AC 714 - State and Local Taxes

(3.00 cr.)

Discusses the basic principles of state and local taxation, focusing primarily on corporate income/franchise taxes and sales/use taxes. The course provides an overview of the limitations of state taxation provided by the Due Process and Commerce Clauses of the U.S. Constitution as well as selected federal statutes that pre-empt state taxation. The course discusses conformity with federal tax laws and introduces the student to the state tax concepts of unitary business principle and formulary apportionment. The course also discusses issues relating to passthrough entities, common tax planning strategies, and the authority of the states to challenge positions taken by taxpayers.

Restrictions: Restricted to MAcc students.

Sessions Typically Offered: Summer
Years Typically Offered: Annually