INCOME TAX ACCOUNTING 33:010:421 FALL 2012 COURSE SYLLABUS Instructor: Course Objective: Professor Leonard Goodman To learn the basic concepts of federal income taxation including the tax formula applied to individuals and corporations, accounting methods
INCOME TAX ACCOUNTING 33:010:421 Fall 2012
Some of the items we will go over during our first class on Tuesday, September 4 th
An Overview of U.S. Federal Taxation
U.S. Taxation is complicated by the fact that in the U.S. there are different layers of gov
Using RIAs Checkpoint to Find Sources of Tax Authority
How would you use RIA to locate the following five sources of tax authority.
Rev. Rul. 60-314, 1960-2 C.B. 48
Rev. Proc. 86-46, 1986-2 C.B. 739
Rev. Rul. 98-36, I.R.B. No
How to use a Tax Citator
A tax citator provides a listing of court cases and IRS administrative
announcements such as revenue rulings. After each court case or administrative
ruling there is a record of other tax cases and administrative pronouncements
Draft Cover Sheet for Income Tax Accounting Final Exam including number of questions from each chapter plus statement about cheating which everyone must sign. This statement will be on the last page of the exam
Income Tax Accounting Exam Number _ Fall 201
Bond issued at a discount
- Special original issue discount (OID) rules apply
- Required to amortize the discount and include the amount of the current year amortization in
gross income in addition to any interest payments the taxpayers must report and pa
Chapter 5 Gross Income and Exclusions
Three requirements for recognizing gross income
- Economic benefit
- Realization principle: states that income is received when a taxpayer completes a transaction
with another party that results in a measurable change
Gross income includes all realized income from whatever source derived
The interest income from the municipal bonds is tax-exempt income
Capital: gains or losses on the disposition or sale of capital assets; in general, all assets other than:
Chapter 2 Solutions
2.18 a. Reg.
Treasury regulation section.
Part number (1 denotes an income tax regulation).
Code section to which regulation relates.
(See Example on p. 2-25.)
11b. Rev. Rul.
Year of issuance and ruling n