ACCOUNTING 523 – TAXATION OF CORPORATIONS
EASTERN
COLLEGE OF BUSINESS & TECHNOLOGY
Course: ACC 523; 6:00 –
8:45 p.m. Mondays;
Room: BTC 101
Instructor: Dr. Edmund Fenton, CPA, CMA, Cr.FA
Office: BTC 124
Phone: (859) 622-1119
E-mail: Ed.Fenton@eku.edu
Office Hours:
1:30
– 3:30 p.m. T,Th; 2:00 –
6:00 p.m. M; other times by appointment.
Home Page: http://people.eku.edu/fentone/
Prerequisite: Completion of Accounting 322 with a minimum grade of C- or
better.
Required Text:
West Federal Taxation Comprehensive Volume 2007
Edition with TNOW Access Code, Willis, et. al., Thomson South-Western (2007).
Required
Paper: Wall Street
Journal. Some of the
exam questions may be based on articles in the WSJ.
Internet Access:
Internet access is a requirement for this
course. The study of some course
material and the taking of some class quizzes and possibly exams will be
performed via the internet. Students
must obtain and use an e-mail account on a regular basis. Also, there are many resources available for
the text that are online.
Blackboard: Students must use the Blackboard system. Class announcements, assignments, changes to
the syllabus, and online quizzes and/or tests will be posted on
Blackboard. Blackboard should be checked
on a daily basis for updates.
E-mail Accounts: All EKU students are
assigned an EKU Webmail account. Blackboard will allow students to change
their email address to their home email address (AOL, Yahoo, Hotmail,
etc.). Some email accounts (AOL is the
worst) have spam blockers that will block mail from EKU. If you change your email address, it is your
responsibility to make sure that your personal email account will not block
email from EKU.
Submitting Work Online: The option may be given to submit papers and
projects online. When this is done,
please send the file as an attachment and use the following format to name your
file: yourlastname_assignmenttitle.doc
Library Research Required: Professional Taxation Journals, CCH Tax
Research Network.
Course Description: Federal income tax report preparation with an
emphasis on partnership and corporate returns; estate and trusts; gift and
estate taxes; special problems in preparation of tax returns.
Objectives: This course will provide a foundation in the
areas of Federal taxation for C-corporations, partnerships,
S-corporations, and estates
& gifts. Also included will be
discussions of current topics in taxation.
Class Format and Attendance: This is a 3 credit‑hour
course. You will meet in class one time
per week. Class will consist of
discussion and tax analysis. The student
must be well prepared for the discussion that evening. Preparation for class includes chapter
reading and homework problem assignments.
You should anticipate spending a minimum of 10 hours outside of class
each week in preparation. There is no
short cut. What you get from the course
depends on what you are willing to put into it.
Class attendance is critical to the learning process
and is a course requirement. If you have
more than three unexcused absences during the semester, your overall course
average will be reduced by 20 percentage points for each absence over
three. One absence is considered to be
one-half of the night class period. Students who consistently arrive late or
leave before the end of class will be considered absent.
Grading Policy: Grades for the
course will be determined as follows:
|
Online Exam 1:
50 points |
50 |
|
|
Exams 2,3,4:
150 points each |
450 |
A 90% or better |
|
Online Assignments & Quizzes |
100 |
B 80% to 89% |
|
Tax Return Projects (25 points each) |
50 |
C 70% to 79% |
|
Tax Article Summary |
15 |
D 60% to 69% |
|
Tax Research Document Summary |
15 |
F less than 60% |
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Total points for the semester |
680 |
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Bonus I: |
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Only a total of 20 Bonus I points will be allowed. The points are awarded in 10-point increments. |
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10 points for each item below: |
Maximum |
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Additional tax article
summary
|
20
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Helping with a session
of VITA
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20
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Bonus II:
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Attendance at the IMA Student Night: 20 bonus
points (these are in addition to the regular bonus points above). Also, additional bonus opportunities may be
provided during the semester. Note: the amount of bonus points for the items
above could change. |
||
Exams: The exams will either be given during regular
class hours or online outside of class time.
The final exam date is set by the university and is fixed. The exams may consist of multiple choice,
problems and/or essay questions.
Students will be evaluated on the accuracy and thoughtfulness of their
answers and on their abilities to write clearly, concisely, and
effectively. All students are expected
to take the examinations at the scheduled time for the class. Examinations that are missed will be given a
grade of zero and will not be allowed to be taken at a later date
unless: (1) the student contacted the instructor prior to the examination date
and received permission to miss the in-class exam, or (2) the situation was an
extreme emergency. Make‑up
examinations will be allowed only at the judgment of the instructor. A written verification or explanation must be
submitted to the instructor before a make-up exam is permitted.
