INSTRUCTOR: Paul A. Leavens, MS in Taxation
PHONE: 503-478-0977
EMAIL: pleavens@linfield.edu or leavensp@hotmail.com

TEXT: Concepts in Federal Taxation, Murphy and Higgins, 2006
Published by Thomson Learning, ISBN # 0324313799
Optional Text: Internal Revenue Code, December 2004
Published by CCH, Inc.

COURSE DESCRIPTION: BUS 468 is intended to provide the accounting major with a comprehensive introduction to all aspects of federal taxation. This includes theory, policies, and procedures of federal income tax as they relate to individuals, corporations, partnerships, and sole proprietors.

COURSE OBJECTIVES:

• Examine and understand basic tax law as it applies to individuals, partnerships, and corporations.
• Understand the different federal tax advantages and disadvantages of various business entities, including sole proprietorship, partnerships, S-corps, C-corps, LLCs, LLPs, and Professional Corporations.
• Discuss the creation, history, and administration of the federal tax code.
• Provide the skills necessary to conduct tax research and formulate accurate conclusions.
• Recognize the effects that E-commerce and international transactions have on both individuals and business entity federal taxation.
• Understand tax law as it relates to property transactions.
• Examine professional standards and ethics of the tax profession.
• Explore the relationships and differences between financial accounting and tax accounting.

COURSE GRADES: The final course grade will be determined by the following:

Class participation	10 points (10%)
Homework	25 points (25%)
Midterm Exam	30 points (30%)
Final Exam	35 points (35%)
Total	100 points (100%)

Final course grades will be assigned on the following point percentages:

90% or higher =	A
80 - 89% =	B
70 - 79% =	C
60 - 69% =	D
< 60% =	F

QUESTIONS/COMMUNICATION: Any question related to the topic(s) of the week should be posted in that week's discussion area. Not only does this allow all students the benefit of your question and its answer, but other students often have experience or knowledge to answer a particular question. This is a good opportunity for postings, and for students to help each other. If the question has not been answered (or if it has been answered but can be elaborated on) by the second day after posting, I will provide an answer.

Please do not post private or confidential questions or concerns regarding the course in the course room. These can be sent to me directly via email, or students can call me if it is an urgent matter.

I also plan on holding weekly “office hours” in a chat room setting within the course. Further details will be provided during the first week of class.

HOMEWORK: Due to the vast subject of federal taxation, there is a large amount of reading in this course. It is imperative to stay current in both your reading and homework assignments. Falling behind in the assigned reading for only one week will make it difficult to catch up and earn a good grade in this course.

Homework problems will be assigned on Monday of each week. Solutions to these problems must be posted in the appropriate area of the course room by the following Sunday at 6 pm (Pacific Time) to receive full credit. Although only a small number of end of chapter problems will be assigned, it is to the student's advantage to work through and be familiar with all end of chapter problems. All problems - whether assigned or not - will be subject to testing on the midterm or final exam.

CLASS PARTICIPATION: A student must make a minimum of two postings each week (in addition to homework problems) to receive full credit in this area. One posting must be made no later than 9 pm (Pacific Time) on Thursday of each week, and may be about current relevant tax issues, critique of other student's homework (in a respectful manner), or any other issue relevant to the tax lesson of the week. The second posting must be made no later than 6 pm (Pacific Time) on Sunday of each week, and should be a response to another student's posting. Please note that two postings per week is the minimum. Students who consistently make more than three (3) meaningful postings each week will have “extra credit” points (a maximum of 10 points) added into their overall grade at the end of the course

EXAMINATIONS: The midterm examination is tentatively scheduled for the week of July 11, and will be provided in the course room. The final examination is non-comprehensive and will also be provided in the course room. Please note that both exams are open book and open note. Further details will be provided as the exams get closer.

LATE WORK: Late work will be accepted. However, except in the case of a bona fide and documented emergency, late work will be reduced one (1) grade for every two (2) days it is late. Work submitted more than eight (8) days late will receive NO credit!

INCOMPLETES: A grade of Incomplete (I) is given only in emergency situations. The student must request an Incomplete in writing and must obtain my permission. All uncompleted work must be completed within the time limits I set. If you simply don't turn in the final assignment or the final exam, your course grade will be calculated with the missed portion counting for 0 points.

ACADEMIC HONESTY: Cheating and plagiarism will not be tolerated. Any student found to be engaging in either of these activities at any point in the course will receive a failing grade for the assignment and/or the entire course and may be subject to further college sanctions.

STUDENTS WITH DISABILITIES: Students with documented disabilities who may need accommodations, who have any emergency medical information the instructor should know of, or who need special arrangements in the event of evacuation, should make an appointment with the instructor as early as possible, no later than the first week of the term.

COURSE SCHEDULE: The tentative course schedule is listed below. The schedule may be adjusted during the term, and any adjustment will be posted in the current week discussion area of the course room.

DATE	TOPICS	ASSIGNMENTS
6/13	-Introductions -History of US income tax and the Internal Revenue Code -Basic tax law -Definitions and terminology -Overview of the tax profession and professional standards -Income tax concepts	Read Chapters 1 & 2 (pages 2 - 78)
6/20	-Taxation of individuals
6/27	-Business deductions -Tests for deductibility -Timing of deductions -Business expense deductions -Loss limitation -Non-taxable exchanges	Read Chapters 5 & 6 (pages 167 - 268)
7/4	Continuation of prior week	Read Chapter 7 (pages 269 - 311
7/11	Midterm Examination, Chapters 1 through 8.
7/18	-Overview of business taxation -Choice of entity (sole proprietorship, partnership, corporation, S-corps, LLC, & LLP) -Flow thru entities -Dissolution of partnerships -Business tax credits and corporate AMT -Formation of an entity -Taxation of international income	Read Chapters 13, 14, &15 (pages 549 - 692)
7/25	-Property Transactions -Calculating basis -Amount realized and recognized -Like kind exchanges	Read Chapters 9 & 10 (pages 374-468)
8/1	-Property Transactions (Continued)	Read Chapters 11 & 12 (pages 469 - 548)
8/8	-Tax Research -Primary and secondary sources -Tax research systems.	Read Chapter 16 (pages 693 - 726)
8/15	-Final Examination, Chapters 9 - 16