Fall 2015 Wednesdays: 7.00 – 9.50 p.m.
Hoover 104
Instructor: Neil Kuritzky, M.B.A., A.C.I.S. nkuritzky@whittier.edu
Prerequisite
Principles of Accounting I (BSAD 201) is required.
Expanded Course Description
Introduction to Federal Taxation explores the tax laws applying to taxpayers; emphasis is placed on the taxation of individual income. This course will cover topics such as gross income and exclusions, general deductions and losses, business deductions and losses, cost recovery, employee expenses, certain itemized deductions, certain tax credits, basis and capital gains and losses.
Student Learning Objectives
After successful completion of this course, the student should be able to:
1. Understand the Federal income tax process, analyze common tax issues, and understand and apply the components of the Federal income tax rules and concepts by completing independent assignments, participating in in-class exercises, preparing sample individual income tax returns and by writing tax memoranda,
2. Better understand Federal income tax laws that apply to individuals, students shall determine gross income, adjusted gross income, gains and losses, taxable income, and tax liability by completing independent assignments, collaborative exercises and participating in in-class student demonstration, and,
3. Understand how the tax laws differ in their approach to the various types of legal entities.
Assessment of Learning
The following is a brief description of the grading criteria by which you will be evaluated, and the weights assigned to each item. As you can see there is no one assignment that is heavily weighted to affect your total score in the class. THIS IS A TENTATIVE GRADING SCHEDULE AND MAY CHANGE DURING THE SEMESTER
Mid-Terms (2) 200
Final 100
Research Project 100
Homework and Attendance 50
Mid-Terms and Quizzes
Two mid-term examinations and the Final will be administered during scheduled class time.
No make-up exams will be given. If you are forced to miss an exam due to an emergency, you are required to contact the instructor prior to the exam and discuss the circumstances. A penalty of 20% may be charged for allowed make ups with extenuating circumstances.
You will still have to present a doctor’s note for missing the midterm or zero points will be assigned without a doctor’s note. During the midterm and final exams, students are not allowed to ask any questions. All information needed should be on the test; make sure that you have read the entire question before deciding that information is missing. This policy is instituted to provide you with a quiet examination period and to be fair that all students have received the same information.
Research Paper
Research Problem 2 in Chapter 2, page 2-41.
Write a tax memorandum that identifies the facts, evaluates the issue(s), applies the rules and draws a conclusion. Please give cases in support. Due date: December 02. Students are free to submit drafts before due date in order to get feedback and make corrections.
Attendance
Attendance will be taken at the beginning of each class; if you are tardy you will lose the attendance points. Attendance points will be assigned for each class, please strive for perfect attendance. At the end of the course, points will be deducted for every class missed. Only absences with a doctor’s note will be excused. If you miss a class, please don’t send emails checking for missed assignments, rather check with a classmate for material covered.
Homework
In order to receive credit, homework may be collected and graded at the discretion of the instructor. All assigned readings should take place prior to the class session in which they are to be discussed. Generally homework should be turned in the week following the discussion of the applicable chapter(s). The instructor reserves the right to change and/or assign additional reading, problems, exercises, and/or questions. No late homework assignments will be accepted. Partial or no credit will be assigned to homework not meeting guidelines.
Participation
This will reflect actual class participation, not just attendance. You can participate by responding to questions presented in class, discussing/analyzing homework problems and questions, and analyzing solutions, methodologies used to solve assigned problems/cases.
Class Rules
• Be prepared to participate in the lecture and show your reading prior to class. This class is predicated upon your participation which is based on your active reading of the assigned chapters, and your careful attention to lecture.
• Don’t disrupt class by TAKING OR WHISPERING DURING LECTURE. Don’t help your friend during lecture. If I see you, I will have to dismiss you regardless whether your friend was talking and was not caught and thus not dismissed. I give you plenty of time for group discussion and for help from your peers.
• You can’t read magazines or any outside material during class periods.
• Respect all your classmates’ opinions.
