Jul 18, 2024  
College Catalog 2024-2025 
College Catalog 2024-2025
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ACCT 2300 - Federal Income Tax-Individual

Credit Hours: 4.00

Prerequisites: ACCT 1080  or 2 years work experience in accounting

Orientation to current federal tax laws and techniques in filing annual U.S. individual income tax returns. Provides practical experience in preparation of annual returns and a basic foundation for further study in the tax field.

Billable Contact Hours: 4

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Transfer Possibilities
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Outcome 1:
Upon completion of this course, students will be familiar with federal income tax law and theory as it applies to most individual filers.


  1. Explain the principles used to determine who is taxed on a particular item of income, under both the cash and accrual methods of reporting.
  2. Apply IRS rules to determine whether items such as compensation, dividends, Social Security and pensions and annuities are taxable.
  3. Discuss the criteria for determining whether an activity is a hobby or a trade or business, and determine the tax consequences of vacation homes.
  4. Compute the phase-outs of the itemized deduction, the personal exemption, and the child tax credit.
  5. Discuss the tax treatment and requirements for various deferred compensation arrangement, including IRAs and 401(k)s.

Outcome 2:
Upon completion of this course, students will be able to prepare a fairly complex tax return including Form 1040 and Schedules A, B, C, D, E, SE and 2106.


  1. Determine the amount and correct number of personal and dependency exemptions.
  2. Determine the correct filing status of individuals, and the amount allowable for the standard deduction.
  3. Determine whether specific exclusions are available, including employment-related fringe benefit items.
  4. Distinguish between deductions for and from AGI, and discuss the criteria for deducting business and investment expenses.
  5. List substantiation requirements for deducting travel and entertainment expenses, and know how to show them.
  6. Identify and determine the timing of itemized deductions for individuals, including medical, taxes, interest, charitable, and miscellaneous.
  7. Identify deductible moving, education, and office in the home expenses.

Outcome 3:
Upon completion of this course, students will be able to prepare a Michigan tax return based on the same data, with similar competence.


  1. Be able to prepare a Michigan 1040, and related schedules, such as CR, Tuition Credit, and Homestead Credit.

  • Communication: The graduate can communicate effectively for the intended purpose and audience.
  • Critical Thinking: The graduate can make informed decisions after analyzing information or evidence related to the issue.
  • Global Literacy: The graduate can analyze human behavior or experiences through cultural, social, political, or economic perspectives.
  • Information Literacy: The graduate can responsibly use information gathered from a variety of formats in order to complete a task.
  • Quantitative Reasoning: The graduate can apply quantitative methods or evidence to solve problems or make judgments.
  • Scientific Literacy: The graduate can produce or interpret scientific information presented in a variety of formats.
CDO marked YES apply to this course:
Communication: YES
Critical Thinking: YES
Information Literacy: YES
Quantitative Reasoning: YES

    1. Chapter 1 Introduction to Taxation
    2. Chapter 2 Determination of Tax
    3. Chapter 3 Gross Income: Concepts & Inclusions
    1. Chapter 4 Gross Income: Exclusions
    2. Chapter 15 Tax Research, Tax research problem assigned
    3. Chapter 5 Property Transactions: Capital Gain & Loss
    4. Chapter 6 Deduction & Losses
    1. Chapter 7 Itemized Deductions
    2. Chapter 8 Losses & Bad Debts
    3. Chapter 9 Employee Expenses & Deferred Compensation
    1. Chapter 10 Depreciation & Cost Recovery
    2. Chapter 11 Accounting Periods & Methods
    3. Chapter 12 Property Transactions: Nontaxable Exchanges
    4. Chapter 13 Property Transactions: Section 1231 and Re- capture
    5. Chapter 14 Special Tax Computation Methods, Tax Credits and Payment of Tax

Primary Faculty
Jex, Fred
Secondary Faculty
Newman, Brian
Associate Dean
Johnson, Elise
Balsamo, Michael

Primary Syllabus - Macomb Community College, 14500 E 12 Mile Road, Warren, MI 48088

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