5400 ACCT Taxation 1 - Syllabus Fall 2010
Instructor: Cory Johnson
Office: G5 Brooks Hall
Office Phone: [phone]
Office Hours: Tuesdays 9:30-10:30 and Wednesdays 1:30-2:30 and by appointment
Meeting Time-Location:
T/R 8:00 9:15 Caldwell 204
Required Text: Taxation of Individuals, 2011 Edition, Spilker, Ayers, Robinson, Outslay, Worsham,
Barrick, and Weaver (McGraw-Hill/Irwin). ISBN: 978-0-07-813671-9
Prerequisites: ACCT 2102H or ACCT 2102
Description: A basic federal income tax course covering concepts of taxation applicable to all taxable
entities but primarily relating to individuals. Introduces research approaches to tax problems as well as
methods of analysis most appropriate to taxation issues.
The course syllabus is a general plan for the course; deviations announced to the class by me may be
necessary.
Course Communication: This class will use eLC as our main form of communication outside of the
classroom. The website for eLC is http://elc.uga.edu. You are preparing to become a successful
business person, thus you are responsible for checking the website DAILY as I will use it for
announcements, required class materials, homework solutions, grade status, etc. Failure to assume the
responsibility of knowing the material available on eLC is unprofessional and will be taken into account
in your professionalism grade, i.e., avoid the temptation to be lazy and send a quick e-mail asking a
question for which the answer has already been provided on the syllabus, eLC, etc.
Email: Please use eLC to send any e-mails related to the class. E-mails sent to other addresses will be
ignored. You will also receive e-mail correspondence related to the class via eLC. I will try to respond
to all REASONABLE emails sent via eLC by the end of the next academic day. Do not expect
responses on weekends or holidays. If you email me a question, and do not hear back within the next
academic day, I either did not receive your email or the answer to your question is already available in
the syllabus or on eLC.
To forward your e-mail from eLC to another address, do the following:
1: Log into eCL;
2: Click on My Settings, My Tool Options, and check the box next to Forward all messages to the
e-mail address in my profile; and
3: Click on My Profile and add/change the e-mail address to which all messages will be forwarded.
Course Objectives: This course provides an introduction to the concepts of taxation. The course is
designed to provide a framework for understanding the structure of our federal income tax system while
introducing some of the specifics of this system. The specific goals of this class are: (1) develop a basic
understanding of the federal income tax laws in the United States, (2) develop an understanding of the
most relevant types of taxes applicable at the federal level and how each is calculated, and (3) provide a
framework for integrating income tax planning into accounting and business decisions.
A contractual perspective is utilized to develop a framework for integrating income tax planning into the
decision making process. Specifically, this class focuses on the contractual rules (i.e., the Internal
Revenue Code) that the federal government imposes on all contracting parties. The course is not
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intended to emphasize tax policy or "loopholes" in the current law. Instead, the course is designed to
focus on the economic perspective of the taxpayer and to provide a tool (i.e., tax planning) which can be
used to manage and provide more effectively for the goals of the taxpayer.
In class discussions, two main themes will be consistently present. First, effective tax planning requires
consideration of the tax implications for all parties. Second, taxes represent only one dimension of the
business decision. Thus, it is likely that "tax minimization" is not necessarily the most efficient strategy
to accomplish the goals of a taxpayer. Although a comprehensive understanding of the tax law may be
required for effective tax planning, for purposes of this course, specific details of the tax law will be
discussed only to illustrate tax planning and to provide a framework for understanding the structure of
our federal income tax system.
Organization: The course will follow the organization in the attached schedule. Required readings and
homework assignments are included in the attached schedule. Additional readings and homework
problems may be assigned as interest dictates.
