ACC 228: Corporate, Gift and Estate Taxes
Course Syllabus – Spring 2021
Location: via ZOOM classroom link on Blackboard
Day/time: Tuesday \& Thursday 3:25-4:40pm
Phone: (585) 273-1737 (although it will be much quicker to contact me via email, since I will largely be working from my home office for the term)
e-mail: [email protected]
Office hours: Tuesday, 2:00-3:00pm and by appointment
VIA ZOOM ONLY (see Blackboard for zoom link)
- No scheduled office hours on “No Classes” days
4. Course Description and Learning Objectives
This course will build upon some of the concepts learned in ACC 227 Individual Income Tax, as it looks at corporate, gift and estate taxes. It will provide an overview of the US tax system and how it is applied to corporations, partnerships and estates. Detailed topics will include, but are not limited to, corporate tax, alternative minimum tax, taxation of partnerships and $S$ Corporations, gift taxes and estate taxes.
- Provide the student with a basic overview of the corporate tax code
- Understand how business are taxed
- Be able to understand how partnerships and $S$ corporations are taxed differently than corporations
- Understand the Uniform Transfer Tax rules (gift and estate taxes) and apply tax planning techniques
- Familiarize the student with different tax forms
- Prepare the student for the regulation section of the CPA exam
7. Relation with other Courses at the Simon School
This course builds upon skills learned in ACC227 Individual Income Tax.
8. Textbooks and Required Material
Required textbook: “South-Western Federal Taxation Comprehensive Volume 2021 Edition”; Maloney, Young, Nellen \& Persellin; ISBN-10: 0-357-35931-3 – ISBN-13: 978-0-357-35931-0
Note: this textbook is used in both ACC227 and ACC228.
9. Assignments, Case Studies, or Projects
The class format will be a mixture of lecture, discussion and working through example problems. Students are expected to have thoroughly read the assigned material (text and any supplemental reading material) in advance of class and to come to class prepared with thoughtful responses and questions regarding the assigned problems, readings and cases.
11. Homework \& Practice Problems
Specific end-of-chapter homework discussion problems will be covered in class; the solutions will be available on Blackboard after the problems are covered in class. See the associated chapter Learning Module for a list of problems scheduled for review and discussion in class.
Time constraints limit the amount and length of problems and cases we can cover in the lectures. The additional practice problems referenced in the chapter Learning Module on Blackboard (mainly CPA exam practice questions) will not be covered in class but they are an important additional resource to help you better understand the material. The solutions to these additional practice problems will also be available on Blackboard after the chapter is covered in class.
Aside from the case assignments discussed below, you are not required to turn in the chapter class homework discussion problems, additional practice problems or any cases or articles designated for class discussion only. However, they are an integral and critical part of the learning process, and you should spend sufficient time attempting and reviewing them.
Graded homework assignments are due based on the schedule below. You must complete your homework assignments in a self-selected team. Self-selected teams should include 3 to 5 students. These teams should remain the same over the entire semester. Each team member will receive the same grade for the team homework assignments. Only one copy per team should be submitted in Blackboard. Failure to follow instructions will result in a reduction of points earned.
\begin{tabular}{|c|l|}
\hline Date Due & Problems \
\hline $2 / 25 / 21$ & Taxing Business Income (posted on Blackboard) \
\hline $4 / 1 / 21$ & Corporate Tax Case (posted on Blackboard) \
\hline $5 / 6 / 21$ & Subchapter S Case (posted on Blackboard) \
\hline
\end{tabular}
Specific requirements for each graded case assignment will be posted on Blackboard. All assignments should be submitted electronically via Blackboard by the deadline, and must include a cover sheet that identifies the assignment and names of the individual team members. All portions of the submitted assignments must be typewritten (i.e., using Excel or Word) and professionally presented; handwritten work will not be accepted.
No homework will be accepted after the due date, so please plan accordingly. The following rules regarding late submissions will be enforced without any exceptions. A late submission will entail an automatic point deduction as follows:
- Late but within 4 hours past the deadline: an automatic deduction of 2-percentage points per each 10-minute block (or portion thereof) that the assignment is late (i.e., up to a 48-percentage point loss).
- A late submission beyond the 4-hour-past-deadline limit will result in the loss of all credit associated with the assignment. Please note that copying or using case write-ups or solutions from current or prior students or teams or from any other sources (or providing any such information to another team or students), either exactly or closely, is considered a violation of the UR and Simon School Code of Academic Integrity. Any such violations may result in a failing grade in the course for each team member and the misconduct will be forwarded to the UR and/or Simon School’s Academic Honesty Committee for possible disciplinary action.
13. Class Discussion Problems and Additional Practice Problems
The best way to learn accounting is to practice frequently. Class discussion and practice problems are designed to assist in your learning process; solutions will be posted to Blackboard after the chapter is completed in class. Some students find it helpful to complete the class problems prior to attending the lecture. Problems covered in class will generally be embedded in the power point lecture notes available on Blackboard. These problems will not be graded, but will help prepare you for exams. You should complete these problems as the course progresses and self-grade yourself. If you are having issues, you should seek help to rectify the issues well ahead of an exam.
Treat zoom class sessions like business meetings. Unprofessional behavior has a negative impact on your and your classmates’ learning experience, and poorly prepares you for appropriate professional behavior in the workforce.
- Make every effort to attend each class on zoom.
