Portland Community College | Portland, Oregon

Meets statutory continuing education requirements. Generally not
transferable to four-year institutions.
Students should consult the Business Division for a listing of
the approved text and supplemental materials. Current prices for
materials may be found at the PCC Bookstore.

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Instructional methods include class discussion, lecture,
problems, and case studies. This is a "hands on" course. Forms
and schedules will be stressed.

At the beginning of the course, the instructor will detail the
methods used to evaluate student progress and the criteria for
assigning a course grade. The methods may include one or more of
the following tools: Examinations, quizzes, homework
assignments, research papers, small group problem solving of
questions arising from application of course concepts and
concerns to actual experience, and oral presentations. Pass/No
pass grading is allowed.
The following factors will influence the student's ability to
complete the defined outcomes: Motivation, attendance, speed of
mastering the subject matter, and timeliness of assignments.

EXPECTED STUDENT COMPETENCIES:
An understanding of Federal and State tax law updates as they relate to:

1. Filing status, exemptions, dependents, tax computation.
2. Other income, adjustments, credits, and exclusions from gross income.
3. Itemized deductions and underpayment penalty.
4. Pensions and annuities K-1's, rent and royalty income, depreciation.
5. Trade or business expenses, depreciation, and self- employment tax.
6. Realization and recognition of gains on sale and exchange of capital assets, sale of residence, and installment sales.
7. Sale and exchange of business assets and capital loss carryover.
8. Bad debts and losses, and character of gains and losses.
9. Amended returns, extensions, alternative minimum tax, FICA on tip income, tax on premature IRA distributions, and earned income credit.