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Master Syllabus

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Administrative Unit: Business Administration Department
Course Prefix and Number: BUSI 581
Course Title: Federal Income Tax - Business Entities
Number of:
Credit Hours 3
Lecture Hours 0
Lab Hours 0
Catalog Description:

Focuses on the federal income taxation of corporations and shareholders; corporate formation and capital structure; corporate distributions; corporate liquidations; penalty taxes on corporations; partnerships, S corporations.  Prerequisite: ACCT 381.

Prerequisite(s) / Corequisite(s):

ACCT 381.

Text(s): Most current editions of the following:

Corporations, Partnerships, Estates and Institutions
By Anderson, Pope (Prentice Hall)
Taxation of Busness Entities
By Spilker, et. al. (McGraw-Hill)
West Federal Taxation: Corporations, Partnerships, Estates & Trusts
By Hoffman, Raabe, Smith and Maloney (Southwestern College Publishing)
Course Objectives
  • To gain an understanding of the conceptual framework of the federal tax law for corporations and other business entities.
  • To understand accounting procedures and tax laws necessary to insure compliance.
  • To develop an appreciation of techniques used in tax planning.
Measurable Learning
  • Describe and calculate the taxation of business income, deductions and accounting methods
  • Describe and calculate the tax effects of property acquisition, cost recovery, and disposition
  • Describe the various forms of business entities and the taxation of each
  • Compute a corporation's taxable income and tax liability
  • Describe and calculate the taxation of corporate distributions, both liquidating and non-liquidating
  • Describe and calculate the Alternative Minimum Tax
  • Describe and calculate the taxation of partnerships and S corporations
  • Describe the taxation of business entities at the state and  local level
  • Describe and calculate the taxation of gifts and estates
Topical Outline:
  • Business Income, Deductions and Accounting Methods
  • Property Acquisition, Cost Recovery and Disposition
  • Capital Structure of Business Entities
  • Corporate Income Tax
  • Non-liquidating Distributions
  • Corporate Formation, Reorganization and Liquidation
  • Alternative Minimum Tax
  • Partnerships and S Corporations
  • State and Local Taxes
  • Gift and Estate Tax

Recommended maximum class size for this course: 15

Library Resources:

Online databases are available at the Columbia College Stafford Library.  You may access them using your CougarTrack login and password when prompted.

Prepared by: Thomas Stauder Date: May 14, 2013
NOTE: The intention of this master course syllabus is to provide an outline of the contents of this course, as specified by the faculty of Columbia College, regardless of who teaches the course, when it is taught, or where it is taught. Faculty members teaching this course for Columbia College are expected to facilitate learning pursuant to the course objectives and cover the subjects listed in the topical outline. However, instructors are also encouraged to cover additional topics of interest so long as those topics are relevant to the course's subject. The master syllabus is, therefore, prescriptive in nature but also allows for a diversity of individual approaches to course material.

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