College of Business - School of Accounting

Florida Atlantic University

Tax 4001–Federal Taxation 1

Syllabus

Fall 2007

Instructor:Jay R. Semmel, MBA, CPA

Office Phone: 561-799-8225

E-mail:

Class hours: Mondays and Wednesdays, 7:10-8:30 pm

Class location: Boca, FL427; Jupiter, SR275; Davie, LA225; Port St. Lucie, JU334

Web Page:

Office hours: Jupiter Campus, Wednesdays from 2:00pm - 4:00pm Room SR 238

Required Materials:

Jones & Rhoades-Catanach, Principles of Taxation for Business & Investment Planning, 2008 ed., McGraw-Hill

Suggested Materials:

Lathrope, Selected Federal Taxation--Statutes & Regulations (most recent edition), West Publishing Co.

Course Objectives: The objective of this course is to provide a broad review the basic principles of Federal taxation. The primary focus will be on the income taxation of the various tax entities.

Course Prerequisites:Junior standing and successful completion (C or better) of ACG 2021 and ACG 2071.

Knowing the prerequisites for each class is your responsibility. The School of Accounting or the College of Business may, at any time during the semester, administratively drop any student who has not met the prerequisites for the course.

Class Policies. Students are expected to come to class having read the assigned text material and relevant sections of the Code and regulations, if appropriate. Problems will be assigned in class.

Examinations:Exams will consist of a series of sevennon-cumulative in-class quizzes. Makeup examinations will not be given. If an exam is missed, you will, in effect, have earned a zero. Occasionally, however, one may have to miss an exam due to an emergency or an extreme, unavoidable conflict in schedules. Ifthis happens, talk with me as soon as soon as you become aware of the conflict. I will be expecting to see documentation supporting your particular circumstances (e.g., a doctor’s note, a plane ticket receipt, a receipt from hotel in another city the night of the exam).

This class will be live in Jupiter and remotely transmitted to the Boca, Port St. Lucie and Davie campuses. Since the technology does not permit me to answer individual questions during an exam at the remote sites, no questions will be answered during an exam at any site. If you think there is a typo or missing information, write your assumption(s) and complete the problem consistent with the assumption(s). If, indeed, there is a typo or an omission, I will consider your written assumption(s) when grading the question. Likewise, for multiple choice questions, always provide your answer if you think that none of the provided choices is correct—and, of course, show your work.

Grading:

7 Quizzes, worth 100 points each700 points

Your grade will be determined by dividing your total earned points by the total available points (700) and applying the result to the following table:

Grading Scale:
A= 100 – 90 / C =76-70
A- = 89 / C- = 69
B+ =88-87 / D+=68-67
B=86-80 / D =66-60
B- = 79 / D- = 59
C+ =78-77 / F= below 59

Use of BlackBoard: Official announcements and updates will be posted on BlackBoard, and virtual office hours (in addition to the above) will be held on BlackBoard via a Discussion Group. All students are expected to check Blackboard regularly and are encouraged to post questions and participate in the Discussion Group. I will monitor the discussion group and comment as necessary. The address for BlackBoard is

E-mail:As an FAU student, you required to have an official FAU e-mail account.Please monitor this account as well for official announcements and updates.See FAU’s e-mail policy at . In any email correspondence sent to me, be sure to include the class and location in the subject line of the message, e.g., “Tax 4001, PSL.” Failure to do so makes it likely that your e-mail will be overlooked.

School of Accounting Discussion List: If you major or minor in accounting, you are expected to subscribe to the School of Accounting discussion list. To subscribe, follow the instructions provided on the School of Accounting web page that could be found at Students are responsible for anything posted to this list.

Incomplete: Note that an incomplete is not a substitute for a poor grade and is rarely granted. In accordance with Universitypolicy, an incomplete will be considered only under the following circumstances:

You are otherwise passing the course, i.e., you have earned a grade of "C" or better; and,
You have an excused absence that prevented you from completing course requirements by the end of this semester.

