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AC 312 Business Income Tax
Kotwitz, Shaun


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.

Course

AC 312 Business Income Tax

Semester

S1J 2009 PV

Faculty

Kotwitz, Shaun

Title

Adjunct Faculty

Degrees/Certificates

C.P.A.

Office Hours

Before and after class

Daytime Phone

816.329.8788

E-Mail

kotwitz@mail.park.edu

Semester Dates

January 12, 2009 – March 8, 2009

Class Days

--T----

Class Time

5:30 - 9:50 PM

Prerequisites

AC309 (Individual Income Tax); AC320 (Intermediate Accounting I); & CS140 (Introduction to Computers)

Credit Hours

3


Textbook:

Hoffman, Raabe, Smith, & Maloney, South-Western Federal Taxation: Corporations, Partnerships, Estates, & Trusts 2009 Edition, South-Western Publishing, 2009.

Additional Resources:

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.
Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.


Course Description:
A study of the current federal income tax law. Emphasis is on tax research and the problems faced by partnerships and organizations.

Educational Philosophy:

To foster a learning environment that enables the learner to realize his/her greatest potential. Specifically, this class teaches the learner to think critically; to communicate clearly; and to take ownership for his/her learning.

Learning Outcomes:
  Core Learning Outcomes

  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.


  Instructor Learning Outcomes
  1. To obtain a comprehensive understanding of federal income tax law as it pertains to corporate and partnership income taxes.  This understanding also will include a basic knowledge of how to prepare corporate and partnership income tax forms and schedules and of how to evaluate the tax impact in business situations.
Core Assessment:

The test examines each learning outcome with 20 questions. Eighteen multiple-choice questions will be based upon a distribution of critical thinking concepts applied to a learning outcome. Two questions will examine a communication/writing component. Each question will be weighted as 5 points. 

Link to Class Rubric

Class Assessment:

Exams: Three exams will be given during this course.  Students will be notified in advance of changes in the material tested.  Material from the class discussions, in-class problems, homework problems, and tax return problems will be covered in the exams.  Exams will include multiple choice questions typically requiring calculations to support answers, tax return type questions, problems, and short answer questions that require application of course learning objectives.

Tax Problems:  The tax return problems will require completion of Form 1120 including related schedules for a corporation (tax problem #1) and Form 1065 including related schedules for a partnership (tax problem #2).  In addition to the exams, the tax return problems serve as assessment tools to ensure that the student has mastered all course learning objectives through application of this knowledge.  Details related to the tax return problems will be given at least two class periods before the due date. 

Homework Problems:  Homework problems will be assigned on material covered.  The problems to be completed will be assigned during the class period that the related chapter is discussed.  The homework problems will be due on the exam due dates (Exams 1 & 2) or on the day of the exam before taking the exam (Final).  Homework problems submitted after this time will not be accepted.  Students should proactively make alternative arrangements to forward homework to the instructor, if necessary.  The in-class problems will be discussed in class but will not count directly in the student’s final grades; though, this material will be covered on the exams.

Attendance/Class Participation: Attendance will be taken at the beginning of each class period.  Students are expected to attend class and to participate in class discussions.  Attendance/Class Participation will be worth 10 points of each student’s final grade and will be earned according to the following schedule:

                        Present less than six times…………..0 Points

                        Present six times…………………….5 Points

                        Present seven or more times……….10 Points

Grading:

Final Grades will be determined based upon the following:

 

Exam 1 (2, 4, & 5)
140
18.9%
Exam 2 (3, 6, & 7)
150
20.3%
Exam 3 (10, 11, & 12)
150
20.3%
Homework Problems #1 (2, 4, & 5)
50
6.8%
Homework Problems #2 (3, 6, & 7)
50
6.8%
Homework Problems #3 (10, 11, & 12)
50
6.8%
Tax Problem #1
70
9.5%
Tax Problem #2
70
9.5%
Attendance/Class Participation
10
1.4%
Total
740
100.0%

Grades will be computed using the following scale, although I reserve the right to make adjustments:

                       

Grade

Percentages

Points

A

90 – 100%

666 – 740

B

80 – 89%

592 – 665

C

70 – 79%

518 – 591

D

60 – 69%

444 – 517

F

Less than 60%

Below 444

The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business and Management courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business and Management.

Late Submission of Course Materials:
If a student submits an assignment after a scheduled deadline, he/she will not receive credit for the assignment.

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; & 6. Other rules that come up during the course of the semester.

Course Topic/Dates/Assignments:

Week

Date

Subject Read Assignment Due
1  

 

1/13  

 

Corporations: Introduction & Operating Rules  

 

Corporations: Organization & Capital Structure  

 

Ch. 2  

 

 Ch. 4  

 

 

 

2  

 

1/20  

 

Corporations: Earnings & Profits & Dividend Distributions  

 

 

Explanation of Tax Problem #1 (Corporation – Form 1120)  

 

Distribution of Exam 1 (2, 4, & 5)  

 

Ch. 5  

 

 

 

3  

 

1/27  

 

Corporations: Redemptions & Liquidations  

 

Corporations: Special Situations (certain penalty taxes imposed on corporations only)  

 

Ch. 6  

 

Ch. 3  

 

Exam 1  

 

Hwk. Probs. #1  

 

4  

 

2/3  

 

