California State University, Northridge
ACCT 441 – Advanced Studies Tax
Syllabus – Fall 2010
Drew Fountaine, CPA MBA
checked frequently
drew@profdrew.com
818.677.3081 (if no answer, please send email message, not voicemail)
Classes Meet:
Mondays & Wednesdays, 2-3:15p.m; Mondays, 7-9:45pm – Room JH1133
Office:
JH3213
Office hours:
Mon-Wed 12-12:30pm, Mon 3:15-4pm and 6-7pm, Wed 3:15-5pm
Required Text: Taxation of Business Entities, Smith/Raabe/Maloney,
2011 ed., Thompson – South-Western 2011
Required Jnl:
Wall Street Journal will be required for this course
Prerequisites:
Grade of C or higher in ACCT 352, ACCT 440, and BUS 302; Credit for BUS 302L
Internet Access: Internet access will be required to complete course requirements
Students will be required to monitor the course homepage for information and updates
Email:
Students will be required to monitor email for course information and updates
Spreadsheets:
Students will be required to utilize spreadsheet software for financial calculations
Course Objectives and Description: This course extends the first-semester individual taxation course by
introducing a variety of business taxation topics and adds managerial, global, and proactive perspectives to
the subject. Students will prepare multiple business tax returns (e.g., partnership, corporation). Students
will also prepare tax allocations of various types, and prepare other schedules and calculations.
Because the size of the firm is increasing (ref: your micro course, operating leverage, etc.), time will be
devoted to multi-state and international law requirements and calculations. It is to the student’s obvious
advantage in the job market if he or she can claim exposure to these topics; CSUN’s geographic location
and student diversity present the perfect setting to capitalize on this.
Although the course carries with it voluminous practical work, conceptual thinking will be heavily
emphasized in several ways throughout the semester, and students will need to consider our tax material in
the context of their earlier accounting work (e.g., tax, cost, managerial) as well as other related disciplines
(e.g., economics, finance) to score in the top tier of grades.
Entities do not operate in a vacuum. Understanding of taxation and fiscal policy should lead to adept
utilization of those rules -- honest adept utilization ☺ -- to maximize shareholder value (e.g., minimize
taxes) given the external environmental choices (e.g., relative costs and benefits of siting operations in a
particular region or country, choice of entity type, and/or hierarchical structure).
Globalization and automation present ubiquitous opportunity for entities and tax practitioners; those failing
to understand and avail themselves of these opportunities will be left behind in our competitive world.
Strategic aspects of taxation will be emphasized. Students will be required to read publications in addition
to required sections of our text because extensive attention will be given to current events – domestic and
international – as well as expectations for future fiscal policy actions on the part of our government and
others worldwide.
The Wall Street Journal is required to be among students’ ancillary readings. AICPA tax bulletins, IRS
pronouncements, legislative announcements, The Financial Times, The Economist, etc. will also be
appropriate as requested by students. The key is to create a discussion forum, making class members
conversant on salient issues and appreciative of the taxation environment.
To summarize, the professor’s objective in this course is two-fold. First: Impart and foster working
knowledge of various business and selected higher-level tax laws and regulations, and the manner of
preparing business tax returns. Second: Build students’ capacity to contextualize that practical knowledge
into unique company circumstances and the external environment.
Taxation is among the most exciting accounting career opportunities because it affords the accounting
professional opportunity to create value for the firm or client. Thought by many to be a very dull subject,
the professor’s hope is to bring it alive and make it compelling.
Class Format: A chronological listing of topics, chapters to be covered, and examination dates is included
with this syllabus. Group exercises and other assignments will be posted on the class homepage at
www.profdrew.com throughout the semester. The instructor reserves the right to modify the class
schedule. Classes will generally alternate between lecture of new material (including in-class exercises)
and review of assigned exercises and cases, plus in-class time for groups to work on their business tax
returns or exercises and cases. Two multiple-chapter examinations will be administered. Students should
ensure they can attend on the midterm and final exam dates.
Students should read all chapters prior to their scheduled discussion date. This will speed the lecture time,
elevate the material level, ensure maximum understanding, and allow for dialogue among all class
participants (students are strongly encouraged to participate in class discussions).
