BUS 205 Income Tax Accounting I (3 credits)

A course in individual and business taxes under the federal income tax system. The course includes instruction and practice in the fields of individual returns, includable and tax-exempt income, partnership and other information returns, other business property and depreciation deduction, deductible losses, capital gains and losses, involuntary conversions, installment sales, etc. There will be considerable practice in return preparation in all these areas, as well as instruction in same. Prerequisite: BUS 106. This course is offered once per academic year.