TROY UNIVERSITY
MASTER SYLLABUS
SORRELL COLLEGE OF BUSINESS
SCHOOL OF ACCOUNTANCY
TAX 6685
Taxation of Individuals
Prerequisite or Corequisite
TAX 6684 Federal Tax Research
Description
This course is an in-depth study of the taxation of individuals with a heavy emphasis on property
transactions. This course also covers the major tax doctrines applicable to the taxation of
individuals. This course addresses includible and excludible items of income and deductions
allowed in calculating taxable income. The course requires the writing of a tax research paper,
which would be suitable for submission to a high quality professional tax journal.
Objectives
On completion of the course, the student should be able to:
1. Explain what items of income an individual includes in gross income
2. Explain what items of income an individual excludes from gross income
3. Explain and apply the tax doctrines of recovery of capital, constructive receipt, cash
equivalent, claim of right, and assignment of income to an individual’s income
4. Explain and apply the tax benefit rule to refunds of amounts previously deducted on an
individual’s income tax return
5. Explain the requirements for business deductions, deductions for production of income
activities, and the allowable personal deductions an individual may claim
6. Explain the tax treatment of capital gains and capital losses of individuals
7. Write a tax research paper, which is suitable for submission to a high quality professional
tax journal
Purpose
To provide students with an in-depth understanding of the tax issues applicable to individuals.
Special emphasis is given to the tax doctrines applicable to the taxation of individuals and the tax
effects of property transactions.
Master Syllabi are developed by the senior faculty in each business discipline. This Master Syllabus must be used as the basis for developing the
instructor syllabus for this course, which must also comply with the content specifications outlined in the Troy University Faculty Handbook.
The objectives included on this Master Syllabus must be included among the objectives on the instructor’s syllabus, which may expand upon the
same as the instructor sees fit. The statement of purpose seeks to position the course properly within the curriculum and should be consulted by
faculty as a source of advisement guidance. Specific choice of text and other details are further subject to Program Coordinator guidance.
1 August 2005
Master Syllabus: TAX 6685
2
Approved Text
Federal Income Taxation of Individuals by Boris I. Bittker, Martin J. McMahon, Jr., and
Lawrence E. Zelenak. Warren, Gorham & Lamont. ISBN 0-7913-4542-4.
Supplements (optional)
James E. Smith, Internal Revenue Code of 1986 and Treasury Regulations: Annotated and
Selected (current edition). Mason, OH: South-Western Cengage Learning.
CPA Exam Review Manual: Regulation
Course Outline
Chapter 1:
Federal Income Taxation – Constitutional and Basic Legal Background
Chapter 2:
The Basic Structure of the Federal Income Tax
Chapter 3:
The Meaning of "Income" – Basic Definitional Concepts
Chapter 4:
Income - The Effect of Offsetting Liabilities
Chapter 5:
Gifts, Bequests, Prizes, and Scholarships (optional)
Chapter 6:
Life Insurance, Annuities, and Employee Death Benefits (optional)
Chapter 7:
Compensation for Personal Injuries and Sickness (optional)
Chapter 8:
Employee Fringe Benefits
Chapter 9:
Miscellaneous Items (optional)
Chapter 10:
Interest on State and Local Obligations (optional)
Chapter 11:
Expenses Incurred in Business and Profit-Oriented Activities (optional)
Chapter 12:
Capital Expenditures (optional)
Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space):
1. Course title
2. Course number +
section
3. Term
4. Instructor
5. Prerequisites
6. Office hours
7. Class days, times
8. Classroom
location
9. Office location +
e-mail address
10. Office telephone
11. Course
description,
objectives
12. Text(s)
13. Other materials
14. Grading methods, 16. General supports
