TAX 4001, Section 001
CRN Number: 92273
Course Name: Federal Taxation 1
Term: Fall 2014
Class Location: SC 180
Class Meeting Time(s): T R 11:00 a.m. – 12:20 p.m.
Important Dates: Add/Drop ends on Friday, 8/22. Last day to withdraw without anything appearing on your transcript (i.e., no “W”) is 8/30. The last day to withdraw without an “F” is
10/10. Grades are due with the registrar on 12/15.
Instructor Information:
Name: Mary C. Walsh, JD, LL.M, CPA
Office Address: 101E DeSantis (Boca Campus)
E-mail address: mwalsh8@fau.edu
(preferred contact outside of class and office hours)
Phone Number: (561) 297-3248
Office Hours:
Tuesdays: 12:30 pm – 2:00 pm and 5:00 pm – 6:30 pm
Thursdays: 12:30 pm – 2:00 pm and 5:00 pm – 6:30 pm
Required Text and Materials:
1) Text: Jones and Rhoades-Catanach, Principles of Taxation for Business and Investment
Planning, 2015 Edition, McGraw Hill/Irwin. ISBN: 978-0077862329. Textbook website: http://www.mhhe.com/sjones2015 .
2) Course Database: Is located in Blackboard. To access Blackboard, go to https://bb.fau.edu
. In FAUNet ID, put your id (the beginning of your email address…for example, mine is mwalsh8). Your Password is whatever your FAUNet password is. If you don’t know your FAUNet ID or Password, please contact the Help Desk (information under “Blackboard Support.”
3) Recorded Lectures: I am going to “flip the classroom”. That is, reading and lecture viewing will occur outside of the classroom and classroom time will be primarily spent working through problems. Recorded lectures will be available on YouTube. Links to lectures will be provided in the Blackboard database. Because lectures are going to be
recorded, having the use of a computer or tablet to access the lectures is required.
4) E-Mail: SOA policies require each student to have an e-mail account through the university to be used with all correspondences in this course. I will be sending emails through Blackboard. Make sure your email address is correct and that you check it often. “I didn’t get the email” is not an acceptable reason for missing anything.

Course Description, Prerequisites and Credit Hours (from the 2012-2013 FAU Course Catalog:
Title & Credit Hours: Federal Taxation 1 (TAX 4001), 3 credits
Prerequisite: ACG 3131
Prerequisite or Corequisite: GEB 3213
Description: A study of the taxation of business entities is stressed. Also, significant classroom time is devoted to the federal income taxation of individuals.
Course Time Commitments: According to Florida State Regulation 6A-10.033, students must spend a minimum 2,250 minutes of in class time during a 3-credit course.
Additionally, students enrolled in a 3-credit course are expected to spend a minimum of 4,500 minutes of out-of-class-time specifically working on course-related activities (i.e., reading assigned pieces, completing homework preparing for exams and other assessments, reviewing class notes, etc.) and fulfilling any other class activities or duties as required.
Course Learning Objectives
1.
Explain the nature of taxation, the types of taxes and rate structures. Explain the concept of tax planning and how taxes affect business transactions.
2.
Explain the concept of taxable income and the affect thereon from accounting methods, elections, and tax law. Identify the sources of differences between book and taxable income, including temporary and permanent differences.
3.
Explain the tax treatment of various types of long-lived assets, including depreciation, amortization, and cost of goods sold.
4.
Explain the concept of tax basis. Calculate gain or loss from disposition of long-lived assets, including the recapture rules of Sections 1245, 1250, 291, and 1231.
5.
Calculate gain or loss realized and recognized on various tax deferral situations with longlived assets such as Section 1031 exchanges, casualties, and involuntary conversions.
6.
Explain the tax issues related to creating new businesses, including sole proprietorships, partnerships, corporations, etc.
7.
Discuss basic corporate tax rules, basic partnership tax rules, and basic S corporation tax rules.
8.
Explain the concepts of gross income, adjusted gross income, and taxable income for individual taxpayers. Calculate individual taxes from the tax rate schedules.
9.
Explain the rules for taxation of different types of income including wages, interest, dividends, and capital gains.
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10.
10. Differentiate between capital gain income and other types of income including the carry over rules for capital losses.
11.
Explain the various categories of deductions included in itemized deductions.
12.
Calculate and explain various tax credits including the child credit and dependent care credit.
