This course is a study of the Internal Revenue Code as it affects individuals and sole proprietorships. Basic competence in tax research, terminology, and tax calculation are emphasized. Appreciation, confidence, enthusiasm, and interest in tax topics is a hoped for outcome of students. Extensive coverage is given to tax accounting methods, rates, exemptions, credits, dependents, gross income inclusions and exclusions, capital gains and losses, deductions associated with a trade or business (including depreciation), and personal deductions such as charitable contributions, interest, taxes, and medical expenses. Married filing joint, married filing separate, head of a household, surviving spouse, and single filing statuses are defined and explained.

Prerequisite: ACCT2060