TROYUNIVERSITY
SORRELLCOLLEGE OF BUSINESS
ACT 4495 TBWA
Income Tax Accounting II
Summer 2011
Instructor:Dr. Eddy J. Burks, DBA, CPA
Office Hours:M-TH 8:30-10:30 W 3:30-5:30
Office Location:McCartha 201
Office Phone #:334-670-3149
Instructor Email:
Classroom Location:McCartha 207
Class Time:MTWTH 1:00-3:20
School of Accountancy Mission Statement: The mission of the School of Accountancy
is to advance the accounting profession by providing quality accounting education to both undergraduate and graduate students, publishing quality research and providing service to the professional community. We prepare students for successful careers with increasing professional and managerial responsibility in public accounting as well as government and industry and prepare undergraduate students for admission to graduate programs in accounting and business.
TroyUniversity Mission Statement: TroyUniversity is a public institution comprised of a network of campuses throughout Alabama and worldwide. International in scope, TroyUniversity provides a variety of educational programs at the undergraduate and graduate levels for a diverse student body in traditional, non-traditional and electronic
formats. Academic programs are supported by a variety of student services which promote the welfare of the individual student. TroyUniversity’s dedicated faculty and staff promote discovery and exploration of knowledge and its application to lifelong success through effective teaching, service creative partnerships, scholarship and research.
SCOB Mission Statement: Through operations that span the State of Alabama, the United States, and the world, the Sorrell College of Business equips our students with the knowledge, skills, abilities and competencies to become organizational and community leaders who make a difference in the global village and global economy. Through this endeavor, we serve students, employers, faculty, and TroyUniversity at large as well as the local and global communities.
SCOB Vision Statement: SorrellCollege of Business will be the firs choice for higher business education students in their quest to succeed in a dynamic and global economy. Sorrell College of Business will create the model for 21st century business education and community service.
Prerequisites: ACT 4494.
Description
Tax Laws and regulations for partnership, corporations, estates and fiduciaries. Prerequisite: ACT 4494.
Objectives
This course is intended to help students acquire basic knowledge of income taxation for corporations, partnerships, estates and fiduciaries. Additionally, students will be required to prepare a C corporation 1120 tax return, a Partnership 1065 tax return, and an S corporation 1120S tax return, and conduct tax research.
On completion of the course, the student should be able to:
- List and describe the major federal tax laws applicable to business entities.
- Understand the tax implications of transferring property to business entities.
- Understand how the basis of shareholder’s interest is determined.
- Understand how the basis of contributed property to the corporation is determined.
- Apply the tax laws to the daily operations of corporations.
- Determine the nature and taxation of distributions from the business entities.
- Be able to perform basic tax research.
- Be able to prepare the income tax returns of the business entities.
Purpose
To introduce the concepts and practices related to income tax law, regulation, and practice for business entities.BABA/BSBA Accounting major requirement.
Approved Texts
South-Western Federal Taxation: Comprehensive 2011, 34rd Edition
Eugene Willis | William H. Hoffman, Jr. | David M. Maloney | William A. Raabe
ISBN- 1111195854 Bundled with Aplia
Required
Other Materials Needed:Pencils, Paper, Calculators,
ATTENDANCE POLICY:
Attendance will be taken daily. For any quizzes, problems, exams, or other activities that are completed in class, you must be present to receive credit.
MAKE-UP WORK POLICY:
There is no make up work. If you miss a quiz or exam, it’s history, you will receive a zero score. If an exam is missed, the comprehensive examwill count twice. A grade of zero will be recorded for the second or third missed exam.
METHOD OF INSTRUCTION :
The chapter material will be discussed in class. Lecture notes and powerpoint slides are posted for your use in Blackboard. Gleim CPA review will be used in the lab. Tax software will also be used in the lab.
METHOD OF EVALUATION:
Quizzes – Blackboard = 200 points
Homework-Aplia = 200
Quizzes-Gleim = 200
Tax returns = 100
Comprehensive Final – Blackboard = 300
Total = 1000 points
Homework: Aplia software will be used for your homework grade. Complete assigned problems by due date. Go to , click new student link. The course key:
Tax Software: We will use ATX2010 tax software to prepare tax returns. When the software is booting up it will ask for: firstname: use “ tax “ and for lastname: use “ tax “. Then when you open a new return use your name with the Tax return number attached to your last name, example John Browntr1 for John Brown tax return number 1. DO NOT USE YOUR SOCIAL SECURITY NUMBER. If a social security number is needed make up a fictional number.