Evaluation: Course grades will be determined based on the following categories and weights:
Participation/Professionalism
Tax Return Projects
Quizzes
Midterm Exam
Final Exam
5%
10 % (5% each)
15 %
30 %
40 %
Class Participation/Professionalism: My objective is to conduct class in a manner that facilitates
stimulating discussions about the application of the tax laws and tax planning. While my responsibility
is to "teach" the class, I believe that learning is the responsibility of everyone in the class. It is far easier
to learn through active participation, and I expect everyone to contribute to class discussion. I like class
discussions to be interactive and informal. Please do not be afraid to ask any question of interest. My
hope is that by both you and me contributing our parts to class discussion, a high level of understanding
of the material may be achieved.
In addition, I expect everyone to behave in a professional manner. Professionals arrive on time for
meetings, give meetings their full attention, and communicate in appropriate ways. This means that they
do not text, surf the web, make or receive phone calls, or read the paper during class. It also means that
any communication in or out of class with me or your colleagues is conducted in a professional manner.
For example, emails should be written using complete sentences and should be grammatically correct,
and everyone should pay attention to questions that arise in class.
To motivate discussion and preparation, a portion of your grade is based upon class participation and
professionalism. Class participation will be graded based upon the quality and quantity of your
contributions to class discussion and your professional behavior. Your presence and participation in class
are critical to your success in this course. Attendance is not mandatory but a lack of attendance is one
way to receive reduced credit for participation. Because you are responsible for everything discussed in
lecture, if you are unable to attend it is your responsibility to arrange to borrow notes from a classmate,
have someone record the lecture, or obtain the material in a professional and responsible manner.
Asking me to repeat my lecture is neither professional nor responsible!
Tax Return Projects: Two tax return projects will be assigned during the term. For each project you
will work in teams that will be randomly assigned. Each team should submit one completed tax return
with the names of all team members that participated on the cover by the beginning of the class for
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which you are registered on the date indicated on the attached schedule. The members of the team
identified on the cover sheet will receive the same grade for the assignment. If a member of the team is
not listed on the cover sheet, that student will receive 0 points for the assignment. Solo assignments
will receive 0 points.
Quizzes: UNANNOUNCED quizzes will be given regularly to provide you feedback on your level of
preparation and understanding, and to help you monitor your progress in comprehending course material.
Because the material in this class is cumulative in nature any material covered to date is fair game for a
quiz. One element of quizzes is time pressure. If you are adequately prepared, however, you should
have more than enough time to take the quiz. NO ONE WILL RECEIVE ADDITIONAL TIME TO
TAKE QUIZZES. Generally, quizzes will be given at the beginning of class for which you are
registered. NO LATE QUIZZES OR MAKE-UP QUIZZES WILL BE ACCEPTED FOR ANY
REASON. To allow for any unplanned absences or unforeseen bad days, I will drop the lowest 20%
of your quiz scores.
Exams: The examinations are designed to reward comprehension and they are cumulative in scope.
The examinations should not be formidable for students who have prepared for and participated in class.
Because it is difficult to anticipate all eventualities, excuses from the midterm exam are not necessary.
However, I would appreciate you informing me if you are not able to take the exam. If the midterm
exam is missed, NO MAKEUP EXAM WILL BE GIVEN. Instead, the weight of the final exam will
be increased accordingly. Thus, an absence from the midterm exam will result in a weight of 70 percent
for the final exam. The final exam is mandatory. An unexcused absence from the final exam will result
in a score of zero for the final exam.
To prepare students for entry into and a profession in which time is valuable, quizzes and exams are
designed to be challenging both from a content and a time perspective. Students will be expected to
manage their time accordingly as it is designed to be a factor.
POLICIES CONCERNING GRADING:
Because all grades are determined competitively it is crucial to maintain a fair and level playing field. In
addition to the policies discussed above, the following policies are designed and strictly enforced in
order to insure that no one student has or gets an advantage over the other students against whom they
are competing.
1. Grades are determined competitively based on your relative standing in the class.
2. The plus/minus grading system will be used in this class. Plus/minuses are not assigned until after the
final exam. There are no set targets regarding plus/minuses, so please do not contact me concerning what
plus or minus grade you might have going into the final as I do not know.
