Class ParticipationResearch ProjectsFall Course ScheduleIndividual Income TaxesTax - 341Instructor: Stacy KlineOffice: 504J - MathesonPhone: 215-895-5866e-Mail: [email protected]: www.lebow.drexel.edu/klinesaOffice Hours: Thursday 2:30-5:30 and by appointmentText: West Federal Taxation Comprehensive Volume 2005 Edition, Willis, Hoffman, Maloney, & Raabe, West/Southwestern, 2005.Study Guide to accompany the text is optional.Grading:RawPointsTotal PointsMidterm Exam 100 A 450-500Final Exam 150 B 400-449Tax Return 100 C 350-399Research AssignmentsGroup Quizzes8040D 300-349Class Participation 30 F <300Total Points Available 500Midterm and Final ExamEach exam will include multiple-choice questions and one comprehensive problem. The final exam is cumulative because tax law by nature is cumulative. Exams are not open book. One piece of 8 1/2 x 11 paper, front side only, will be allowed with written notes for each exam. Exam material may come from any material in the chapters assigned and any additional information discussed in class. No make-up exams will be given for any reason. If you miss a midterm or final exam, you will receive a grade of zero. Tax ReturnOne individual tax return (Form 1040) will be required for the term. You will have two weeks to complete the tax return. Form 1040 is due in class in the eighth week of class and will be worth 100 points toward your total grade. You must complete the forms manually (i.e., no software). The due date of the tax return has been noted on the class schedule. You may not discuss the information with your classmates and you must prepare and submit your own work. Twenty points will be deducted from your score for each day the project is late for any reason. (Think of me as the IRS assessing penalties!)Research ProjectsTwo research projects will be assigned during the term. Each research problem is worth 40 points and is due one week after the problem is assigned. You will be assigned aspecific problem and you will be required you to locate tax law, including but not limited to IRC sections, Regulations, cases, rulings or articles. Every research memo you write must have four parts: Facts, Issue, Discussion and Conclusion. Twenty points will be deducted from your score for each day the problem is late for any reason. (Again, think ofme as the IRS assessing penalties!)Group Quizzes There will be four quizzes throughout the term on specific topics or chapters. Each quizwill have four multiple-choice questions. The quizzes will be performed in groups andshould be used as practice for upcoming exams. These quizzes may be announced or maybe unannounced. There are no make-ups for quizzes and a zero grade will be given forany missed quizzes. Multiple-choice quizzes will be given periodically throughout the term and are intended as practice for the exams. Each quiz is worth 10 points. Each group is responsible for submitting one quiz and the grade will be shared by all students present that day. It is your responsibility to make sure your name is clearly listed on the quiz. If you arrive late or leave early for the assignment, you will not get credit and will not be allowed to participate. Class ParticipationTax knowledge is cumulative. You must attend class and participate to learn tax law. In addition, we will discuss the answers to various homework problems. If you cannot attend class, please inform me ahead of time. Participation includes attending class, being prepared for class, reading chapters and completing homework prior to class, and discussing topics or asking questions during class time.**NOTE: class participation grade points must be earned through attendance,participation and completed homework at every class. You begin the term with zero gradepoints and earn the points for each class for which you participate and are prepared.HomeworkYou must read an assigned chapter before coming to the class in which I will lecture the chapter. Homework for each chapter will be assigned at the end of the discussion of a chapter. It is your responsibility to obtain the assignments. All assignments are posted on the above website. We will go discuss only the homework problems giving you trouble. Thus, it is imperative that you come to class having attempted the homework problems so I can help you. Otherwise, I will move on to the next topic. Tax knowledge is cumulative and it is important that you keep up with your readings and homework. You must complete your homework to earn your participation points.Fall Course Schedule(Subject to change)Week Date Topic Chapter1 9/28 Overview - Introduction 11 9/30 Tax Research 22 10/5Admin Procedures, Tax Formula, Personal and Dependency Exemptions 32 10/7 Filing Considerations, Property Transactions 33 10/12 Gross Income Inclusions 43 10/14 Gross Income Exclusions 54 10/19 Gross Income Exclusions 54 10/21 Deductions and Losses 65 10/26 Deductions and Losses 65 10/28 Midterm Exam (Chapters 1-6)6 11/2 Losses of Individuals, Business Expenses 76 11/4 Depreciation and Amortization 87 11/9 Depreciation and Amortization 87 11/11 Employee and Self-employed Expense 98 11/16 Employee and Self-employed Expense 98 11/18 Itemized Deductions 99 11/23 Itemized Deductions 109 11/25 University Holiday10 11/30 Passive Activities 1110 12/2 Passive Activities 1111 12/7 Tax Credits 1211 12/9 OpenFinalsWeek tba Final exam - all