1

The University of North Carolina at Greensboro

BryanSchool of Business and Economics

Federal Tax Concepts (ACC 420)–Spring 2009

CLASS:TR3:30 – 4:45pm104 Bryan

INSTRUCTOR:Dr. Jane Livingstone, Ph.D., CPA

341 Bryan Bldg.

Office: 256-0128

Home: 294-8883

Email:

OFFICE HOURS:Tuesday11:00 am – 12:00 pm and 2 pm – 3 pm

Thursday11:00 am - 12:00 pm and 2 pm – 3 pm

and by appointment

REQUIRED TEXTS & SOFTWARE:

  1. Prentice Hall’s Federal Taxation 2009 Comprehensive, by Pope, Anderson, and Kramer (ISBN 978-0-13-606719-1 packaged without software)
  2. Federal Income Tax: Code and Regulations -- Selected Sections (2008-2009 edition) published by CCH, Martin Dickinson, editor, (if you do not buy this book you will need to print out required code sections)(ISBN 978-0-8080-1863-6)
  3. Tax Preparation software for 2008 returns - any basic package such as Turbo Tax, Tax Cut or Tax Act is sufficient - need Federal only ($15 - $30 at Walmart)

PREREQUISITE:ACC 318, Intermediate Accounting I, or equivalentwith grade of C or better

GRADING:Your letter grade for the course will correspond to the following grading scale:

97% - 100% / 412 - 425 / A+
93% - 96.9% / 395 - 411 / A
90% - 92.9% / 382 - 394 / A-
87% - 89.9% / 369 - 381 / B+
83% - 86.9% / 352 - 368 / B
80% - 82.9% / 340 - 351 / B-
77% - 79.9% / 327 - 339 / C+
73% - 76.9% / 310 - 326 / C
70% - 72.9% / 297 - 309 / C-
67% - 69.9% / 285 – 296 / D+
63% - 66.9% / 268– 284 / D
60 % - 62.9% / 255 - 267 / D-
< 60% / < 255 / F

(If you are a graduate student, an A+ letter grade becomes an A and all grades below a C become an F.)

Your grade will be determined based on the following:

points / percentage
Tax Return Projects
#1 / 25
#2 / 25
#3 / 50 / 100 / 23.5%
5 Assignments (worth 5 points each) / 25 / 6.0%
1st Exam / 100 / 23.5%
2nd Exam / 100 / 23.5%
Final Exam / 100 / 23.5%
Total / 425 / 100.0%

COURSE OBJECTIVES:To provide students a basic knowledge of tax structure and the fundamental skills for decision making regarding tax compliance and planning at the individual taxpayer level.

ACADEMIC INTEGRITY: Students are expected to abide by the UNCG Academic Integrity Policy. All examinations are expected to be done honestly and by your own efforts. As much can be learned through discussions with each other, I encourage students to discuss graded projects and assignments with other students, but the final result for all of these should be each student's own work.

EXAMS: Exams are a combination of multiple choice and problems/essays. Students are allowed to bring code sections and a summary sheet to the exams.

First Exam (I1 - I4, C1), Thursday, February 19

Second Exam (I6 –I8, I9 (part 1), I10), Thursday, April 2

Final Exam (I5, I9 (part 2), I12 – I14, education, phase-outs), Tues., May 12, 3:30to 6:30 pm

HOMEWORK FROM TEXTBOOK: A list of assigned homework problems is attached. These problems are not collected or graded but some will be covered in class and all solutions will be posted on Blackboard after the material is covered in class. The problems are chosen to help you learn the material for the course and to help you prepare for the exams.

CLASS ATTENDANCE & PARTICIPATION: Points are not awarded for class attendance but all material covered in class is required material, even if it is not in the textbook. Students are also responsible for all announcements made in class. Both power point slides and announcements will be posted on Blackboard. There may be occasional opportunities to receive extra credit for class participation. There is a maximum of 5 points per student per semester and a maximum of 1 point per student per class period. Students can also receive extra credit for being the first student to identify errors in materials posted on Blackboard.