Corporations: Reorganizations  

 

Ch. 7  

 

Tax Problem #1  

 

5  

 

2/10  

 

Partnerships: Formation, Operation, & Basis  

 

 

Explanation of Tax Problem #2 (Partnership – Form 1065)  

 

Distribution of Exam 2 (3, 6, & 7)  

 

Ch. 10  

 

 

 

6  

 

2/17  

 

Partnerships: Distributions, Transfer of Interests, & Terminations  

 

Ch. 11  

 

Exam 2  

 

Hwk. Probs. #2  

 

7  

 

2/24  

 

S Corporations  

 

 

Review for Exam 3  

 

Ch. 12  

 

 

 

8  

 

3/3  

 

Exam 3 (10, 11, & 12)  

 

 

 

Tax Problem #2  

 

Hwk. Probs. #3  

 

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 2008-2009 Undergraduate Catalog Page 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 2008-2009 Undergraduate Catalog Page 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 "F".
  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 2008-2009 Undergraduate Catalog Page 89-90

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. 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 .



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluate and define accounting concepts identified by:                                                                                                                                                                                                     
Outcomes
2,3,4,5,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Evaluate and define the financial transaction(s) in order to record, adjust or correct per the Internal Revenue Service Code
Q1, Q4, Q8, Q12, Q15
100-80 %
 
Evaluate and define the financial transaction(s) in order to record, adjust or correct per the Internal Revenue Service Code
Q1, Q4, Q8, Q12, Q15
60-79%
 
Evaluate and define the financial transaction(s) in order to record, adjust or correct per the Internal Revenue Service Code
Q1, Q4, Q8, Q12, Q15
50-59%
 
Evaluate and define the financial transaction(s) in order to record, adjust or correct per the Internal Revenue Service Code
Q1, Q4, Q8, Q12, Q15
Less than 50%
 
Synthesize data to produce a logical flow of informational reporting  per established accounting rules and standards                                                                                                                                       
Outcomes
2,3,4,5,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Assemble the correct and ethical tax treatment for given transactions in order to prepare accurate tax returns per the Internal Revenue Service Code
Q3, Q6, Q7, Q11, Q14
100-80 %
 
Assemble the correct and ethical tax treatment for given transactions in order to prepare accurate tax returns per the Internal Revenue Service Code
Q3, Q6, Q7, Q11, Q14
60-79%
 
Assemble the correct and ethical tax treatment for given transactions in order to prepare accurate tax returns per the Internal Revenue Service Code
Q3, Q6, Q7, Q11, Q14
50-59%
 
Assemble the correct and ethical tax treatment for given transactions in order to prepare accurate tax returns per the Internal Revenue Service Code
Q3, Q6, Q7, Q11, Q14
Less than 50%
 
Analysis of transactional data                                                                                                                                                                                                                             
Outcomes
2,3,4,5,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Analyze financial transactions recorded in the book of original entry and adjust, record or post to prepare accurate tax returns per the Internal Revenue Service Code
Q2, Q5, Q9, Q10, Q13
100-80 %
 
Analyze financial transactions recorded in the book of original entry and adjust, record or post to prepare accurate tax returns per the Internal Revenue Service Code
Q2, Q5, Q9, Q10, Q13
60-79%
 
Analyze financial transactions recorded in the book of original entry and adjust, record or post to prepare accurate tax returns per the Internal Revenue Service Code
Q2, Q5, Q9, Q10, Q13
50-59%
 
Analyze financial transactions recorded in the book of original entry and adjust, record or post to prepare accurate tax returns per the Internal Revenue Service Code
Q2, Q5, Q9, Q10, Q13
Less than 50%
 
Application of established rules and logic per regulatory and commercial standards                                                                                                                                                                         
Outcomes
1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Demonstrate and interpret financial data for preparing business income tax returns in order to comply with the Internal Revenue Service Code
Q16, Q17, Q18
100-80 %
 
Demonstrate and interpret financial data for preparing business income tax returns in order to comply with the Internal Revenue Service Code
Q16, Q17, Q18
60-79%
 
Demonstrate and interpret financial data for preparing business income tax returns in order to comply with the Internal Revenue Service Code
Q16, Q17, Q18
50-59%
 
Demonstrate and interpret financial data for preparing business  income tax returns in order to comply with the Internal Revenue Service Code
Q16, Q17, Q18
Less than 50%
 
Content of Communication written essay                                                                                                                                                                                                                     
Outcomes
1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to
preparing business income tax returns
Question 20
100-80 %
 
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to preparing business income tax returns
Question 20
60-79%
 
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to preparing business income tax returns
Question 20
50-59%
 
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to preparing business income tax returns
Question 20
Less than 50%
 
Technical Skill in Communicating written essay                                                                                                                                                                                                             
Outcomes
3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Demonstrate the knowledge and skill to evaluate, apply and discuss tax solutions
Question 19
100-80 %
 
Demonstrate the knowledge and skill to evaluate, apply and discuss tax solutions
Question 19
60-79%
 
Demonstrate the knowledge and skill to evaluate, apply and discuss tax solutions
Question 19
50-59%
 
Demonstrate the knowledge and skill to evaluate, apply and discuss tax solutions
Question 19
Less than 50%
 

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Last Updated:12/14/2008 1:24:01 PM