Upon successful completion of the course, students will be able to: describe how income is calculated and taxed on the federal level; provide examples of “fringe benefits” that are taxable as additional income to an employee; distinguish between property transactions that are long- and short-term capital transactions and those transactions that would constitute ordinary income if gain were recognized;  describe the difference between standard deductions and itemized deductions and apply the rules pertaining to each; describe the purpose and impact of the Tax Cuts and Jobs Act; apply the alternative minimum tax rules.