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AC 309 Individual Income Tax
Osborne, Robert Lewis


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 309 Individual Income Tax

Semester

F1DD 2010 DC

Faculty

Osborne, Robert Lewis

Title

Adjunct Senior Instructor

Degrees/Certificates

CPA, CMA, CFM, CGFM, CDFN, CBM, CITP, ATP

Office Location

DSCC Building 11

Office Hours

Before class, After Class, or by Appointment.  Office hours are not available during normal work hours.  However, assistance can be obtained by calling or emailing the instructor, or by appointment

Daytime Phone

Work: 614-251-4261

Other Phone

Cell: 614-216-9768

E-Mail

robert.osborne@park.edu

osbornecpa@insight.rr.com

Semester Dates

August 16 to October 10, 2010

Class Days

--T----

Class Time

5:00 - 10:45 PM

Prerequisites

AC 201 and CS 140

Credit Hours

3


Textbook:

Pope, Thomas R., Kenneth E. Anderson, and John L. Kramer (2011). Prentice-Hall's Federal Taxation 2011 – Individuals.  Prentice Hall, Inc., Upper Saddler, NJ.

ISBN-10: 0-13-213857-3

ISBN-13: 978-0-13-213857-4

Each student is required to have his/her own copy of the text and bring it to each class session.   Each student should have a calculator for this course. 

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
 SUPPLEMENTAL RESOURCE MATERIALS LIST: 

Internal Revenue Code of 1986; IRS Regulations, Revenue Rulings, Revenue Procedures, and Letter Rulings; Tax Court Memos; any Principles of Accounting Text, and the IRS website (WWW.IRS.Gov)

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:
AC309 Individual Income Tax: A study of the current Federal Income Tax law with emphasis on its application to individuals as part of a cooperative effort with the Internal Revenue Service. Prerequisite: AC201 and CS140. 3:0:3

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. The instructor’s educational philosophy is based on student participation 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:
  Core Learning Outcomes

  1. Prepare Federal, state and city income tax returns for clients.
  2. Treat clients in a respectful and professional manner.
  3. Prepare working papers and schedules to support income tax returns.
  4. Use computer software to plan and report tax information.
  5. Organize and compile client-prepared data.
  6. Pass a written comprehensive examination on individual income tax law.


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:

This course will cover Chapters 1 through 15 of the assigned text. The course assessment will include two (2) exams; two (2) tax return problems; four (4) graded homework problems and class attendance/participation.

Exams: Two 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 problem, and tax return problems will be covered in the exams.

Exam number 1 covers Chapters 1 through 8.

Final exam is comprehensive

Graded Homework Problems: Four 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.

Tax Problems: Details related to the tax return problems will be given at least two class periods before they are due.

Grading:

Course grades will be based on an average percentage, as follows:

A. Examinations: two (2) 100 points each                            200 points total

B. Homework: four (4) at 15 points each                                60 points total

C. Tax return problems: two at 80 points each                       160 points total

D. Class Attendance/Participation (10 points each class)        80 points total

E. Class total 100 percent                                                     500 points total

F. This course grade distribution is as follows:

                   A = 90% to 100% (450 to 500 points)

                   B = 80% to 89.9% (400 to 449 points)

                   C = 70% to 79.9% (350 to 399 points)

                   D = 60% to 69.9% (300 to 349 points)

                   F = below 60% (299 points and below)

Assessments as a percent of the course

A. Mid-Term Examination – 20 percent of final grade

B. Final Examination – 20 percent of final grade

C. Homework: Four (4) – 12 percent of final grade (3 percent each)

D. Tax return problems (2) - 32 percent of final grade

C. Class Participation: Eight (8) - 16 percent of final grade

All final grade percentages will be rounded to one decimal point

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

Note: I will try to assist you as much as I can as you proceed through this course. Always feel free to consult me when you have problems meeting course commitments.

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 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.

Late Submission of Course Materials:

A. The instructor will not accept the Tax return problems late. Tax Return Problems not submitted on, or before, the due date will receive a grade of “zero”.

B. Homework is expected to be turned in on the assigned due date. Five points will be deducted for each calendar day that homework is late. All assigned homework will serve as bases for discussion in class. It is important to note that it is virtually impossible to understand Income Tax, as it works in the real world, without performing problems in a classroom situation. Reading the book without performing the homework will not result in your learning Individual Income Tax.
C. Graded assignments (homework or Tax Problems) will not be accepted after graded assignments have been discussed in class or handed back to the class.

D. Examinations are announced well in advance and it is the Students' responsibility to know when exams are scheduled and make special arrangements PRIOR TO THE EXAM if they will be unable to attend. Makeup exams will be allowed, without penalty, only if the situation warrants and only if PRIOR arrangements have been made with the instructor. If you have an unexcused absence resulting in you missing an exam, the exam must be made up the following week. In addition, your test score will be reduced by ten (10) percentage points.

E. Please note that participation points are not the same thing as attendance. Participation points are granted for actively participating in the class not merely showing up. A student can not receive participation points if they are absent.

