University of Hawaii at Manoa
Accounting 401: Federal Individual Income Taxation
Summer 2015, G-103, at 9:00 AM – 10:15
Thomas C. Pearson, Professor, Univ. of Hawaii
Office: Shidler D306
School of Accountancy, Shidler College of Business Telephone: (808) 956-7591
2404 Maile Way
Secretary: (808) 956-7332
Honolulu, HI 96822
Email: tpearson@hawaii.edu
OFFICE HOURS in Room D306:
After class and times will get added before exams or by appointment.
E-mail is encouraged.
COURSE DESCRIPTION:
Examines federal income tax concepts, such as property transactions and their impact
for business decisions. Promotes critical thinking.
Pre: Acc. 202 or Business 610.
COURSE OBJECTIVES*:
1) Developing competency in basic tax concepts for federal income taxation.
a. Measuring gross income, deductions, and other items necessary for tax reporting.
b. Building on the objectives listed for each chapter in the text.
c. Learning basic tax research skills to find relevant statutory and regulatory authorities.
d. Developing the art of careful reading for mastery of some tax law complexities.
e. Reporting tax compliance through exposure to individual tax returns.
2) Improving writing for business, accounting, and tax.
a. Drafting useful client letters.
b. Writing issue statements to include critical facts and precise authority.
c. Discussing relevant law with clarity, logical organization, and proper English
d. Applying the law by integrating facts and law in each sentence.
e. Replacing the passive voice with the active voice.
3) Extending broad business competencies, through critical thinking.
a. Communicating clearly through active listening, class interaction, and writing.
b. Demonstrating problem solving and decision-making skills on the exams and papers.
c. Displaying professional management in completing assignments
effectively, efficiently, and timely.
d. Using creativity and good business judgment in reducing tax costs.
e. Developing assertiveness.
4) Enhancing one's competencies by using technology by using the course web
site, searching electronic databases, downloading info from the Web, and utilizing
tax software.
COURSE MATERIALS:
1. Class Version of South-Western Federal Taxation: Individual Income Taxes
(2015 ed.): Product Code E-24YE24237ZQQ5 at login.cengagebrain.com.
Need to register electronically (homework grading depends on it). Bookstore also
provides option to also get a hardcopy (loose-leaf sheets).
2. Please read lecture previews from Acc 401 course website on Laulima. Bring a copy
of Acc 401 lecture previews (electronic or hardcopy) to class to assist in taking notes.
TEACHING METHODS:
The course follows the syllabus order. Much of the class time will consist of lectures,
during which students are frequently called upon to apply tax law to a set of facts or to
answer homework questions.
This course will include various types of problems, such as calculations,
issue recognition, tax planning, research assignments, and discussions.
This course requires considerable effort and writing.
The work is challenging, but valuable.
TENTATIVE SCHEDULE FOR TOPICS & READING ASSIGNMENTS:
Minor changes may be made in the course content as the semester progresses.
Code sections and tax forms are listed in the lecture material.
*Additional problems from the text may be assigned during the course of the semester.
Wk
1
2
3
4
Date
T 5/26
W 5/27
Th 5/28
F 5/29
M 6/1
T 6/2
W 6/3
Th 6/4
F 6/5
M 6/8
T 6/9
W 6/10
F 6/12
M 6/15
T 6/16
W 6/17
Th 6/18
Topic
Introduction to Course,
Website, and Income Tax
Tax Research
Tax Determination
Problems and Writing
Gross Income
Exclusions
QUIZ 1 - Exclusions
Review for Exam
EXAM 1
Deductions
Business Expenses
Deductions and Limits
Problems
QUIZ 2
Itemized Deduction
Problems
Review for Exam
EXAM 2
Read in
Text
Examples of Assignments
DUE before class (To be changed)
Ch 1
Ch 2
Ch 3
Ch 4
Ch 5
Bring your LapTop to Class
CH 2
CH 3
CH 4
CH 5
Study for Quiz 1
Ch 6
Ch 7
Ch 9
Study for Exam I (Ch 1-5)
CH 6
PAPER DRAFT DUE:
CH 7
ch 6-7 and Study for Quiz 2
Ch 10
CH 9
CH 10
Study for Exam II
5
F 6/19
M 6/20
W 6/24
Th 6/25
Property Transactions
Depreciation
Character
- 1231 Property
Problems
NonrecognitionTransactions
F 6/26
QUIZ 3 - Problems
M 6/29
T 6/30
W 7/1
Th 7/2
Review for Exam
EXAM 3
Passive Losses
CUMULATIVE FINAL
T 6/23
6
Ch 14
Ch 8
Ch 16
CH 14
PAPER DUE
Ch 17
Ch 15
CH 16
CH 17
CH 15, Study for Quiz 3
CH 8
Study for Exam III:
CH 11
STUDY for FINAL EXAM
COURSE GRADES:
Grades are based on a strict 90%-A range, 80%-B range, 70%-C range, 60%-D range
scale, modified by +/- grading. If the grade results on an exam are very low, however,
I reserve the option to provide everyone with a take-home supplement or slightly curve.
