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AC 312 Business Income Tax
Emanuel, Antonio R.


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

Vision Statement: Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.
CourseAC 312 Business Income Tax DC
SemesterF1DD2005
FacultyEmanuel, Antonio R.
TitleAdjunct Senior Instructor
Degrees/CertificatesMBA
Office LocationDSCC, Building 11
Office HoursBefore class, after class, or by appointment. Office hours are not available durning normal work hours. Assistance can be obtained by calling or emailing the instructor.
Daytime Phone614-329-1206
Other Phone614-864-1204
E-MailAntonio.Emanuel@park.edu
Class DaysSeptember 9, 10 &11  -  October 14, 15 & 16
Class TimeFirdays - Sept 9th and Oct 14th - 5:00 - 10:45p  Sat/Sun - Sept 10/11 and Oct 15/16 - 8:00a - 5:45p
PerquisitesAC309, AC320, and CS140, or equivalents
Credit Hours3

Textbook:
Hoffman, Raabe, Smith, & Maloney, West Federal Taxation: Corporations, Partnerships, Estates & Trusts 2005 Edition, Thomson?South-Western Publishing, 2006

Textbooks can be purchased though the MBS bookstore

Additional Resources:
To enhance your current knowledge of accounting publications and articles published by the Financial Accounting Standards Board (FASB) of the American Institute of Certified Public Accountants (AICPA) are available. The Journal of Accountancy and other professional accounting publications are a good source for additional discussions. Also, the Internal Revenue Service (IRS) at WWW.IRS.GOV


Course Description:
A study of the current federal income tax law. Emphasis is on tax research and the problems faced by partnerships and organizations.  Pre-requisites: AC309, AC320 and CS140 or equivalents.  3:0:3

Educational Philosophy:
To foster a learning envoronment that enables the learner to realize his/her greatest potential. Specifically, this class teaches the student the accounting principles and practices related to international accounting, partnerships, governmental, trust, and non-profit organization accounting.
Also, we will strive for the learner to think critically; to communicate clearly, and to take ownership for his/her learning. The instructor's educational philosophy is based on student participation which is based on lectures, readings, quizzes, dialogues, examinations, internet, and writings. The instructor will encourage each learner to explore new ideas, issues and contradictions.

Learning Outcomes:

Upon successful completion of this course, students will be able to:
1. Prepare business income tax returns
2. Prepare gift tax returns
3. Prepare estate tax returns
4. Prepare trust tax returns
5. Research tax issues
6. Use computer software for tax planning and tax returns

Course Assessment:
This course will cover Chapters 1 through 11 and Chapter 15 of the assigned text. Students will have the opportunity to learn theory and concepts and to put them to practical use through classroom discussion, problem solving, and examination. C;ass sessions will consist of discussion and lecture activities accompanied by a review of homework assignments and examinations. Discussion/lectures will be based on text material and practical experience. Student participation will be emphasized with problem solving and class discussion.
Students will be expected to have read and studied the material assigned for that class/meeting and have completed the assigned homework problems.
There will be two (2) Tax Problems/Cases, one(1) Research Project/Paper, one (1) Final Examination and Class Participation

Grading:
Course grades will be based on an average percentage, as follows:
1. Tax Problems/Cases - two (2) 100 points each
2. Research Project/Paper - 100 points
3. Final Examination - 100 points
4. Class Participation/Discussion - 100 points
Total points for this class - 500 points

This course grade distribution is as follows:
A = 90% to 100%
B = 80% to 89.9%
C = 70% to 79.9%
D = 60% to 69.9%

An Incomplete will be assigned only in accordance with Park University policy. All final grades will be rounded to one decimal point.

Late Submission of Course Materials:
Tax projects and the writing projects are announced well in advance and it is the students' responsibility to know when the assignments are scheduled and make special arrangements PRIOR TO THE DUE DATE if they will be unable to meet the commitment. Makeup projects will be allowed, without penalty, only if the situation warrants and only if PRIOR arrangements have been made with the instructor. Project scores will be reduced by ten (10) percentage points if submitted late without the instructor;s permission. These requirements are imposed to protect the validity of the evaluations and to enhance the objective of timeliness, which is of major importance in Accounting.

Classroom Rules of Conduct:
The classroom rules of conduct include the following:
1. Respect the instructor's decisions/requirements
2. Respect other learners
3. Participate in classroom discussions/exercises
4. Take ownership and complete assignments by given deadlines
5. Notify instructor of any possible absences or missed deadlines
Remember, computers make writing and revising much easier and more productive. Students must recognize though that technology can also cause problems. Printers run out of ink and hard drives crash. Students must be responsible for planning ahead and meeting deadlines in spite of technology.
Students will be expected to have read and studied the material assigned for that class and have completed the assigned homework problems.

Course Topic/Dates/Assignments:
Weekend 1 - September 9, 10 & 11
Read Chapters 1 through 6 in totality. Subject/Discussion matter for these chapters are as follows:
Chapts. 1 & 2
Tax research and forms of doing business, corporate formation and capital structure. Corporate formations, computing corporation's taxable income, controlled groups and procedural matters.
Chapts. 3 & $
Controlled groups/taxation and non-liquidating distributions, stock dividends/redemptions, bailouts and compliance considerations. Non-liquidating distributions etc., and other corporate tax levies such as AMT,PHC, and AE taxes.
Chapts. 5 & 6
Other levies (conclusion) and liquidating distributions. Liquid distributions and introduction to taxable/tax-free acquisition and Type A reorganizations.
During class we will discuss these topics and learners will work in teams on problems/cases. At the conclusion of this weekend's class you will choose your topic for your research paper that will be due the evening of October 14th.

Weekend 2 - October 14, 15 & 16
Read chapters 7 through 11 and Chapter 15 in totality. Subject/Discussion matter for these chapters are as follows:
Chapts. 7 & 8
Type A, C, B, and D acquisitive reorganizations. Corporate acquisitions, reorganizations and intro to consolidated returns. Consolidated returns (conclusion), introduction to partnership formation and operations.
Chapts. 9 & 10
Partnership formation and operations (conclusion), and introduction to special partnership issues and introduction to S Corporations.
Chapts. 11 & 15
S Corporations (conclusion), and administrative procedures. Review and FINAL EXAMINATION. The FINAL EXAMINATION will be a takehome exam

Academic Honesty:
Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life.   Park University 2005-2006 Undergraduate Catalog Page 85-87

Plagiarism:
Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2005-2006 Undergraduate Catalog Page 85-87

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "WH".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.

Park University 2005-2006 Undergraduate Catalog Page 89

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. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Park University is committed to meeting the needs of all learners that meet the criteria for special assistance. These guidelines are designed to supply directions to learners 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 American with Disabilities Act of 1990, regarding learners 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:
http://www.park.edu/disability
 
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Copyright:
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