SCHOOL OF BUSINESS AND ECONOMICS

 

I. COURSE OBJECTIVES

1. To enable the students to learn the fundamental concepts of the federal income tax system as applied to entities other than individuals.

2. To enable the students to learn the fundamental concepts of tax research.

3. To apply the fundamentals learned in these two areas to problem situations likely to be encountered in tax practice.

COURSE DESCRIPTION:

This course is directed at undergraduate and graduate accounting students who desire to obtain additional tax knowledge beyond the Federal Income Tax Accounting I course.

II. TEXTBOOKS

Kramer & Phillips, 1999 Annual Edition Prentice Hall's Federal Taxation: Corporations, Partnership, Estates and Trusts.

 

III. OTHER MATERIAL

A copy of my lecture notes will be required to help facilitate class discussion. I will provide one (1) copy to the entire class so that you may copy this material. I recommend that the class appoint a student to go to Office Max and copy this material (It will definitely be a lot cheaper!!!)

IV. INSTRUMENTAL STRATEGIES

The instructions will be by lecture method with class participation strongly encouraged. Demonstration problems will be presented. Some of the homework assignments will be reviewed during class time to re-emphasize the application and theory.

V. ATTENDANCE

Prompt and regular class attendance is a necessity for academic achievement. Class roll will be taken at the beginning of each class. Non-excused lateness and absences will not be tolerated. (Read your absence policy document carefully). The instructor should be notified in advance of the University excused absences.

NOTE!! ADMINISTRATIVE WITHDRAWALS DO NOT APPLY TO THIS COURSE!!

VI. ASSIGNMENTS

Regular written assignments are significant aids in Accounting. Therefore, written assignments are required on a daily basis. No assignments will be accepted after the due date unless the student has an official absence. All assignments must be done in pencil. Each homework assignment must include the following:

1. Student's Full Name

2. Class Code and Section Number

3. Problem, Exercise, or Case Number

VII. TESTING

All tests will be completed in the time assigned. Each test will be written in pencil. The instructor does not favor make-up tests because they are unfair to the other students and time consuming to the instructor. Unless a student has a very good excuse there will be no make-up tests. Every student who misses a test will receive a grade of "0" for that test missed. Please watch your absence policy!

VIII. EVALUATION OF STUDENT'S PROGRESS

A minimum of four (4) written examinations will be given. This includes the written Comprehensive Final Examination. Each examination is worth 100 points and will carry equal weight. Class participation, pop quizzes, and homework assignments will also be worth 100 points. Points will be distributed as follows:

 

Term Paper                  100 Points

Homework/Quizzes 100 Points

Examination #1         100 Points

Examination #2         100 Points

Examination #3         100 Points

Final Examination    100 Points

Total Points                 600 Points

 

Grade Scale for Course

A = 90 or above Average

B = 80 to 89 Average

C = 70 to 79 Average

D = 60 to 70 Average

F = Average Below 60

 

COURSE ASSIGNMENT SCHEDULE

 

ASSIGNMENTS

1) Review Chapter 1: Tax Research.

We will spend a very small amount of time on this chapter.

1) Read Chapter 2: Formation of the Corporation:

Pages 2-1 through 2-26.

2) Do Problems 2-30, 2-32, 2-34, 2-35, 2-39, and 2-44.

1) Read Chapter 3: The Corporate Income Tax

2) Do Problems 3-33, 3-34, 3-37, 3-38, 3-42: Turn in 3-53

1) Read Chapter 4: Corporate Nonliquidating Distributions: Pages 4-1 through 4-19.

2) Do Problems 4-29, 4-30, 4-31, 4-32, 4-33, 4-34, 4-45 and 4-47

First Examination

1) Read Chapter 6: Corporate Liquidating Distributions:

Pages 6-1 through 6-17.

1) Do Problems 6-30, 6-32, 6-33, 6-38, 6-39, 6-42, and 6-47

1) Read Chapter 7: Corporate Acquisitions and Reorganization: Pages 7-1 through 7-20.

2) Do Problems 7-31, 7-32, 7-33, and 7-34

Second Examination

1) Read Chapter 9: Partnership Formation and Operation

2) Do Problems 9-27, 9-29, 9-30, 9-31, 9-40

1) Read Chapter 10: Special Partnership Issues

2) Problems will be assigned in Class

Third Examination

1) Read Chapter 11: S Corporations

2) Problems will be assigned in Class

1) Read Chapter 12: Gift Tax

2) Problems will be assigned in Class

1) Read Chapter 13: Estate Tax

2) Problems will be assigned in Class

FINAL EXAMINATION