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Syllabus Individual Income Tax

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Syllabus Individual Income Tax document sample

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									                                                           Date Approved:

Date Reviewed:                                             Date Revised: June 2009


                                      COURSE SYLLABUS

Syllabus for:             ACT 2410 Income Tax Accounting—Personal

Former Quarter Course: ACT 241

Catalog
Description: This course is a study of federal income tax laws with emphasis on
             the preparation of returns for individuals. Topics discussed include items
             to be placed in gross income and exclusions, adjustments to income, itemized
             deductions, and tax credits.




Credit Hours:      3             Contact Hours:     3             Lab Hours: 0


Prerequisite(s):   None


Required Text(s): Individual Income Taxes, 2010, Hoffman, Smith, & Willis. Publisher:Thomson.


Required Supplies/Material(s): None



Recommended Supplementary Material(s): None



Student Group for Whom Course is Required/Intended: This course is required for all students
majoring in Business Technology with an Accounting concentration. Other students are encouraged
to take this course for personal application.
                                 STUDENT LEARNING OUTCOMES

                           ACT 2410 Income Tax Accounting—Personal


Upon completion of this course, students will demonstrate the ability to:

1. Describe a brief history of the federal income tax.

2. Name the different types of taxes which exist at the Federal, State and local levels.

3. Explain the various influences of various aspects of the tax law.

4. Describe how an individual's tax liability is determined.

5. Apply the rules for determining dependency exemptions and filing status.

6. Describe the basic concepts of property transactions and their effect on taxable income.

7. Describe the cash and accrual methods of accounting for gross income.

8. Determine gross income from the following sources: alimony, below-market interest rate loans,
   annuities, prizes and awards, group term life insurance, unemployment compensation and social
   security benefits.

9. Apply the principles to determine who is subject to tax on a particular item of income.

10. Name the items which the Internal Revenue Code permits to be excluded from income.

11. Classify the deductions for and from adjusted gross income.

12. Name which activities and transactions may be subject to disallowance.

13. Name the substantiation requirements that must be met to take a deduction.

14. Determine the amount of a bad debt deduction.

15. Distinguish between business and nonbusiness bad debts and recognize the tax consequences
    of the distinction.

16. Determine the tax treatment for worthless securities.

17. Determine the amount of loss for business use property.

18. Define the term "casualty" and compute the amount of casualty and theft losses.

19. Describe the impact of the carryover of a net operating loss.

20. Determine the amount of depreciation and amortization under pre-ACRS rules.

21. Determine the amount of cost recovery under ACRS rules.
                          STUDENT LEARNING OUTCOMES (Continued)

                           ACT 2410 Income Tax Accounting—Personal


22. Explain the rules governing listed property.

23. Determine the amount of depletion expense.

24. Describe the reporting procedures for depreciation and cost recovery.

25. Distinguish between self-employment expenses and employee business expenses.

26. Determine which employee business expenses are deduction for adjusted gross income and
    which are deductions from adjusted gross income.

27. Distinguish between travel and transportation expenses.

28. Name the requirements for deducting moving expenses and the limitations on the amount
    deductible.

29. Determine when and how education expenses can be deducted.

30. Explain the limitations on the deductibility of entertainment expenses incurred by employees.

31. Distinguish between deductible and nondeductible personal expenses.

32. Compute the medical expense deduction.

33. Contrast deductible taxes and nondeductible fees, licenses, etc.

34. Explain the rules relating to state income taxes.

35. Determine whether various types of interest are deductible.

36. Calculate the deduction for charitable contributions and know the limitations.

37. Enumerate the business and personal expenditures that are deductible on Schedule A.

38. Explain the computation, recapture, and carryover of investment tax credit.

39. Describe the following tax credits for individuals: earned income credit, tax credit for the elderly,
    foreign tax credit, child care credit and credit for mortgage interest paid.
                                 SUGGESTED EVALUATION PLAN

                          ACT 2410 Income Tax Accounting—Personal


             Task                    Weight            Student Learning Outcomes

Exam 1 (Chapters 1-3)                 20%                           1-6


Exam 2 (Chapters 4-5)                 20%                           7-10


Exam 3 (Chapters 6-8)                 20%                        11-19


Exam 4 (Chapters 9-13)                20%                        20-39


Final Exam (Take Home)—
Completing a tax return for an        20%                           1-39
individual