Text and Materials
• South-Western Federal Taxation Hoffman, Maloney, Raabe, Young. 2016
There are various editions, some available online, all with different ISBN numbers.
South-Western Cengage Learning
Please note the following link may be able to be used to access e-book material at a reduced price: http://www.cengagebrain.com/shop/search/9781285180915
• Scantron 882 package
Office Hours: (Office Hoover 117) Mondays 6.30 – 7.00 p.m., after class or by appointment.
If contacting the instructor by e-mail, please show the class number in the subject heading.
Grading Scale
A 90-100%
B 80 - 89%
C 70 - 79%
D 65- 69%
F below 65%
Disability and Other
Please consult the College catalog for academic information, your rights and responsibilities for the class, and for incompletes and withdrawals.
If you have a specific disability that qualifies you for academic accommodations, please contact Disability Services, (562) 907-4825, Science Room 105, for letter of accommodation.
Class Plan
WEEK DATE TOPIC CHAPTERS PROBLEMS
1 Sept 09 Intro & Basic Tax Model 1, 2, 3 Ch 3 – 28, 33, 46, 51
2 16 Gross Income: Inclusions 4 30, 32, 39, 54
3 23 Gross Income: Exclusions 5 27, 30, 36, 42
4 30 Review & Exam 1
5 Oct 07 Deductions & Losses 6 28, 34, 39, 50
6 14 Certain Business Dedns 7 29, 31, 33, 39
7 21 Employee, Self-Empl Rel Exp 9 32, 33, 45, 49
28 Review & Exam 2
9 Nov 04 Depreciation, Cost Recovery 8 36, 40, 44, 45
10 11 Itemized Deductions 10 ?28, 31, 32, 35?
11 18 Tax Credits 12 29, 33, 39a, 40
(Property Transactions
(only pp13-1 to 23 & 38 to 43 13 56, 60, 63, 88
12 Dec 02 Other: Corps, Partnerships 17, 21, 22 tbd
AMT, Passive Activities
13 09 Review
14 16 Final Exam
Hoover 104
Instructor: Neil Kuritzky, M.B.A., A.C.I.S. nkuritzky@whittier.edu
Prerequisite
Principles of Accounting I (BSAD 201) is required.
Expanded Course Description
Introduction to Federal Taxation explores the tax laws applying to taxpayers; emphasis is placed on the taxation of individual income. This course will cover topics such as gross income and exclusions, general deductions and losses, business deductions and losses, cost recovery, employee expenses, certain itemized deductions, certain tax credits, basis and capital gains and losses.
Student Learning Objectives
After successful completion of this course, the student should be able to:
1. Understand the Federal income tax process, analyze common tax issues, and understand and apply the components of the Federal income tax rules and concepts by completing independent assignments, participating in in-class exercises, preparing sample individual income tax returns and by writing tax memoranda,
2. Better understand Federal income tax laws that apply to individuals, students shall determine gross income, adjusted gross income, gains and losses, taxable income, and tax liability by completing independent assignments, collaborative exercises and participating in in-class student demonstration, and,
3. Understand how the tax laws differ in their approach to the various types of legal entities.
Assessment of Learning
The following is a brief description of the grading criteria by which you will be evaluated, and the weights assigned to each item. As you can see there is no one assignment that is heavily weighted to affect your total score in the class. THIS IS A TENTATIVE GRADING SCHEDULE AND MAY CHANGE DURING THE SEMESTER
Mid-Terms (2) 200
Final 100
Research Project 100
Homework and Attendance 50
Mid-Terms and Quizzes
Two mid-term examinations and the Final will be administered during scheduled class time.
No make-up exams will be given. If you are forced to miss an exam due to an emergency, you are required to contact the instructor prior to the exam and discuss the circumstances. A penalty of 20% may be charged for allowed make ups with extenuating circumstances.
You will still have to present a doctor’s note for missing the midterm or zero points will be assigned without a doctor’s note. During the midterm and final exams, students are not allowed to ask any questions. All information needed should be on the test; make sure that you have read the entire question before deciding that information is missing. This policy is instituted to provide you with a quiet examination period and to be fair that all students have received the same information.
