SYLLABUS FOR INCOME TAX ACCOUNTING II

 

 

Term: Spring, 2004  (03-2)  January 12 - April 24, 2004

Course Number: ACC 451X           

Instructor: Mr. Kenneth Taylor, CPA

Office: Room # 518

Office Phone: (219) 473-4294

E-mail: kentcpa@surfnetinc.com

Home Phone: (219) 865-1516 after 6pm

 

Office Hours: Tuesday 6:00pm – 7:00pm and 10:00pm – 10:30pm

                         Thursday 6:00pm – 7:00pm and 10:00pm – 10:30pm

                         Other hours by appointment

 

Instructor Background: Certified Public Accountant licensed in Indiana and Illinois. Partner in public accounting firm. BS in accounting from Purdue University Calumet.

 

Course Time: Thursday, 7:00-10:00pm

 

Course Description:

This course is a continuation of ACC 450

 

Prerequisites: ACC 450

 

Learning Outcomes/Student Competencies:

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

 

  1. Explain the advantages and disadvantages of using each of the alternative business forms.
  2. Determine the legal requirements for forming a corporation.
  3. Explain the requirements for selecting tax years and accounting methods.
  4. Compute a corporation’s taxable income.
  5. Explain how current E & P is calculated.
  6. Determine the tax consequences of non-liquidating property distributions.
  7. Calculate the corporation’s alternative minimum tax.
  8. Calculate the amount of the corporation’s accumulated earnings tax.
  9. Understand the difference between a complete liquidation and a dissolution.
  10. Explain the types of taxable acquisition transactions.
  11. Explain the types of tax-free reorganizations and their requirements.
  12. Differentiate between general and limited partnerships.
  13. Calculate a partner’s basis in a partnership interest.
  14. Determine the amount and character of the gain or loss recognized by a partner from a non-liquidating partnership distribution.
  15. Determine whether a partnership has terminated for tax purposes.
  16. Explain the requirements for being taxed under subchapter S.
  17. Calculate ordinary income or loss of a subchapter S corporation.
  18. Describe the gift tax formula.
  19. Calculate the gift tax liability.
  20. Describe the formula for the estate tax.
  21. Calculate the estate tax liability.
  22. Understand the basic concepts concerning trusts and estates.
  23. Determine the taxable income of a simple and complex trust.

 

Textbooks: Prentice Hall’s Federal Taxation 2004, Pope/Anderson/Kramer

                     Handout Materials

 

Learning Strategies: Lecture, Class Discussion

 

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 affect your grade.

 

Grading Scale:

A: 92-100   A-: 90-91   B+: 88-89     B: 82-87         B-: 80-81         C+: 78-79

C: 72-77     C-: 70-71   D+: 68-69     D: 62-67         D-: 60-61         F:    59 & below

 

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. 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 Assignments:

 

Class Date                                                                  Topic-Assignment

 

January 15                                                        Introduction to course outline

Chapter 2 – Corporate Formation And Capital Structure

                                                                        Homework Ch 2:

                                                                        Problems 30,32,33,35,36,40,41,43,48,50,51

 

January 22                                                        Read Chapter 3 – The Corporate Income Tax

                                                                        Homework Ch 3:

                                                                        Problems 34,35,37,38,39,40,43,47,51,52,54,58

 

January 29                                                        Read Chapter 4 – Corporate Nonliquidating Distributions

                                                                        Homework Ch 4:

                                                                        Problems 28,30,31,32,34,37,38,40,42,51,53,54

 

February 5                                                        Read Chapter 5 – Other Corporate Tax Levies

                                                                        Homework Ch 5:

                                                                        Problems 33,34,35,36,37,44,46,49,50,53,54

 

February 12                                                      FIRST EXAM – Covers Ch’s 2 through 5

 

February 19                                                      Read Chapter 6 – Corporate Liquidating Distributions

                                                                        Homework Ch 6:

                                                                        Problems 33,36,37,38,41,43,44,47,48

 

February 26                                                      Read Chapter 7 – Corporate Acquisitions And Reorganizations

                                                                        Homework Ch 7:

                                                                        Problems 36,38,39,40,43,45,46,47,51,55,

                                                                                               56,57,62

 

 

 

 

March 4                                                            Read Chapter 9 – Partnership Formation And Operation

                                                                        Homework Ch 9:

                                                                        Problems 26,29,31,33,34,36,39,41,45,49,52,54

 

March 11                                                          Read Chapter 10 – Special Partnership Issues

                                                                        Homework Ch 10:

                                                                        Problems 27,30,33,35,37,40,43,45,47,50,52

 

March 18                                                          SECOND EXAM – Covers Ch’s 6,7,9,10

 

March 25                                                          Read Chapter 11 – S Corporations

                                                                        Homework Ch 11:

                                                                        Problems 31,35,36,38,39,40,41,45,51,54

 

April 1                                                              Read Chapter 12 – The Gift Tax

                                                                        Homework Ch 12:

                                                                        Problems 30,32,35,39,42,46,48,50,51

 

April 8                                                              EASTER RECESS – NO CLASS MEETING

                                                                               Read Chapter 13 – The Estate Tax

                                                                               Homework Ch 13:

                                                                       Problems 34,36,39,42,44,46,48,49,50,52,53

 

April 15                                                            Discuss Chapter 13

                                                                               Read Chapter 14 – Income Taxation Of Trusts And Estates

                                                                        Homework Ch 14:

                                                                 Problems 31,33,35,38,41,42,44,47,49,50

 

April 22                                                            FINAL EXAM – Covers Ch’s 11 through 14