Overall Grading: Group exercises and tax returns (includes 5% group eval) -25%;
Group presentation (includes 5% group eval) -20%
WSJ write-ups-5%; Pop quizzes-10%; examinations -40%;
90-100%=A; 80-89%=B; 70-79%=C; 60-70%=D; <60%=F (no plus minus)
(Borderline grades may be elevated based on instructor documented class participation and WSJ article discussions.)
Group Exercises and Tax Returns: Group exercises will consist of conceptual and problem-type items
following each chapter, due as indicated on the class schedules on this syllabus. Groups will self-correct
their exercises at the class following their assignment and a few will be collected for scoring throughout
the semester at the instructor’s discretion. Group-prepared tax returns will be due as indicated in the
schedule and will be weighted more heavily in this grading category than the group exercises.
All groupwork in this category will be assigned a value (exercises ranging from 0 to 5, tax returns a value
ranging from 0 to 10) based on accuracy, completeness, effort, and clarity/neatness; all group members in
the same group will receive the same assigned score. Handwritten exercises will receive an automatic two
(2) point deduction (3 points maximum possible), incomplete exercises will receive an automatic two (2)
point deduction (3 points maximum possible). (This means incomplete AND handwritten exercises earn a
maximum score of 1.) Exercises must be stapled in the order of assignment and numbered to receive full
credit. Tax returns must be stapled in proper form order to receive full credit. Late work will not be
accepted. Exercises performed outside class should be computer-generated (not handwritten); sloppy
work will not be scored. Tax returns will be non-computer-generated using forms students will download
at www.irs.gov. Each group’s exercises/tax returns should be that group’s individual effort. Duplicate
work across groups will receive a 0 score. Collected exercises will normally be returned within one week.
Wall Street Journal Write-ups: Short individual writings (50 to 100 words) connecting course content to
a current Wall Street Journal article (or other publication explicitly approved by the professor with the
student) will be due accompanying the homework of several chapters as shown in the schedule on this
syllabus. Writings will include the following to receive full credit; publication name, date and title of
article, explanation of how it connects to our course and short summary of the article’s contents/meaning.
WSJ class participation may be considered for borderline grades at semester’s end.
Group Presentation Project: The professor has identified various topics relating to taxation for group
research and presentation. Each group will select or be assigned a topic and will give a presentation on it
near the end of the semester as shown in the schedule. Groups may also suggest their own topic for
consideration. The professor will provide a presentation grading rubric so students know what will be
measured.
Potential topics include:
* LLC/LLP structure and taxation
* Payroll taxes
* Foreign country taxes
- England
- Germany
- Mexico
- VAT
* Fiscal policy overview
- compare political parties
- domestic or domestic w/foreign
* Report on/analyze a stimulus package
* State taxes (various as agreed)
* Sales and use taxes
* Other related topics
- WTO
- SPVs/SIVs
- Other?
* Global/int’l taxation overview
* Tariffs or price supports
* Specialized industry topics
- e.g., oil & gas
- manufacturing
Groups will clearly connect their topic to our underlying theme of taxation, and will include most or all of
the following aspects in their presentation (as appropriate):
* Describe history
* Cultural aspects
* Opportunities
* Compare with others
* Trends
* Economic impacts
In addition to researching and presenting findings on their topic, students will contribute their own unique
extensions. Students should utilize outside sources, their own experiences, and evaluate and opine on their
findings to demonstrate critical thinking. There will be considerable latitude on this extension portion of
the project, e.g., there will be no “right answer” for this component. Failure to perform it, however, will
result in substantial grade reduction. The professor stands ready to confer with each group regarding its
ancillary inputs and thoughts and brainstorm ideas with them.
Each group will prepare a professional written summary to support its presentation. Summaries should be
brief (bordering on outline format), but complete … and must directly relate to the verbally presented
materials. Bullet format and charts are acceptable. Visual aids are critical (e.g., PowerPoint), and effective
presentation (content, clarity, appearance) will be essential to achieve a top score. Student appearance, as
well as project appearance, will be considered.
Presentation length should be approximately 15 minutes (considerable variance from this length will cause
grade reduction). Substandard grammar, spelling, syntax, etc. and/or lack of professional, effective
verbal/visual conveyance of findings will cause grade reduction. Each group should allow for a couple of
minutes’ Q&A following its presentation.
Group Formation and Self-Evaluations: Student-formed groups will be created and submitted to the
professor at the first class for collaboration on the group exercises, tax returns, and presentation near
semester’s end. (Group size TBD-at first class.)
