COURSE SYMBOL AND NUMBER: AC 312
COURSE TITLE: Business Income Tax
SEMESTER/TERMCOURSE BEING TAUGHT: Fall I
NAME OF FACULTY MEMBER: Greg Carlson
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
FACULTY PARK EMAIL ADDRESS: firstname.lastname@example.org
OTHER FACULTY EMAIL ADDRESS: NA
FACULTY WEB PAGE ADDRESS: NA
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: www.park.edu/disability.
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%
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
Below 60 ......................F (or three or more unexcused absences)