TAX 6689 Syllabus
Spring 2012 2
TROY UNIVERSITY
SORRELL COLLEGE OF BUSINESS
SCHOOL OF ACCOUNTANCY
TAX 6689-MSVA & TXVA
Taxation of Partnerships and Partners
Spring 2012
January 11 through May 8, 2012
INSTRUCTOR INFORMATION:
Professor Lawrence R. Hudack, PhD, CPA, CMA Phone: (334) 241 – 5924
Email:
Best method to contact the professor.
Office location: 425 – E Bell Building
Mailing Address: Building 136, 2nd Floor
P.O. Drawer 4419
Montgomery, AL 36103-4419
Email Protocol: The best way to contact the professor is through the use of email. Please be sure to use the following three suggestions when submitting an email to Dr. Hudack:
1. Insert your complete name (no nick names) in the email per the course roster.
2. Identify the course in the subject line area as TAX 6689.
3. The email text should use proper grammar and correct spelling. Use the spell check tool.
OFFICE HOURS: Wednesday 2:00 PM to 4:30 PM
Tuesday and Thursday 2:00 PM to 4: 30 PM
Or, by appointment at a mutually convenient time.
INSTRUCTOR EDUCATION: PhD in Accounting, University of North Texas, August 1989
MBA, Saint Bonaventure University, May 1983
BBA, Major Accounting, Saint Bonaventure University, May 1978
CLASS TIME AND LOCATION: Wednesday 5:15 – 7:45 pm CST
Rosa Parks Library, Room 118
COURSE PREREQUISITES: TAX 6684 Federal Tax Research [co-requisite]
ACT 4494 Income Tax Accounting I and ACT 4495 Income Tax Accounting II and
Admission into the Accounting option of the MBA program or the Master of Taxation program
Honor Code
I, (Troy University Student), will be honest in all of my academic work and strive to maintain academic integrity. Academic honor, trust, and integrity are fundamental to Troy University.
COURSE DESCRIPTION
This course is a study of the taxation o partnerships and partners. The course covers the tax aspects of acquiring a partnership interest, the partner’s share of partnership income or loss, distributions of partnership assets and calculation of a partner’s basis in the partnership. The course requires the writing of a tax research paper, which would be suitable or submission to a high quality professional tax journal.
PURPOSE OF THE COURSE
The purpose of this course is to provide students with an in-depth understanding of the tax issues with respect to partnerships and partners.
LEARNING GOALS AND OBJECTIVES
On completion of the course, the student should be able to:
1. Explain how the entity theory and the aggregate theory affect the taxation of partnerships and partners
2. Determine the tax effects to the partnership and to the partners on a transfer of assets to the partnership in exchange for an interest in the partnership
3. Calculate a partner’s distributive share of the partnership’s ordinary income and separately recognized items of income and deduction
4. Calculate the tax effects on the partnership and on the partners of a distribution of the assets of a partnership to a partner
5. Calculate the tax effects on the partnership and on the partners on a sale of an interest in the partnership to a new partner
6. Explain the tax effects on the partnership and on the partners in the event of the death or retirement of a partner
7. Explain the optional basis adjustments to the assets of a partnership
8. Prepare tax research memoranda regarding the tax issues of partnerships and partners
9. Prepare a high quality research paper that focuses on a partnership tax topic.
REQUIRED TEXTBOOK
Practical Guide to Partnerships and LLCs by Ricketts, Robert and Tunnell, Larry
CCH Fifth Edition 2011, ISBN: 978-0-8080-2200-8.
ADDITIONAL COURSE MATERIALS:
RIA Checkpoint Online Database to cite Internal Revenue Code, Treasury Regulations, etc.
RIA Checkpoint Online Database to cite Federal Taxation of Partnerships and Partners by McKee, Nelson & Whitmire [WG & L Thomson 2011].
RIA Checkpoint Online Database to cite RIA Federal Tax Handbook 2011.