Groups will submit two group evaluations (one each for the group exercises/tax returns and group project,
respectively), each counting for 5% of the course grade. Groups will allocate percentage points (in whole
numbers) among their members at their discretion. Specifically, each group will receive 5 points per
member for each evaluation to allocate among themselves at their group’s agreement subject to a minimum
of 1 and a maximum of 9 points for any individual group member. This is meant to provide groups with
internal incentive to encourage each other’s participation, and reward it (note that this represents a
potential 8% range in an individual’s grade for each group evaluation).
Point allocations (2), each signed by all group members, must be submitted together with presentation
summaries at the time of the group’s presentation. While groups are encouraged to resolve their own
differences, as the professor believes collaboration and problem resolution has educational value, the
professor stands ready to assist at any time. If insurmountable group problems exist, the professor should
be contacted expeditiously for (non-judgmental) resolution assistance (emphasis on expeditiously). Lastminute “issues” will not be correctable. In extreme circumstances, groups can “fire” members for nonparticipation (under instructor guidance … note that being fired from a group eliminates nearly half of the
possible course grade and any hope of passing the course).
Examinations (Scantron required): Examinations will be any combination of true/false, multiple choice,
short essay, and problems based on theoretical and practical aspects of the covered topics. Examinations
will bear a high correlation to exercises, tax returns, and class discussions. WSJ article discussions and
group presentations will also be used for examination questions. (Examinations are individual efforts.
Refer to CSUN’s policy on academic dishonesty for consequences should plagiarism be detected.) No
make-up examinations!! Cellular telephones, PDAs, and any other electronic devices will not be
permitted during exams and will be cause for dismissal and a grade of F on that exam. During
examinations, desks must be clear of all items except the examination, Scantron, and a non-programmable
calculator.
Attendance/Participation: The nature and complexity of this course, and its structure, require consistent
attendance and preparation, and that the student “keep-up” with the coursework. Failure to do these things
will result in deteriorating performance across all performance metrics.
Accommodations: Any student requiring special accommodations due to disability must inform the
professor during the first week of instruction. The professor absolutely supports these accommodations.
More on Attendance - Punctuality and Consideration: Be on time for the start of class; anyone more
than five (5) minutes late will be admitted only at the professor’s discretion. Once class has begun, it is
expected students will remain in their seats until the class ends. If you need to leave early or may arrive
late, professor must be notified in advance; professor then reserves the option to admit you after five
minutes have passed. Any disturbance due to cellular phones, pagers, food, drink, side conversations, etc.,
during classes will be cause for dismissal from that class. Power drinks will not be allowed at any time.
Laptop use for non-class content will be cause for dismissal from that class. Failure to adhere to any rules
and/or non-collegiate behavior is cause for immediate dismissal from that class. The student prepared
statement of CSUN core values is posted on the professor’s CSUN homepage and is incorporated as part of
this syllabus – please read it; adherence to it is mandatory, failure to do so is cause for disciplinary action.
Missed Classes: Students are responsible for obtaining any missed information from classmates. It is not
the professor’s responsibility to provide students with disseminated material or exercise or tax return
answers which were missed as a result of their absence.
Pop Quizzes: At unannounced times solely at professor discretion, pop-quizzes will be administered.
Some will consist of a single answer (T/F, M/C, short answer) relating to chapter material students should
have read prior to class or another pertinent topic. Others will require students to work through
calculations presented in the required reading for that class. Attempted responses can earn ½ credit; full
credit is given for correct responses. There are absolutely no make-ups for pop-quizzes. If a student
misses only one pop-quiz during the entire semester, full score will be awarded for that one missed popquiz.
A final personal note: I have high hopes for this course and that it will give you great value as you
transition to the working world. Because this is my first time teaching this course in a few years, I will be
watching carefully what works, and what doesn’t. You are all strong, dedicated, and talented students or
you would not be here. I welcome your comments and suggestions as we proceed. Drew
Monday - Wednesday Class Schedule (subject to modification except examination dates):
Wednesday
Monday
Aug23/25
Syllabus review
Ch 9 lecture & exercises part 1
Form groups
Corporations introduction and formation
Aug30/Sept1
Sept6/8
Ch 9 lecture & exercises part 2
Corporations basis and capital structure
Holiday – No Class YAY!!
