Course Number: Course Title

SYLLABUS FOR INCOME TAX ACCOUNTING I

Term: Fall 2010 - 2011 (101) September 7 – December= 18, 2010

Course Number: ACC 450X

Instructor: Mr. Kenneth A. Taylor,= CPA

Office: Room 518

Office Phone: <= /b>

E-mail: kenatcpa@comcast.net

        =

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

Office Hours: <= /b>Tuesday 6:00pm &#= 8211; 7:00pm and 10:00pm – 10:30pm

        =             &nb= sp;    Thursday 6:00pm – 7:00pm and 10:00pm – 10:30pm

        =             &nb= sp;    Other hours by appointment

Instructor Background:= Certified Public Accountant licensed in Indiana an= d Illinois. Partne= r in public accounting firm. BS in accounting from Purdue University Calumet.

Course Time: Thursday 7:00pm – 10:00pm

Course Descriptio= n:

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 s= tudy of the income tax laws as they apply to individuals, partnerships, and corporations.

Prerequisites:

ACC 210, 211

Learning Outcomes/Stud= ent 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.<= /span>

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, ACR= S, and MACRS rules.

Explain the rules for adopting and changing an accounting period= .

Understand the tax consequences arising from a like-kind exchang= e.

Understand the tax treatment for sec. 1231, 1245, and 1250 prope= rty.

Describe various business and personal tax credits.

Prepare a typical tax return.

Textbooks:

Prent= ice Hall’s Federal Taxation 2011, Pope/Anderson/Kramer
Handout Materials

Learning Strategies: <= o:p>

Lecture, Class Discussion

Assessment:=

Exams (3 exams)        =             &nb= sp;           =             &nb= sp;            =             <= span style=3D'mso-spacerun:yes'>        =     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 prio= r to the due date. Excessive missed assignments could affect your grade.

Grading Scale:

A: 92        = A-: 90        B+: 88         B: 82        =     B-: 80        =      C+: 78

C: 72        = C-:     &nb= sp;      70      &nbs= p; D+: 68         D: 62        =     D-: 60        =      F:    Below 6= 0

Class Policy on Attend= ance:

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 on Electr= onic Devices:

To avoid disruption of the class, please turn off all cell phones, pagers…etc.

The Tutoring Center:

The Tutoring Center is dedicated to supporting Calumet College of St. Joseph students.&nb= sp; Students work with tutors to develop course competencies and study skills such as time management, test preparation, and note taking. In addition, students are provided= with tutoring support to help pass courses, to improve grade point average, and = to promote continuing education and career advancement. Tutors have a specific charge: to = help students learn how to master specific subject matter and to develop effecti= ve learning skills. Tutoring is = open to all students at Calumet College of St. Joseph at no charge and is availa= ble to support most introductory courses. Tutoring in support of some other courses is available as well. The Tutoring Center is located in Room 413. The telephone number is 219.473.4287 or 800.700.= 9100 ext. 287. <= span style=3D'mso-spacerun:yes'>

Statement of Plagiaris= m:

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 dishon= esty, the instructor or other personnel may elect to bring the matter up for judi= cial 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.

Please Note:= Calumet College of St. Joseph subscribes to Turnitin.com and all papers can and may be submitted for chec= ks on plagiarism from the internet/electronic sources/databases.

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 var= iety 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 reaso= n(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 pri= or 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 cour= ses. 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).

Student Support Services:

Among its other servi= ces, the Student Support Services Office guides, counsels and assists students with disabilities. If a student believes that he or she needs a “reasonable accommodation” of some kind because of a physical, psychological, or mental condition (e.g., additional time needed for tests, note taking assistance, special testing arrangements, etc.), he or she shou= ld contact the Student Support Services Office at 473-4388. Staff there = will secure documentation pertinent to the disability and work with faculty and staff, if necessary, to address the matter.

CCSJ Alert:

Calumet College of St= . Joseph utilizes an emergency communications system that transmits messages via tex= t, email, and voice platforms. I= n the event of an emergency, of weather related closings, or of other incidents, those students who are registered for the system shall receive incident specific message(s) notifying them of the situation. Please sign-up for this important service at any time on the College’s website. Alternatively, you can register at= the time you register for classes. This service requires each user to register once per academic year. Therefore, at the beginning of each academic year, please remember to re-register for the system. This can be done at: http://www.ccsj.edu/alerts/index.html.