3. Following the midterm exam I will post your raw score and your cumulative percentile score. The
cumulative percentile score includes all points to date (i.e., from quizzes, tax return projects and exam)
weighted according to the scale above. Points for professionalism/participation will be added at the end
of the semester. The cumulative percentile score reflects your overall performance rank in the class
relative to everyone who is currently enrolled. It is the percentage of your peers who have performed
worse than you so far. For example, if your percentile score is 89% it means that 89% of the students
have performed worse than you and 11% are doing the same or better.
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4: Letter grades will be assigned as follows:
A
B
C
D
F
Cumulative
Percentile Score
100 to 85
84.9 to 60
50.9 to 20
19.9 to 15
14.9 to 0
NOTE: plusses and minuses are not represented here.
5. Your peers are defined as those students enrolled in the course at any point in time.
6. As students drop or withdraw your peers change, your relative performance may change and so may
your grade. Do not ask me to speculate as to the impact drops will have on grades because I do not
know. NOTE: Because students who withdraw while receiving a failing grade on work assigned during
the time the student is enrolled in the class or after the midpoint withdrawal date receive a WF in
accordance with UGAs withdrawal policy (discussed in detail below), these students count as peers in
determining the cumulative percentile score, i.e., WFs count in the 0-14.9% range.
7. Your grades are determined solely by your performance relative to your peers on the quizzes, tax
return assignments, participation, and exams.
8. All exam scores count in the percentages stated. Any exam that is started will count in the percentage
stated. Exam scores not are dropped.
9. There are no make-ups ever. This is applicable to quizzes, exams, all assignments and anything for
which grades are assigned in this class.
10. There is no extra credit available. There is nothing extra you can do at any time to change your letter
grade other than performing better on the remaining quizzes, projects, class participation and exams.
11. If you miss the midterm due to ANY reason, additional weight will be put on the final because there
are no make-up exams.
12. If you have a sudden death in the family that prevents you from attending the FINAL exam you must
provide the following information to me:
1. Name of the deceased.
2. The state and town in which the deceased resided.
3. Your relation to the deceased.
4. The name, address, and phone number of the funeral home handling the final arrangements.
5. A copy of the obituary.
6. The phone number for a contact person listed in the obituary.
After verifying your information you will be assigned an incomplete and you will complete the course by
taking a three hour exam during the first two weeks of the next semester. If you fail to provide all of the
information within one week of the exam date you will be assigned a zero for the exam.
13. The exam dates and times are set. If you know now that there will be a conflict or if you become
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aware of a conflict you have two choices:
a. Drop the class.
b. Re-weight your final exam.
14. Once you take an exam the score will count for the full assigned percentage of your grade. After the
fact claims of illness, sleep deprivation, conflicts with work, conflicts with sports, conflicts with family,
and excuses of any sort will not be considered.
15. If you start an exam and have a sudden illness or emergency you will not be allowed to complete the
remainder of the exam at a later time or date. Whatever score you get on the incomplete exam counts
toward your final grade. Your final exam will not be re-weighted should you be unable to complete a
midterm.
16. Facts such as your scholarship status, timeline for graduating, participation in athletics, or any other
particular facts of your life you think are important and bear special consideration with respect to grades
are irrelevant. Your grade will be determined solely by your performance relative to your peers.
17. No special considerations with respect to grades are ever provided to any student.
18. Do not ask me what you will need to get on exam X to improve grade Y to grade Z. This
would require me to know in advance what your performance will be in the future relative to your peers.
As I do not have a crystal ball, I cannot answer these questions. All I can say is the following; if your
overall performance relative to your peers improves your grade will stay the same or improve. If your
overall performance relative to your peers falls your grade will stay the same or decline.
19. I will evaluate participation after each class period. Your final participation score reflects the quality
and the quantity of your questions/comments over the course of the ENTIRE semester. Please
understand that simply asking a large number of questions does not guarantee a high participation score
if the questions do not consistently benefit the class as a whole. In addition, unprofessional behavior
during the semester will affect your final participation/professionalism grade. While tax is a fascinating
subject, there will be times when you feel like screaming at me or at a classmate, sending inappropriate
e-mails, being too lazy to look up an answer to a question that is already provided, or acting in some
other unprofessional manner. Please think twice as unprofessional behavior results in a lower
participation/professionalism grade!