Classroom Rules of Conduct:

The classroom rules of conduct include the following: 1. Respect the instructor’s decisions/requirements; 2. Class start time is 5:00 Sharp; 3. Only one conversation at a time; 4. All homework assignments are to be submitted on time; 5. Respect other learners; 6. Participate in classroom discussions/exercises; 7. Take ownership and complete assignments by given deadlines; 8. Notify instructor of any possible absences or missed deadlines;

CELL PHONES: Cell phones are a major convenience and a major annoyance. Turn them OFF. If you must leave your phone on, please turn it to mute or whatever setting your telephone requires so that it does not disturb the class. If you receive a call or text, leave the classroom and go to the lobby.

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:
  

Meeting

Chapters

Subject

What to expect

1

1, 2 & 3

Review syllabus, Ch 1 – Introduction to Taxation, Ch. 2 – Determination of Tax,  and Ch. 3 – Gross Income, Inclusions

Lecture, problems

2

4 & 5

Ch. 4 - Gross Income, Exclusions 
Ch. 5 – Property Transactions

Lecture, problems

Graded HW # 1 Due

3

6 & 7

Ch 6. – Deductions and Losses, and Ch. – 7 Itemized Deductions

Lecture, problems

Graded HW # 2 Due 

4

7 & 8

Ch. 7 – Itemized Deductions; and Ch. 8 Losse and Bad Debt

Distribution of Exam 1 (chapters 1-8)

Lecture,
First Tax Problem Due, 
exam -take home

5

9, 10, & 11

Ch. 9 – Employee Expense; Ch. 10 – Depreciation, Cost Recovery, Amortization, and Depletion; and Ch 11. Accounting Peridos and Methods

Lecture, Problems, Mid-Term due back 

6

12 & 13

Ch 12 – Property Transactions; and Ch 13 – Property transactions Section 1231

Lecture, problems

Graded HW 3 Due

7

14 & 15

Ch. 14 – Special Tax Computation Methods, Credits and Payments; and Ch. 15 - Tax Research

Lecture, problems

Second Tax Problem Due, 

Graded HW 4 Due

8

All

Final Exam

Final exam

A list of Graded homework problems will be handed out the first night of class. You may also check eCompanion.

**Midterm will be a take home exam; it will be handed out during session 4 and due back session 5 with no exceptions.

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 students and faculty members are encouraged to take advantage of the University resources available for learning about academic honesty (www.park.edu/current or http://www.park.edu/faculty/).from Park University 2010-2011 Undergraduate Catalog Page 92

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. from Park University 2010-2011 Undergraduate Catalog Page 92-93

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 2010-2011 Undergraduate Catalog Page 95-96

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,Synthesis                                                                                                                             
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,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,Evaluation                                                                                                                                                              
Outcomes
1,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Demonstrate and interpret financial data for preparing
individual 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 individual 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 individual 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 individual income tax returns in order to comply with the Internal Revenue Service Code
Q16, Q17, Q18
Less than 50%
Terminology,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 individual 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 individual 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 individual 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 individual income tax returns
Question 20
Less than 50%
 
Technical Skill in Communicating written essay,Concepts                                                                                                                                                                                                    
Outcomes
4,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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%
Application,First Literacy Technical knowledge and application                                                                                                                                                                                             
Outcomes
,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
,Student will demonstrate a knowledge of individual taxation within the scope of AC 309 to assist them in performing their job functions or enhancing their accounting and tax knowledge
Overall Score
100-80 %
 
,Student will demonstrate a knowledge of individual taxation within the scope of AC 309 to assist them in performing their job functions or enhancing their accounting and tax knowledge
Overall Score
60-79%
 
,Student will demonstrate a knowledge of individual taxation within the scope of AC 309 to assist them in performing their job functions or enhancing their accounting and tax knowledge
Overall Score
50-59%
 
,Student will demonstrate a knowledge of individual taxation within the scope of AC 309 to assist them in performing their job functions or enhancing their accounting and tax knowledge
Overall Score
Less than 50%
 
Second Literacy Transcendence of applied learning,Whole Artifact                                                                                                                                                                                           
Outcomes
,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Student will demonstrate a knowledge of individual taxation to be successful citizens, employees or world leaders as they better understand the economic/ monetary drivers of the contemporary world we live in
Overall Score
100-80 %
Student will demonstrate a knowledge of individual taxation to be successful citizens, employees or world leaders as they better understand the economic/ monetary drivers of the contemporary world we live in
Overall Score
60-79%
Student will demonstrate a knowledge of individual taxation to be successful citizens, employees or world leaders as they better understand the economic/ monetary drivers of the contemporary world we live in
Overall Score
50-59%
Student will demonstrate a knowledge of individual taxation to be successful citizens, employees or world leaders as they better understand the economic/ monetary drivers of the contemporary world we live in
Overall Score
Less than 50%
Component                                                                                                                                                                                                                                                  
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
    

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Last Updated:7/15/2010 11:04:17 AM