ACCT 3603
INCOME TAX ACCOUNTING I
Spring 2009
Instructor: Andrew D. Cuccia, CPA, Ph.D.
Office: 202A Adams Hall
Time: Sec 1 - TR 9:00-10:15 AM
Sec 2 - TR 10:30-11:45 AM
Location: Rick Orthwein Classroom
(3020 Price Hall)Office Hours: TR 1:030-2:30 PM
or by appt.Phone: 325-5796
E-Mail: CUCCIA@OU.EDU
If you know the position a person takes on taxes, you can tell their whole philosophy. The tax code, once you get to know it, embodies all the essence of life: greed, politics, goodness, charity. Everything's in there. That's why it's so hard to get a simplified tax code. Life just isn't simple.
-Former IRS Commissioner Sheldon Cohen
Objective:
This course is designed to give accounting students with no previous
tax
studies (1) the ability to identify and understand various policy
objectives
underlying the tax law; (2) an understanding of the tax consequences of
common
business and investment transactions; (3) the ability to identify
potential tax
issues in unstructured situations; (4) the ability to meaningfully
incorporate
tax considerations in business and investment decisions; (5) the
ability to
compare and contrast the tax and financial reporting treatment of
common
business transactions; and (6) an appreciation of the ethical issues
related to
tax compliance and planning. Much of this information is tested
on the
Uniform CPA Examination. Perhaps most importantly, the course will
provide the
tools necessary to keep up with the inevitable changes to the law given
the
dynamic nature of the legislative environment.
Required
Materials:
.
West's Federal Taxation:
An
Introduction to Business Entities (2009 edition). Smith, Raabe, and Maloney.
[West]
Optional
Materials:
. Study
guide to accompany West text
Class note outlines available on this site (See Content Section)
Class
format: Classes will be a combination of lecture, discussion, and
problem
solving. Because our time is limited it is imperative that you be
prepared for
class meetings. I will assume all readings have been done IN ADVANCE,
and daily
activities will be structured accordingly. The success of this class
depends
not only on the instructor, but the student as well. Inadequate
preparation by either
will severely decrease the value of our time together.
Assignments:
Daily assignments (see Assignments Section) consist of readings and
homework
problems. Doing the readings in advance will allow you to
better
participate in, and benefit from, classroom activities. Homework
problems have
been identified to illustrate the concepts covered in each session.
While no
grade is given for homework problems, timely completion should
strengthen your
performance on exams as exams are largely problem oriented. I encourage
you not
to attempt the homework problems until you believe you can answer them
without
looking back at the text. Only then can they provide an adequate test
of your
knowledge and understanding of the material. Finally, solutions to the
homework
problems are available on this web site. Use the solutions to
check your
work; simply reading the answers to problems will not prepare you for
the
exams.
Four out-of-class cases and projects will also be assigned throughout the semester. All cases and projects will be completed in groups of three to five students, collected and graded. Case grades will initially be shared equally by all group members (i.e., each student in the group will receive 100 percent of the grade earned on the project). Members will have the opportunity to evaluate the relative contributions of others in their group at the end of the semester. I encourage groups to openlty discuss expectations and grade allocations before work on each case commences.
Examinations:
Three mid-term exams and a comprehensive final exam will be given on
the dates
indicated on the attached schedule. The exams are primarily problem
oriented,
with some objective-style questions. Note that the homework problems
are
generally intended to convey a particular point about a specific idea.
Exam
questions may be more in-depth, possibly containing multiple issues and
requiring you to integrate and work with the ideas you have learned.
Mastery of
the homework problems is a minimum for success on the exams.
You are responsible for all material covered in class as well as readings, homework and cases assigned to date. It is not possible to discuss every topic in-depth in class. Therefore, it is YOUR responsibility to inquire, either in class, during office hours, or via the web site, about any questions you may have on material not discussed in class.
I will attempt to return your graded mid-term exam in the week following the test date. The exam answer key will be available in my office; I encourage you to "check" the grading of your exam with particular emphasis on flowthrough type errors. As a general rule, I will consider grade appeals for two weeks after exams are returned.
Mid-term exams will be approximately two hours in length and will be given in the evening on the dates noted. If you have a class conflict with a scheduled exam, advance notice should be give during the first week of the semester. See the Notice of Exam Conflict on this web site. If you have a Provost-approved, university-sponsored events or legally required activity that conflict with a scheduled exam, notice should be given within a reasonable time after the conflict arises. In such a case, alternative arrangements for the exam will be made. Otherwise, NO make-up exams will be given. If a student misses an exam and gives prior notice, the comprehensive portion of the final exam will be re-weighted accordingly.
Grading:
Grades are a necessary means of motivation and feedback. In this class,
grades
will be assigned based on the cumulative score from the following:
Assignment Points available
Case Assignments 200
Exams (200 each) 800
Total 1,000
Note that, according to the 2006-08 OU General Catalogue (p. 46), a grade of A is reserved for work of “exceptional quality.”
Administrative:
The prerequisite for this course is ACCT 3113; if you do not meet the
prerequisites you should drop now.
Academic misconduct is defined as any act which improperly affects
the
evaluation of a student’s academic performance or achievement. It
specifically includes cheating, plagiarism, fabrication, fraud,
destruction of
property, and bribery or intimidation, as well as assisting others or
attempting to engage in such acts. It is the responsibility of
each
student to be familiar with the definitions, policies and procedures
concerning
academic misconduct; unfamiliarity with the code alters none of a
student’ rights or responsibilities thereunder.
The Academic Misconduct Code is printed with the Student Code
(2006-2008
University of
<>The University is committed to providing
reasonable acomodatons for all students
with disabilities. Any
student in the course with physical or learning disabilities that may
prevent
him or her from fully demonstrating his or her abilities should contact
me
personally as soon as possible to discuss accommodations necessary to
ensure
full participation and facilitate your educational opportunities.
Students with disabiliites must be registerd with the Office of Disability Services
prior to
receiving accommodations in this course. The Office of Disability
Services is
located in
Please note that food and drink are prohibited in the classroom.
The