Homework: Suggested homework problems are included in the attached schedule. These problems are
not required and will not be collected. However, an understanding of these and similar problems should
enhance your knowledge of course material. Thus, it is suggested that you work these problems and
other problems in the text that closely relate to material discussed in class. With warning, I do reserve
the right to assign and collect appropriate homework problems. Any collected homework will contribute
to participation grades.
Withdrawal Policy: In accordance with University of Georgia guidelines, students may withdraw prior
to the midpoint of the semester and receive either a W or WF. A W will be assigned if the student
withdraws while doing satisfactory work. A WF will be assigned if the student withdraws while doing
unsatisfactory work. Unsatisfactory work is defined as failing (i.e., a failing grade on work assigned
during the time the student is enrolled in the class). A student who withdraws after the midpoint
withdrawal date is assigned a grade of WF except in those cases in which the student is doing
satisfactory work and the withdrawal is recommended by the Office of Student Affairs because of
emergency or health reasons. Please note, WFs are assigned in this class if earned, so dont assume
otherwise or beg me to change my mind.
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Academic Integrity: As a University of Georgia student, you have agreed to abide by the Universitys
academic honesty policy, A Culture of Honesty, and the Student Honor Code. All academic work
must meet the standards described in A Culture of Honesty found at: www.uga.edu/honesty. Lack of
knowledge of the academic policy is not a reasonable explanation for a violation. Questions related to
course assignments and the academic honesty policy should be directed to me.
All academic work submitted in this course must be your own unless you have received my permission
to collaborate and have properly acknowledged receiving assistance. It is my responsibility to uphold the
Universitys academic honesty policy and report my belief of dishonesty to the Office of the Vice
President for Instruction. I take your academic integrity very seriously. You are attempting to enter a
profession that requires the highest standards of ethical conduct. If you have any question about whether
your actions constitute academic dishonesty, the best course of action is to ask me for guidance before
acting.
Academic Accommodations: If you would like to request academic accommodations due to a
disability please contact The Disability Resource Center, 114 Clark Howell Hall, 706-542-8719 voice,
706-542-7719 fax, or 706-542-8778 tty. If you have a letter from Disability Services indicating you have
a documented disability that requires academic accommodations, please present the letter to me in person
as early as possible so we can discuss the accommodations you might need for class. If we do not meet
in person to go over the blue form at least two weeks prior to the exam you will not be assigned
any accommodation come the exam.
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How to Succeed In ACCT 5400
1. Preparation - Before each class, read assigned material in order to be ready to (a) answer questions
posed to you or the class, and (b) ask questions regarding any problems that you may have. Your
preparation is a key factor in your performance in this class and how much knowledge you will
discern from this class.
2. Preparation Before each class, work problems from the book that are assigned for that day, i.e.,
BEFORE we cover the material in class. Be sure to attempt the problem before looking at the
answers. The more you struggle with the problem, the more you learn from the problem. Also,
attempt to work the problems from the notes before we cover them in class. This will help you
prepare for the discussion in class and help you get more out of each problem we cover in class.
3. Preparation - Before each class, you should also review your class notes from the previous lecture.
This review is an important process in determining your level of understanding of course material. If
you are having problems with materials previously covered in class, it is imperative that we resolve
any questions that you have as soon as possible. If you do not understand a point made in class,
chances are that your neighbor has a similar lack of understanding.
4. Attend class regularly and on time. Please do not disrupt the class by coming in after class has
started. Coming in late disturbs other students as well as the instructor, and it is unprofessional!