Article and Original Tax
Document Summaries: Federal income taxation articles from taxation and/or accounting
journals are to be read and a written summary prepared. Original tax research sources such as
Treasury regulations, Revenue Rulings, and Revenue Procedures are also to be
read and summarized. The summaries are
to be two pages in length, double-spaced. The page margins must be one inch, and the
type may not be smaller than 10 point or larger than 12 point. The citation for the article is to be placed
at the top of the first page and should be single-spaced. Journals from which full-length articles may
be found are ones similar to The Tax Adviser, The Journal of Taxation,
Taxes, The Journal of Accountancy, and The CPA Journal. Use the library resources of periodical and
the online CCH tax service both in the campus library and online to locate the
journal articles and tax research sources.
If you are registered with the Office of
Services for Individuals with Disabilities, please make an appointment with the
course instructor to discuss any academic accommodations you need. If you need
academic accommodations and are not registered with the Office of Services for
Individuals with Disabilities, please contact the office on the third floor of
the
Note: The chapter assignment
schedule and examination dates (not the Final Exam date) are subject to
change depending on the needs of the class and time spent covering the
material. More assignments may be given
and some may be deleted, and the exam dates could be earlier or later than the
dates listed above. Each student is
responsible for attending every class meeting to become aware of any changes. The chapters are to be read and the problem
assignments are to be completed before the class period on the dates shown in
the schedule above.
Final
Exam:
Everyone will take the final exam at the scheduled time; no exceptions. Please plan your travel after the final exam.
|
Date |
Chapter
Assignment |
Assignments Due |
|
Jan. 22 |
Introduction; Chapter 15 Alternative Minimum Tax; |
Ch 15:
1,3,6,7,8,32(a)(b),37,46,58 |
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29 |
Chapter 15 Alternative Minimum Tax; Chapter 16 Accounting Periods and Methods CCH Internet Tax Research
Network |
Ch 16: 6,7,8,13,14 |
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Feb. 5 |
Chapter 16 Accounting Periods and Methods; Chapter 17 Corporations: Introduction,
Operating Rules, and Related Corporations Tax Article
Summary Due |
Ch 16: 20,22,23,28(a) Ch 17: 1,4,11,17,20 |
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Exam #1 Chapters
15,16 - Online |
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Feb. 12 |
Chapter 17 Corporations: Introduction,
Operating Rules, and Related Corporations; Chapter 18 Corporations: Organization
and Capital Structure |
Ch 17:
22,27,31,36,39,40,41 Ch 18: 1,2,3,4,11,13,18 |
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19 |
Chapter 18 Corporations: Organization
and Capital Structure; Chapter
19 Corporations: Distributions Not in
Complete Liquidation C
Corporation Tax Return Project |
Ch 18:
24,27,29,30,32,36,39,41 Ch 19: 2,5,14,16,29 Problem 3, page
E-9 (Form 1120) |
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20 Tuesday |
Bluegrass IMA
Student Night – 20 Bonus Points |
In Lexington |
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26 |
Chapter
19 Corporations: Distributions Not in
Complete Liquidation; Chapter
20 Corporations: Distributions in
Complete Liquidation and An Overview of Corporate Reorganizations |
Ch 19:
30,33,36,43,47,50 Ch 20:
2,4,6,11,17,21,26 |
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March 5 |
Exam #2 Chapters 17,18,19,20 |
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12 |
Spring Break - no class |
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19 |
Chapter 21 Partnerships CCH Internet Tax Research
Network |
Ch 21:
1,9,13,14,16,17,18 |
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26 |
Chapter 21 Partnerships; Chapter 22 S Corporations; Tax Research
Document Summary Due |
Ch 21:
21,23,27,33,40,45 Ch 22: 1,8,12,15,19 |
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April 2 |
Chapter 22 S Corporations; Graduate Presentations Partnership Tax
Return Project |
Ch 22: 25,27,35,42,44 Problem 4, page
E-13 (form 1065) |
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April 9 |
Exam #3 Chapters 21,22 |
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April 16 |
Chapter 27 The Federal Gift and
Estate Taxes |
Ch 27:
3,4,9,11,16,18,28 |
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April 23 |
Chapter 27 The Federal Gift and
Estate Taxes; Chapter 26 Tax Administration and
Practice |
Ch 27:
29,34,35,38,41,42,43,48 Ch 26: 6,7,8,10,13,16 |
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April 30 |
Chapter 26 Tax Administration and
Practice |
Ch 26:
21,23,24,28,33,34,37,41 |
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May 7 |
Exam #4 - Final
Examination Chapters 26,27 |
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