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AC 309 Individual Income Tax
Noble, William R.


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

S1J 2013 DN

Faculty

Noble, William R.

Title

Adjunct Faculty

Degrees/Certificates

MBA,CPA

Office Location

None

Office Hours

Before or after class- call 816-505-7947 for appointment before class

E-Mail

William.Noble@park.edu

noblhse@aol.com

Class Days

-M-----

Class Time

5:30 - 10:00 PM

Prerequisites

AC 201 and CS140

Credit Hours

3


Textbook:
Textbook:

Individual Income Taxes 2012 Edition, Hoffman, Smith et al.
South-Western Publishing-- Note:CD is not required and We are using the 2012 version, not 2013
 

 

Additional Resources:
  Department of the Treasury IRS Publication 17 for 2011 returns. Although  not required, this resource is strongly recommended. It is available online at IRS.gov or from any IRS office. If not available, get the 2010 version. Please acquire and bring to class.

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

Educational Philosophy:
The facilitators educational philosophy is that learners are best served through regular reading, 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 discussion in class.

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:

Homework
Two research papers- Note: Wikipedia is NOT a valid source for income tax information.
Four (4) quizzes
Two tax returns due Class 4 and Class 7
Final examination


 

Grading:
Grading:


Homework                                                     90  
Two Tax Return Problems                          140
Two research problems, 45 points each       90
Four quizzes, 30 points each                       100
Final examination                                       180
TOTAL POSSIBLE POINTS                    600

A = 541 to 600 points
B = 480 to540 points
C = 420 to 479 points
D = 361 to419  points
F + less than 360  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. Late submission will result in a zero for that assignment. However, a one-time only forgiveness of a late assignment is possible with an excused absence from a class.

Under no circumstances will exams be taken after the scheduled date; however, arrangements can be made for the learner to take an 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 begining of class. If you must be in contact with someone outside the classroom, set your phone to vibrate and excuse yourself from the class to take the call.


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

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



Course Topic/Dates/Assignments:
Please read Chapters one and two 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. 


All homework for each class is to be prepared for and submitted in the class week assigned. 

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 Exclusion Questions 5,7,16; Problems 32,35,38. Chapter 6: Deduction and Losses Questions 9,19; Problems 34,39,51. 
Quiz 1

Week 3 Chapter 7: Deductions and 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 Problem 51. Chapter 10: Itemized Deductions Problems 24,29,32,40
Tax return due Problem 8-62.
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 Credit Questions 5,11,19; Problems 24,45,50,54; Chapter 14: Property Problems 30,31,36,42,52.
Research Paper #2 due

Chapter 7: Chapter 15: Property Questions 20,26,27; Problems 37,41,46. Chapter 16: Capital Gains Questions 26,28,38,41
Quiz 4
Tax return #2 Comprehensive Problem (Appendix E, Problem 2)

Chapter 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 2012-2013 Undergraduate Catalog Page 97

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 2012-2013 Undergraduate Catalog Page 95

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 2012-2013 Undergraduate Catalog Page 98
Missed work through excused absences will not be accepted for a GRADE. Students should submit work on the due date 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 .

Additional Information:













Bibliography:



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:2/8/2013 3:57:47 PM