Course Title:
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Course Materials:
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Principles of Taxation for Business and Investment Planning, McGraw-Hill, 2009, 12/e
Sally M. Jones and Shelley C. Rhoades-Catanach
ISBN: 0073379476 | |
Course Description:
| (Formerly Income Tax Accounting.) Prerequisite: ACCT 220 or equivalent. An introduction to federal taxation of the income of individuals. Tax laws are examined by means of illustrative examples and problems. Computer applications may be used to analyze specific examples. Students may receive credit for only one of the following courses: ACCT 323 or BMGT 323. | |
Course Goals/Objectives:
Upon completion of this course the student should be able to:
*Apply fundamental tax principles and concepts regarding the taxation of individuals to standard business situations
* Develop mastery of tax terminology,
* Demonstrate improvement in problem solving, issue identification, test taking, and writing skills,
* Use tax principles and concepts learned to help prepare for the tax material on the CPA Examination, and
* Utilize internet for tax research. | |
Course Introduction:
| This course is the study of fundamental federal tax concepts, including the basic tax structure; essential concepts of tax research; gross income; business, employee, and itemized deductions; and property transactions. Most of the concepts we cover involve the taxation of individuals, although many of the general concepts, such as "what is income for tax purposes?" and "how are property transactions treated?" also apply to corporations, partnerships, and other types of tax entities. | |
Grading Information and Criteria:
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Instructor may also add faculty policies on late assignments, attendance, and extra credit.
A = 90-100%
B = 80-89%
C = 70-79%
D = 60-69%
F below 60%
Comprehensive Problems — 30%
(Two sets — 15% each)
Mid-term — 30%
Final Examination — 40%
TOTAL — 100% | |
Other Information:
Any other information the instructor wishes to add. This might include:
* General expectations of students, such as hours per week students should expect to devote to the class
* Turnaround time for faculty to respond to email and return papers
* Unique class procedures or activities (such as cooperative learning exercises, panel presentations, case study methods, class journals or learning logs)
* Supplemental objectives (such as development of skills like teamwork, writing, oral presentation; integration of knowledge on focus topics)
* Optional activities such as study groups | |
Project Descriptions:
| Projects consist of submission of two sets of comprehensive problems. See course schedule for details. | |
Academic Policies:
Cases of plagiarism are handled consistent with current UMUC guidelines.
See the UMUC policies at the following URL:
http://www.umuc.edu/policy/ | |
Course Schedule:
Meeting 1
Review syllabus
Ch. 1 Types of Taxes and the Jurisdictions That Use Them
Ch. 2 Tax Policy Issues: Standards for a Good Tax
Meeting 2
Ch. 3 Taxes as Transaction Costs
Meeting 3
Ch. 4 Maxims of Income Tax Planning
Ch. 5 Tax Research
Meeting 4
Ch. 6 Taxable Income From Business Operations
Meeting 5
Ch. 7 Property Acquisitions and Cost Recovery Deductions
Meeting 6
Ch. 8 Property Dispositions
Ch. 9 Nontaxable Exchanges
Meeting 7
Review
Comprehensive Problems for Part Three (1 and 2) (p. 253-254)
Meeting 8
Midterm Examination -- Covers chapters 1-9
Meeting 9
Ch. 10 Sole Proprietorships, Partnerships, LLCs, and S Corporations
(Omit Ch. 11)
Meeting 10
Ch. 12 The Choice of Business Entity
Meeting 11
Ch. 13 Jurisdictional Issues in Business Taxation
Meeting 12
Ch. 14 The Individual Tax Formula
Meeting 13
Ch. 15 Compensation and Retirement Planning
Meeting 14
Ch. 16 Investment and Personal Financial Planning
Ch. 17 Tax Consequences of Personal Activities
(Omit Ch. 18)
Meeting 15
Review
Comprehensive Problems for Part Five (1, 2 and 3) (p. 542-543)
Meeting 16
Final Examination -- Comprehensive | |
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