ACIS 4344 – Tax for
Financial Planners
Department of Accounting &
Information Systems
VIRGINIA POLYTECHNIC INSTITUTE
AND STATE UNIVERSITY
Professor:
Office:
Phone:
Canvas:
Class times:
Debra Salbador, Ph.D., CPA
3078 Pamplin Hall
231-8163
https://Canvas.vt.edu/portal
TR 9:30–10:45 AM
Office Hours:
Email:
Class Location:
Spring 2016: 10164
T 1:30-3:30 PM
& by appointment
salbador@vt.edu
RAND 320
COURSE DESCRIPTION:
Overviews income tax concepts relevant to financial planning for individuals who are investors,
employees, and business owners. Topics include income tax fundamentals for individuals, taxation of
the sale of property, taxation of business entities, taxation of trusts, and overview of the federal transfer
tax on estates and gifts.
COURSE OBJECTIVES:
The overall objective of this course is to help students gain a working knowledge of the Federal income,
transfer and trust taxation laws that they will need for their career as financial planners. After completing
this course, students will be able to:

Describe the types of taxes and tax structures ;

Calculate income, gift, estate and trust tax liabilities;

Explain the differences among economic, accounting and tax concepts of income and determine
when and if an item of income is includable for tax purposes;

Determine statutory exclusions from gross income and describe the tax planning considerations;

Determine the realized and recognized gain or loss on the sale or other disposition of property;

Identify the tax treatment of various types of allowable deductions and losses and the implications
for tax planning;

Identify deductible itemized deductions and the limitations thereon;

Identify transactions that my result in losses for tax purposes and determine the amount of such
allowable losses;

Determine deductibility of employee expenses;

Describe the various forms of deferred compensation and their tax treatment;

Perform basic tax research;

Determine the applicable gift tax;

Determine estate tax and the tax planning implications;

Calculate the income tax liabilities for trusts and estates;

Apply basic tax planning strategies in common contexts (e.g. investment choices, income tax and
estate planning).
Tax for Financial Planners, ACIS 4344, Section 10164, Spring 2016
Page 2
COURSE MATERIALS:
 Jones & Rhoades-Catanach, Principles of Taxation for Business and Investment Planning, 2016
Edition, McGraw Hill.
PREREQUISITES:
FIN 3104.
COURSE INFORMATION:
All course information (including syllabus, schedule, assignments, handouts, lecture notes, etc.) will be
available through the Canvas web site for the course that is accessible through the Canvas portal:
https://vt.instructure.com.
Some information will be made available in .PDF format. If you do not already have a copy you can
download the necessary software for viewing these files by going to the following site:
http://www.computing.vt.edu.
We will use other out-of-class communication methods available through Canvas. This information will
be posted at the site as needed. You are responsible for checking the Canvas site regularly for the latest
announcements.
COMMUNICATION WITH THE INSTRUCTOR AND OTHER STUDENTS:
Please take advantage of the office hours noted above. To make an appointment outside normal office
hours, email me with 2 or 3 times that you would be available and we can meet in my office or via Skype.
In many cases, communication by Skype may be more efficient than e-mail. I check my email at least
daily (except when out of town), and usually much more frequently.
CLASS PREPARATION and PARTICIPATION:
What you learn from this course is dependent upon how much you prepare prior to class and participate
during class. Therefore, I expect you to attend every class meeting and to participate in class discussions
on a regular basis (i.e. approximately every class period). Prior to each class meeting I will assume that
you have studied the assigned reading material (see the Tentative Course Schedule) so that you will be
prepared to ask questions or provide answers during our class discussions of related issues and problems.
As we proceed through the semester, I will update the Tentative Course Schedule frequently, with more
detailed assignments and readings posted for many classes. Reading materials will be available via the
course Canvas site a few days before the class to which they pertain. You should check the course
Canvas site prior to every class period.
Tax for Financial Planners, ACIS 4344, Section 10164, Spring 2016
Page 3
GROUND RULES REGARDING E-MAIL:
E-mail is certainly a very efficient means of communication; however it is sometimes overused
and misused. Additionally, there are some basic issues of e-mail etiquette that you should be
familiar with as you prepare to enter the professional world. Therefore, the following ground
rules are set forth to aid in your learning experience in the class and to prepare you for your
future career:

I will respond to e-mails only during weekdays between the hours of 8:00 AM and 5:00
PM.

