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AC 312 Business Income Tax
Shapiro, Marsha G.


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 312 Business Income Tax

Semester

FA 2011 HO

Faculty

Shapiro, Marsha G.

Title

Assistant Professor of Accounting

Degrees/Certificates

Master of Science in Accounting
CPA

Office Location

Mackay 26.5

Office Hours

Monday & Wednesday 10:30-12:00; Tuesday & Thursday 1:00-3:30 or By Appointment

Daytime Phone

816-584-6304

Other Phone

cell # available first day of class

E-Mail

marsha.shapiro@park.edu

Semester Dates

August 15, 2011-December 9, 2011

Class Days

--T-R--

Class Time

10:10 - 11:35 PM

Credit Hours

3


Textbook:

South-West Federal Taxation for Corporations, Partnerships, Estates & Trusts 2011 Edition w/CD. Hoffman
 
ISBN 9780538743259

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

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:
AC312 A study of the current federal income tax law. Emphasis is on the problems faced by corporations, partnerships and other organizations and tax research. PREREQUISITES: AC309 , AC320 and CS140 or equivalents. 3:0:3


 

Educational Philosophy:

Course will be presented through lecture/discussion, in-class exercise, homework and preparation of tax returns, including various schedules. 
 
Homework/assignments will be assigned after each chapters is discussed in class.  Assignments will then be reviewed during the next class period.  Students will correct their own homework.
 
There will be 4 tax returns assigned.  These will be prepared using tax software (provided with text).

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.


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:

The class will be assessed according to the performance on 4 examinations and various homework assignments.
 
Grading:
Exam I                           8%       25 points
Mid-term Exam            16%       50 points
Exam III                         8%       25 points
Final Exam                   34%      100 points
Homework/tax returns  34%      100 points
 
Total:                           100%    300 points
 
Grades will be assigned as follows:
 
A=90% 270 points
B=80% 240 points
C=70% 210 points
D=60% 180 points
Below 60% = F (below 180 points)

Grading:

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:
Excused absences should be discussed in advance.  Excused absences consist of work-related travel, death in the family, illness or military duty.  Other instances will be considered on a case-by-case basis.  A student who is absent for any reason is still responsible for the course work that is covered during his or her abcense.
 
Examinations will be made up when the instructor is notified in advance and at the instroctor's discretion.
 
The student is reponsible for contacting the instructor regarding making up exams, etc.  The instructor  will NOT contact students who are absent to schedule make up work.
 
Any materials that are accepted late will be subject to up to a 10% late penalty, which will be assessed at the discretion of the instructor.
 
Homework: Even if a student has an excused absence, no homework will be accepted late.  If the student has an excused absence, he or she may email or upload homework assignment prior to class, or may send with a classmate.  Otherwise, the student will lose any homework points.

If a student has an unexcused absence, then no homework will be accepted.

Classroom Rules of Conduct:

To succeed in this course, students should:
 
  • Read all asigned materials prior to class
  • Participate in classroom discussion
  • Complete all homework assignments prior to class
  • Attend each class session
  • Allow several hours a week for homework/study
 
This class will move very quickly.  Do not allow yourself to get behind.
 
Extraneous talking will not be tolerated
 
Cell phones must be turned off
 
Absolutely no texting!

Course Topic/Dates/Assignments:

Week
Class Activities
Exams
Week 1 
Course Intro, Chapter 1 
 
Week 2  
Chapters 2 & 3
 
Week 3
Chapters 4 & 5
 
Week 4
Chapters 6
Exam I Chapters 1-6
Week 5
Chapters 7 & 8
 
Week 6
Tax Return #1
 
Week 7  
Chapters 9 & 10
 
Week 8
Mid-term Exam
Mid-term exam
Week 9
Chapters 11 & 12
 
Week 10
Chapters 13 & 14
 
Week 11
Tax Return #2
 
Week 12
Review, Exam III
Exam III
Week 13
Chapters 15 & 16
 
Week 14
Chapter 17
 
Week 15   
Final Review
 
Week 16
Final Exam
Comprehensive Final Exam

Above is subject to change

Note:  There is a 1 week break between weeks 8 & 9

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
Students are free to work together on assignments/homework. However, it is expected that students will perform their own work on all exams.

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

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:7/28/2011 11:10:49 AM