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:
  1. Tax Computations
  2. Income Inclusions and Exclusions
  3. Capital Gains and Losses
  4. Business and Personal Deductions and Credits
  5. New Tax Law
  6. Tax Research

V.    Academic Integrity and Student Conduct

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.

Please review the Code of Academic Conduct and the Code of Student Conduct, both located online at

VI.   Sequence of Topics

- In Example -

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

- In Example -
  1. Lecture & Discussion
  2. Problem Solving
  3. Case Problems

Course may be taught as face-to-face, hybrid or online course.

VIII. Course Practices Required

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

Course may be taught as face-to-face, hybrid or online course.

IX.   Instructional Materials

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

- In Example -
Text:    Intermediate Accounting by Keiso, Weygandt, Warfield 12th Edition with FASB Update, Looseleaf Edition w/Wiley Plus access code

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

X.    Methods of Evaluating Student Progress

- In Example -
  1. 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.

  2. 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.

Oakton Community College is committed to maintaining a campus environment emphasizing the dignity and worth of all members of the community, and complies with all federal and state Title IX requirements.

Resources and support for
  • pregnancy-related and parenting accommodations; and
  • victims of sexual misconduct
can be found at

Resources and support for LGBTQ+ students can be found at

Electronic video and/or audio recording is not permitted during class unless the student obtains written permission from the instructor. In cases where recordings are allowed, such content is restricted to personal use only. Any distribution of such recordings is strictly prohibited. Personal use is defined as use by an individual student for the purpose of studying or completing course assignments.

For students who have been approved for audio and/or video recording of lectures and other classroom activities as a reasonable accommodation by Oakton’s Access Disabilities Resource Center (ADRC), applicable federal law requires instructors to permit those recordings. Such recordings are also limited to personal use. Any distribution of such recordings is strictly prohibited.

Violation of this policy will result in disciplinary action through the Code of Student Conduct.