5. Rework problems discussed in class and work problems assigned in class. Class discussions are
highly representative of the material that I expect you to glean from this course. Further, because
class discussions often exceed the difficulty level provided in the text, it is important that you
understand this material in preparation for your exams. Throughout the course, I will suggest
modifications to problems discussed in class. It is important that you not only understand the
problems discussed in class, but also understand the issues well enough to analyze and solve related
problems as well as problems that integrate multiple ideas presented in this course.
6. If you are ever confused, please seek help. I encourage you to ask questions in class. Additionally, I
am also available during posted office hours or by appointment.
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Class
Topic
Introduction to Tax
Fall 2010 Tentative Course Schedule
Suggested
Chapters
Problems
1: 8/17 Introduction/ Tax rates/structures
Chapter 1
4, 5, 6, 14, 34, 35 42, 43, 49, 50
2: 8/19 Types of taxes and evaluating them
Chapter 1
45, 46, 47, 48, 53, 54, 57
3: 8/24 Tax compliance, audit and sources
Chapter 2
43, 46, 53, 54, 60, 61
4: 8/26 Tax compliance, cont.Tax Research Chapter 2
24, 25, 26
5: 8/31 Tax planningtiming/shifting
Chapter 3
29, 32, 34, 36, 37, 44
6: 9/02 Tax planningcontinued
Chapter 3
45, 47, 48, 49, 51
7: 9/07 Individual Income Tax Tax Formula Chapter 4
4, 5, 6, 7, 18, 21
8: 9/09 Tax Formula, Exemptions, Filing Status Chapter 4
12, 14, 24, 27, 40
9: 9/14 Income Realization and Recognition
Chapter 5
37, 38, 41, 43
10: 9/16 Income R&R / Exclusions & Deferrals Chapter 5
44, 45, 48, 52
11: 9/21 Income Exclusions and Deferrals
Chapter 5
53, 54, 56, 60
12: 9/23 For AGI deductions
Chapter 6
39, 42, 50, 53, 60
13: 9/28 Phase-outs/ From AGI deductions
Chapter 6
46, 48, 52, 56
14: 9/30 Itemized deductions
Chapter 6
47, 64
15: 10/5 Tax computations / AMT
Chapter 7
17, 18, 58, 61, 62, 66
Midterm Exam October 7
5:30 7:30 pm
Caldwell 204
16: 10/7 AMT / Credit / Filing Requirements
Chapter 7
70, 72, 77, 87
17: 10/12 Bus. Deductions / accounting methods Chapter 8
1, 10, 46, 47, 49
Thursday 10/14 1st Tax Return Project Due
18: 10/14 Bus. deductions / accounting method Chapter 8
50, 51, 54, 59
19: 10/19 Acquisitions and MACRS
Chapter 9
15, 39, 40, 45
Thursday 10/21
Midpoint Withdrawal Deadline
20: 10/21 179 and MACRS contd
Chapter 9
21, 22, 46, 49
21: 10/26 179 and MACRS contd
Chapter 9
60, 61, 62, 65
22: 10/28 Dispositions, 1231, 1245, 1250
Chapter 10
4, 33, 38, 41, 42, 44, 45
23: 11/02 Non-recognition dispositions
Chapter 10
24, 25, 50, 55
24: 11/04 Investments
Chapter 11
11, 12, 15, 27, 47, 49, 52
25: 11/09 Investments / Basis
Chapter 11
54, 57, 59, 66, 71, 78
26: 11/11 Basis /At-risk limitations and PAL
Chapter 11
83
27: 11/16 At-risk limitations and PAL
Ch 11 / Suppl
Handout
28: 11/18 Retirement Savings
Chapter 13
65
11/22 11/26
THANKSGIVING BREAK
Tuesday 11/30
2nd Tax Return Project Due
29: 11/30 Retirement Savings
Chapter 13
30: 12/02 Employment Income
Chapter 12
29
12/14 Final Exam - Tuesday, December 14
8:00 11:00 a.m.
NOTE: It is the students responsibility to verify date & time of final exam!
*See http://www.ps.uga.edu/Administration/EscortService.html for information about the campus
evening escort service.
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