13.
Explain the alternative minimum tax. Calculate the AMT exemption and the AMT.
14.
Explain the different types of retirement accounts allowed under the tax law including the eligibility requirements, annual maximum contributions and results of withdrawal.
Course Format: Course materials for each week are posted in Blackboard (including recorded lectures). Students should:
1.
Read the assigned chapter(s),
2.
View the recorded lecture for the week,
3.
Attempt the homework,
4.
Attend class (participate and ask questions), and
5.
Review, create flashcards, do additional homework, take practice quizzes, etc., then
6.
Start preparing next week’s material.
Grading: If you are a major in a College of Business program, a grade of “C” or better is required to “pass” the course.
Grading Scale:
A 93 % to 100 % B+ 86 % to 89% C+ 76 % to 79% D+ 66% to 69%
A- 90 % to 92 % B 83 % to 85% C 73 % to 75% D 63% to 65%
B- 80 % to 82% C- 70 % to 72% D- 60% to 62%
F Below 60 %
The grade "C" reflects an average command or grasp of the material covered in TAX 4001. The grade "B" reflects above average mastery of the material, and the grade "A" reflects excellent mastery of the material. The final semester grade will be determined with reference to the percentage of points earned by the individual student in relationship to the total possible points for the semester.
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Course Evaluation Method
Basis for Grades:
Assignment
Exam 1
Exam 2
Exam 3
Exam 4
Weight
10%
32%
24%
24%
Excel Assignment 10%
100%
Exams: 4 non-cumulative exams will be given. Exam 1 will be solely objective. Exams 2 – 4 will have objective (e.g., multiple choice) and subjective (e.g., long problems) components, equally weighted. Please consult the course schedule for exam dates. Note that “non-cumulative” is a bit misleading. “Non-cumulative” means that designated chapter content will be tested in a particular exam. However, tax topics build upon each other and content covered in prior chapters will be necessarily indirectly tested in later exams.
Excel Assignment: Details regarding the Excel assignment will be available on Blackboard.
Homework: Homework will be assigned, but will not be collected.
Extra Credit: There is no extra credit available in this class (but see the comments regarding
Attendance, below).
Additional Course & Departmental (School of Accounting) Policies
Attendance and Participation: FAU’s stated attendance policy (as set forth in the course catalog) is as follows:
Students are expected to attend all of their scheduled University classes and to satisfy all academic objectives as outlined by the instructor. The effect of absences upon grades is determined by the instructor, and the University reserves the right to deal at any time with individual cases of non-attendance.
Students are responsible for arranging to make up work missed because of legitimate class absence, such as illness, family emergencies, military obligation, court-imposed legal obligations or participation in University-approved activities. Examples of University-approved reasons for absences include participating on an athletic or scholastic team, musical and theatrical performances and debate activities. It is the student’s responsibility to give the instructor notice prior to any anticipated absence and within a reasonable amount of time after an unanticipated absence, ordinarily by the next scheduled class meeting. Instructors must allow each student
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who is absent for a University-approved reason the opportunity to make up work missed without any reduction in the student’s final course grade as a direct result of such absence.
Attendance will be taken for Financial Aid purposes. However, attendance is not a specifically graded component of TAX 4001. It is assumed that you will attend all classes and participate in all classes because this should be your routine as a college junior or senior. Understand that grades and attendance are related (the higher the attendance, the higher the grade; the lower the attendance, the lower the grade).
1 Also understand that if your grade is on the cusp of the next grade up, the only basis I will have to “bump” you up is the effort that I perceive you made in this class. If you’re not in class and participating, I will have no basis for bumping you up.
TO ANSWER THE MOST FREQUENTLY ASKED QUESTIONS ABOUT MISSING CLASS:

YES, YOU MISSED SOMETHING,

YES, IT WAS IMPORTANT, AND

YES, IT WILL BE ON THE EXAM.
Late Assignment Policy: Late assignments will NOT be accepted and there will be no late exams. Zero points will be awarded for anything late. Look at the Course Schedule and make whatever arrangements you must to ensure you will be able to complete your work on time.

Exceptions may be made here, of course, for emergencies (see below), religious observances, and participation in university-approved activities.
