Provides a comprehensive study of the federal income tax structure and the practical application of income tax accounting to specific problems of individuals and sole proprietorships. Emphasizes the general filing status, includable and excludable income, analysis of the categories of itemized and other deductions, tax treatment of sales and exchange of property, available depreciation methods and recapture provisions. Introduces the alternative minimum tax on individuals, the earned income credit, child care credit, and credit for the elderly.

4.5 Credit Hours