criterion weights,
(computer works,
make-up policy,
writing center)
mid-term grade
17. Daily assignments,
reports
holidays, add/drop
15. Procedure, course
& open dates, dead
requirements
day, final exam
18. ADA statement
19. Electronic device
statement
20. Additional
services,
statements
21. Absence policy
22. Incomplete-work
policy
23. Cheating policy
24. Specialization
requirements
(certification,
licensure, teacher
competencies)
Master Syllabus: TAX 6685
3
Chapter 13:
Mixed Purpose Expenditures - Business or Profit-Oriented Expense
Versus Personal Expense (optional)
Chapter 14:
Depreciation and Amortization (optional)
Chapter 15:
Depletion Allowance and Related Deductions (optional)
Chapter 16:
Loss Transactions (optional)
Chapter 17:
Bad Debts (optional)
Chapter 18:
Interest Paid or Accrued on Indebtedness (optional)
Chapter 19:
Business Operating Losses and Tax Shelter Deductions (optional)
Chapter 20:
Business Credits (optional)
Chapter 21:
Personal Exemptions and Itemized Deductions (optional)
Chapter 22:
Personal Interest (optional)
Chapter 23:
Taxes (optional)
Chapter 24:
Casualty Losses (optional)
Chapter 25:
Charitable Contributions (optional)
Chapter 26:
Medical and Dental Expenses (optional)
Chapter 27:
Personal Credits (optional)
Chapter 28:
Realization of Gains and Losses - Taxable Events
Chapter 29:
Sales of Property - Basis and Amount Realized
Chapter 30:
Nonrecognition Transactions
Chapter 31:
Taxation of Capital Gains and Losses – Basic Structure and Definitions
Chapter 32:
Capital Gains and Losses – "Sale or Exchange" and Holding Period
Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space):
1. Course title
2. Course number +
section
3. Term
4. Instructor
5. Prerequisites
6. Office hours
7. Class days, times
8. Classroom
location
9. Office location +
e-mail address
10. Office telephone
11. Course
description,
objectives
12. Text(s)
13. Other materials
14. Grading methods, 16. General supports
criterion weights,
(computer works,
make-up policy,
writing center)
mid-term grade
17. Daily assignments,
reports
holidays, add/drop
15. Procedure, course
& open dates, dead
requirements
day, final exam
18. ADA statement
19. Electronic device
statement
20. Additional
services,
statements
21. Absence policy
22. Incomplete-work
policy
23. Cheating policy
24. Specialization
requirements
(certification,
licensure, teacher
competencies)
Master Syllabus: TAX 6685
4
Requirements
Chapter 33:
Quasi-Capital Assets and Other Specially Treated Items
Chapter 34:
Assignments of Income
Chapter 35:
Effect of Community Property System (optional)
Chapter 36:
Alimony and Separate Support Payments (optional)
Chapter 37:
Reallocation of Income and Deductions Between Related Taxpayers (optional)
Chapter 38:
Grantor Trusts (optional)
Chapter 39:
Tax Accounting Methods
Chapter 40:
Nonqualified Deferred Compensation, Individual Retirement Accounts,
and Educational Savings Incentives
Chapter 41:
Installment Sales
Chapter 42:
Original Issue Discount and Other Unstated Interest Rules (optional)
Chapter 43:
Indirect Methods of Computing Income (optional)
Chapter 44:
Tax Returns, Rates, and Payments (optional)
Chapter 45:
Alternative Minimum Tax
Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space):
1. Course title
2. Course number +
section
3. Term
4. Instructor
5. Prerequisites
6. Office hours
7. Class days, times
8. Classroom
location
9. Office location +
e-mail address
10. Office telephone
11. Course
description,
objectives
12. Text(s)
13. Other materials
14. Grading methods, 16. General supports
criterion weights,
(computer works,
make-up policy,
writing center)
mid-term grade
17. Daily assignments,
reports
holidays, add/drop
15. Procedure, course
& open dates, dead
requirements
day, final exam
18. ADA statement
19. Electronic device
statement
20. Additional
services,
statements
21. Absence policy
22. Incomplete-work
policy
23. Cheating policy
24. Specialization
requirements
(certification,
licensure, teacher
competencies)