Accountancy 551 Tax Treatment of Corporations and Partnerships

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1 DePaul University Kellstadt Graduate School of Business School of Accountancy and MIS Syllabus: Accountancy 551 Tax Treatment of Corporations and Partnerships William Zink Winter, 2016 COURSE TITLE: Tax Treatment of Corporations and Partnerships COURSE DESCRIPTION: This course will focus on: Choice of entity for commercial and investment activity Business deductions Capitalization/depreciation/amortization Tax accounting periods and methods Tax credits Computation of tax liabilities and estimated tax payments C and S corporations Partnerships International taxation Income taxation of trusts Estate and gift taxation Tax practice ethics This course is a prerequisite for students in the M.S.T. program not having the equivalent undergraduate coursework in taxation. This course together with ACC 548 or its equivalent can serve as a basis for further tax study. NOTE: This is a M.S.A. or M.ACC

2 course. PREREQUISITE: ACC 548 or its equivalent Materials for this course We will address the topics for this course through the use of the BNA Federal Tax Guide. The select chapters for each week will be posted in D2L. Any other necessary materials will also be posted along with this syllabus in D2L. The specific BNA Federal Tax Guide chapters we will use for the content of this course is as follows: Chapter XVI Choice of entity Chapter IV Business deductions Chapter V Depreciation/amortization Chapter VIII Losses and Limitations Chapter IXA Business Tax Credits Chapter IXE Foreign Tax Credit Chapter IXH minimum Tax Credit Chapter XIII C Corporations Chapter XB Corporate tax Computations Chapter XI Tax Accounting Periods and Methods Chapter XIV Partnerships Chapter XV S Corporations Chapter XX International taxation Chapter XVIII Income taxation of trusts and estates Chapter XXI Estate, Gift, and Generation Skipping Tax Homework for this course There will be homework for weeks 1 through 4 and 6 through 10 per the Class Schedule below. The homework will be based on what is posted in D2L for that particular week. Within each week on D2L you will find and BNA Federal Tax Guide Chapter for that particular week along with an outline from the BNA Federal Tax Guide for that particular week. You should read through each chapter several times to get the main concepts

3 concerning the topics for the week. You should use the outline as a guide to assist you in your reading as well as for taking notes. There are no weekly quizzes or other homework assignments. The importance of reading, taking notes and understanding the federal tax concepts for each week will become evident in the discussion under Classroom Activities below. Classroom activities Regular class attendance and participation are expected. You can maximize the benefit of being in class by asking questions and participating in classroom discussions. The University s Academic Integrity Policy applies to all work in this course. The School of Accountancy and MIS Code of Student Conduct applies to students taking this course. Each class will be conducted as a business meeting. There will be minimal lecture. It is important you get comfortable with the business style approach because that is what you will graduate into once you obtain your degree. Your supervisor will not be giving you a lecture but will be having a discussion with you. This will also be the way you will be engaged in meetings with clients should you choose public accounting. So our classroom is a business office and you are my colleagues and we are having business discussions rather than lectures. In order to participate and get the most out of each class, you must have read the materials, used the outline and taken notes. Prepare yourself for each class accordingly. In several of the classes, the reading will be assigned to particular students who will make a presentation to the class concerning the materials for the particular week. As noted in the grading discussion below, it is essential you actively participate in each class. Mid-term and Final Examinations There will be 2 examinations for this class: The mid-term The final Tax practice requires research and not memorization. Thus both exams will be open book and will be done via D2L. That is how you practice tax. What you know comes from your research and analysis not from a recitation of rules. During the first 4 weeks of class we will cover various federal tax topics as per the class schedule below. In the 5 th week, there will be no class but you will be taking the midterm via D2L from home. The mid-term will cover the first 4 weeks of material. The examination will be made available on a specific date and will have specific amount of time within which it can be taken. The mid-term examination will be 105 multiple-choice questions. Each question is worth 1 point. Each question will have only 1 correct answer and you will have only one opportunity to choose the answer you believe is correct. You can use your BNA Federal Tax Guide for assistance.

4 During weeks 6 through 10 we will have our regular classes. In week 11 there will be no class. The final examination will be made available on a specified date for a specified amount of time and will be taken via D2L as was the mid term. The final examination will only cover the material from weeks 6 through 10 and will not cover any material from the mid term examination. The final examination will also have 105 multiple-choice questions for which you must choose the correct answer for each question. Again, you only have 1 opportunity to answer correctly. Each question is worth 1 point. Grading The grading will be strictly on a points basis. There will be no curve and there will be no subjective element to the grading process. Your grade is totally dependent on how well you study each week s assignment. Your grade will be dependent on Each weeks class The mid-term exam The final exam Each week s class is worth up to 10 points if you actively participate. If you are absent or have little to no participation you will not earn any points. There will be no make up work for class absence. It is up to you to make the effort to earn up to 90 points toward your grade. The mid-term and the final examination are each worth a total of 105 points for a combined total of 210 points. Thus there is a total of 300 points you can earn in this course as follows: Each week s class up to 10 points based on your active participation and presentations Mid term exam up to 105 points Final exam up to 105 points. Total maximum points for class 300 Your grade will be solely dependent on the points you earn according to the following scale: A B C D F 270 (90%x300) or more points 240 (80%x300) or more points up to 269 points inclusive 210 (70%x300) or more points up to 239 points inclusive 180 (60%x300) or more points up to 209 points inclusive 179 points or below

5 Schedule for Course Week 1 BNA FTG XVI Choice of entity Week 2 BNA FTG IV BNA FTG V BNA FTG VIII BNA FTG IX A BNA FTG IX E BNA FTG IX H Minimum tax credit Business deductions Depreciation/Amortization Losses and Limitations Business tax credits Foreign tax credit Week 3 BNA FTG XIII BNA FTG X B C Corporations Corporate tax computation Week 4 BNA FTG XI Accounting Methods and Periods Week 5 Take home mid term Take home mid term Week 6 BNA FTG XIV Partnerships Week 7 BNA FTG XV S Corporations Week 8 BNA FTG XX International taxation Week 9 BNA FTG XVIII Income taxation of trusts and estates Week 10 Week 11 BNA FTG XXI AICPA Tax Practice Ethics Take home final exam Estate, Gift, and Generation Skipping Tax AICPA SSTS Take home final exam