School Closing Information:

Facility: Calumet College of St. Joseph

         =        Phone: (219) 473-4770

Internet: http://www.ccsj.edu

        =         http://www.EmergencyCl= osings.com

Radio: WAKE – 1500 AM

        =      WGN – 720

        =      WIJE – 105.5 FM

        =      WLS - 890

        =      WZVN – 107.1 FM

        =      WBBM News Radio 78

TV Channels: – 2, 5, 7, 9, 3= 2

        =             &nb= sp;

Class Assignments:=

Class Date<= /b>      = ;            &n= bsp;            = ;            &n= bsp;            = ;           Top= ic-Assignment

September 9 = ;            &n= bsp;            = ;            &n= bsp;            = ; Introduction to Course Outline. Discussion of history and structure of tax system. Discussion of tax research.

        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p; Chapter 1 – An Introduction to Taxation

        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p; Homework Ch 1 – Problems 39 – 44

September 16        =             &nb= sp;            =             &nb= sp;           Read Chapter 2 – Determination of Tax

Homework Ch 2 – Problems 29, 30, 31, 34, 3= 5, 36, 37, 39, 41, 43, 46, 51, 56, 57

September 23       = ;            &n= bsp;            = ;            &n= bsp;      Read Chapter 3 – Gross Income: Inclusions

        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p; Read Chapter 4 – Gross Income: Exclusions

Homework Ch 3 – Problems 34, 35, 36, 37, 3= 9, 40, 41, 44, 45, 47, 50, 52, 56

Homework Ch 4 – Problems 33, 34, 35, 36, 3= 8, 40, 42, 44, 47, 48, 51, 55

September 30       = ;            &n= bsp;            = ;            &n= bsp;      FIRST EXAM – Covers Ch’s 1 through 4

October 7        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;           Read Chapter 5 – Property Transactions: Capital Gains and Losses

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 5 – Problems 33, 34, 35, 36, 37, 38, 39, 41, 43, 46, 47, 49, 52, 5= 9

October 14        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;         Read Chapter 6 – Deductions and Losses

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 6 – Problems 33, 35, 36, 38, 40, 41, 44, 46, 48, 49, 51, 53, 56

October 21        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;         Read Chapter 7 – Itemized Deductions

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 7 – Problems 36, 37, 40, 41, 43, 44, 46, 47, 49, 51, 53, 55, 59

October 28        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;         Read Chapter 8 – Losses and Bad Debts

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 8 – Problems 39, 41, 42, 44, 47, 48, 49, 50, 53, 54, 56, 58

Class Assignments (continued)

November 4        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;       Read Chapter 9 – Employee Expenses and Deferred Compensation

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 9 – Problems 52, 53, 56, 57, 59, 62, 63, 64, 66, 70, 73, 74

November 11        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;     SECOND EXAM – Covers Ch’s 5 through 9

November 18        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;     Read Chapter 10 – Depreciation, Cost Recovery, Amortization, and Depletion=

            =             &nb= sp;            =             &nb= sp;            =           Read Chapter 11 – Accounting Periods and Methods

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 10 – Problems 25, 27, 28, 30, 31, 32, 33, 34, 35, 40, 45

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 11 – Problems 37, 38, 39, 41, 43, 45, 48, 50, 51, 52, 53, 56<= /o:p>

November 25        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;     THANKSGIVING HOLIDAY – NO CLASS MEETING

  &n= bsp;            = ;            &n= bsp;            = ;            &n= bsp;            = ;       Read Chapter 12 – Property Transactions: Nontaxable Exchanges

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 12 – Problems 26, 28, 30, 33, 36, 38, 40, 42, 43, 45, 48, 51<= /o:p>

December 2        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;       Read Chapter 13 – Property Transactions: Section 1231 and Recapture

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 13 – Problems 32, 33, 35, 38, 39, 41, 43, 46, 48, 49, 54, 55, 60

December 9        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;       Read Chapter 14 – Special Tax Computation Methods, Tax Credits, and Paymen= t of Tax

            =             &nb= sp;            =             &nb= sp;            =           Homework Ch 14 – Problems 42, 44, 46, 48, 49, 50, 51, 52, 54, 55, 60, 63<= /o:p>

December 10        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;     FINAL EXAM – Covers Ch’s 10 through 14