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Frederick
Community College ACCT206–Federal Taxation: Corporations & Partnerships SPRING 2009
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Class begins: 01/24/09 |
Class ends: 5/15/09 |
Last Day to Withdraw:
04/03/09 |
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You must send your email address to the instructor before class begins |
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Instructor
Information: |
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Name: Melissa Hill |
Office: N/A |
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E-mail: mhill@frederick.edu |
Phone
Number: 240.674.5365 |
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Office
Hours: by appointment |
Campus
Mail Box #: 281 |
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Course
Information: |
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Credits: 3 |
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On-campus
Meetings: NA |
On-campus
Exams: 1 |
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Prerequisites: ACCT 205 |
Corequisites: N/A |
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Course
Description: |
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Focuses on the federal taxation rules as they apply to
corporations, partnerships, estates and trusts. |
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Core
Learning Outcomes: |
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1. Demonstrate
an understanding of the concepts and mechanics of federal income taxation as
it relates to corporations, partnerships, estates and trusts |
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2. Define
the basic tax concepts and terms of federal income taxation and identify the
authoritative sources of tax law |
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3. Identify
which entities are classified as corporations |
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4. Recognize
the tax consequences of distributions to the corporation and shareholder |
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5. Determine
the tax treatment of a liquidation on corporation and shareholders 6. Identify
the characteristics of the seven basic types of reorganization |
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7. Distinguish between
accumulated earnings and personal holding company taxes |
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8. Determine the tax
consequences of the formation of a partnership and the sale or exchange of a
partnership interest |
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9. Understand the
nature of the gift tax, the gift tax formula, and transactions subject to
gift tax |
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10. Identify characteristics of a decedent’s final return,
1041 return, and the fiduciary responsibilities of the preparer |
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Instructional
Methods: |
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PowerPoints,
Videos, Outlines, Discussion |
How is this course organized: |
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Powerpoints
and video will be available to students as they work through each chapter in
the text. At the end of each chapter,
students will be required to submit an assignment and take a quiz. The students will also be required to
participate in online discussions weekly. |
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Text(s)
for Course: |
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2009 South-Western Federal Taxation, Comprehensive Volume;
Willis, Hoffman, Maloney, Raabe |
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Progress
Report: |
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By
the end of the 6th week of the semester, you will have an
opportunity to evaluate your progress in this course and decide if you need
to make any adjustments (additional study, tutoring, conference with
instructor) to assure your success in this course. |
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Evaluation
Methods: |
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Tests / Papers / Projects
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Point Value
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Final Grade Scale |
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630-700 = A 561 – 629 = B 490-560 = C 420-559 = D Below 419 = F |
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If
the graded performance for online assignments differs significantly from the
grade average for proctored assignments, the instructor reserves the right to
administer additional tests. |
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Attendance/Participation
Policy: |
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Students
are required to login to the blackboard classroom weekly to complete exams,
assignments and participate in the
discussion. |
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Email Policy: |
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Email
is an instructional tool essential to student-instructor and student-student
communication. Students
are permitted to use email addresses of other students in this course only
for the purpose and the duration of this course. Students
who are concerned about the privacy of their personal email address are
reminded of commercially available products that allow them to create unique
email addresses specifically for the purpose and duration of this course. The
instructor can be expected to respond to regular student email inquiries
(grades, posted assignments, and tests excluded) within the time frame of 24
to 48 hours. |
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Academic
Honesty: |
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Work in this course is subject to the provisions of the
FCC Code of Academic Honesty. Plagiarism in any form will not be tolerated.
As a student, it is your job to practice academic honesty at ALL times. Make sure that all sources, particularly
Internet sources, get proper credit for quotations, paraphrases, and ideas. |
Students with Disabilities
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If you
currently receive services from the SSD office, please submit your Student
Success Plan to me and make an appointment with me to discuss your
accommodations and needs in class. I
will hold any information you share with me in strict confidence unless you
give me permission to do otherwise. |
Topical Outline (ONLINE COURSE)
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Week
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SUBJECT |
CONTENT |
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Week
1 |
Chapter 1 & 2 : Introduction & Working with the Tax Law |
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Week
2 |
Chapter 16: Accounting Periods & Methods |
GAAP
vs Tax, Accounting Period Choice |
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Week
3 |
Chapter 17: Corporations: Introduction & Operating Rules |
Business
Forms, Corporate Rules |
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Week
4 |
Chapter 18: Corporations Organization and Capital Structure |
Organization
of and Transfer to Controlled Entities, Sec 351 & 357 |
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Week
5 |
Exam 1 |
Chapters
1, 2, 16, 17, 18 &19 |
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Week
6 |
Chapter 19: Corporations: Distributions not in Complete Liquidation |
Earnings’
and Profits, Distributions with respect to stock;
stock redemptions |
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Week
7 |
Chapter 20: Corporations: Distributions in Total Dissolution |
Complete liquidations-effect on corporation & stockholders; liquidation of subsidiaries |
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Week
8 |
Chapter 21:
Partnerships |
Formation; taxable year; operation; partnership transactions;
termination |
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Week
9 |
Chapter 22:
S Corporations |
S Corp taxation; treatment of income & deductions;
distributions; termination |
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Week
10 |
Exam 2 :
Chapters 19-22 |
Exam in the Testing Center |
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Week
11 |
Chapter 23:
Exempt Entities |
Types, Requirements, UBIT & Reporting Requirements |
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Week 12 |
Chapter 26:
Tax Practice & Ethics |
IRS Procedures, Appeals Process, & Penalties |
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Week 13 |
Chapter 27:
The Federal Gift Tax and Estate Taxes |
Gross estate; valuation; deductions; gift tax; exclusions, GST |
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Week 14 |
Chapter 28:
Income Taxation of Trusts and Estates |
Taxation of estates; taxation of trusts; federal income
taxation scheme; special rules for trusts |
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Week 15 |
Exam
3: Chapter 23-28 |
Final Exam |
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NOTE: your instructor reserves the right to make
changes to this outline as needed. |