Income Tax Accounting II—AC 424
Winter, 2008
Meeting Time:
Place: Business Center 217 Office:
Office Phone: 352-8428
Home
Phone: 352-2197 (Before
Office Hours: M
T
W
H
Prerequisites: Income Tax Accounting I (AC 423)
Textbook: West
Federal Taxation—Comprehensive Volume by Willis, Hoffman, Maloney, and
Raabe
(2008 edition)
Course Objectives: “Income
taxation of partnerships, corporations, estates, trusts. Income tax aspects of stock options and
retirement plans. Students participate
in Volunteer Income Tax Assistance (VITA) Program.” (From
This
course follows Income Tax Accounting I.
The course’s purpose is to familiarize the student with the current
federal income tax provisions affecting corporations (both C and S),
partnerships, trusts, and estates. The
emphasis is directed towards preparing students that are sitting for the CPA
exam and preparing students to work in a tax practice.
Assignments: An assignment sheet for the course is attached
to the syllabus. We will start by
completing the tax issues associated with individual capital gains. Then one week will be devoted to preparing
for VITA service—reviewing the issues tested on the VITA exam and learning to
prepare the
The
VITA system will operate from January 31 through April 3 (but not on March 6
during Break Week or on March 20 of Easter break). The scheduling of students to times for the
first few weeks will be done sometime during the first two weeks of class.
We
will be spending roughly two days on each chapter of the textbook covered this
semester. It is expected that students
will have read the text material and attempted the questions assigned for on
the first day. For the second day,
students are expected to complete the assigned computational problems. It is hoped that the selected questions and
problems will highlight the material covered in the textbook. Students are encouraged to complete
additional questions/problems from the book (a check figure sheet packet has
been prepared for you). If you have a
question which has not been resolved by assigned material, make sure that you
ask your question in class. The keys to
success in this course will be (1) regular class attendance and (2) diligence
in working
assigned
problems.
Academic Integrity
Statement:
By attending
The official Honor
Code, as approved by faculty and Student Senate, is as follows:
“As a matter of
personal commitment, students faculty and staff of
1) All submitted work must be your own.
2) When using the work or ideas of others, including fellow students,
provide full credit through
accurate citations.
3) Ask for clarification if there is uncertainty about citation rules
on a particular assignment.
4) Maintain academic honesty on examinations and class assignments.”
Cheating on an exam will not be tolerated. Anyone suspected of cheating on evaluations will discuss the incident and the consequences with the instructor. The penalty could range from a zero on the exam to an automatic F for the course. It is the responsibility of all students to report violations of this rule.
Special Accommodations:
The Americans with
Disabilities Act of 1990 (
Evaluation Process:
EXAMS:
Students
will be evaluated on 5 exams (4 unit exams and a comprehensive final),
completion of the special tax returns that will be expected throughout the
semester, and the student’s preparation for class.
For
the exams, students may use their textbook and notes as reference material, but
too much reliance on this material will not be helpful in preparing for the CPA
exam. The format of the 5 exams will be
primarily multiple choice questions with at least one essay questions on each
exam. The exams will comprise 90% of
your final grade for this class.
Exam
1 Chapters 14, 15, & VITA MATERIAL
Exam
2 Chapters 17, 18, 19 & 20
Exam
3 Chapters 21, 22, 23, & 27
Exam
4 Chapters 26 & 28
Exam
5 Comprehensive Final Exam
(only exam that is closed book)
PARTICIPATION:
The
final 10% of your grade will be based on your preparation for class. Students will be responsible for presenting
solutions to the assigned questions/problems to the rest of the class—using the
board if required by your classmates to show how you arrived at your
solution. The questions will be answered
in a sequence of 8 (7 students and the instructor). I have prepared a series of random lists to
be used each day to determine which questions students will be asked to
present. It is important that you have prepared
each question/problem for each session.
The
final grade will be based on a weighted average of your performance in each of
the above three areas and applied to the following grading scale:
90—100%
A
80—89%
B
67—79% C
55—66%
D
Under 55% F
