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Accounting 4300

Federal Income Taxation

Spring 1995Instructor: John Ellis Price, Ph.D., CPAOffice: Business Administration Building, Room 202-HTelephone: 817/565-3097Office Hours: Tuesday and Thursday: 8:30-11:30 a.m.

And by Appointment

Required Text: Kevin E. Murphy, Concepts In Federal Taxation, (1995 Edition)

Required Weekly Reading:

The Wall Street Journal

Course Objectives: This course is designed to be a comprehensive introduction to the federal income tax system. Primary emphasis will be on those provisions that affect the individual taxpayer. It is hoped that you will gain from this course:

1. An understanding of the basic income tax provisions that affect different classes of taxpayers.

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 basic tax questions.

Course Format

The material in this course is presented in a lecture/problem solving format. The basis of discussion will be the assigned chapters and homework problems. Lectures will contain material that is not covered in your text. Therefore, students should make every effort to attend all classes. Handouts may be used to clarify or supplement text materials. Comments and questions are welcomed, both in and outside of class.

Course Requirements

Your final grade will be determined from your performance on three exams, a manual and computerized tax return, a final exam, two research projects, and a case discussion. The points allocated to each of these requirements are as follows:Exam 1 100Exam 2 100Exam 3 100Final 100Manual Tax Return 20Computerized Tax Return 30Research Projects 50Case Discussion 20Total 520 === 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. Only nonprogrammable, nontext retrievable calculators will be allowed for exams. The manual and computerized (Turbo Tax) tax return projects will be assigned late in the term. Preparation of the manual return will help you to integrate the concepts learned throughout the term and give you experience with the various tax forms used to record tax information. The Turbo Tax return will familiarize you with one tax return preparation package used in practice. The research projects will be assigned after Exam I. Specific instructions will accompany the assignment. This activity is being assigned to give you the necessary skills to research the answers to basic tax questions after you have completed this course. The case discussions are group projects to enhance your ability to do teamwork. Case discussions will be presented to the class. The logistics of these assignments will be worked out when the discussion cases are assigned.

Course Prerequisites

ACCT 2010, 2020, 3100, 3110 or 3270 with grades of C or better; ECON 1100, 1110; MATH 1100 or 1180, 1190; and BCIS 2610.

Attendance

In order to do well in this course you must attend all classes. However, attendance is not taken into consideration in determining the course grade except in borderline situations.

Plagiarism and Cheating

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 whatever other disciplinary action is deemed appropriate. Remember, plagiarism is 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 scholastic dishonesty.

THE UNIVERSITY POLICY ON CHEATING WILL BE RIGOROUSLY ENFORCED.

Disabilities

The College of Business Administration complies with the Americans with Disabilities Act in making reasonable accommodations for qualified students with a disability. If you have an established disability as defined in the Americans with Disabilities Act and would like to request accommodation, please see me as soon as possible. My office hours and office number are shown on this syllabus.

Students Repeating the Course:

Students who repeat this course have until the end of the first week of classes in the new semester to raise questions about their grade in the course. At the end of this period no questions about prior performance will be entertained until the end of the current semester.

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 things get fuzzy, feel free to stop by and talk about them. Note: Tuesday, March 28, 1995 is the last day to drop a course with the permission of the instructor.

Accounting 4300

Federal Income Taxation

Spring 1995

Tentative Reading Assignment Schedule
Meeting# Date Activity/Assignment
1 1/17 Introduction to the Course Chapter 1, Federal Taxation - An Overview
2 1/19 Chapter 1 Problems
3 1/24 Chapter 15, Tax Research
4 1/26 Chapter 15 Problems
5 1/31 Chapter 2, Income Tax Concepts
6 2/2 Chapter 3 Income Sources
7 2/7 Problems,
Chapters 2 and 38 2/9
Chapter 4, Income Exclusions 9 2/14
Chapter 4 Problems 10 2/16
Exam I, Chapters 1, 2, 3, 4 and, 1511 2/21
Chapter 5, Introduction to Business Expenses12 2/23
Chapter 5 Problems 13 2/28
Chapter 6, Business Expenses 14 3/2
Chapter 6 Problems 15 3/7
Chapter 7, Losses - Deductions and Limitations16 3/9
Chapter 7 Problems
MARCH 13-18 SPRING BREAK17 3/21
Exam II, Chapters 5, 6, and 7
Assign Tax Research Case I18 3/23
Chapter 8, Taxation of Individuals 19 3/28 Chapter 8 Problems
Discussion Case (Group I) 20 3/30
Chapter 10, Acquisitions of Property 21 4/4 Chapter 10 Problems
Assign Manual and Computer Tax Returns Assign Tax Research Case II
Tax Research Case I Due Discussion Case (Group II) 22 4/6
Chapter 11, Cost Recovery on Property: Depreciation, Depletion, and Amortization 23 4/11
Chapter 11 Problems Discussion Case (Group III) 24 4/13
Exam III, Chapters 8, 10, 1125 4/18
Chapter 12, Property Dispositions 26 4/20
Chapter 12 Problems Discussion Case (Group IV) Tax Research Case II Due27 4/25 Chapter 13, Nonrecognition Transactions 28 4/27
Chapter 13 Problems Manual and Computer Tax Returns Due 29 5/2 Selected Topics (To Be Announced)
Chapters 9 and 14 30 5/4 Problems
Chapters 9 and 1431 5/9
Final Exam, Chapters 9, 12, 13, 14

Accounting 4300 Federal Income Taxation Tentative Assigned Problems*

 Chapter              Questions/Problems                                        

    1        14,19,28,31,35,37,38,41,46,48,53                                   

    15       11,12,13,14,15,16,17,18,19,23,24,26,27,29,30,31,33,                
             39,40                                                              

    2        8,9,11,22,23,29,30,39,40,41,42,43                                  

    3        5,16,21,31,33,38,39,40,44,46,49                                    

    4        24,25,26,28,29,30,31,33,39,43,44,46,50,52,53                       

    5        24,25,26,27,29,33,34,35,37,40,42,46,48,49                          

    6        21,24,25,26,29,31,35,40,44,46,47,48                                

    7        22,24,25,26,28,29,37,41,42,43,47,49,56,58                          

    8        29,30,31,32,35,38,39,40,42,45,46,50,52,53,55,56,64                 
                                                                                

    10       22,23,25,28,32,38,40,42,47,49,52,58                                
                                                                                

    11       24,25,29,30,34,35,38,39,45,53                                      

    12       27,28,30,31,32,34,35,36,39,42,44,45,48,49                          
                                                                                

    13       20,21,23,25,27,34,36,37,38,40,44,45,49,50                          

     9       26,30,35,39,41,42                                                  

    14       37,40,41,42,47,51,52,53,56

*Problems will be added or deleted at the discretion of the instructor. To enhance performance on exams, students are encouraged to work as many additional problems as possible.

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