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This course involves the study of basic concepts and theory of the federal income taxation applicable to individuals and sole proprietorships. Topics include: The elements of gross income, exclusions, deductions from income, capital gains and losses, passive losses, tax free exchanges, depreciation and the sale of assets used in trade or business (including depreciation recapture). Students will complete a basic tax research memo, a complex individual income tax return by hand and a second individual income tax return using computerized tax return preparation software. Prerequisite: BC 266.