The "Business Tax" course provides students with a comprehensive understanding of the fundamentals of business income taxation in the United States.

Throughout the course, students gain insights into taxation for self-employed individuals, exploring various categories of self-employment income and the self-employment tax. They learn about deductions available for self-employed business income and the different methods of accounting for income and expenses. Additionally, the course covers business profit and loss reporting, depreciation of business assets, accelerated depreciation methods, and tax implications when selling assets, including depreciation recapture.

Students also delve into different types of unincorporated business structures, understanding how contributions and liabilities are shared among owners. They explore how ownership interests are valued and how profits and losses are distributed. The course further examines the taxation of various types of owner withdrawals from a business.

Incorporation tax regimes are a key component, including the taxation of corporations as pass-through entities and the concept of double taxation in traditional corporations. Students also learn about the tax consequences of corporate liquidation and reorganization.

Finally, the course introduces the use of specialized tax preparation software, equipping students with practical skills to prepare business tax returns effectively. By the end of the course, students acquire essential knowledge of U.S. tax law and gain the ability to advise on business taxation matters.