                                     FINAL GRADING PLAN
                                    Based Upon Percentages

A=   90-100%
B=   80-89%
C=   70-79%
D=   60-69%
F=   Below 60%




Additional Comments:
                              INSTRUCTIONAL SCHEDULE

                      ACT 2410 Income Tax Accounting—Personal



Week   Student Learning       Content to be Covered            Student Assignments/
          Outcomes                                            Supplementary Material(s)

 1           1-3          Chapter 1—“Introduction to       Read Chapter 1.
                          Taxation and Understanding the   Answer Questions 13, 22, 26, 29,
                          Federal Tax Law                  42, 44, 45.

 2            4           Chapter 2—“Working with the      Read Chapter 2.
                          Tax Law”                         Answer Questions 9, 18, 22, 34.
                                                           Work Problem 53.

 3           5-6          Chapter 3, “Tax Determination;   Read Chapter 3.
                          Personal and Dependency          Answer Questions 2, 7, 21, 28, 32.
                          Exemptions: An Overview of       Work Problems 33, 34, 35, 36, 38,
                          Property Transactions”           40.

 4           5-6          Chapter 3 (Continued)            Read Chapter 3.
                                                           Answer Questions 2, 7, 21, 28, 32.
                                                           Work Problems 33, 34, 35, 36, 38,
                                                           40.

 5           7-9          Exam 1 (Chapters 1-3)            Read Chapter 4.
                          Chapter 4—“Gross Income:         Answer Questions 2, 20, 23.
                          Concepts and Inclusions”         Work Problems 31, 34, 37, 44, 46.

 6          10-12         Chapter 4 (Continued)            Read Chapter 4.
                          Chapter 5—“Gross Income:         Answer Questions 2, 20, 23.
                          Exclusions”                      Work Problems 31, 34, 37, 44, 46.

 7          10-12         Chapter 5 (Continued)            Read Chapter 5.
                                                           Answer Questions 11, 13, 14, 18,
                                                           25.
                                                           Work Problems 31, 34, 36, 43, 51.

 8           13           Exam 2 (Chapters 4-5)            Read Chapter 6.
                          Chapter 6—“Deductions and        Answer Questions 4, 5, 11, 20.
                          Losses: In General”              Work Problems 36, 39, 42, 58.

 9           13           Chapter 6 (Continued)            Read Chapter 6.
                                                           Answer Questions 4, 5, 11, 20.
                                                           Work Problems 36, 39, 42, 58.

 10         14-19         Chapter 7—“Deductions and        Read Chapter 7.
                          Losses: Certain Business         Answer Questions 4, 22, 26.
                          Expenses and Losses”             Work Problems 31, 34, 35, 41, 44.
              INSTRUCTIONAL SCHEDULE (Continued)

             ACT 2410 Income Tax Accounting—Personal


11   20-24      Chapter 8—“Depreciation, Cost   Read Chapter 8.
                Recovery, Amortization, and     Answer Questions 1, 23, 28.
                Depletion”                      Work Problems 31, 37, 61.

12   25-31      Exam 3 (Chapters 6-8)           Read Chapter 9.
                Chapter 9—“Deductions:          Answer Questions 1, 4, 7, 33.
                Employee Expenses”              Work Problems 40, 44, 46, 49.

13   32-37      Chapter 10—“Deductions:         Read Chapter 10.
                Certain Itemized Deductions”    Answer Questions 1, 16, 26.
                                                Work Problems 27, 28, 31, 44, 45.

14    37        Chapter 11—“Passive Activity    Read Chapters 11 and 12.
                Losses”                         Answer Questions 1, 10, 37 in
                Chapter 12—“Alternative         Chapter 11 and Questions 2-7 in
                Minimum Tax”                    Chapter 12.
                                                Work Problems 40, 41, 42, 49, 55
                                                in Chapter 11.

15   38-39      Chapter 13—“Special Tax         Read Chapter 13.
                Computation Methods, Payment    Answer Questions 1-9.
                Procedures, and Tax Credits”
                Exam 4 (Chapters 9-13)
                Final Exam

								
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