AC312 Business Income Tax

for F2QQ 2005

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COURSE TITLE:  Business Income Tax





TITLE OF FACULTY MEMBER:  Adjunct Instructor, Certified Public Accountant


FACULTY OFFICE LOCATION:  Building 1294, Hill Air Force Base


FACULTY OFFICE HOURS:  4:00 to 4:30 Monday-Thursday


FACULTY OFFICE/HOME TELEPHONE NUMBERS:  (801) 775-3615  (801)  476-1289








DATES OF THE SEMESTER/TERM:   24 October to 17 December 2005


CLASS SESSION DAYS:  Tuesdays and Thursdays 4:30 to 7:15 P.M.


PREREQUISITES:  AC 309, AC 320 and CS 140 or equivalents


CREDIT HOURS:  3 hours





The mission of Park University, an entrepreneurial institution of learning, is to provide access to academic excellence, which will prepare learners to think criticality, communicate effectively and engage in lifelong learning while serving a global community.



Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.


COURSE DESCRIPTION:  A study of the current Federal income tax law.  Emphasis is on tax research and the problems faced by partnerships and corporations.


FACULTY'S EDUCATIONAL PHILOSOPHY:  The course will consist of lectures, discussion, problem solving, and examinations.  Students are encouraged to interact  sharing their own ideas and experiences.


COURSE OBJECTIVES:  The student will be introduced to the laws concerning business tax requirements.  Specifically: 

     --Prepare business income tax returns

     --Prepare gift tax returns

     --Prepare estate tax returns

     --Prepare trust tax returns

     --Research tax issues

     --Use computer software for tax planning and tax returns


COURSE TEXTBOOKS:  Hoffman, Raabe, Smith and Maloney.; West Federal Taxation-

Corporations, Partnerships Estates and Trusts; 2005 Edition, Southwestern; 2005.



ACADEMIC HONESTY:  "Academic Honesty is required of all members of a learning community.  Hence, Park will not tolerate cheating or plagiarism on tests, examinations, papers, or other course assignments.  Students who engage in such dishonesty may be given failing grades or expelled from Park."


PLAGIARISM:      "Plagiarism-the appropriation or imitation of the language or ideas of another person and presenting them as one's original work---sometimes occurs through carelessness or ignorance.  Students who are uncertain about proper documentation of sources should consult their instructors."


ATTENDANCE POLICY:      Instructors are required to keep attendance records and report absences.  The instructor may excuse absences for cogent reasons, but missed work must be made up within the term of enrollment.  Work missed through unexcused absences must also be made up within the term of enrollment, but unexcused absences may carry further penalties.  In the event of two consecutive weeks of unexcused absences in  a term of enrollment, the student will be administratively withdrawn, resulting in a grade of "F".  An incomplete will not be issued to a student who has unexcused or excessive absences recorded for a course.  Students receiving  Military Tuition Assistance (TA) or Veteran's Administration (VA) educational benefits must not exceed three unexcused absences in the term of enrollment.  Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.  Reports of F grades (attendance or academic) resulting from excessive absence for students receiving financial assistance from agencies not mentioned above will be reported to the appropriate agency. 


LATE SUBMISSION OF COURSE MATERIALS:   Course assignments submitted after the specified due date will not be accepted unless due to an excused absence and coordinated with and approved by the instructor.


COURSE ASSESSMENT:  Examinations and chapter problems.


CLASSROOM RULES OF CONDUCT:    Homework problems are expected to be legible and in the proper format regardless if prepared manually or using a computer.  Students should

Maintain copies of their graded assignments in the event the instructor inadvertently fails to record the graded result.


DISABILITY GUIDELINES:   Park University is committed to meeting the needs of all students that meet the criteria for special assistance.  These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal.  It is Park University's policy to comply fully with Federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities and, to the extent of any inconsistency between these guidelines and Federal and/or state law, the provisions of the law will apply.  Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: 




Date                Chapter(s)       Topic                                                               Homework

25 October        2                      Corporations Introduction                                   40 (a-c), 42                   

27 October        4                      Corporate Earnings & Profits, Dividends            

  1 November    4 & 5                Redemptions & Liquidations                               4-28 & 35        

  3 November    5                                                                                              39, 46

  8 November    6                      Alternative Minimum Tax/Penalty Taxes            40, 46

10 November    7                      Corporate Reorganizations                                 24, 38

15 November                            Exam 1 Chapter 2, 4-6

17 November    10                     Partnership Formation and Operation                  14, 28

22 November    11                     Partnership: Distribution/Transfers/Terminations  16, 24

24 November    12                     Subchapter S Corporations                                 13, 28

29 November                            Exam 2 Chapters 7, 10-12

 1 December     16                     Administration and Practice                               29, 34

 6 December     17                     Federal Estate and Gift taxes                             35, 48

 8 December     18                     Family Tax Planning                                          40, 45

13 December    19                     Income Taxation of Estates and Trusts               18, 29

15 December                            Exam 3 Chapters 16-19



GRADING PLAN:  The final grade will be determined using the following measurements:

                        Exam One                    30%

                        Exam Two                    30%

                        Exam Three                  30%

                        Homework                    10%


            The midterm exam will cover all assigned reading in chapters 1 through 10.  The

            final exam is not comprehensive and will cover material in chapters 11 through



            The following will be used to assign course letter grades

                        90-100 ..........................A

                        89-90   ..........................B

                        70-79   ..........................C

                        60-69   ..........................D

                        Below 60 ......................F (or three or more unexcused absences)