capital Structure
C.    Corporate Distributions:  Cash, Property and Stock Dividends
D.    Corporate Distributions:  Stock Redemptions, Partial Liquidations and Corporate Divisions
E.    Complete Liquidations
F.    Consolidation Tax Returns
G.    S. Corporations
H.    Taxation of Partners and Partnerships
I.    Special Partnerships, Asset Distributions and Dispositions of Partnership Assets
J.    Estate and Gift Taxation
K.     Income Taxation of Estates and Trusts
L.    Family Tax Planning

VII.  Methods of Instruction

A.    Lecture and Discussion
B.    Working Problems
C.    Case/Research Problems
Course may be taught as face-to-face, media-based, hybrid or online course.

VIII. Course Practices Required

Students will be required to perform on a college level in the following skill areas:
1.    Reading and comprehension of the textbook, research materials, tax forms, and instructions.
2.    Writing assignments, including the preparation of a tax research paper.
3.    Basic mathematics.
4.    Oral presentations and in-depth discussions of tax problems and tax issues.

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.    Four 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.