Corporation tax return preparation
WSJ/Discussion forum
Corporation tax return preparation
Sept13/15
Review Ch 9 Groupwork
Ch 10 lecture & exercises
Corporation E&P and distributions
Sept20/22
Review Ch 10 group work
WSJ/Discussion forum
Ch 11 lecture and exercises part 1
Partnerships formation and tax treatment
Sept27/29
Ch 11 lecture and exercises part 2
Partnership basis; limited liability entities
Review corporation tax return
Partnership tax return preparation
Oct4/6
Review Ch 11 group work
WSJ discussion forum
Ch 12 lecture and exercises part 1
Sub-S corporation structure and taxation
Oct11/13
Ch 12 lecture and exercises part 2
Sub-S basis and entity-level taxes
Review partnership tax return
Sub-S tax return preparation
Oct18/20
Review Ch 12 group work
Sub-S tax return preparation
WSJ discussion forum
Oct25/27
Exam 1 (Ch.s 9-12, T/Rs, WSJ topics)
Ch 13 lecture and exercises part 1
Multijurisdictional taxation
Nov1/3
Exam 1 review
Ch 13 lecture and exercises part 2
Multijurisdictional taxation
Review Sub-S tax return
Group presentations work session
WSJ discussion forum
Nov8/10
Review Ch 13 group work
Ch 14 lecture and exercises
Corporate AMT and credits
Nov15/17
Review Ch 14 groupwork
WSJ discussion forum
Ch 15 lecture and exercises
Comparative forms of doing business
Nov22/24
Review Ch 15 groupwork
WSJ discussion forum
Group presentations work session
Nov29/Dec1
Special topics
WSJ discussion forum
Group presentations
Dec6/8
Group presentations
Group presentations
Finals Week
Second exam (Cumulative chapter coverage, WSJ, & group presentation topics)
(timed according to CSUN finals schedule – Mon Dec 13, 3pm)
NOTE! Chapter exercises group work and tax returns are due on the day of their review and includes
work done in class as well as additional work assigned for outside of class.
Monday Nights Class Schedule (subject to modification except examination dates):
Second Half
First Half
Aug23
Syllabus review
Ch 9 lecture & exercises part 1
Form groups
Corporations introduction and formation
Aug30
Ch 9 lecture & exercises part 2
Corporations basis and capital structure
Sept6
Corporation tax return preparation
WSJ/Discussion forum
Holiday – No Class YAY!!
Sept13
Review Ch 9 Groupwork
Ch 10 lecture & exercises
Corporation E&P and distributions
Sept20
Review Ch 10 group work
WSJ/Discussion forum
Ch 11 lecture and exercises part 1
Partnerships formation and tax treatment
Sept27
Ch 11 lecture and exercises part 2
Partnership basis; limited liability entities
Review corporation tax return
Partnership tax return preparation
Oct4
Review Ch 11 group work
WSJ discussion forum
Ch 12 lecture and exercises part 1
Sub-S corporation structure and taxation
Oct11
Ch 12 lecture and exercises part 2
Sub-S basis and entity-level taxes
Review partnership tax return
Sub-S tax return preparation
Oct18
Review Ch 12 group work
Sub-S tax return preparation
WSJ discussion forum
Oct25
Exam 1 (Ch.s 9-12, T/Rs, WSJ topics)
Ch 13 lecture and exercises part 1
Multijurisdictional taxation
Nov1
Exam 1 review
Ch 13 lecture and exercises part 2
Multijurisdictional taxation
Review Sub-S tax return
Group presentations work session
WSJ discussion forum
Nov8
Review Ch 13 group work
Ch 14 lecture and exercises
Corporate AMT and credits
Nov15
Review Ch 14 groupwork
WSJ discussion forum
Ch 15 lecture and exercises
Comparative forms of doing business
Nov22
Review Ch 15 groupwork
WSJ discussion forum
Group presentations work session
Nov29
Special topics
WSJ discussion forum
Group presentations
Dec6
Group presentations
Group presentations
Finals Week
Second exam (Cumulative chapter coverage, WSJ, & group presentation topics)
(timed according to CSUN finals schedule – Mon Dec 13, 8pm)
NOTE! Chapter exercises group work and tax returns are due on the day of their review and includes
work done in class as well as additional work assigned for outside of class.