You should begin all e-mails with the appropriate salutation. In the case of corresponding
with a professor, this would include Dr.____ or Professor ______, but not Mrs. _______
or Hi!

You should end your e-mail with an appropriate conclusion such as “Sincerely” or “Very
truly yours”

If you have a question that will require more than a short paragraph to respond you should
come to my office hours or make an appointment to meet at another time

If you would like to request a letter of recommendation you should come to my office
hours or make an appointment to meet at another time.

If you would like to make an appointment outside of office hours your e-mail should
include 2-3 fairly specific alternative times that you could meet, for example, between 2-4
on Tuesday afternoon, rather than “I can meet on Tuesday”

You should include your full name and the class in all e-mails

You should edit your e-mail before sending; this means carefully reading for correct
spelling, punctuation, and grammar, not just relying on spell checkers

Your e-mail should be written in a professional and respectful style

A helpful additional reference : “Email Etiquette,”
http://owl.english.purdue.edu/owl/resource/636/01/
Tax for Financial Planners, ACIS 4344, Section 10164, Spring 2016
Page 4
PERFORMANCE EVALUATION:
Your grade for this course will be determined using the following measures and percentages:
HOMEWORK ACTIVITIES
QUIZZES
MID-TERM EXAMS
FINAL EXAM
Total Points
10%
10%
50%
30%
100%
Grading Scale
A+ (N/A)
A (92-100%) A- (90-91%)
B+ (88-89%)
B (82-87%)
B- (80-81%)
C+ (78-79%)
C (72-77%)
C- (70-71%)
D+ & D- (N/A) D (60-69%)
F (0-59)
If you have a question regarding any graded work, you should submit such question via e-mail within a
week of the publication of the grades. Your question should provide detail sufficient for evaluation to be
made. Further you should be prepared to meet with me to discuss this question if needed. After one
week, questions regarding grading will not be considered.
To receive a grade in this course you must turn in all projects, as each is an integral part of the course. If
you do not turn in all projects and take all exams, you will earn a grade of “I,” regardless of your
average grade.
ASSIGNMENT DEADLINES:
Any assignments submitted after the announced deadline (beginning of class on due date indicated in
syllabus) will incur a penalty equal to 5% of the possible points for each late day (beginning at the
beginning of the class due date) or portion thereof (including weekends).
FILE SUBMISSION FORMAT:
Lastname_firstname_assignmentname.docx or xlsx
QUIZZES:
There will be a number of pop quizzes, occurring on randomly chosen dates. These quizzes will cover
the material discussed in the previous class. There are NO MAKEUPS for missed quizzes.
HONOR CODE:
THE HONOR CODE WILL BE STRICTLY ENFORCED IN THIS COURSE. ALL ASSIGNMENTS
SUBMITTED SHALL BE CONSIDERED GRADED WORK, UNLESS OTHERWISE NOTED. ALL
ASPECTS OF YOUR COURSEWORK ARE COVERED BY THE HONOR SYSTEM. ANY
SUSPECTED VIOLATIONS OF THE HONOR CODE WILL BE PROMPTLY REPORTED TO THE
HONOR SYSTEM. HONESTY IN YOUR ACADEMIC WORK WILL DEVELOP INTO
PROFESSIONAL INTEGRITY. THE FACULTY AND STUDENTS OF VIRGINIA TECH WILL NOT
TOLERATE ANY FORM OF ACADEMIC DISHONESTY.
Tax for Financial Planners, ACIS 4344, Section 10164, Spring 2016
Page 5
CELL PHONE AND OTHER ELECTRONICS POLICY:
The following policies will be observed to assure that everyone has the opportunity to participate
in class in a manner that is conducive to learning:
Laptops are allowed in class if they will be used for note-taking or other activities related to the
class work in progress. However, if it appears to me that a laptop is being used for some
other activity I will call for all laptops to be closed for the remainder of that class.
Therefore it is your responsibility to convince me that what you are doing is related to what
