This self-study course focuses on income tax fundamentals and calculations, tax accounting, characteristics and income taxation of business entities, basis, depreciation and cost recovery concepts. The impact of the alternative minimum tax (AMT), passive activity, at-risk rules, charitable contributions and charitable deductions on a client’s financial plan is also studied. Students will gain an understanding of the tax consequences of like-kind exchanges and the disposition of property, and will learn how the loss of a spouse through death or divorce affects a client's tax status.
