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

Learning Outcomes/Student Competencies:

Upon completion of this course the student will be able to:

Use the tax formula, determine filing status and correct number of personal and dependency exemptions, and compute an individual’s taxable income.
Apply the taxation rules to determine whether items such as compensation, dividends, alimony, and pensions are taxable.
Determine whether an item is income.
Determine the realized gain or loss from the sale or disposition of property.
Distinguish between deductions from and for AGI.
Identify the different types of itemized deductions.
Identify transactions that may result in losses or bad debts.
Determine the proper classification and deductibility of travel expenses.
Discuss the tax treatment and requirements for various deferred compensation arrangements.
Classify property and calculate depreciation under pre-ACRS, ACRS, and MACRS rules.
Explain the rules for adopting and changing an accounting period.
Understand the tax consequences arising from a like-kind exchange.
Understand the tax treatment for sec. 1231, 1245, and 1250 property.
Describe various business and personal tax credits.
Prepare a typical tax return.

Textbooks: Prentice Hall’s Federal Taxation 2003, Pope/Anderson/Kramer

Handout Materials

Assessment:

Exams (3 exams) 75 % of grade

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

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.

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 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.

Center for Academic Excellence:

Tutoring assistance is free to all students of Calumet College of St. Joseph. Call the Center for Academic Excellence (CAE), to make an appointment at 473-4287. The center has experienced and well-trained tutors in most subject areas to help students who are struggling in a course or who are doing well and would like to do better. Regular weekly tutoring sessions are likely to improve your grade.

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 CCSJ handbook that addresses student grievances.

Citation Guidelines:

Calumet College of St. Joseph adheres to citation guidelines as prescribed by the particular discipline (i.e., MLA, APA Chicago Manual of Style, or Turabian). All of these guidelines are available in the Calumet College of St. Joseph library or bookstore. These texts outline 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.

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 Assignments

Class Date Topic-Assignment

September 5 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 34 – 39

September 12 Read Chapter 2 – Determination of Tax

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

September 19 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 26 FIRST EXAM – Covers Ch’s 1 through 4

October 3 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 10 Read Chapter 6 – Deductions and Losses

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

October 17 Read Chapter 7 – Itemized Deductions

Homework Ch 7 – Problems 36, 37, 40, 41, 43, 44, 46, 47, 49, 51, 53, 55, 60

October 24 Read Chapter 8 – Losses and Bad Debts

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

October 31 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 7 SECOND EXAM – Covers Ch’s 5 through 9

Class Assignments

Class Date Topic-Assignment

November 14 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 21 THANKSGIVING HOLIDAY – NO CLASS MEETING

Read Chapter 12 – Property Transactions: Nontaxable Exchanges

Homework Ch 12 – Problems 26, 28, 30, 33, 36, 38, 40, 42, 43, 45, 48, 51

November 28 Discuss Chapter 12

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 5 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 12 FINAL EXAM – Covers Ch’s 10 through 14