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Oct 23, 2026
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BUS 1105 - Individual/Corporate Income Tax
Credits: 3
Catalog Description
This is an introductory course in individual and corporate income tax. The course takes a rules-oriented approach to income tax and covers the preparation of tax returns as well. Topics include gross income and exclusions, business income and expenses, itemized deductions, credits and special taxes, capital gains and losses, withholding and payroll taxes, and basic partnership and corporate tax returns.
Additional fee to student: No
Learner Outcomes
- Know how to prepare an individual income tax return using tax rules, reference materials, and instructions.
- Identify gross income exclusions for individual income tax calculation.
- Comprehend what constitutes business income and expenses and how to distinguish them from personal income and expenses.
- Select relevant data for itemized deductions and credits/special taxes and apply tax rules.
- Calculate the tax impact of short-term and long-term capital gains and losses.
- Comprehend employer payroll reporting and be able to compute withholding, estimated payments, and payroll taxes.
- Comprehend tax treatments of partnership transactions.
- Distinguish between corporations and S corporations and how they are taxed.
- Outline corporate tax return filing and compute basic elements of the return.
- Use basic reference materials available to research tax questions.
Major Areas of Course Content
- Individual income tax return
- Gross income & exclusions
- Business income and expenses
- Itemized deductions
- Credits and special taxes
- Accounting periods and methods of depreciation
- Capital gains and losses
- Withholding, estimated payments, and payroll taxes
- Partnership taxation
- The corporate income tax
Credit for Prior Learning Options
Course-Specific Exam
Credit for Prior Learning Option Procedure(s)
A minimum of 70% must be attained on an open-book, reference-material, comprehensive exam.
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