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:
A90 – 100%
B80 – 89%
C70 – 79%
D60 – 69%
F59% and below
You may withdraw from this course with a DP anytime before the last day of class, just complete the drop form and get it signed.
Check Blackboard on a regular basis for your scores. After a score is posted in Blackboard, you have 5 days to notify me of an error.
NON-HARASSMENT, HOSTILE WORK/CLASS ENVIRONMENT:
TroyUniversity 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):
Any student whose disabilities fall within ADA guidelines must inform me at thebeginning of the term of any specials needs or equipment necessary to accomplish the requirements for this course. Students must also provide written proof of their disability to the instructor. For assistance in applying for Adaptive Needs services for students submitted through the eCampus, students should contact Dr. Barbara Echord at or call (334) 670-5875.
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 TROYCatalog). 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:
- Students must properly cite any quoted material. No term paper, business plan, term project, case analysis, or assignment may have no morethan 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 TroyWritingCenter.
- This 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. The penalty for plagiarism may range from zero credit on the assignment, to zero in the course, to expulsion from the university with appropriate notation in the student’s permanent file.
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 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, or through the eLibrary tab within Blackboard.
FACULTY EVALUATION:
At the end of term, students will be notified of the requirement to fill out a course evaluation form. These evaluations are completely anonymous and are on-line.
ACT 4495 TAX 1I Course Content
Chapter 2Working With the Tax Law
Chapter 13Property Transactions: Determination of
Gain or Loss, Basis Considerations, and
Nontaxable Exchanges
Chapter 14Property Transactions: Capital Gains and Losses,
Sec. 1231, and Recapture Provisions
Chapter 15Alternative Minimum Tax
Chapter 17Corporations: Introduction and Operating Rules
Chapter 18Corporations: Organization and Capital Structure
Chapter 19Corporations: Distributions Not In Complete Liquidation
Chapter 20Corporations: Distributions in Complete Liquidation and
An Overview or Reorganizations
Chapter 21Partnerships
Chapter 22 S Corporations
Chapter 27The Federal Gift and Estate Taxes
Chapter 28Income Taxation of Trusts and Estates
First day of class: June 22, 2011
Comprehensive Final : July 20, 2011
Homework:
Discussion Q’s Problems
Chapter 21,2,3,8,9 33,34,35,36
Chapter 13 45,46,48,49,50,54,57,75,76
Chapter 14 38,39,40,44,49,59,60,70,72,73
Chapter 15 31,32
Chapter 171,3,5,8,9,11 23,27,30,36,37,40,42
Chapter 181,2,3,4,5,6 24,25,33,34,35
Chapter 192,3,4,5,12,14,21,22 33,34,36,46,47
Chapter 201,2,3,4,6,10,11 16,17,21,22
Chapter 211,3,4,8,10,13 25,27,33,34,45
Chapter 22 1,2,4,7,8,9,12,16,19 24,25,28,34,51
Chapter 271,2,3,4,5,6,8,9,12,20,21,24,28
Chapter 28 1,2,3,6,9,10. 12. 14
How to access your Aplia course
Burks-ACT4495 Federal Income Tax II Summer 2011
Instructor: Eddy J Burks
Start Date:06/22/2011
Course Key:
Registration
Aplia is part of CengageBrain, which allows you to sign in to a single site to access your Cengage materials and courses.
- Connect to
- If you already have an account, sign in. From your Dashboard, enter your course key (64CB-V5LW-3SJX) in the box provided, and click the Register button.
If you don't have an account, click the Create a New Account button, and enter your course key when prompted:. Continue to follow the on-screen instructions.
Payment
Online: Purchase access to your course (including the digital textbook) from the CengageBrain website for US$80.00.
Bookstore: Purchase access to Aplia from your bookstore. Check with the bookstore to find out what they offer for your course.
After paying, you will have the option to purchase a physical book from the Aplia website at a discounted price. If you choose to pay later, you can use Aplia without paying until 11:59 PM on.