Course Description:

These courses are designed to familiarize the student with the federal income tax laws through lectures and practical problems. They are devoted to an intensive study of the income tax laws as they apply to individuals, partnerships, and corporations.

Prerequisites:

ACC 210, 211

Textbooks: Prentice Hall’s Federal Taxation 2000, Pope/Anderson/Kramer

Handout Materials

Statement of Plagiarism:

If an instructor or other Calumet College of St. Joseph personnel find that a student has plagiarized or been involved in another form of academic dishonesty, the instructor or other personnel may elect to bring the matter up for judicial review. The maximum penalty for any form of academic dishonesty is dismissal from the College. The procedures for judicial review are listed under the section of this handbook that addresses student grievances.

Calumet College of St. Joseph adheres to citation guidelines as written in the Publication Manual of the American Psychological Association, Fourth Edition. A copy is available from the Calumet College of St. Joseph bookstore. This text outlines how to cite references from a variety of sources, including electronic media.

Withdrawal from Classes Policy:

After the last day for class changes has passed (see College calendar), students may withdraw from a course in which they are registered with permission from the faculty member conducting the course. A written request detailing the reason(s) for the withdrawal must be filed with the Registrar. Written request for withdrawal must be received by the Registrar by the last day of classes prior to the final examination dates specified in the catalogue. Written requests may be mailed to the Registrar or faxed to the College fax number 219-473-4259. Students are to make note of the refund schedule when withdrawing from courses. The request is forwarded to the faculty member, who makes the final determination to accept or deny the request. If the request is honored, the student will receive notification of official withdrawal; if denied, the notification will indicate why the withdrawal is disallowed. Note: Degree Completion Division (DCD) students should consult the DCD Student Handbook for information on DCD withdrawals.

An official withdrawal is recorded as a "W" grade on the student's transcript. Dropping a

course without written permission automatically incurs an "F" grade for the course (see

Refund Schedule).

Class Policy on Attendance: Attendance at all class sessions is important. Advance notice should be given of any anticipated absence. Your absence from six class sessions will reduce your grade one level.

Class Policy For Assignments: All problems must be turned in at the end of the class period for which they are assigned. Late class assignments will not be accepted without approval prior to the due date. Excessive missed assignments could reduce grade one level.

Course Objectives:

Students in this course will: Become familiar with the application of federal income tax law, regulations and rules so as to enable the student to give proper tax treatment to various business and personal transactions as generally may be encountered in the preparation of an average tax return.

Assessment:

Exams (3 exams) 75 % of grade

Class participation/collaboration/attendance/assignments 25 % of grade

Grading Scale:

A: 93 A-: 90 B+: 88 B: 83 B-: 80 C+: 78

C: 73 C-: 70 D+: 69 D: 67 D-: 65 F: Below 65

Class Assignments

Class Date Topic-Assignment

September 1 Introduction to Course Outline. Discussion of history and structure of tax system. Discussion of tax research.

Chapter 1 – An Introduction to Taxation

Homework Ch 1 – Problems 32 – 38

September 8 Read Chapter 2 – Determination of Tax

Homework Ch 2 – Problems 30, 31, 34, 35, 36, 37, 39, 41, 43, 46, 51, 56

September 15 Read Chapter 3 – Gross Income: Inclusions

Read Chapter 4 – Gross Income: Exclusions

Homework Ch 3 – Problems 34, 35, 36, 37, 39, 40, 41, 44, 45, 47, 50, 52

Homework Ch 4 – Problems 33, 34, 35, 36, 38, 40, 42, 44, 47, 48, 51, 55

September 22 FIRST EXAM – Covers Ch’s 1 through 4

September 29 Read Chapter 5 – Property Transactions – Capital Gains and Losses

Homework Ch 5 – Problems 35, 36, 37, 38, 39, 41, 43, 46, 47, 49, 52, 59

October 6 Read Chapter 6 – Deductions and Losses

Homework Ch 6 – Problems 35, 36, 38, 40, 41, 44, 46, 48, 49, 51, 53, 56

October 13 Read Chapter 7 – Itemized Deductions

Homework Ch 7 – Problems 36, 37, 40, 41, 43, 44, 46, 47, 49, 51, 53, 55, 61

October 20 Read Chapter 8 – Losses and Bad Debts

Homework Ch 8 – Problems 39, 41, 42, 44, 47, 48, 49, 50, 53, 54, 56, 58

October 27 Read Chapter 9 – Employee Expenses and Deferred Compensation

Homework Ch 9 – Problems 50, 51, 52, 53, 56, 57, 59, 62, 63, 64, 66, 70, 73

November 3 SECOND EXAM – Covers Ch’s 5 through 9

November 10 Read Chapter 10 – Depreciation, Cost Recovery Depletion, Amortization, and Inventory Costs

Read Chapter 11 – Accounting Periods and Methods

Homework Ch 10 – Problems 22, 23, 24, 25, 27, 28, 30, 32, 33, 34, 35, 40

Homework Ch 11 – Problems 37, 38, 39, 41, 43, 45, 48, 50, 51, 52, 53, 56

November 17 Read Chapter 12 – Property Transactions: Nontaxable Exchanges

Homework Ch 12 – Problems 36, 28, 30, 33, 36, 38, 40, 42, 43, 45, 48, 51

November 24 Read Chapter 13 – Property Transactions: Section 1231 and Recapture

Homework Ch 13 – Problems 32, 33, 35, 38, 39, 41, 43, 46, 48, 49, 54, 55, 60

December 1 Read Chapter 14 – Special Tax Computation Methods, Payment of Tax, and Tax Credits

Homework Ch 14 – Problems 42, 44, 46, 48, 49, 50, 51, 52, 54, 55, 60, 63

December 8 FINAL EXAM – Covers Ch’s 10 through 14