Emergencies: I understand that life (and death) happens and that there may be times when it would be inappropriate to enforce the policies outlined in this syllabus to the letter. If you or an IMMEDIATE family member (spouse, partner, child, or parent) is having an emergency, please let me know as soon as it is convenient to do so (by email). Documentation will be required (doctor note, hospital bill, obituary notice, etc.).
Emergencies DO NOT INCLUDE work needs or vacations.
Policy on Incompletes: Incompletes will be considered ONLY in cases of DOCUMENTED health or family EMERGENCIES (defined above - notice that work emergencies are not included here) that occur toward the end of the course. These limitations are mandated by FAU and the
School of Accounting. Specific to this course, incompletes will be considered only if your grade prior to Exam 3 is a “C” or better. If you do not meet criteria, do not request an Incomplete.
Instead, consult your advisor about a late withdrawal from the course.
1 http://chronicle.com/article/Just-Showing-Up-Educators/127765/
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Work Obligations and Grades: Understanding Tax is an integral part of accounting study and a required topic for CPA licensure. I think you will find what we cover here to be very useful to you in your studies and careers. I’m very happy that you’re here. That being said, taking this class requires that you receive a grade at the end of it. A grade is not a judgment of you as a person. It is simply a reflection of my perception of your mastery of the course material.
Most (if not all) of you are working. I understand this and have been where you are (having worked while earning 2 graduate degrees). It is not my goal to make unreasonable demands of you or to make you miserable. There are, simply, topics that must be covered and over which you must show mastery. These topics can be difficult. Studying them is time consuming.
If your time is limited, be realistic in your grade expectations. The course materials and requirements are what they are. You will either demonstrate mastery or competency or you will not. If you choose to forge ahead knowing that your time is limited, understand that your grade will reflect your time constraints. This is not a matter of me being “fair” or “unfair.” This is just how it is.
Cheating Policy: You may not work with another human being (except for the instructor) in completing any of the class assignments (unless otherwise allowed by the Instructor). Any student found doing so on any graded item will receive zero (0) points for that item. Also, disciplinary action for any instances of cheating will be pursued in accordance with the provisions of the University Honor Code (link provided below).
School of Accounting Policies: Students are responsible for School of Accounting policies available at http://fau.edu/academic/registrar/FAUcatalog/business.php#accounting .
These policies are considered to be an integral part of this syllabus.
Syllabus controls: This syllabus controls all matters related to the class. In no event will student requests for exceptions absent an emergency be granted. This syllabus may be revised during the semester to correct errors, provide clarification or to articulate university and/or college policies. In addition, the instructor reserves the right to make changes as she deems necessary for the administration of the course. Emergencies, including extreme weather conditions, security issues and other matters may also result in changes to the course format, this syllabus and scheduled classes, lectures, etc.
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Selected University and College Policies
Code of Academic Integrity: Students at Florida Atlantic University are expected to maintain the highest ethical standards. Academic dishonesty is considered a serious breach of these ethical standards, because it interferes with the university mission to provide a high quality education in which no student enjoys an unfair advantage over any other. Academic dishonesty is also destructive of the university community, which is grounded in a system of mutual trust and places high value on personal integrity and individual responsibility. Harsh penalties are associated with academic dishonesty.
For more information, see University Regulation 4.001 at http://www.fau.edu/regulations/chapter4/4.001_Code_of_Academic_Integrity.pdf
Students with Disabilities: In compliance with the Americans with Disabilities Act (ADA), students who require special accommodation due to a disability to properly execute coursework must register with the Office for Students with Disabilities (OSD) – in Boca Raton,
SU 133, (561) 297-3880; in Davie, MOD 1, (954) 236-1222; in Jupiter, SR 117, (561) 799-8585; or, at the Treasure Coast, CO 128, (772) 873-3305 – and follow all OSD procedures.

It is very easy to make accommodations for this class. Please make sure you register with the OSD, however. Accommodations cannot be made until I receive notification from OSD.
Religious Accommodation Policy Statement: In accordance with rules of the Florida Board of
Education and Florida law, students have the right to reasonable accommodations from the
University in order to observe religious practices and beliefs with regard to admissions,
registration, class attendance and the scheduling of examinations and work assignments. For further information, please see Academic Policies and Regulations .
University Approved Absence Policy Statement: In accordance with rules of the Florida
Atlantic University, students have the right to reasonable accommodations to participate in
University approved activities, including athletic or scholastics teams, musical and theatrical performances and debate activities. It is the student’s responsibility to notify the course instructor at least one week prior to missing any course assignment.