TAX RETURN PROJECTS: There are three projects. They aredue at the beginning of class on the date indicated on the attached schedule. The information for the projects will be posted on Blackboard later this semester.You will complete the tax returns using tax preparation software. For Tax Return Project #3, students have the option of working in groups. (Note: You will probably need the software to print tax returns so if you plan to print in a lab on campus you need to plan to have your software with you … on CD or laptop.)

ASSIGNMENTS: There are five assignments. They are due at the beginning of class on the date indicated on the attached schedule. The information for these assignments will be posted on Blackboard later this semester. Most of the assignments will involve reading authoritative tax literature.

USE OF COURSE WEB SITE: Materials for this course are available on the University's Blackboard site at:

You are responsible for checking this site for announcements, power point slides, and other materials relevant to the course. You are also expected to be checking your UNCG email regularly.

LATE ASSIGNMENTS: Late projects and assignments will be accepted without penalty if a valid University excuse is provided. When a valid University excuse is not provided, projects and assignments submitted after the specified class period will be assessed a penalty of 10% of the grade for each class period it is late and will not be accepted after the graded project or assignment is returned to the class. Make-up exams will only be given if the instructor is notified by the day of the exam and the instructor accepts the reason for the make-up exam as valid.

1

Tentative Course Schedule
(Unless otherwise noted, students are responsible for entire chapter, other assigned readings and any additional material covered in class): / Homework from Text
date / text material to be covered (I indicates the chapter is Individuals and C indicates the chapter is Corporations) / code section / assignment due / ch / problem #
T, 1/20 / Introduction & I1 Part 1 / I1 / 2,5,10,12,14,16,17,21,29,37,39
R, 1/22 / I1 Part 1
T, 1/27 / I1 Part 1, I1 Part 2 & C1 (pp.1-1 to 1-24 (light coverage)), and CCH / C1 / 10,14,15
R, 1/29 / I1 Part 2 & C1
T, 2/3 / I2 / Assign #1 / I2 / 3,4,5,7, 21,22,29,30,33,
35,43,44,52
R, 2/5 / I2 / 1,2,61,62,63,152
T, 2/10 / I2 & I3 / Assign #2 / I3 / 12,24,25,34,35,44,45
R, 2/12 / I3 & I4 / 103,111 / Tax Return Proj 1
T, 2/17 / I4 / 74,101,102,117,132 / I4 / 6,9,10,13,15,16,33,35,39,
40,44,47
R, 2/19 / Exam 1 (I1 to I4 & C1)
T, 2/24 / I6 (pp. 6-1 to 6-20 and 6-29 to 6-37) / 62,162,183,195,212,262,
265,280A / I6 /

1,2,3,4,6,8,9,10,11,13,15,27,33,

34,35,55,hobby vs TorB problem

R, 2/26 / I6
T, 3/3 / I6 & I7 / 163,164,170,213 / I7 /

1,11,14,18,19,21,38,40,45,47,

50,53

R, 3/5 / I7 / Assign #3
T, 3/10 / No Class - Spring Break
R, 3/12 /

No Class - Spring Break

T, 3/17 /

I10 (10-1to10-16,10-17to10-21 (light coverage), & 10-25to10-27)

