Final Examination and Class Attendance Class Essay

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Professor: Edward L. Monsour (emonsou@calstatela.edu)
Office: Simpson Tower Room 505
Hours: T/TH: 1245 to 120 & 5 to 6pm
Phone: 323-343-2830
Text: Willis, Hoffman, Maloney, & Rabbe, West’s Federal Taxation: Comprehensive Volume, 2013 Edition (West Publishing Company)

COURSE OBJECTIVE: To achieve a practical and academic understanding of the Internal Revenue Code and Regulations as they pertain to the taxation of business organizations, such as corporations, partnerships, S corporations, with emphasis on the reasons for the historical development of the tax law as well as its impact on various fact patterns through the use of assignments in tax research and tax return preparation.

GRADING: The standard accounting school curve (90%=A, 80%=B, etc.) will be used. It will be adjusted for difficulty to yield a class GPA established by the Department, that is, in the range of 2.10 to 2.70. The curve will be applied to:

Homework 100 points Tax Return Project(s) 200 Midterm 200 Comprehensive Final Exam 500 Total 1000

Class Attendance
Class attendance will not be directly counted toward the quarter grade. However, since material covered during the class is subject to inclusion on an exam, attendance is strongly encouraged.

Homework
Homework assignments will be collected randomly throughout the course. Grades will be based on the number of problems completed on each assignment. If less than 50% of the problems are completed, zero “0” grade will be assigned. * Once HW is covered in class it cannot be accepted for credit,

Tax Return Projects
Chapter 13: Cumulative Tax Return (CP) 99 – due Wk02 of class. Form 1120 Corporation (Appendix E-9 dueWk09 of the term. *Tax Forms only. These provide practical applications of tax compliance. These assignments are to be completed individually.

Examinations
The exams will be open book/ open notes. They will consist of multiple- choice questions and problems spread evenly over topics emphasized in class discussions. The exams and tax return project will not be returned, but will be available for review in the office until the end of the University’s specified holding period.

CLASS PLAN – 421A (Actual may vary; only selected topics and homework problems will be discussed in class)

# DATE TOPIC READING HW PROBLEMS
1/2 Introduction
Property Trans Ch.13 45, 46, 48, 50,
(C14: Overview) 57, 58, 59, 60, 62,63
75 thru 81
*CP 99

3 Accounting Periods Ch. 16 18 thru 20, 22, 23, 27 and Methods

4 Corporations: Intro Ch. 17 24 thru 30, Operating Rules 32, 34, 35, 38, 39 40, 42, RP2

5 Corporations: Ch. 18 24, 25, 26, 29, 30 Organization & Capital 31, 32, 33, 34, 38 39, 41, 42

6 MIDTERM EXAMINATION (Week 1 thru 5)

7 Corporations: Ch. 19 30, 31, 32, 33, 34 Distributions Not 35, 38, 39, 41, 42, In Complete Liquidation