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COLBY-SAWYER COLLEGE BUS 342-Taxation Section A: MW from 10-11:40 am in 111 Reichhold Hall Fall 2013

Professor Jeffrey Phillips 334 Colgate Hall Phone: 526-3020 (School), 753-2204 (Home) E-mail: jphillips@colby-sawyer.edu

Office Hours: MW 2-3, TR 10:30-11:30, or by appointment

COURSE DESCRIPTION: This course introduces the underlying concepts of federal taxation both at an individual and corporate perspective. Students learn to understand and prepare individual and corporate tax returns.

COURSE OUTCOMES: At the end of this course, students will be able: 1. To understand basic individual and corporate taxation concepts. 2. To research taxation questions using available resources both in print and computer form. 3. To prepare specific individual and corporate tax returns. 4. To describe the tax cycle, audit, and compliance mechanisms of the U.S. tax system. 5. To participate in VITA (Volunteer Income Tax Assistance) program efforts or another hands-on preparation practice.

TEXTBOOK & CLASS MATERIALS: Income Tax Fundamentals: 2013 Edition, by Whittenburg, Altus-Buller, and Gill. Tax forms (available via tax software or at www.irs.gov). Business publications (such as The Wall Street Journal) for tax policy news information. A financial calculator (The Texas Instruments -BAII Plus is recommended).

COURSE PREREQUISITES: BUS 216; Junior standing or above

COURSE REQUIREMENTS & GRADING: Two exams, a tax article and presentation (explained later), homework problems, and a final exam. The exams are multiple choice and problems. If an exam is not taken as scheduled, I must be notified by phone or e-mail (with the reason) the day of the exam. Grades on any makeup exams may be lowered at my discretion. Your grade will be calculated as follows:

CLASS PARTICIPATION EXAM #1 EXAM #2 FINAL EXAM TAX ARTICLE & PRESENTATION HOMEWORK

10% 20% 20% 20% 10% 20% 100%

The following grading scale will be used: A (94-100), A- (90-93), B+ (87-89), B (83-86), B- (8082), C+ (77-79), C (73-76), C- (70-72), D+ (67-69), D (63-66), D- (60-62), F (Below 60) Effort, attendance, and improvement on the exams will be taken into account and my influence your grade, especially in borderline cases. Attendance will be taken daily at the beginning of class, so please arrive on time. A late arrival (after Ive taken attendance) will be considered an absence. Please remember this. Students who have a documented disability will be provided with reasonable accommodations. They are encouraged to contact Disabilities Resources at extension 3711 as soon as possible to ensure that such accommodations are implemented in a timely manner. All accommodations must be approved by CSC Disability Resources. Students are responsible for meeting all of their academic obligations, even if they are engaged in college-sponsored activities, i.e., theatre, athletics, or field trips. There are no excused absences for such activities. In the case of a scheduling conflict between two classes, students should make appropriate arrangements with the course instructors, being mindful that a regularly scheduled class has the higher priority. The two MOST IMPORTANT determinants in getting a GOOD GRADE are coming to class regularly and paying attention. Excessive absenteeism will negatively affect your class participation grade! So that we may have a positive learning experience for all, I ask that everyone observe the following policies: Please do not eat in class (a beverage is fine), sleep, text message, or leave during the middle of class. Cell phones must be turned off and laptops may only be used for taking notes. Using cell phones during class will result in points being deducted from your class participation grade.

POLICY ON PLAGIARISM/CHEATING: All Colby-Sawyer College students are expected to understand the meaning of academic honesty and to behave in accordance with the colleges policies on academic honesty as published in the Code of Community Responsibility. Any student found cheating will be given an F on the exam or assignment.

COURSE OUTLINE: This syllabus is subject to change, including topics covered and exam dates. Tentative Date(s): Week of 9/9 Topics: The Individual Income Tax Return Gross Income and Exclusions Business Income and Expenses, Part I Business Income and Expenses, Part II EXAM #1 Itemized Deductions and Other Incentives Credits and Special Taxes Accounting Periods and Methods of Depreciation Capital Gains and Losses Week of 11/11 EXAM #2 Withholding, Estimated Payments, and Payroll Taxes Partnership Taxation The Corporate Income Tax Tax Administration and Tax Planning 12/18 at 8 am FINAL EXAM Ch(s): 1 2 3 4 1-4 5 6 7 8 5-8 9 10 11 12 TBA

Week of 10/7

TAX ARTICLE & PRESENTATION: Each student will be required to find a tax-related article from The Wall Street Journal or other credible business source (such as a business magazine). There are two parts to this assignment: 1. An oral presentation (5-10 minutes) given to the class summarizing your article and explaining its relevance to taxation. This will be followed by a question and answer session. 2. A typed written paper to be handed in (1-2 pages). It must include a brief summary as well as an analysis of the article. Explain how it relates to the course. Please attach a copy of the article to your paper. If you are unable to present as scheduled, you must notify me that day (or earlier) with the reason. I will try to reschedule you for a later date, but there is no guarantee. The tax article and presentation will be 10% of your final grade.

HOMEWORK: Homework will be assigned from the textbook and is due at the beginning of class. Specific due dates will be given in class. All homework must be stapled and late homework will not be accepted. Chapter: 1 2 3 4 5 6 7 8 9 10 11 12 Group 2 (Problems): #3,6,10,13,16,22 Group 4 (Comprehensive): #1,2A

1,2,3,7,8,9,12,13,14,16,20,23,26,29,30 1,2B 1,3,4,8,9,11,15,19,23 1,3,4,5,6,10,11,14,17,18,19,20 2,3,5,6,8,9,14,16,17,21,24 1,4,6,7,10,11,14,17,19,20,27 3,4,5,7,8,9,13,14,17 2,3,4,6,7,9,10,11,12,13,16 1,3,7,9,14,17 2,5,6,7,9,11,12,13 2,3,4,5,6,10,13 3,4,5,6,8 1,2A 1,2A 1,2A 1,2B 1 1 Yes, complete the only one Yes, complete the only one 1 ------

The Group 4 (Comprehensive) questions involve completing actual tax forms.