- Keep zoom audio muted when not speaking.
- Make sure your full name is used in your zoom profile.
- Unless using for the zoom session, please turn cell phones off.
- Only use laptops and other devices for class activities.
- You are expected to be logged into zoom and ready to start at the beginning of each class.
- Evaluation and Grading: Course grading will follow the Simon Business School grade distribution policy. Individual grades will be based on the following:
\begin{tabular}{|lc|}
\hline Team case assignments & $\frac{\%}{10 \%}$ \
Exam 1 & $30 \%$ \
Exam 2 & $30 \%$ \
Exam 3 & $30 \%$ \
Total & $100 \%$ \
\hline
\end{tabular}
Exams, including the final exam, are not cumulative. Absences from exams that are not excused prior to the exam will result in a grade of zero for that exam. Do NOT schedule activities that may conflict with the exam schedule. Dishonesty on an exam or any other assignment will be referred to the Board of Academic Dishonesty and may result in a grade of $\mathrm{E}$ for the course. Exams will be administered online via Blackboard.
17. No extra credit work will be assigned as a result of past poor performance.
The class immediately preceding each exam will include an optional pre-exam review/Q \&A session.
Assignments and exams can be re-graded upon written request in memo form. For assignments and first two exams, such requests must be submitted within one week of the date the material is returned to you; for the final (third) exam, the request must be submitted within two days. Note: any request will result in a complete re-grade and could result in a downward adjustment if any unfavorable grading errors are discovered in the process.
Please note that accounting classes are time consuming, and typically involve a large amount of time devoted to both reading and (especially) problem solving. Each class builds on what you have learned in previous classes: it is critical to keep current with the material. Accounting problems take time to work and sometimes do not work out the first time you try. Accounting is like a sport: it involves much practice time. The course rewards steady (but not episodic…) effort. Cramming for exams is not effective and is not recommended.
The course does not require a financial calculator. A basic calculator is recommended for exams.
Class notes will be provided in pdf format in the respective chapter’s Blackboard Learning Module. You will be expected to download (and print, if you choose) your own copy of the class presentation notes. No permission is given to post or otherwise use any materials from this course to any other site or for any other non-class specific purpose.
24. Use of laptops and cell phones
You are allowed to use laptops and tablets during lecture, but they should only be used for coursework related activities and not for email, social media, or other activities not directly related to the course. DO NOT use electronic devices for chatting, browsing, etc. during class. Cell phones must be turned off or to silence during class at all times, unless being used to access zoom. No photography of any kind (cell phone or otherwise) is allowed.
25. Course Schedule/Roadmap (see also Section 8)
Depending on how class progresses, we may need to devote more or less time to a given topic than currently reflected in Section 8, Course Schedule/R oadmap. Although it is subject to some necessary flexibility in the dates as we move from one topic to the next, the Course Schedule/R oadmap nevertheless provides a basic outline of how we will proceed. Any material changes will be posted on Blackboard and/or announced in class. Note that exam dates will remain fixed.
All assignments and activities associated with this course must be performed in accordance with the University of Rochester’s Academic Honesty Policy (http://www.rochester.edu/college/honesty/policy/index.html), which all students must review and be familiar with.
Every student is expected to be completely honest in all academic matters. UR students will not in any way misrepresent their academic work or attempt to advance their academic position through fraudulent or unauthorized means. No UR student will be involved knowingly with another student’s violation of this standard of honest behavior.
In addition to refraining from obvious forms of cheating and plagiarism:
- On assignments, do not copy or paraphrase work from each other, from students who have taken the class previously, from materials distributed in a previous class, or from outside sources. Any written work should be entirely your own (or your team’s, as applicable).
- Do not obtain advice, notes, solutions, or other material from students who took the class previously in ways that would give you an unfair advantage or would undermine the learning experience for you and the class (such as, notes from past case discussions). Similarly, do not use others’ case analyses posted on-line.
- Use quotation marks when quoting any text directly. Changing a few words of a sentence or longer section does not make the work your own. Independently written texts rarely have even five consecutive words in common.
Most forms of disallowed shortcuts are easy to detect and will be referred to the school’s Board on Academic Honesty. If something is going on in your professional or personal life that prevents you from finishing assigned work in a timely manner, get in touch with me before the deadline (and get in touch with your advisor as appropriate).
Finally, to help prevent other students from violating academic integrity, do not pass on notes or give advice on assignments to any students who are also taking the course, whether in the same class, in a later semester, or taking it at the same time in a different section. Students are responsible for the safekeeping of their work, i.e., making sure their work does not pass into the hands of students on other teams.
With respect to team assignments, a student is in violation of the Academic Honesty Policy if he or she, without explicit instructor approval:
- Uses (any part of) another team’s work on an assignment.
- Provides (any part of) one team’s work on an assignment to a member of another team.
- Receives (any part of) another team’s work on an assignment.
- Asks another student for access, or attempts to induce another student to provide access to work done by another team. [Such incidents must be reported by any student asked to grant access; not doing so is a violation itself.]
- Fails to exercise proper precautions to prevent work done by one team from passing into the hands of another team.
Please refer to the above Policy link for any questions regarding the Academic Honesty Policy. Again, as a student at UR, it is your responsibility to be familiar with the policies and procedures outlined in the Policy. Suspected violations of academic integrity will be referred to the Board on Academic Honesty. 8. Course Schedule/Roadmap
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