Syllabus Entrance
Printer Friendly
Email Syllabus

AC 309 Individual Income Tax
Vickers, Zodie


Mission Statement: Park University provides access to a quality higher education experience that prepares a diverse community of learners to think critically, communicate effectively, demonstrate a global perspective and engage in lifelong learning and service to others.

Vision Statement: Park University, a pioneering institution of higher learning since 1875, will provide leadership in quality, innovative education for a diversity of learners who will excel in their professional and personal service to the global community.

Course

AC 309 Individual Income Tax

Semester

F2J 2011 PV

Faculty

Vickers, Zodie

Degrees/Certificates

MBA, CMA

Daytime Phone

816-260-6888

E-Mail

Zodie.Vickers@park.edu

Semester Dates

October 17 through December 11, 2011

Class Days

Tuesday

Class Time

5:30 - 9:50 PM

Prerequisites

AC 201 and CS 140

Credit Hours

3


Textbook:
Individual Income Taxes 2012 Edition , Hoffman, Smith et al
South-Western Publishing

Additional Resources:
Department of the Treasury IRS Publication 17 for 2011 returns.  Although not required, this resource is strongly recommended.  It is available online (from IRS.gov) or can be obtained from an IRS office.  NOTE:  Publication 17 for 2011 returns may not yet be available, in which case, the publication for 2010 returns may be substituted.

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:
The facilitator's educational philosophy is that learners are best served through regular reading, lectures, real-life examples from current events, students' professional or other life experiences, lectures, routine practice (homework), and hands-on practice at completing tax forms.  I encourage lively discourse.

Learning Outcomes:
  Core Learning Outcomes

  1. Prepare a federal individual income tax return utilizing computer software.
  2. Gather and understand the significance of source documents necessary to prepare an individual tax return.
  3. Use a computer to report tax information and apply the various rules relating to filing status in order to calculate taxable income.
  4. Calculate depreciation expense, Form 4562, utilizing MACRS, ADS, Bonus and Section 179 where applicable, and knowing the limitations o listed property.
  5. Apply Section 162 of the Internal Revenue Code and the parameters for the deductibility of business expenses.
  6. Apply the income tax rules which apply to deductions "for" and "from" adjusted gross income in order to calculate taxable income.


Core Assessment:

Description of the Core Assessment Instrument   Final Exam  

This assessment is designed to assess Core Learning Outcomes #1 - #6 and will make up 30% of the course grade

Link to Class Rubric

Class Assessment:
Two research papers        
Four (4) quizzes                           
One tax return  Due class 4
Final examination

Grading:

One  tax return problem                                                                          100
Two research problem, 25 points each                                                      50
Four quizzes, 25 points each                                                                   100
Final examination                                                                                    150
TOTAL POSSIBLE POINTS                                                                 400

A = 360 to 400 points
B = 320 to 359 points
C = 280 to 319 points
D = 240 to 279 points
F = less than 240 points

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:
There is to be NO late submission of any assignment.  However, a one-time only forgiveness of a late assignment is possible with an excused absence from a class.

Under no circumstance will exams be taken after the scheduled date; however, arrangements may be made for the learner to take the exam prior to the scheduled class time for such examination.

Classroom Rules of Conduct:
In consideration of other learners, please turn off all communication devices prior to the beginning of class.  If you must be in contact with someone outside of the classroom, set your telephone to vibrate and excuse yourself from the room to take the call.

Although I am in favor of lively communication in the classroom, speaking while another person has the floor is rude.  Please limit the volume and amount of your talking so as not to disturb the speaker or other learners who are seated near you.  Classroom discussion should be civilized and respectful to everyone and relevant to the topic we are discussing.  Classroom discussion is meant to allow us to hear a variety of viewpoints.  This can only happen if we respect each other and our differences.

You are expected to be on time.  Class starts promptly at 5:30.  Failure to be in class by 6:00 P.M. and leaving prior to 9:50 P.M. will result in an unexcused absence being recorded. 

Course Topic/Dates/Assignments:

Please read Chapters 1 and 2 prior to the first class meeting.  Although they will not be reviewed in detail in Week One, the information is critical to learning the federal income tax information in subsequent chapters.
 