METHOD OF EVALUATION:
Exam One Partnership Formation, Operations & Allocations Chapters 1 – 6 15%
Exam Two Partnership Allocations & Distributions Chapters 6 – 13 15%
Final Comprehensive Exam 20%
CCH Assignments with research to authoritative literature 10%
Student Presentations and Class Discussion 10%
Two Comprehensive Partnership Tax Returns 10%
Two Partnership Case Studies 10%
High Quality Graduate Level Research Paper with a Partnership Tax Focus 10%
Total Points 100%
ASSIGNMENT OF GRADES:
All grades will be posted in the student grade book in Blackboard and will be assigned according to the following or similar scale:
A 90 – 100%
B 80 – 89%
C 70 – 79%
D 60 – 69%
F 59% and below
Grades can be enhanced, by demonstrating both a professional demeanor and strong work ethic that indicates a strong desire to learn throughout the whole semester. A professional demeanor is demonstrated through excellent attendance, arriving a few minutes early, opening the textbook to where the last class ended, taking out class notes / any completed homework, raising your hand to regularly participate in the class discussions, and being respectful.. A strong work ethic is demonstrated through a sincere attempt to complete all homework assignments prior to class and sharing your solutions during in class coverage of such assignments. If you are not able to solve a problem, then you should write down your question that would have helped you to do so. Please refer to TAX 6689Frequently Asked Questions about Professional Demeanor.
Absence Policy:
Attendance is essential if a student is to understand and assimilate the material in this class. In the event of a planned or unplanned absence due to necessary circumstances, you are expected to notify the instructor via email as quickly as possible. Unexcused absences will reduce grades related to participation.
General Supports:
Troy University Computer offers access to Tax Software, Word & Excel software.
INCOMPLETE GRADE POLICY:
Note: A grade of incomplete or “INC” is not automatically assigned to students, but rather must be requested by the student by submitting a Petition for and Work to Remove an Incomplete Grade Form. Requests for an incomplete grade must be made on or before the date of the final assignment or test of the term. A grade of “INC” does not replace an “F” and will not be awarded for excessive absences. An “INC” will only be awarded to a student who presents a valid case for the inability to complete coursework by the conclusion of the term. It is ultimately the instructor’s decision to grant or deny a request for an incomplete grade, subject to the policy rules below.
Policy/Rules for granting an Incomplete (INC):
· An incomplete cannot be issued without a request from the student.
· To qualify for an incomplete, the student must:
a. have completed over 50% of the course material (50% means all assignments/exams up to and including the mid-term point, test, and/or assignments) and have a documented reason for requesting the incomplete (e.g., doctor’s excuse).
b. be passing the course at the time of their request.
If both of the above criteria are not met an incomplete cannot be granted.
· An INC is not a substitute for an F. If a student has earned an “F” by not submitting all the work or by receiving an overall F average, then the F stands.
The quickest way to receive technical support for Blackboard is to submit a help desk ticket.
If you are experiencing technical difficulties with your coursework or with features inBlackboard that are generating errors, please clickthe link below.
http://troy.blackboard.com/bbcswebdav/institution/eCampus/Ed%20Tech/BB/index.html
NON-HARASSMENT, HOSTILE WORK/CLASS ENVIRONMENT:
Troy University expects students to treat fellow students, their instructors, other TROY faculty, and staff as adults and with respect. No form of “hostile environment” or “harassment” will be tolerated by any student or employee.
AMERICANS WITH DISABILITY ACT (ADA):
Troy University supports Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, which insure that postsecondary students with disabilities have equal access to all academic programs, physical access to all buildings, facilities and events, and are not discriminated against on the basis of disability. Eligible students, with appropriate documentation, will be provided equal opportunity to demonstrate their academic skills and potential through the provision of academic adaptations and reasonable accommodations. Further information, including appropriate contact information, can be found at the link for Troy University’s Adaptive Needs Program at http://troy.troy.edu/studentdevelopment/adaptiveneeds.html.
The ADA representative on the Montgomery campus is Ms. Jane Rudick at 334-241-9587.
HONESTY AND PLAGIARISM:
The awarding of a university degree attests that an individual has demonstrated mastery of a significant body of knowledge and skills of substantive value to society. Any type of dishonesty in securing those credentials therefore invites serious sanctions, up to and including suspension and expulsion (see Standard of Conduct in each TROY Catalog). Examples of dishonesty include actual or attempted cheating, plagiarism*, or knowingly furnishing false information to any university employee.
