Federal income tax principles with focus on individuals. Course covers items of income (and exclusions from income), deductions (and relevant limitations), calculation of federal income tax, and credits against tax. Principles are applied, directly or indirectly, to everyday business transactions which a student will encounter in his/her accounting, tax or general business career. Prerequisite(s): ACCT 3111 with a grade of C or better. May be taken concurrently with ACCT 3112. Fall, Spring, Summer.