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Intro. to Taxation
BUS - A328
Syllabus

Fall Term 2001

A328-01 M/W 3:00-4:15 A328-02 M/W 7:30-8:15

Instructor: William Vetter   Rm. 350 Neff (really 352)   481-6856   481-6471 (Dept. Office)   481-6879 (SBMS fax)

e-mail: wvvetter@hotmail.com website: http://users.ipfw.edu/vetterw Office Hours: 2:00 - 3:00 M/W Any other day/time by appointment

Required text	Concepts in Federal Taxation (2002 ed.) by Murphy & Higgins	A "study guide" may be available in the bookstore. With each text, a student has access to related materials via Internet at http://murphy.swcollege.com
Other Required Resources	Access to / Use of Tax Preparation Software (2000 tax year)
	Internet access

COURSE OBJECTIVES:
  This course in federal taxation is intended to introduce students to the U.S. federal income tax - and to a lesser extent, to taxes in general. Details of tax law can change daily; significant changes happen somewhat less frequently. However, the basic structure and underlying concepts have not changed significantly for the past half-century. Therefore, this course (and the textbook) highlight concepts and operating principles. Memorizing details of various tax rules will not be required. However, this is not simply a theory course; it will be necessary to apply tax rules to real-life situations - both to really understand the concepts and principles and to pass this course.
  Taxation is not a stand-alone subject, it requires some understanding of accounting, law, economics, politics, public financing, and other topics. For the most part, this course concentrates on tax law but since it deals with things like "income" and "expenses", accounting is also significant. Accounting students should be careful to distinguish between "tax accounting" and general accounting. For the most part, those two are the same. But, because of differing purposes and needs, there are some significant differences. In many instances, the federal income tax code requires taxpayers to "keep two sets of books"
  An introduction to taxation can be challenging and difficult. In the beginning, there is no obvious starting point; the various statutory and regulatory provisions are all interrelated. An initially simple question can lead to a multitude of rules, exceptions, qualifications, etc. The goal of this course is to assist students in building a foundation of basic tax principles and concepts. It is not possible (or desirable) to address every exception to every, or any, tax rule. The goal is to provide tax eduction, not tax training. The fundamental concepts and more common transactions will be emphasized. This should provide a good starting point for future study of taxation. It should also provide a better understanding of the impact of tax laws on daily activities and provide insight into how tax laws affect business and financial decisions.

  By the end of this course, students should:

* Have a good understanding of the tax law's basic structure
* Understand tax terminology
* Understand distinctions between tax accounting and general accounting
* Be able to identify tax issues raised by common activities
* Be able to effeciently find applicable tax laws and rules (research)
* Make informed judgments based on research to resolve tax issues
* Know the techniques and procedures necessary to prepare individuals' tax returns

GRADING
  Grades for this course will be assigned on a "percent" scale as follows:

  The components of the final grade will be:

RESEARCH PROJECT
  The research project requires examining a given fact situation, identifying and researching the tax-law issues raised by that situation, and preparing a memorandum. The paper to be submitted will be in the form of a memorandum to a supervising tax professional, or to the client's file. It will require a recitation of the relevant facts, identification of the specific tax issue(s) raised, a discussion of the relevant rules and their application to the given facts, and a recommendation. Detailed instructions are given in the Research Project handout/web-page.

TAX RETURN PROJECT
  The tax return project requires preparation of an individual tax return (which may be for a single person or a joint return for a married couple). The return must be prepared using available tax-preparation software. The particular preparation program used is not particularly important. Students who work in offices that have professional-grade tax preparation software can use that - assuming they have permission.
  Because general-use programs (like "TurboTax") for 2001 taxes are not yet available, the tax return project will be a return for the 2000 tax year. General-use tax programs for 2000 should be fairly inexpensive. It is not necessary for each student to purchase his or her own program.
  Correct preparation of the tax return may require some research. However, it is not expected that students will conduct research beyond consulting the course textbook. Detailed instructions are given in the Tax Return Project handout/web-page.

HOMEWORK and CLASS PARTICIPATION
  For each class session, there are a number of assigned problems (see Schedule of Classes). Unless otherwise indicated, the assigned problems will be found at the end of the chapter to be discussed during the class period. "Points" will be given for each problem submitted, unless it is obvious that there was no serious attempt to answer the question but merely an attempt to hand something in to get the credit.
  During each class, there will be some discussion of problems - frequently the assigned homework problems. Class participation will consist, in part, of proposing solutions to discussion problems and other issues. Asking and answering questions is also part of class discussion. Students who have not read the assigned materials before class will find it difficult to meaningfully participate in class discussions. Students should be prepared to be called upon during each class session.