WEEK 1   Chapter 3: Tax formula     Questions 2, 18, 20 Problems 29, 34, 36          
                 Chapter 4: Gross income   Questions 7, 14, 19 Problems 34, 37

 WEEK 2  Chapter 5: Income exclusions   Questions 5, 7, 16 Problems 32, 35, 38
                 Chapter 6: Deductions and Losses   Questions 19, 29 Problems 34, 49, 51
                         Quiz I
WEEK 3  Chapter 7: Deductions & losses Questions 13, 20 Problems 33, 47, 56,59
           Chapter 8: Depreciation Questions 8, 18, 28 Problems 45, 48,59
                        Quiz 2
WEEK 4  Chapter 9:  Employee expenses   Cumulative Problem 51     
                     Chapter 10: Itemized deductions  Problems 24, 29, 32, 40
                       Tax return due
                       Research paper #1 due

WEEK 5  Chapter 11: Investor losses          Questions 17,24,30,31, Problems 42,44,56
                       Quiz 3     
WEEK 6  Chapter 13:  Tax credits              Questions 5,11,19, Problems 24,45,50, 54
                Chapter 14:  Property                  30,31,36,42,52
                      Research Paper #2 due
WEEK 7   Chapter 15: Property                  Questions 20,26,27, Problems 37,41,46
                 Chapter 16: Capital Gains            Questions 26,28,38,41
                     Quiz 4

WEEK 8   Final examination

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 2011-2012 Undergraduate Catalog Page 93

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 2011-2012 Undergraduate Catalog Page 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 2011-2012 Undergraduate Catalog Page 96
Missed work through unexcused absences will not be accepted for a grade.  Students should submit work on the date due via facsimile or electronic submission.

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)
Core Learning Outcome #1 (part of Core Assessment)                                                                                                                                                                                                         
Outcomes
Prepare a federal individual income tax return utilizing computer software.                                                                                                                                                                                                                                                                                                                                                                                                                                          
Student correctly and consistently prepares Federal tax returns with computer software. Student correctly identifies items for tax returns but does not apply the information correctly on the Federal tax return. Student is not able to correctly prepare a computerized Federal tax return.  
Core Learning Outcome #2 (part of Core Assessment)                                                                                                                                                                                                         
Outcomes
Gather and understand the significance of source documents necessary to prepare an individual tax return.                                                                                                                                                                                                                                                                                                                                                                                                            
Student correctly and consistently prepares working papers and schedules to support income tax returns. Student correctly evaluates income tax consequences but does not present information in working papers and schedules to support income tax returns. Student is unable to prepare working papers and schedules to support income tax returns.  
Core Learning Outcome #3 (part of Core Assessment)                                                                                                                                                                                                         
Outcomes
Use a computer to report tax information and apply the various rules relating to filing status in order to calculate taxable income.                                                                                                                                                                                                                                                                                                                                                                                 
Student correctly and consistently uses computer software to prepare and report tax information. Student is able to use the computer software but does not plan and report tax information correctly. Student is unable to use computer software to correctly report tax information  
Core Learning Outcome #4 (part of Core Assessment)                                                                                                                                                                                                         
Outcomes
Calculate depreciation expense, Form 4562, utilizing MACRS, ADS, Bonus and Section 179 where applicable, and knowing the limitations o listed property.                                                                                                                                                                                                                                                                                                                                                              
Student correctly and consistently calculates depreciation expenses on Federal income tax returns. Student is able to organize and compile tax return but does not apply the details appropriately on Form 4562. Student is unable to correctly and consistently organize information relating to the calculation of depreciation expense on Federal income tax returns.  
Core Learning Outcome #5 (part of Core Assessment)                                                                                                                                                                                                         
Outcomes
Apply Section 162 of the Internal Revenue Code and the parameters for the deductibility of business expenses.                                                                                                                                                                                                                                                                                                                                                                                                        
Student correctly and consistently applies provisions of Section 162 of the Internal Revenue Code as it relates to the deductibility of business expenses. Student correctly applies provisions of Section 162 of the Internal Revenue Code but may not consistently apply the information correctly for deductibility of business expenses. Student is unable to apply provisions of Section 162 of the Internal Revenue Code as it relates to the deductibility of business expenses.  
Core Learning Outcome #6                                                                                                                                                                                                                                   
Outcomes
Apply the income tax rules which apply to deductions "for" and "from" adjusted gross income in order to calculate taxable income.                                                                                                                                                                                                                                                                                                                                                                                    
Student correctly applies income tax rules in calculating adjusted gross income in order to calculate taxable income. Student correctly arrives at adjusted gross income but may not apply the income tax rules appropriately. Student is unable to apply income tax rules so as to calculate adjusted gross income in order to calculate taxable income.  

Copyright:

This material is protected by copyright
                               and can not be reused without author permission.

Last Updated:9/9/2011 9:39:39 AM