Points
210
100
30
30
10
20
400
Course Elements
Regular exams (70 points per exam)
Final exam (comprehensive and open book)
Quizzes (10 points per quiz)
Tax research paper
Class participation (volunteer quality answers)**
Regular homework
TOTAL MAXIMUM POINTS
**GRADUATE STUDENTS:
Students applying this course towards a graduate degree must complete an additional tax
research paper that passes graduate standards.
EXAMS:
1) Each exam is closed book, except (1) 3” x 5” notecard is allowed for the 3rd exam
and (2) the final exam is open-book, open-notes, and computer allowed.
2) Each exam may consist of problems, short answers, and essay questions.
3) If an exam is missed without prior approved arrangements, then written approval
from the Dean’s Office is required for a make-up exam or use of grade averaging.
4) Grade appeal process: Timely written appeals are required. The student has the burden
of proof to present convincing supporting rationale.
QUIZZES:
The in-class quizzes are closed book. The quizzes are designed to encourage students to
review material covered during the prior weeks of the course. If one misses a quiz, a
written medical excuse or Dean's excuse is needed to substitute one’s quiz average.
RESEARCH PAPER:
The research memo will require four pages: two pages of typed, double spaced answers,
one page for the client cover letter, and one page of self-analysis which may include an
explanation for how the answer was located, challenges faced, questions still remaining.
Your ability to communicate effectively will affect the grade. The AICPA's six
characteristics of effective writing are: (1) cogent organization, (2) conciseness, (3)
clarity, (4) use of standard English, (5) responsiveness, and (6) appropriateness for the
reader. Tax research is a required skill for the CPA exam.
The research memo will require using a tax service to locate relevant authorities. Tax
information may be found in Checkpoint, a database on UH-Manoa Hamilton Library’s
website: library.manoa.hawaii.edu
CLASS PARTICIPATION:
Businesses and Accounting firms have asked the SOA faculty to help make the students
more assertive. Class participation points encourage assertiveness and good
communication skills. Grading for in-class participation uses the following guidelines:
20 points = excellent job of volunteering in class
16 points = satisfactory participation when called upon
12 points = participation needs work
HOMEWORK:
Homework is assigned and submitted on the Cengagenow textbook site, not laulima.
Students are encouraged to work with other students on the homework assignments.
Changes cannot be made after an assignment is submitted.
Homework is automatically graded by the textbook publisher.
Completing the homework on a timely basis is required in an electronic world.
Solutions are not released on the course website until after assignments are due.
ATTENDANCE POLICY:
The classroom experience is a vital portion of the learning process for this course.
Attendance is required to the same extent as if one was working for a professional
services firm. Lack of regular attendance reduces the in-class participation score. Unlike
a pure distance education course, this class is partially designed to provide experiential
learning through classroom exercises for which there is no textbook substitute.
HONOR CODE:
“The University expects students to maintain standards of personal integrity that
are in harmony with the educational goals of this institution; to respect the rights,
privileges, and property of others; and to observe national, state, and local laws and
University regulations.”
One may not obtain info about an exam from someone who has already taken it.
Do not copy from another person's exam.
Do not use unauthorized assistance during an exam.
Please do not remove an exam from the room without permission.
Please do not create even the appearance of violating the honor code through roving
eyes during an exam!
The research papers must represent your own work.
Please do not fail to cite sources of material that you have quoted
or substantially paraphrased. Strict adherence to honor code policies are needed.
EXTENDED ADVISING ASSISTANCE AT SOA, SHIDLER, and UHM:
Computer Assistance: UH Information Technology Services and Shidler Computer Labs
Library Assistance: Hamilton Library
Writing / Learning Assistance: UHM Department of English - Writing Center; Manoa Writing
Program (see resources – Capital Community College for grammar and usage)
Advising (academic or MAcc): Shidler Office of Student Academic Services
Careers: Shidler and UHM Career Services, Beta Alpha Psi and Accounting Club,
State CPA Licensing Boards of Accountancy, and Linkedin.com
Financial Aid Assistance: UHM Financial Aid Services
Response /Referral / Disability Related Services: Student Services at UHM and Student
Services for International Students; UHM KOKUA Program (to acquire reasonable
accommodations for a disability).
Safety Concerns on Campus: UHM Campus Security (956-6911)
CLASS LOCATION IN CASE OF EMERGENCIES:
The emergency class site is on the steps down to George Hall out of the Shidler E-Tower.
DATES:
05/28/2015
Last day to register
05/28/2015
Last day to receive 100% tuition refund
06/01/2015
Last day to receive 50% tuition refund
06/01/2015
Last day to drop (No "W" on transcript)
06/16/2015
Last day to withdraw from class ("W" on transcript)