Course Number and Title: ACC304 – Tax 1

Professor: Paul F. McGee, CPA Office Hrs. MF 10-11 A.M.

Telephone: (978) 741-6647, (978) 741-6608

Fax (978) 741-6027

Course Description: Prerequisite: ACC104. This course is an introduction to the concepts of federal income taxation of individuals. Particular emphasis is placed on the subject of gross income, deductions, capital gains and losses, and the determination of taxable income. The preparation of individual federal income tax returns, the ability to utilize varied references in dealing with tax accounting problems, ethics in tax preparation as well as the social and political aspects of tax policy will be covered.

Course Objectives: Introduction of students to basic federal tax law and to basic tax planning analysis as it applies to individuals.

Required Materials: Text: Federal Income Tax 1998,Prentice

Hall, Pope and Kramer

Pedagogy: Generally I will lecture on a chapter and then we will review the homework assignment. I expect students to come to class prepared with homework completed. Adding comments to class is encouraged and you are encouraged to ask any questions, at any time. Class begins at 9:00 A.M., be there.

Course Activities to Meet Objectives: Expertise in the tax area is best gained through problem solving, therefore, numerous problems will be assigned and discussed in class. Papers will be assigned. All papers must be typed, 1.5 or double-spaced. Grammar, spelling, and punctuation will be important. I will not accept late work unless you have an excused absence or have made prior arrangements.

Schedule of Assignments: See attached.

Course and Grading Policies: There will be three exams. See attached course outline for dates and chapters that will be covered. The course material itself is cumulative, so if you do not understand the early chapters you will find it difficult to follow the later ones. The exams will consist of multiple choice questions. The final exam will be cumulative with an emphasis on the material covered since the second exam. Research papers and individual tax return assignments will be distributed during the course. Class participation can add to your grade, i. e. B- from a C+. Grades: Exam #1 = 20% Exam #2 = 25% Final = 30% Papers/returns 25%. Attendance: Regular attendance is strongly recommended. A maximum of three absences may be allowable in this course. A fourth absence may be allowable on special petition from the Registrar and me. Any student who is unable to attend classes because of his/her religious beliefs will be excused. Makeups: Only for excused absences. Must see me prior to exam.

Last Day to Withdraw from the Course: The last day on which withdrawal from the course is permitted with a "W" grade is the last day of the tenth week of the semester.

Assistance: Any student having problems with course material should feel free to talk to me to arrange for assistance. I will be available after this class and during office hours or be appointment.

Tutoring: Free tutoring is available in the Accounting Lab on South Campus. Hours of operation are posted on the door. The Learning Center is located on the fourth floor of the Library and is open Monday - Friday from 8:30-5:00. Accounting tutors are available. The Writing Center is located in Meier Hall, Room 223. Phone (508) 741-6491

College Policy Statement: The Salem State College Office of Students with Disabilities, located in the Learning Center on the 4^TH floor of the Library, will assist students with disabilities in securing academic supports, accommodations, aids or adjustments. Students who have special needs may wish to call Ms. Margo Druschel, (508) 741-6215. In the event that Ms. Druschel is off campus, call Dean Arthur Gerald, at the same number.

Students who qualify as having a disability under Section 504 should notify me at the beginning of the course so that reasonable modifications in course requirements may be made when necessary. Alternative methods of testing and evaluation are available in all courses offered by Salem State for students with requirements for such methods.

General: The above procedures and following schedule are subject to change in the event of extenuating circumstances.

Fri Jan ‘98 16 Introduction to tax

Hmwk: Read chapter 2

Weds 21 Chapter 2 Determination of Tax

Hmwk: P 2-30, 31, 32, 33

Hmwk: P 2-37, 41, 42, 46

Mon. 26 Mon. Feb 2 Chapter 3 - Gross Income - Inclusions

Hmwk: P3-37,40,41,42 & 43

Weds. 28 Chapter 3 - cont’d

Hmwk: P3-45,46,47 & 48

Fri. 30 Chapter 3 - cont’d

Hmwk: P3-55, 57

Mon. Feb 2 Chapter 3 - cont’d

Hmwk: Study for Exam

Weds. 4 Exam 1 Chapter 1 - 3

Hmwk: Read Chapter 7

Fri. 6 Review Exam. Chapter 7 - Itemized deductions

Hmwk: P7-36 to 7-40

Mon. 9 Chapter 7 – Cont’d

Wed. 11 Chapter 7 - cont’d

Hmwk: P7-60, Read Chapter 4

Fri. 13 Chapter 4 - Gross income - exclusions

Hmwk: 4-40, 44

Weds. 18 Chapter 4 - cont’d

Hmwk: P4-49,53

Fri. 20 Chapter 4 - cont’d

Hmwk: P4-57, Read Chapter 5

Mon. 23 Chapter 5 - Capital gains and losses

Hmwk: P5-35,37,39

Weds. 25 Chapter 5 - cont’d

Hmwk: P5-45,46

Fri. 27 Chapter 5 - cont’d

Hmwk: P5-53, 54, Read Chapter 6

Mon. Mar. 2 Chapter 6 - Deductions and losses

Hmwk: P6-34, 40,49,50

Weds. 4 Chapter 6 - Cont’d

Hmwk: P6-53,55

Fri. 6 Chapter 6 - cont’d

Hmwk; P6-57

Mon. 16 Chapter 6 - cont’d

Hmwk: Read Chapter 9

Weds. 18 Chapter 9 - Employee expenses and deferred

compensation

Hmwk:P9-49,54,56,61

Fri. 20 Chapter 9 cont’d

Hmwk: P9-65,67,68

Mon. 23 Chapter 9 cont’d

Hmwk: P9-71

Weds. 25 Chapter 9 cont’d

Hmwk: Study for exam

Fri. 27 2^ND exam

Hmwk: Read Chapter 10

Mon. 30 Chapter 10 - Depreciation and cost recovery

(Only though Page 10-14)

Hmwk: p10-30, 33,34

Weds. Apr 1 Chapter 10 - cont’d

Hmwk: P10-35,36,37,38

Fri. 3 Chapter 10 - cont’d

Hmwk: P10-43,45,Read chapter 12

Mon. 6 Chapter 12 - Property transactions

Nontaxable exchanges

Hmwk: P12-30,31

Weds. 8 Chapter 12 cont’d

Hmwk: P12-33,34,39

Fri. 10 Chapter 12 cont’d

Hmwk: P12-48,49,54, Read Chapter 13

Mon. 13 Chapter 13 - Property transactions - Section

Sec 1231 & recapture

Hmwk: P13-30,31,35

Wed. 15 Chapter 13 - cont’d

Hmwk: P13-39,41,44

Fri. 17 Chapter 13 - cont’d

Hmwk: P13-54,55

Weds. 22 Chapter 14 - Self-employment tax & tax

credits

Hmwk: P14-43,46,60,

Fri. 24 Chapter 14 – Cont’d

Hmwk: P61,63

Mon. 27 Chapter 14 Cont’d

Hmwk: to be assigned

Weds. 29 Massachusetts Taxes (if time permits)

Weds. 6 Final Exam. 8:30 – 10:30 A.M.

In addition to the above assignments, take home tax returns and writing assignments will be assigned throughout the course.