*Plagiarism is defined as submitting anything for credit in one course that has already been submitted for credit in another course, or copying any part of someone else’s intellectual work – their ideas and/or words – published or unpublished, including that of other students, and portraying it as one’s own. Proper quoting, using strict APA formatting, is required, as described by the instructor. All students are required to read the material presented at: http://troy.troy.edu/writingcenter/research.html.
Students must properly cite any quoted material. A term paper, business plan, term project, case analysis, or assignment may have no more than 20% of its content quoted from another source. Students who need assistance in learning to paraphrase should ask the instructor for guidance and consult the links at the Troy Writing Center at: http://troy.troy.edu/writingcenter/.
Troy University employs plagiarism-detection software, through which all written student assignments are processed for comparison with material published in traditional sources (books, journals, magazines), on the internet (to include essays for sale), and papers turned in by students in the same and other classes in this and all previous terms.
CHEATING AND PLAGIARISM POLICY:
Accountants must conduct themselves with the highest degree of ethical conduct. Therefore, Dr. Sheridan has zero tolerance for cheating. The penalty for plagiarism in Dr. Sheridan’s class will be a zero on the assignment. If plagiarism occurs on a second assignment in the course, the student will receive an “F” in the course. The penalty for cheating on an exam in Dr. Sheridan’s class will be an “F” in the course. Cheating includes looking at another student’s paper/screen during an exam, copying another student’s work, receiving assistance from another student on an exam or assignment unless the students are members of same group for the particular assignment, copying from the internet or any other unauthorized source during an exam, having someone other than the student complete the student’s exam, soliciting someone to complete an exam for the student, talking to another student during an exam, passing notes or papers to another student during an exam, obtaining a copy of the exam prior to the exam, obtaining a copy of the solutions manual, and any other unauthorized assistance on an exam or assignment.
CELL PHONE AND OTHER ELECTRONIC DEVICE STATEMENT:
Use of any electronic device by students in the instructional environment is prohibited unless explicitly approved on a case-by-case basis by the instructor of record or by the Office of Disability Services in collaboration with the instructor. Cellular phones, pagers, and other communication devices may be used for emergencies, however, but sending or receiving non-emergency messages is forbidden by the University. Particularly, use of a communication device to violate the Troy University “Standards of Conduct” will result in appropriate disciplinary action (See the Oracle.)
In order to receive emergency messages from the University or family members, the call receipt indicator on devices must be in the vibration mode or other unobtrusive mode of indication. Students receiving calls that they believe to be emergency calls must answer quietly without disturbing the teaching environment. If the call is an emergency, they must move unobtrusively and quietly from the instructional area and notify the instructor as soon as reasonable possible. Students who are expecting an emergency call should inform the instructor before the start of the instructional period.
TROY EMAIL:
All Students
Effective July 1, 2005, all students were required to obtain and use the TROY email address that is automatically assigned to them as TROY students. All official correspondence (including bills, statements, emails from instructors and grades, etc.) will be sent ONLY to the troy.edu (@troy.edu) address.
All students are responsible for ensuring that the correct email address is listed in Blackboard by the first day of class. Email is the only way the instructor can, at least initially, communicate with you. It is your responsibility to make sure a valid email address is provided. Failure on your part to do so can result in your missing important information that could affect your grade.
Your troy.edu email address is the same as your Web Express user ID following by @troy.edu. Students are responsible for the information that is sent to their TROY account.You can get to your email account by logging onto the course and clicking “email link.” You will be able to forward your Troy email to you’re a different email account. You must first access your Troy email account through the Troy email link found on the website. After you log in to your Troy email account, click on “options” on the left hand side of the page. Then click on “forwarding.” This will enable you to set up the email address to which you want your email forwarded.
LIBRARY SUPPORT:
The Libraries of Troy University provide access to materials and services that support the academic programs. The address of the Library Web site is http://library.troy.edu. This site provides access to the resources of all Campus and Regional Libraries, as well as to resources such as the Library’s Catalog and Databases. Additionally, the Library can also be accessed by choosing the “Library” link from the University’s home page, www.troy.edu/current/.
FACULTY EVALUATION:
Towards the end of the term, students will be notified of the requirement to fill out a course evaluation form. These evaluations are completely anonymous and are on-line. Faculty take the evaluations seriously and use them to improve their classes so PLEASE comply with the request when you receive the notification.