is currently going on in class.
Texting is strictly prohibited and I will call for you to leave the class if it appears to me that
you are texting in class, again it is your responsibility to assure that I do not get the
impression that you are texting.
Please place all cell phones on airplane mode or turn them off during class.
Use calculators, not cell phones, for computations in the classroom. No cell phone, laptop,
blackberry or other electronic device other than a calculator will be permitted on your desk when
taking a quiz or an exam.
PLAGIARISM:
Plagiarism includes the copying of the language, structure, ideas, and/or thoughts of another and passing
off same as one's own original work, or attempts thereof. It is a violation of the honor code and will not
be tolerated. At the very least a grade of zero will be assigned to any assignment that includes
plagiarism. Further sanctions may also be considered depending on the circumstances.
SPECIAL NEEDS:
If you need adaptations or accommodations because of a disability (learning disability, attention deficit
disorder, psychological, physical, etc.); if you have emergency medical information to share with me; or
if you need special arrangements in case the building must be evacuated, please make an appointment
with me as soon as possible. If you need captioning for videos, please let me know no later than two
weeks in advance of date on schedule for viewing.
WRITING CENTER:
I encourage you to visit the Writing Center for assistance with your writing, and I have given blanket
permission for all of you to make appointments there. The Writing Center is located in 205 Williams
Hall; the phone number is 231-5436.
DISCLAIMER
The assignments described in this syllabus and the Tentative Course Schedule may change as necessary
throughout the semester. I will announce all changes in class and update the course schedule on the
course web site. If you miss class, it is your responsibility to find out if there are any changes.
Tax for Financial Planners, ACIS 4344, Section 10164, Spring 2016
ACIS 4344 – Spring 2016 – Tentative Course Schedule
Day
Date
Topics, Assignments, and Due Dates
1
T, 1/19
Introduction to the Course
Review syllabus
2
R, 1/21
Taxes and Taxing Jurisdictions, pp. 3-17
3
T, 1/26
Policy Standards for a Good Tax, pp. 23-41
4
R, 1/28
Taxes as Transaction Costs, pp. 49-65
5
T, 2/2
Taxes as Transaction Costs, pp. 49-65
6
R, 2/4
Maxims of Income Tax Planning, pp. 73-89
7
T, 2/9
Maxims of Income Tax Planning, pp. 73-89
8
R, 2/11
Taxable Income from Business Operations, pp. 123-150
9
T, 2/16
10
R, 2/18
11
T, 2/23
Taxable Income from Business Operations, pp. 123-150
Mid-Term Exam I
Property Acquisitions and Cost Recovery Deductions, pp. 163-194
12
R,2/25
Property Acquisitions and Cost Recovery Deductions, pp. 163-194
13
T, 3/1
Property Dispositions, pp. 207-234
14
R, 3/3
Property Dispositions, pp. 207-234
T, 3/8
R, 3/10
SPRING BREAK
Page 6
Tax for Financial Planners, ACIS 4344, Section 10164, Spring 2016
ACIS 4344 – Spring 2016 – Tentative Course Schedule (Continued)
Day
Date
15
T, 3/15
16
R, 3/17
17
T, 3/22
Nontaxable Exchanges, pp. 249-264
Sole Proprietorships, Partnerships, LLCs, and S Corporations, pp. 279-308
18
R, 3/24
The Individual Tax Formula, pp. 417-441
19
T, 3/29
The Individual Tax Formula, pp. 417-441
20
R, 3/31
21
T, 4/5
Mid Term Exam II
Compensation and Retirement Planning, pp. 453-483
22
R, 4/7
Compensation and Retirement Planning, pp. 453-483
23
T, 4/12
Investment and Personal Financial Planning, pp. 495-528
24
R, 4/14
Investment and Personal Financial Planning, pp. 495-528
25
T 4/19
Tax Consequences of Personal Activities, pp. 545-563
26
R 4/21
The Gift Tax
27
T, 4/26
The Estate Tax
28
R, 4/28
Income Taxation of Trusts and Estates
29
T, 5/3
Review
S, 5/7
Final Exam – 3:25 – 5:25 PM
3/9/2016 3:56 PM
Topics, Assignments, and Due Dates
Property Dispositions, pp. 207-234
Page 7