Federal Tax Accounting I
Spring 2015
Instructor:
Email:
Website:
Text:
V. Brooks Poole, CPA, CIA
Office:
Self 103B
vpoole@mc.edu; brookspoole@hotmail.com
Phone:
601-925-3885
www.mc.edu/faculty/vpoole
Murphy and Higgins, Concepts in Federal Taxation, 2015 Edition.
Learning Objectives of the Course: To introduce the student to the basic concepts of the
federal tax system. This first course in taxation is designed to introduce you to the dynamic
discipline of federal income taxation. The tax law changes almost daily as it is amended to
address unique transactions, and to meet economic and social needs. The study of taxes blends
together accounting, economics, law, and public finance concepts. The goal of this course is to
assist you in building a strong foundation of basic tax principles and concepts. The goal of this
study is to assist you in building a strong foundation of basic tax principles and concepts. It is
not possible to address every exception to a particular law. The goal is to provide a tax
education, not tax training. The fundamental concepts and more common transactions will be
emphasized. Doing so should provide a good starting point for those planning additional study
of taxation. More importantly, it should provide a better understanding and appreciation of
the impact of tax laws on our daily activities and insight into how tax laws affect business and
financial decisions.
Course Grade: During the semester, the following grading scale will be used:
Undergraduate credit:
Graduate Credit:
Grade
Percentage
Grade
Percentage
A
90-100
A
93-100
B
80-89
B+
88-92
C
70-79
B
80-87
D
60-69
C+
76-79
F
Below 60
C
70-75
D
60-69
F
Below 60
Possible Points: There will be four exams given during the semester. The exams are worth 100
points each. There will be 100 points for a tax return problem you will work and hand in during
the semester. For those receiving graduate credit for this course, there will be 100 points for a
tax research project. Finally, there will be a variable number of homework/quiz points.
Point Detail:
Undergraduate Credit:
Graduate Credit:
Four Exams at 100 points each
400
Four Exams at 100 points each 400
Tax Return Project
100
Tax Return Project
100
Homework/Quiz
Variable
Tax Research Project
100
Total
500+Variable Homework/Quiz
Variable
Total
600+Variable
Exams: The exams during the semester will primarily test your ability to solve tax accounting
problems. You will need a calculator for these exams. Text programmable calculators are not
allowed to be used during quizzes or exams. Make-up exams will be given only in the most
extreme circumstances. You must contact the professor prior to the scheduled exam time to
receive consideration for a make-up exam. If you miss an exam, a comprehensive final exam
will be given, which will count as the final exam as well as the missed exam. The final exam is
scheduled for Tuesday, May 5th and will not be changed, so plan your schedules accordingly.
Reading and Problem Assignments: On the attached daily assignment schedule are the reading
and problem assignments that are to be done prior to each class period. It is your responsibility
to do the reading and work problems prior to class. The problem assignments are broken down
into those that will be used for class discussion and those which are for your self- study. All
problems should be done on the date assigned! I will use the class discussion problems in
lecturing the material.
The self-study problems provide basic background material to help you understand the key
points of the chapter. Therefore, it is essential that you complete the self-study problems on
the dates assigned. You are responsible on the exams for all assignments, covered in class or
not. If you are having problems understanding the assignments, please ask about them in class
or see me in my office for extra help. For examination purposes, it is essential that you have a
solid understanding of all assigned material.
I will not collect every homework that you complete; however, I will sometimes collect and
grade homework without prior notice. The homework will be graded for completeness and
accuracy. You will be called on to provide homework solutions during class. There may also be
announced or unannounced quizzes.
The student must be present to turn in homework. No late assignments will be accepted for
any reason.
Tax Return Problem: During the semester students will complete a tax return problem. The
problems will be done on tax forms to aid you in relating the chapter material to reality (i.e.,
the actual preparation of a tax return).
Tax Research Project: During the semester graduate students will complete a tax research
project. The project includes researching a current topic in individual taxation and preparing an
academic research paper on this topic. Topics should be selected early during the semester.
Class Attendance: You are expected to attend every class period. Failure to attend and be
prepared for class discussion will adversely affect the student’s grade. The attendance policies
outlined in the Graduate Bulletin will be followed. A student missing 8 classes will
automatically earn a grade of F.
Academic Integrity: Mississippi College students are expected to be scrupulously honest.