Research Paper
Research Problem 2 in Chapter 2, page 2-41.
Write a tax memorandum that identifies the facts, evaluates the issue(s), applies the rules and draws a conclusion. Please give cases in support. Due date: December 02. Students are free to submit drafts before due date in order to get feedback and make corrections.
Attendance
Attendance will be taken at the beginning of each class; if you are tardy you will lose the attendance points. Attendance points will be assigned for each class, please strive for perfect attendance. At the end of the course, points will be deducted for every class missed. Only absences with a doctor’s note will be excused. If you miss a class, please don’t send emails checking for missed assignments, rather check with a classmate for material covered.
Homework
In order to receive credit, homework may be collected and graded at the discretion of the instructor. All assigned readings should take place prior to the class session in which they are to be discussed. Generally homework should be turned in the week following the discussion of the applicable chapter(s). The instructor reserves the right to change and/or assign additional reading, problems, exercises, and/or questions. No late homework assignments will be accepted. Partial or no credit will be assigned to homework not meeting guidelines.
Participation
This will reflect actual class participation, not just attendance. You can participate by responding to questions presented in class, discussing/analyzing homework problems and questions, and analyzing solutions, methodologies used to solve assigned problems/cases.
Class Rules
• Be prepared to participate in the lecture and show your reading prior to class. This class is predicated upon your participation which is based on your active reading of the assigned chapters, and your careful attention to lecture.
• Don’t disrupt class by TAKING OR WHISPERING DURING LECTURE. Don’t help your friend during lecture. If I see you, I will have to dismiss you regardless whether your friend was talking and was not caught and thus not dismissed. I give you plenty of time for group discussion and for help from your peers.
• You can’t read magazines or any outside material during class periods.
• Respect all your classmates’ opinions.
Text and Materials
• South-Western Federal Taxation Hoffman, Maloney, Raabe, Young. 2016
There are various editions, some available online, all with different ISBN numbers.
South-Western Cengage Learning
Please note the following link may be able to be used to access e-book material at a reduced price: http://www.cengagebrain.com/shop/search/9781285180915
• Scantron 882 package
Office Hours: (Office Hoover 117) Mondays 6.30 – 7.00 p.m., after class or by appointment.
If contacting the instructor by e-mail, please show the class number in the subject heading.
Grading Scale
A 90-100%
B 80 - 89%
C 70 - 79%
D 65- 69%
F below 65%
Disability and Other
Please consult the College catalog for academic information, your rights and responsibilities for the class, and for incompletes and withdrawals.
If you have a specific disability that qualifies you for academic accommodations, please contact Disability Services, (562) 907-4825, Science Room 105, for letter of accommodation.
Class Plan
WEEK DATE TOPIC CHAPTERS PROBLEMS
1 Sept 09 Intro & Basic Tax Model 1, 2, 3 Ch 3 – 28, 33, 46, 51
2 16 Gross Income: Inclusions 4 30, 32, 39, 54
3 23 Gross Income: Exclusions 5 27, 30, 36, 42
4 30 Review & Exam 1
5 Oct 07 Deductions & Losses 6 28, 34, 39, 50
6 14 Certain Business Dedns 7 29, 31, 33, 39
7 21 Employee, Self-Empl Rel Exp 9 32, 33, 45, 49
28 Review & Exam 2
9 Nov 04 Depreciation, Cost Recovery 8 36, 40, 44, 45
10 11 Itemized Deductions 10 ?28, 31, 32, 35?
11 18 Tax Credits 12 29, 33, 39a, 40
(Property Transactions
(only pp13-1 to 23 & 38 to 43 13 56, 60, 63, 88
12 Dec 02 Other: Corps, Partnerships 17, 21, 22 tbd
AMT, Passive Activities
13 09 Review
14 16 Final Exam
- Teacher: Neil Kuritzky