ACCT2231

Income Tax II covers a variety of income tax issues. Students will focus on the federal Internal Revenue Code as it applies to corporations and partnerships and learn the similarities, differences, and relationships between individual, corporate, and partnership taxation. Forms, 1120, 1120-S, and 1065 will be used to prepare basic corporate and partnership returns. The course will use the knowledge and skills learned from Income Tax I to prepare individual federal income tax returns using computerized tax preparation software. Students will also learn the Minnesota tax statutes, and how to apply those statutes in preparing individual Minnesota income tax returns.Student Learning Outcomes

• Apply knowledge of the federal and state individual income tax laws.
• Apply tax law to prepare partnership tax returns.
• Appraise the tax ramifications of partnership formation and dissolution.
• Apply corporation tax law to prepare corporation tax returns.
• Analyze tax scenarios to determine the appropriate tax advice is given to clients.
• Contrast tax planning under federal and state tax laws.
• Interpret state tax deductions, credits, additions, and subtractions.
• Prepare state income tax returns.