ACCT 4703/5703            
INCOME TAX ACCOUNTING II

  Fall 2008

 

Instructor:  Andrew D. Cuccia, CPA, Ph.D.	Office: 202A Adams Hall
Time:   TR 9:00 - 10:15 PM	Location: Rick Orthwein Classroom                   2010 Price Halll
Office Hours:   TR 2:30-4:00 PM                               or by appt.	Phone:     325-5796  E-Mail:    CUCCIA@OU.EDU

The complexity of our tax law in the main is not there becuase of some mischief.  Most of it is there in the effort do do more perfect justice.

 -Russell B. Long, Chariman, Senate Fiance Committee, 1965-1981

Objective: This course is designed to extend the accounting students’ understanding of taxation to include the  issues unique to the determination and taxation of income earned by corporations.  The ultimate tax burden falling on income earned by corporations is heavily influenced by the tax consequences of transactions and transfers between corporations and their shareholders..  As such, the tax consequences of such transactions, for both the entity and its owners, will be highlighted.  Upon completion of this course students should be familiar with the rules, concepts, background, and planning opportunities related to the more common of these  transactions.  The basic tax issues related to operating in multiple taxing jurisdictions will also be covered. Familiarity with the tax consequences and planning opportunities surrounding many of these transactions is considered part of the core competencies of all those entering the accounting profession regardless of the area of their eventual specialization (e.g., assurance services or tax). Therefore, many of the topics covered in this class are also covered on the Uniform CPA Examination.

Required Materials:

     . West's Federal Taxation: Corporations, Partnerships, Estates and Trusts (2009 edition). Hoffman, Raabe, Smith, and Maloney. [West]

Optional Materials:

    Study guide to accompany West text

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.  I reserve the right to give unannounced in-class quizzes should the class demonstrate lack of preparation.  These quizzes will be factored into your exam grades at the end of the semester. 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.

Class note outlines are available for many, but not all, of the topics covered in class.   Topics for which there are outlines are marked with a * on the following Class Schedule.  Outlines are intended to help students take and/or organize their notes.  They are not intended to, nor can they, substitute for class attendance.  I will generally follow the organization of a topic as laid out in the notes.  However, realize that the flow of class discussion will often cause us to stray from the outline. 

Assignments: Daily assignments (see Contents/Other Assignments section of this site) 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.  With the exception of problems marked on the schedule with due dates, 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 a meaningful test of your knowledge and understanding of the material.  Solutions to these homework problems are available from Content/Solutions section of this web site.  Use the solutions to check your work; simply reading the answers to problems will not prepare you for the exams. Assignments marked with due dates are due on the dates indicated.  Students should bring written solutions to class, ready to discuss them. 

Two out-of-class projects will also be assigned throughout the semester. Both projects will be collected and graded. Projects will be completed in groups of three to five students. I encourage groups to discuss expectations before work on each project commences. Project grades will initially be shared equally by all group members. Members will have the opportunity to evaluate the relative contributions of others in their group at the end of the semester.

Examinations: Three mid-term exams and a comprehensive final will be given on the dates indicated on the daily schedule in the Assignments section of this Blackboard course page. The mid-term 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 from 8:00-10:00 AM on the dates noted.  If you have a class conflict with a scheduled exam, advance notice should be given during the first week of the semester.  See the Notice of Exam Conflicts on this web site.  If you have a Provost-approved university-sponsored event or legally required activity that conflicts with a scheduled exam, notice should be given within a reasonable time after the conflict arises.  In these cases,  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:

Note that, according to the 2006-2008 OU General Catalogue (p. 46),  a grade of A is reserved for work of "exceptional quality."

Administrative: The prerequisite for this course is ACCT 3603; if you do not meet the prerequisites you should drop now.  ACCT 5703 requires graduate standing.  Credit is not available for both ACCT 4703 and 5703.  Therefore, graduate students, or those who anticipate pursuing graduate studies, should not enroll in ACCT 4703. 

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 Oklahoma General Catalog, p. 348].  The Student Code is also available in its entirety on the Internet at http://www.ou.edu/studentcode/OUStudentCode.pdf.  The Academic Misconduct Code is available at http://www.ou.edu/provost/integrity/ .

The University of Oklahoma is committed to providing reasonable accommodation for all students with disabilities. Students with disabilities who require accommodations in this course are requested to speak with me  as early in the semester as possible. Students with disabilities must be registered with the Office of Disability Services prior to receiving accommodations in this course. The Office of Disability Services is located in Goddard Health Center, Suite 166, phone 405/325-3852 or TDD only 405/325-4173.

Please note that food and drink are prohibited in classrooms.  The Price College has invested significant resources in our new facilities.  Please help us maintain them.