Please see the University Registrar with any questions regarding this and any official University deadlines to drop or withdraw. Any student who decides to drop or withdraw is responsible for completing the proper paper work.

Academic Honesty and Classroom Conduct: A fundamental principle of academic, business, and community life is honesty and integrity. The lack of integrity on the part of management and the auditors was an integral cause of the demise of both Enron and Arthur Andersen. Violation of this ethical concept will result in penalties ranging from a grade of “F” in the course to dismissal from the University. In the academic environment, the following precepts are critical:

For most graded assignments, you are expected to work independently. However, team assignments typically require you to work with other students. For both individual and team assignments, you should be careful not to represent the work of others as your own.
The Internet is a powerful tool that provides access to a wealth of information. Plagiarism guidelines that apply to printed materials also apply to information and materials obtained from the Internet.
Appropriate classroom behavior is expected at all times, including respect for your instructor and peers. All cell phones are to be turned off while in class. Disruptive classroom behavior will not be tolerated and is unfair to serious students who are attending class to learn.

Academic Irregularities: All students are referred to Chapter 6C5-4.001of the Student Handbook, entitled "Honor Code, Academic Irregularities, and Student's Grievances". It is the policy of the School of Accounting to adhere to the provisions of this section. Faculty of the School of Accounting will secure the maximum penalty in the event a violation of this section is observed.

The School of Accounting Uniform Course Policies are incorporated herein by reference.

Students with Disabilities: In compliance with the Americans with Disabilities Act, students who require special accommodations due to a disability to properly execute coursework must register with the Office for Students with Disabilities (OSD) and follow all procedures. The OSD is a part of the Office of Diversity Student Services on the MacArthur Campus in Jupiter and is located in the Student Resource building in SR 117. The phone number is 561-799-8585, and the TTY number is 561-799-8565.

Florida Atlantic University

College of Business - School of Accounting

Tax 4001–Federal Taxation 1

Syllabus

Fall 2007

Tentative Schedule – Subject to Change

Aug 27Syllabus Review, general housekeeping

Chapter 4 and 5: Read, not covered in class

Aug 29Chapter 6: Taxable Income from Business Operations

Sept 3No Class - Labor Day Holiday

Sept 5Chapter 6: Taxable Income from Business Operation

Sept 10Chapter 7: Property Acquisitions and Cost Recovery Deductions

Sept 12Chapter 7: Property Acquisitions and Cost Recovery Deductions

Sept 17Quiz 1

Sept 19Chapter 8: Property Dispositions

Sept 24Chapter 8: Property Dispositions

Sept 26Chapter 9: Nontaxable Exchanges

Oct 1Chapter 9: Nontaxable Exchanges

Oct 3Quiz 2

Oct 8Chapter 10: Sole Proprietorships, Partnerships, LLCs and S Corporations

Oct 10Chapter 10: Sole Proprietorships, Partnerships, LLCs and S Corporations

Oct 15Chapter 11: The Corporate Taxpayer

Oct 17Chapter 11: The Corporate Taxpayer

Oct 22Quiz 3

Oct 24Chapter 12: The Choice of Business Entity

Oct 29Chapter 12: The Choice of Business Entity

Oct 31Quiz 4

Nov 5Chapter 14: Individual Tax Formula

Nov 7Chapter 14: Individual Tax Formula

Nov 12No Class - Veterans Day

Nov 14Quiz 5

Nov 19Chapter 15: Compensation and Retirement Planning

Nov 21Chapter 15: Compensation and Retirement Planning

Nov 26 Chapter 16: Investment & Personal Financial Planning

Nov 28Chapter 16: Investment & Personal Financial Planning

Dec 3Quiz 6

Dec 5Chapter 17: Tax Consequences of Personal Activities

Dec 10Chapter 17: Tax Consequences of Personal Activities

Dec 12Quiz 7Note: Anyone who doesn’t take quiz 7 will forfeit their highest score on a previous exam

In the unlikely event of a discrepancy between the information provided by the instructor and the information provided in the text, the information provided in the text shall prevail.