College of Business Minimum Grade Policy Statement: The minimum grade for College of
Business requirements is a “C”. This includes all courses that are a part of the pre-business foundation, business core, and major program. In addition, courses that are used to satisfy the university’s Writing Across the Curriculum and Gordon Rule math requirements also have a
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minimum grade requirement of a “C”. Course syllabi give individualized information about grading as it pertains to the individual classes.
Incomplete Grade Policy Statement: A student who is passing a course, but has not completed all work due to exceptional circumstances, may, with consent of the instructor, temporarily receive a grade of incomplete (“I”). The assignment of the “I” grade is at the discretion of the instructor, but is allowed only if the student is passing the course.
The specific time required to make up an incomplete grade is at the discretion of the instructor.
However, the College of Business policy on the resolution of incomplete grades requires that all work required to satisfy an incomplete (“I”) grade must be completed within a period of time not exceeding one calendar year from the assignment of the incomplete grade. After one calendar year, the incomplete grade automatically becomes a failing (“F”) grade.
Withdrawals: Any student who decides to drop is responsible for completing the proper paper work required to withdraw from the course.
Grade Appeal Process: A student may request a review of the final course grade when s/he believes that one of the following conditions applies:
 There was a computational or recording error in the grading.
 Non-academic criteria were applied in the grading process.
 There was a gross violation of the instructor’s own grading system.
The procedures for a grade appeal may be found in Chapter 4 of the University Regulations .
Disruptive Behavior Policy Statement: Disruptive behavior is defined in the FAU Student Code of Conduct as “... activities which interfere with the educational mission within classroom.”
Students who behave in the classroom such that the educational experiences of other students and/or the instructor’s course objectives are disrupted are subject to disciplinary action. Such behavior impedes students’ ability to learn or an instructor’s ability to teach. Disruptive behavior may include, but is not limited to: non-approved use of electronic devices (including cellular telephones); cursing or shouting at others in such a way as to be disruptive; or, other violations of an instructor’s expectations for classroom conduct.
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Faculty Rights and Responsibilities: Florida Atlantic University respects the right of instructors to teach and students to learn. Maintenance of these rights requires classroom conditions which do not impede their exercise. To ensure these rights, faculty members have the prerogative:
 To establish and implement academic standards
 To establish and enforce reasonable behavior standards in each class
 To refer disciplinary action to those students whose behavior may be judged to be disruptive under the Student Code of Conduct.
Course Schedule:
Homework assignments, and other materials for each week are located in Blackboard.
Grades are due in the Registrar’s office by 9:00 am on Monday, 12/15.
Week Tuesday
1 8/19: Course Intro
2
3
4
5
8/26: Ch. 1-4 (selected topics)
9/2: Ch. 6
9/9: Ch. 7
9/16: Ch. 8
Thursday
8/21: Ch. 1-4 (selected topics)
8/28: EXAM 1 (Ch. 1 -4)
9/4: Ch. 6
9/11: Ch. 7
9/18: Ch. 8
6
7
8
9
9/23: Ch. 9 9/25: Ch. 9
9/30: EXAM 2 (Ch. 6 – 9) OBJECTIVE 10/2: EXAM 2 (Ch. 6-9) SUBJECTIVE
10/7: Ch. 14
10/14: Ch. 16
10/21: Ch. 17
10/9: Ch. 14
10/16: Ch. 16
10/23: Ch. 17 10
11
12
13
14
15
16
10/28: EXAM 3 (Ch. 14 and 16-17)
OBJECTIVE
11/4: Ch. 10
11/11: NO CLASS VETERAN’s DAY 11/13: Ch. 11
11/18: Ch. 11
11/25: Ch. 15
12/2: NO CLASS READING DAY
10/30: EXAM 3 (Ch. 14 and 16-17)
SUBJECTIVE
11/6: Ch. 10
11/20: Ch. 15
11/27: NO CLASS THANKSGIVING
12/4: NO CLASS READING DAY
17 12/9: EXAM 4 (Ch. 10-11 and 15)
Note that the Final Exam is scheduled for 10:30 am – 1:00 pm on Tuesday, 12/9. Please arrange your schedule accordingly. http://www.fau.edu/registrar/pdf/Docs/Fall_2014_Final_Exam_Schedule.pdf
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