This course offers an intensive study of the theory and principles of federal income tax law as it applies to business entities – corporations, partnerships, estates, and trusts. Emphasis is placed on the theoretical framework as well as practical application and planning. This course covers basic concepts of taxation in corporate formation and operation, partnership and S corporation formation and operation, and fundamentals of estate, gift, and trust taxation. The course also covers the tax audit process and professional tax preparer responsibilities. Prerequisite: ACCT 331