/ 168,179,197 / I10 / 1,4,6,29,31,32,39,handout
R, 3/19 / I10 / Assign #4
T, 3/24 / I8 (8-1 to 8-7, 8-7 to 8-17 (light coverage), 8-17 to 8-28, & 8-29 to 8-33 (light coverage)) / 165 / I8 / 9,25,30,43,44,48,52,54,55
R, 3/26 / I8 & I9 (Part 1) / Tax Return Proj 2
T, 3/31 / I9 (pp. 9-1 to 9-26 and 9-45 to 9-49) / 67,217,274,280A / I9 part1 / 1,4,28,53,54,62,64,67
R, 4/2 / Exam 2 (I6 through I8, I9 (part 1), I10)
T, 4/7 / I9 (pp. 9-26 to 9-44 (light coverage)) (Part 2) / 83,219,408A / I9 part2 / 30,42
R, 4/9 / phase-outs & education / 21,23,24,32,55,57 / educ / 9-26, 9-65, 14-22,14-52
T, 4/14 / education & I14 (pp. 14-1 to 14-7 (light coverage), 14-8 to 14-16, & 14-25 to 14-31) / I14 / 1,11,20,24,46,50,51,59
R, 4/16 / I14 / 25A,222,529 / Assign #5
T, 4/21 / I5 (pp. 5-1 to 5-21 and 5-29 to 5-40) / I5 / 2,4,6,15,44,59
R, 4/23 / I12 (pp. 12-1 to 12-10, 12-10 to 12-15 (light coverage) &
12-16 to 12-23) / 1001,1012,1014,1221 / I12 / 11,13,14,26,28,32,45,51
T, 4/28 / I12 and I13 (pp. 13-1 to 13-15 and 13-23 to 13-27) / 121,1031,1033 / Tax Return Proj 3
R, 4/30 / I13 / 1231,1245,1250 / I13 / 1,7,8,32,33,34,41,51,56
Final Exam (I5, I9 (part 2), I12 through I14, education and phase outs) - Tuesday, May 12 – 3:30 pm to 6:30 pm

1

Comments from students from Fall 2008

In response to “If you could give advice to future students about how to study for this course and how to do well in it, what would you tell them?”

  1. Pay attention. Use your cheat sheet wisely. Understand the homework.
  2. Your exam study sheet (cheat sheet) is very important – put plenty of time into it. Do the homework assignments.
  3. Study! Understand the tax return projects. Work the end of chapter problems.
  4. Attend class. Study Power Points. Do the homework assignments.
  5. Do the homework. Work the tax return problems by hand even though you get to use the tax software. Use your “cheat” sheet wisely.
  6. Read the Prentice-Hall text. The power points are just a guide. The code is pretty opaque.
  7. Take advantage of the cheat sheet. Read all power points. Know problems.
  8. Review notes daily. Review and do all practice problems and attend all classes. Try not to cram information in a short period of time, it will prove to be disastrous.
  9. Take good notes & work the assigned problems. Ask questions & take advantage of the professor’s willingness to check figures prior to turning in assignments.
  10. Homework helps understand material. Read the book first and then review power point slides.
  11. Read, do homework, form a study group, if possible
  12. Note the details & put all of them on your test sheet.
  13. Do the homework. Don’t miss a class. Take advantage of the cheat sheet. Take advantage of Dr. Livingstone’s willingness to help you.
  14. Make sure you type in numbers correctly when using a calculator in the exam.
  15. Take good notes. Ask for help on the tax returns – it’s worth it
  16. Complete as many practice problems as possible to further your understanding of the material
  17. Read the chapters when covering subject matter.
  18. Do homework, pay attention to hints in class, see professor as soon as you have trouble understanding a particular concept
  19. Do not get behind
  20. Do homework & study well in advance for exams. Also, do tax project by hand to make sure you understand how it works.
  21. Study the review sheet and the problems, come to class
  22. Do homework & ask questions. Watch out for the 2nd exam – it is hard
  23. Do the homework, use the cheat sheet & use material from power point, most information on exams are from the power point
  24. Go over the problems until you can do them with ease & read over the sections in the book you don’t understand. Also take advantage of the “cheat sheets” for the tests.
  25. Do assignments & projects
  26. Don’t try to put every power point slide on your cheat sheet – it does not work
  27. Do problems listed on Blackboard & read over material in book that is also on power point.
  28. Read the textbook ahead of class and review what you learn. Never get behind in the class. Solve all problems the instructor posted on Blackboard.