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NMSU ACCT 403 - ACCT-403-Federal-Taxation-I-Spring-2009-Dr.-Bill-Smith

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NEW MEXICO STATE UNIVERSITY ACCT 403 FEDERAL TAXATION I SPRING 2009 INSTRUCTOR: Bill Smith OFFICE: GU 207 OFFICE HOURS: Tuesday & Thursday: 10:30 – 12:00 Wednesday: 10:30 – 12:00 Other times by appointment OFFICE PHONE: 646-1422 EMAIL: [email protected] PREREQUISTES: ACCT 252 & BCIS 338 REQUIRED TEXT: CCH Federal Taxation – Comprehensive Topics, 2009 Edition. Smith, Harmelink, & Hasselback. CATALOG DESCRIPTION Basic federal income tax law; emphasis on determination of taxable income of individuals. COURSE OBJECTIVE This course will serve as an important foundational introductory course in tax accounting. You have probably heard the saying “The two things that everyone has in common are death and taxes”. The material covered in this course will serve as an important first step in your knowledge of tax accounting, which is both challenging and rewarding. At the end of this course, you should have a basic understanding of federal income tax as it applies to individuals. Accordingly, you should be able to apply the basic tax formula to calculate taxable income; identify the numerous common items that are included in and excluded from gross income; identify the various itemized deductions and the related limitations; apply the correct treatment to various business related deductions; identify and apply various tax credits with applicable limitations; understand property transactions and apply the appropriate tax treatment; understand and appreciate the complexity of the federal income tax structure; and distinguish some of the other taxable entities used by business and their tax treatment. In addition, this course will cover many of the basic foundational individual income tax topics incorporated on the CPA exam. Accordingly, this course should be beneficial for those students who plan to eventually sit for the CPA exam.GRADING The total points available for this course are as follows: Exams (2 @ 100 pts.) 200 Comprehensive Final 200 Quizzes & Homework 100 Income Tax Returns 100 ----- Total Points 600 === Letter grades will be determined as follows: 540 – 600 = A 480 – 539 = B 420 – 479 = C 360 – 419 = D 0 – 359 = F If you are taking this course on the S/U grading basis, your grade will be computed in the same manner as those of the other students. You must receive a grade of "C" or better for satisfactory completion of the course. An incomplete "I" grade will only be assigned under circumstances that clearly comply with university regulations as set forth in the catalog. EXAMS There will be three exams given during the semester, which will include a comprehensive final exam to be administered during finals week. The exams may consist of multiple choice, short answer essay, and structured problems. There is NO provision for a make-up exam during the semester. In the event that a student has a DOCUMENTED university excused absence, an alternative exam will be provided; however, the student MUST provide written notification in advance of the missed exam. The specific time and date will be provided to any student that qualifies for and is thus in need of an alternative exam. Also, programmable calculators or any other text capable devices are NOT allowed for any exam and sharing of calculators during an exam is forbidden. ASSIGNMENTS Students will be responsible for the assigned chapter and related problems set forth on the assignment sheet. Homework problems are due on the assigned date and may be randomly collected throughout the term. Problems should be PRINTED LEGIBLY on four-column accounting work paper. Late homework will NOT be accepted. Students are strongly encouraged to stay current with the class. Should problems be encountered, you will need to seek out immediate help. DO NOT FALL BEHIND! Also, the instructor may assign additional problems not listed on the assignment sheet. This will be announced in advance during class; and accordingly, you will be responsible for completing. Failure to timely submit homework problems may have an adverse impact on your final grade.COURSE EXPECTATIONS Welcome to Federal Taxation I. For many of you, this course will be both challenging and time consuming as there are numerous details and rules and exceptions to rules that you must master in order to gain the necessary proficiency an understanding that individual income taxation requires. Further, as future accountants and CPAs, many of you will be involved in or have successful careers in tax accounting. It is important to understand that tax accounting cannot be learned by merely reading the text; you must carefully and thoroughly read ALL the text material. Then you must work, rework, analyze and then perhaps work again the assigned problems before you truly understand the material. Simply showing up to the lecture and copying the exercises covered in class as the professor is presenting them and then later attempting to work the assigned homework problems will not ensure your success in this course. Thus, you MUST prepare for each class in advance. Your success in this course is directly related to your preparation and effort. Accordingly, YOU must assume the responsibility for your learning. This course will require a substantial time commitment on your part if you intend on successfully completing and understanding the material. ATTENDANCE Accounting is more than just knowing how to work problems. The lecture/discussion will tie everything together; however, you should have read the assigned material and attempted the exercises BEFORE coming to class and be prepared to ask and answer questions in class. Regular attendance is expected. You will be held responsible for any announcements made and any material covered during class. DISABILITIES If you have a disability that interferes with your performance as a student in this class, you are encouraged for academic reasons to discuss this on a confidential basis with your instructor, in order to provide reasonable accommodations. In addition, you may wish to contact the Services for Students with Disabilities (SSD) office located at


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