Accounting 342
Spring 2000
Classroom: Education
Center 101, 4:00-5:15 Mon, Wed
Instructor: Linda
Jacobsen Bradley, PhD, CPA
Office: 9
Liberty Street, Room 121
Office telephone: 843-953-8039
(leave message)
Office assistant: 843-953-7835
Home telephone: 843-886-4977
(leave message)
Email: bradleyl@cofc.edu
Office hours: Mon, Wed.
9:00-11:30 a.m., 2:00-4:00, and by appointment
Required Texts: Kramer and Pope, Prentice Hall’s Comprehensive
Tax Course, 2000 Edition
Suggested Text: Gleim’s CPA Review, Tax-Man-Gov (or Delaney or any
other)
Course Objectives:
This course is designed to be a comprehensive introduction to the federal income tax system as it applies to corporations, partnerships, S corporations, estates, and trusts.
It is hoped that you will gain from this course:
1. An understanding of the basic income tax provisions that affect different types of taxable entities.
2. An appreciation of the legislative, administrative, and judicial development of important provisions.
3. An awareness of the impact of taxation on the economy and financial planning.
4. A familiarity with the means by which tax information is transferred (tax forms).
5. How to research a basic tax question.
Course Format:
The material in this course is presented in a discussion format. The basis of discussion will be the assigned problems. Handouts may be used to clarify or supplement text materials. Comments and questions are welcomed, both in class and outside of class.
Course Requirements:
Your final grade will be determined from your performance on three exams, three tax returns, one research project, a final exam, and your class participation. The points allocated to each of these requirements are as follows:
Exam 1 100 Tax Returns (3 @ 25) = 75
Exam 2 100 Tax Research 25
Exam 3 100 ______
Final Exam 150 TOTAL POINTS 575 (+/-)
Exams will be given at the times indicated on the schedule of assignments.
Absence from an exam must be approved by the instructor IN ADVANCE. Make-up
exams will NOT be given and an unapproved absence will result in a zero on the
exam. For those with approved absences from an exam, the exams taken will be
weighted in place of the missed exam. The final exam will normally be
ineligible for a pre-approved absence.
No late tax returns or research projects will be accepted unless written or oral notification of the excuse is given BY THE DUE DATE. Tax returns and projects NOT turned in (i.e., 0 grade) will count double points.
Tax Research Projects: The research project is a maximum of two pages typewritten (single or double space is acceptable). It should follow the following format:
I. Facts V. Explanation
II. Issue VI. Alternate authority (if any)
III. Authority VII. Alternate conclusion (if any)
IV. Conclusion VIII. Alternate explanation (if any)
In all assignments, please do not right-justify your lines.
Final Thoughts:
The study of taxation can be very different from the study of accounting. While there are some important underlying principles in our tax system, there are also strong economic, social, and political forces that influence the structure of our system. Because taxation involves the collection and distribution of real money, these forces are all vying for their "piece of the pie." The net result is that our tax system reflects a great many compromises that are intended to accommodate all of these factions. It is not surprising, then, that many provisions in our tax laws defy logic, description, or even human comprehension. This can lead to exasperation, confusion, and general feelings of inadequacy. But, if you hang in there, I think you will find that the study of taxation, far from being dull and boring, can be both challenging and fascinating. When the concepts get fuzzy, feel free to stop by and talk about them.
A Word About Cheating: DON'T!
Students caught cheating in this class will receive a failing grade for the course and will have their behavior reported to the Dean of Students for appropriate disciplinary action. Plagiarism is also cheating. Plagiarism and cheating refer to the use of unauthorized books, notes, or otherwise securing help on a test; copying tests, assignments, reports or term papers; representing the work of another person as one's own; collaborating, without authority, with another student during an examination or in preparing academic work; signing another student's name on an attendance sheet; or otherwise practicing dishonesty.
Accounting 342
Spring 2000
Tentative Reading and
Homework Assignment Schedule
Meeting # Date Activity/Assignment
Ch 14: Alternative Minimum Tax 1-38
2 1/19 W Ch 2: Corp Formation and Capital Structure 1-26, 31,32,34, 38, 39, 43,46, 47, 51-53
3 1/24 M Ch 3: Corp Income Tax 1-29, 34, 35, 40, 45, 47, 53, 55, 59, 60
4 1/26 W Ch 4: Corp Nonliquidating Distributions 1-23, 28, 30, 32, 35, 37, 38, 42, 46, 47 51, 53, 54
Corporation
Tax Return Due
5 1/31 M Ch 5: Corp Other Tax Levies 1-26, 34, 38, 40, 41, 44, 47, 50, 51
6. 2/02 W Finish Ch. 5
7 2/07 M Ch. 6: Corp Liquidating Distributions 1-29, 33, 35, 36, 37, 38, 39, 40, 43, 47, 48 51
8 2/09 W Review Corporations
9 2/14 M
Test 1—Alt Min Tax, Acct Periods and Methods, and Corporations
10 2/16 W Ch 9: Partnerships 1-19, 28, 37, 40
11 2/21 M Ch 9: Partnerships 45, 48, 51, 54
12 2/23 W Last day to withdraw with grade of
"W"
13 2/28 M Ch 10: Special Partnership Issues 1-18, 27, 29, 33, 37,
3/08 W Spring Break
15 3/13 M Partnership Tax Return Due (Form
1065)
16 3/15 W Review Partnerships
17 3/20 M TEST 2, Partnerships
18 3/22 W Go Over Test 2
19 3/27 M Ch 11: S Corporations 1-26, 33, 35, 38, 40, 41
20 3/29 W Ch 11: S Corporations 44, 45, 46, 47, 51, 54
21 4/03 M Ch 12: Gift Tax: 1-26, 33, 35, 38, 40, 42, 47, 50, 52
22 4/05 W Ch 13: Estate Tax 1-29
23 4/10 M Ch 13: Estate Tax—30, 31, 32, 33, 39, 42, 43, 45, 46, 47, 53
24. 4/12 W Review S Corporations and Gift/Estate
Estate Tax Return Due (Form 706)
25. 4/17 M TEST 3, S Corps and Gift/Estate Tax
27 4/24 M Ch 14: Income Taxation of Estates and Trusts 31, 32, 33, 35, 44, 47, 49, 50
28. 4/26 W Final Exam Review---Tax Research
Problem Due
Final Exam: Wednesday, May 3, 2000 4:00-7:00 p.m.