fyoung outline Oct 20111001

fyoung outline Oct 20111001 - NATIONAL UNIVERSITY ACC 432A...

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NATIONAL UNIVERSITY ACC 432A – October 2011 TAXATION INDIVIDUALS Course Outline COURSE PRE-REQUISITE: ACC431 PROFESSOR: Dr. Forrest E. Young, CPA PHONE NUMBER: Will supply later E-MAIL ADDRESS: forrest.young@natuniv.edu REQUIRED TEXT: CCH FEDERAL TAXATION, COMPREHENSIVE TOPICS, 2011. Smith, Harmelink, Hasselback. ISBN: 978-0-8080-2353-1 OPTIONAL STUDY : Also available from CCH a companion Study Guide, 2011. Includes questions and answers for repetitive review. CCH StudyMate is an online study guide. REQUIRED SOFTWARE: MICROSOFT 97 or higher (This will include WORD, EXCEL, and POWERPOINT.) Course Description An introduction to the theory and practice of federal income taxation of individuals, including income, deductions, exemptions, credits, capital gains/losses, depreciation, passive activity gains and losses, AMT and deferred compensation plans. As a course requirement, students prepare a Form 1040 individual income tax return including various tax return chedules. LEARNING OUTCOMES: Upon successful completion of this course, students will be able to: 1. Describe and apply the rules for determining exemption and filing status of an individual. 2. Identify allowable deductions and distinguish between those that can be used to reduce adjusted gross income and those that are deducted from adjusted gross income. 3. Correctly use the types of deductions that may be allowed as itemized deductions, and calculate appropriate limits, where applicable. 4. Analyze capital transactions, identify those for which gain or loss is recognized, and apply capital loss rules, including carry-back and carry-forward provisions, when applicable. Distinguish between ordinary income/loss and capital gain income/loss. . 5. Describe and apply Passive Activity Loss rules. 6. Apply rules regarding depreciation of tangible personal property, real property, and capital assets. Distinguish between “assets used in a trade or business” and “capital assets”. 1
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7. Describe and apply the rules relating to Alternative Minimum Tax (AMT). 8. Prepare a moderately complex Form 1040 individual income tax return and supporting schedules. GRADING FACTORS: 2
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Activities Points % of total Letter Grade % Points: From Homework (8 x 20 points) 160 22 A = 96-100% 725 Chatroom Participation (CLP) (8 x 10 points) 80 11 A- = 90 679 Threaded Discussions (4 x 10 points) 40 5 B+ = 87 657 Quizzes (25 x 4 points = 100 x 2) 200 26 B = 84 634 Signature Project (Tax Return) 75 10 B- = 80 604 Comprehensive Final Exams Part 1 64 8 C+ = 77 581 Final Exam Part II 136 18 C = 74 559 C- = 70 528 Total available points 755 100 D+ = 67 506 D = 64 483 D- = 60 453 F = below 60% COURSE REQUIREMENTS: It is important that you are enrolled in class on or before the start date and that you have purchased the book before that date. Be sure to buy the correct edition of the book which is the 2011 Edition, CCH FEDERAL TAXATION, COMPREHENSIVE TOPICS –Smith, Harmelink, and Hasselback and it must be available by the first day of class. Earlier
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fyoung outline Oct 20111001 - NATIONAL UNIVERSITY ACC 432A...

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