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Prerequisite: ACFI 340 with a minimum grade of "C-" This course provides a background in Federal Income Tax Law and the regulations of the Treasury Department. Primarily, it deals with the basic philosophy of taxation, taxable income, allowable deductions and gains and losses in sales and exchanges of property for the individual taxpayer. The development of the ability to utilize various references in dealing with tax problems will be emphasized. Tax planning will be discussed. Offered fall semester.