Accounting 403 Course Syllabus Spring 2011 Dr. Larry Tunnell Office: Business Complex 341 Office Hours: Phones: Office: 646-4404 TTH 9:30-11:30 (Acct. Dept.: 646-4901) (or by appointment) email: [email protected] Text: CCH Federal Taxation - Comprehensive Topics, 2011 Edition, Smith, Harmelink, and Hasselback. Objectives: At the end of this course you should be able to: 1. Use the basic tax formula to calculate taxable income. 2. Identify what common items are included in gross income. 3. Identify what common items are excluded from gross income. 4. Recognize the various itemized deductions. 5. Correctly treat the various business deductions. 6. Be acquainted with the various property transactions and their correct treatment. 7. Prepare individual tax returns containing common items. 8. Distinguish the various taxable entities used by business and their tax treatment. Grade: Your grade will be determined approximately as follows: Three exams, 100 points each ............ 300 Comprehensive Final Exam ................. 100 Research Assignments (5 pts. ea.)... 10 Quizzes .............................................. 50 Tax Returns (10 pts. ea.)..................... 40 Total Points Possible ........................... 500 A: 90-100% B: 80-89% C: 70-79% D: 60-69% F: 0-59% If you are taking the course S/U, a grade of C or better will be considered satisfactory. The instructor reserves the right to lower the required totals at the end of the semester. A grade of I (Incomplete) will be given only in accordance with the requirements set forth on page 20 of the undergraduate catalog. Basically this requires that the I be assigned only due to an event beyond the student's control that occurred after the last withdrawal date. Course Point Structure: In this course we will have 3 regular exams at 100 points each, plus a 100 point comprehensive final exam. If your grade on the final exam is higher than the lowest regular exam grade, the grade on the final will be substituted for the lowest exam grade. If this happens, the final would effectively be worth 200 points while the two remaining regular exams would still be worth 100 points each. In the past I have typically curved each test by adding the same number of points to each student's score such that the average comes out somewhere between 70 and 75 points. For instance, if the average on an exam is 65 and I thought that the average should be 73, eight points might be added to everyone's score so that the adjusted average is 73 points. The tests in this class will probably be about (1) 1/3 to ½ multiple choice and (2) 2/3 to ½ problems where partial credit will be given for work done correctly. Although we do go over them in class, I take the exams up and keep them after we go over them. You may look at them in my office at any time. However, anyone taking an exam out of the classroom or out of my office will receive a zero on that exam.Missed Exams: No make-up exams will be given under any circumstances. If you must miss an exam for some unavoidable reason such as illness, you will get a zero on that exam. Since the zero will be your lowest regular exam score, your grade on the final will be used instead of the zero, as discussed above. Policy on calculators: You may use a simple 10-key calculator during the examinations and quizzes in this course provided that you use it alone. There is to be no joint use of calculators. Calculators cannot have a programmable, text-display capability. Quizzes: The quiz questions will come from the homework assigned on the quiz day. You will first take the quiz individually, and then in a group. You will be assigned to a group at the beginning of the semester. Both your individual quiz grade and your group quiz grade will go into the calculation of your overall quiz grade. Each quiz is graded on a 10 point scale. If, for example, you average 80% on all of your quizzes, you will get 80% (40) of the possible total points for quizzes (50). Homework problems: Homework should be prepared prior to coming to class on the days assigned. We will usually go over all of the homework problems in class. Withdrawals: The grade of "W" will be available to all students until March 8. Tax Return Assignments: You will be assigned four tax return problems to do. Printable forms can be obtained at the irs.gov web site. Tax Research Assignments: An important element of tax practice is tax research. Tax research problems will be assigned which require use of the tax reference materials online or in the Library. Attendance policy: I will take attendance, at least at first, but primarily to help me learn your names. As you know, you will probably do better in the class if you attend class regularly. While I don't count off for lack of attendance, you are still responsible for any assignments due or announcements made that day, so you might want to give them to a friend to hand in. Disabilities: If you have a disability that requires me to make any special arrangements, please let me know at the beginning of the semester. Office Hours: My posted hours are the hours I try to stay in my office, rather than attend meetings or check my mail, etc. However, I am usually in the office every day and you are welcome to drop by if I am in. Be sure to knock on the door! Sometimes I keep the door closed, and in those offices it looks like no one is in even if they are, so knock on the door to make sure. Important Dates: JAN 13 (TH) - Classes start JAN 25 (T) - Deadline for registration/course addition MARCH 8 (T) - Last day to drop with a "W" MARCH 21-25 (M-F) SPRING BREAK APRIL 14 (TH) - Last day to withdraw from the University APRIL 22 (F) – Spring Holiday MAY 2-6 (M-F) - Exam WeekTENTATIVE SCHEDULE Month Date Chapter Reading Problem, Activity Jan. 13 Orientation 18 3 ALL 31,33,35,38,46 20 3 47,48,50,54,58 21 Deadline for filing degree application 25 4 ALL Quiz Ch. 4; 23,24,27,28,31 27 4 32,35,38,40,42,45 Feb. 1 5 ALL Quiz Ch. 5; 19,20,21,23,29,31 3 5 33,35,37,39,40,41 8 6 ALL Quiz Ch. 6; 35,36,38,42,44 10 6 49,50,52,53, Review 15 Exam I 17 7 ALL Quiz Ch. 7; 33,34,37,38,39 22 7 41,42,43,48,50,51 24 8 ALL Quiz Ch. 8; 24,26,27,29,34 Mar. 1 8 35,36,38,39,42,46 3 9 ALL Quiz Ch. 9; 40,41,42,43,45 8 9 48,50,54,56,57,59 8 Last day to drop with a “W” 10 10 ALL Quiz Ch. 10;