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AC 309 Individual Income Tax
Atwater, Justin J.


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

U1QQ 2011 HI

Faculty

Atwater, Justin J.

Title

Adjunct Faculty

Degrees/Certificates

BS Accounting - Brigham Young University
Master of Accounting - Brigham Young University
Juris Doctorate - University of Utah

Office Hours

Upon request

Daytime Phone

801-913-0258

Other Phone

801-415-3000

E-Mail

justin.atwater@park.edu

jatwater@djplaw.com

Semester Dates

6/6/11 - 7/31/11

Class Days

-T-TH---

Class Time

7:30 - 10:15 PM

Credit Hours

3


Textbook:

Income Tax Fundamentals 2011 (with H&R BLOCK At Home(TM) Tax Preparation Software CD-ROM)

Gerald E. Whittenburg; Martha Altus-Buller

·  ISBN-10: 0538469196

·  ISBN-13: 978-0538469197

Additional Resources:

www.irs.gov

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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:
Income taxes naturally lends themselves to hands on real-world application.  We will explore the united states income tax strucutre through in-class problem solving, group interaction, lectures and in-class discussion.  Students will devote out-of-class time to reading and solving sample problems and be prepated to engage in classroom disussion.  Students will demonstrate their mastery of the subject through quizess and examinations.

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:

  • 3 Examinations - 2 Midterms and Final
  • 5 Quizzes - Randomly throughout term
  • 10 Assignments/Homework - Randomly throughout term
  • In-class participation/discussion
  • Grading:

    • 3 Examinations 
                   Midterm Exam 1 - 200 points 
                   Midterm Exam 2 - 200 points     
                   Final Exam -   300 points
    • 5 Quizzes - 20 points each/100 points total
    • 10 Assignments/homework - 10 points each/100 points total
    • In-class participation/discussion - 100 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:
  • Examinations: no late submission will be allowed unless prior arrangement is made with the instructor or in extenuating circumstances.
  • Quizzes: no late submission will be allowed.  Quizzes will be administered randomly throughout the term.  If a student is not in attendance on a day a quiz is administered, no make-up will be permitted.  Students will be allowed to drop the two lowest quiz scores.
  • Assignments/Homework: assignments may be submitted late with a 5 point penalty for each week for which a given assignment is late.
  • Classroom Rules of Conduct:
    Each student is expected to attend every class unless excused.  Students are expected to come prepared to engage in classroom discussion and participate in real-world scenarios.  Distractions will not be allowed.  To foster a learning atmosphere, all distruptive students will be asked to leave.

    Course Topic/Dates/Assignments:
    June 7- Chapter 1

    a.       Read: Chapter 1

    b.      Homework: Given in class

    2.      June 9 - Chapter 2

    a.       Read: Chapter 2

    b.      Homework: Given in class

    3.      June 14 – Chapter 3

    a.       Read: Chapter 3

    b.      Homework: Given in class

    4.      June 16– Chapter 4

    a.       Read: Chapter 4

    b.      Homework: Given in class

    5.      June 21 – Chapter 5

    a.       Read: Chapter 5

    b.      Homework: Given in class
     
    6.      June 23– Midterm Exam #1 (200 points) 
     
    a.       Preparation: Review Chapters 1-5, Homework questions and quizzes

    June 28 - Chapter 6

    a.       Read: Chapter 6

    b.      Homework: Given in class

    8.      June 30 - Chapter 7

    a.       Read Chapter 7

                      b.      Homework: Given in class
     
    July 5– Chapter 8

    a.       Read: Chapter  8

    b.      Homework: Given in class

          July 7 – Chapter 9

    a.       Read: Chapter 9

    b.      Homework: Given in class

          July 12 – Chapter 10

    a.       Read: Chapter 10

    b.      Homework: Given in class

          July 14 - Midterm Exam #2 (200 points)
          
                      a.   Preparation: Review Chapters 6-10, Homework questions and quizzes

    July 19– Chapter 11

    a.       Read: Chapter 11

    b.      Homework: Given in class

          July 21 – Chapter 12

    a.       Read: Chapter 12

    b.      Homework: Given in class

          July 26– Review for Final Exam

    a.       Read: Chapters 1-12; notes, homework, quizzes 

          July 28 – Final Exam (300 points)

    a.       Preparation: Review Chapters 1-12, Homework questions, and quizzes

    b.      *Note: The Final Exam is comprehensive

    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)
    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.  

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    Last Updated:5/11/2011 12:58:29 PM