Dishonesty, such as cheating or plagiarism, will be regarded as a serious offense subject to
sever penalty including, but not limited to, loss of credit and possible dismissal. See University
Policy 2.19 for specific information.
Retaining Student Work: The instructor reserves the right to retain any and all students’ work
from this class including, but not limited to, exams, quizzes, homework, papers, projects, and
assignments.
Please refrain from the use of cellular/mobile devices during this class.
This syllabus represents a tentative program of study. The instructor may modify this plan at
any time during the semester.
Disability Accommodations
In order for a student to receive disability accommodations under Section 504 of the Americans with
Disabilities Act, he or she must contact Student Counseling Services (SCS). SCS will assist with
information regarding the appropriate policy and procedure for disability accommodations before each
semester or upon immediate recognition of the disability. Student Counseling Services is located in
Alumni Hall Room #4 or you may contact them by phone at 601-925-7790. The Program Coordinator,
Holly Reeves, can be reached via email at hreeves@mc.edu and the Director of Student Counseling
Services, Morgan Bryant at mbryant@mc.edu.
Speaker Series
Mississippi College School of Business offers an excellent opportunity for students to get first-hand
interaction with successful business people through its speaker series. Please plan to attend the
following speaker series this semester. Students who attend and write a one page paper on how the
speaker’s comments relate to the student will earn extra credit points.


Thursday, January 29 Faith and Ethics Luncheon from 11:00 am to 1:00 pm in Anderson Hall
Other Dates TBA
Tentative Schedule
Date
Topic
Jan 1315
Course Introduction
Tax definitions, types of
taxes, terminology
Individual Tax Calculation,
tax planning, tax evasion
General Concepts
Accounting Concepts
Income Concepts
Deduction Concepts
Income topics
Transfers from others
Bargain purchase, capital
gains and losses,
accouting methods
Jan 2022
Jan 2729
Feb 3-5
Feb 10
Feb 1217
Feb 1924
Exam 1
Donative items
Employment related
exclusions
Returns of human capital
Investment related
exclusions
Reporting deductions,
trade or business
definition, mixed
expenses
Ordinary, necessary, and
reasonable requirement,
personal expenses,
capital expenditures,
payments that frustrate
public policy,
expenditures for
taxpayers benefit
Hobbies, vacation homes,
home office
Reading
Assignment
Chapter 1
Chapter 2
Chapter 2
Chapter 3
Chapter 3
Chapter 4
Chapter 5
Homework Assignments
Class Discussion
Self-Study
42, 46, 43, 52, 59,
66, 68, 72
6, 18, 20, 57, 63,
64
18, 20, 24, 63
26, 28, 34, 36, 66
41,42,46,47,49,52
53,56,59,61
30,40,47
35,51,52,55,59,61
62,66,71,72,75,
79,84,95
4,5,22
6,30,8
43,11,50
57,62
7,8,9
12,13
21,26,27,77
21,24,27,32,66,67
33,35,36,40,46
3,26
38, 45
49,50,51
60,65
53
56
26,34,73
28,37,39,41,48
3,4,40
51,53,75
58
Feb 26March
3
March
5
March
17-19
March
24-26
March
31
April 2
April 79
Cash method, accrual
method, related party
accrued expenses
Business expenses
Exam 2
Chapter 5
Bad debts, other
expenses, deductions for
AGI
Retirement accounts,
education loan interest,
moving expenses
Annual losses, NOLs, atrisk rules, exceptions for
real estate, passive losses
Passive losses—rental
real estate exception,
dispositions
Business casualty losses,
capital losses, capital
losses; Losses on small
business stock, related
party losses, wash sales,
personal casualty losses
Itemized deductions
Chapter 6
Exam 3
Exemptions, filing status;
Itemized deductions
April
Tax on unearned income
14-16
on minor child, individual
tax credits
April
Property classes, adjusted
21-23
basis, conduit basis,
purchased assets, bargain
purchases
Multiple asset purchases,
gift and inherited basis
April 28
Review
May 5
Final Exam
67
69
30,34,38,41,43
42,82
Chapter 6
Chapter 7
47,52,55,56,63,65,
66
67,76,78
73
17,23
5,3,27
35,36,31,39,40,41
42
Chapter 7
47,48,56,58,61,64
66
43
Chapter 8
31,33,39,41,46
44
Chapter 8
Chapter 8
49,52,53,63,64,65
70,71,73
Tax Return Due
57
74
Chapter 9
20,23,32
30,41
44,47,53,54,58