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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

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National Paralegal College | Evaluated Learning Experience

Federal Income Taxation (PLG-201)

Location: 
Various, distance learning format.
Length: 

Varies; self-study format.

Dates: 
January 2010 - Present.
Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Upon successful completion of the course, students will be able to: list types of income that are subject to federal income taxation and those that are exempt; analyze when and to what extent unearned income (prizes, gifts, windfalls, etc.) are subject to income taxation; recognize the types of tax deferrals that might be available and advantageous to a particular client and discuss pros and cons of various forms of tax deferral; differentiate between cash method and accrual method in accounting and discuss tax ramifications of both; explain differences between various types of retirement accounts and tax features of each; outline types of individual personal income tax deductions, business income tax deductions and deductions for individuals running the business; analyze how and to what extent a mixed personal and business expense may be eligible for an income tax deduction; research and find the income tax rates for trusts and analyze various options for reducing a trust's income tax burden; compare and contrast grantor and non-grantor trusts and the importance of each; outline the method of determining long and short-term capital gains tax liability; and assist in the preparation of Form 1040-Individual Income Tax Return as well as other important tax forms such Form 1041 (Fiduciary Income Tax Return) and extensions and administrative forms.

Instruction: 

This course focuses on individual taxpayers and also looks at various other types of taxpayers such as trusts, estates, partnerships, and corporations. Other topics include: imposed income taxes; taxation of ordinary income; interest, corporate dividends and capital gains; personal and business deductions and advantages of both; income tax rules and the effects on planning certain types of businesses, ventures, and estate planning techniques; practical aspects of income tax law and preparation of various types of income tax returns. Evaluation criteria include: required readings, essay assignments, class participation, and final exam.

Credit recommendation: 

In the lower division baccalaureate/associate degree category OR in the upper division baccalaureate degree category, 3 semester hours in Income Tax Law (1/13) (3/18 revalidation).

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