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ACCT 540/439 Spring 2008 Internet Based Class

Office: BA 113 Phone: 886-5658 Email: Bobby_Carmichael@tamu-commerce.edu Web: http://faculty.tamu-commerce.edu/bjc Office Hours: 24/7 in my Virtual Office, by email, or during my posted office hours (see my web site). Please direct all course related questions that are not of a personal nature to my Virtual Office. You will find a link to my Virtual Office under the Course Home tab for general course questions and a link for a Virtual Office under each chapter for any questions pertaining to a specific chapter. If you send an email, you MUST put ACCT 439 or 540 on the subject line so that it will get directed to the proper mail folder and I will know which class youre in. Resources for Class: Required Wests Federal Taxation: Corporations, Partnerships, Estates & Trusts (with RIA & Turbo Tax Business, 2008 (31st.ed.), Hoffman, Raabe, Smith, and Maloney ISBN: 0-324-60383-5 OR 0-324-60259-6 OR (0-324-38039-9 & 0-324-60227-8). Text web site for supplements: http://websites.swlearning.com/cgiwadsworth/course_products_wp.pl?fid=M20b&product_isbn_issn=9780324380392&discipline_number=4 19

Advanced Income Tax Accounting


Dr. Bobby J. Carmichael

Professor:

Required Free access (with limited capabilities) to Bisk CPAReady materials for custom exams. You must register at:
http://www.cpaexam.com/Scripts/Login/Login.aspx?key=DD555A6D-5E6B-48B5-A11213526BC3DB15. You can also get a discount and purchase full access to this web by contacting them directly (call Sara Knight at 800-874-7877 ext. 4380). More information is

given below. Required Free access to webcasts from DBrief U from Deloitte & Touche, LLP. Go to the following URL and click on the Join Dbriefs U link on the left:
http://deloitte.12hna.com/dbriefs_u/index.html.

Optional *Online edition or Book & Software for Gleims CPA Review-Regulation 2007 edition (order direct from Gleim Publications 800-87-GLEIM & ask for A&M discount or direct web link @ https://www.gleim.com/accounting/cpa/cpasiteorder.php). The 2006 version should also be current enough if you already have a copy of it. Course Objectives: The basic objective of this course is to provide the student with an explanation of the federal tax structure as it applies to corporations, S corporations, partnerships, estates, and trusts and apply the tax principles to practical problems normally encountered in a tax practice. Outcomes Assessment: Upon completion of this course the student should be able to: 1. Have knowledge of the tax rules for the income taxation of corporations (Chapter 2). 2. Apply the tax rules for the income taxation of corporations to practical situations encountered in tax practice (Chapter 2). 3. Understand the role of alternative minimum taxation and certain penalty taxes for corporations (Chapter 3). 4. Apply the alternative minimum tax and penalty provisions to practical situations encountered in tax practice (Chapter 3).

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5. Understand the tax rules for organization of and transfers to controlled corporations (Chapter 4). 6. Apply the tax rules for organization and transfer to a controlled corporation to practical situations encountered in tax practice (Chapter 4). 7. Understand the role of earnings and profits in the taxation of corporations (Chapter 5). 8. Apply the earnings and profits rules for corporations to practical situations encountered in tax practice (Chapter 5). 9. Understand the tax implications for corporate redemptions and liquidations (Chapter 6). 10. Apply the rules for corporate redemptions and liquidations to practical situations encountered in tax practice (Chapter 6). 11. Understand the tax rules for the income taxation of partnerships (Chapter 10). 12. Apply the rules for the income taxation of partnerships to practical situations encountered in tax practice (Chapter 10). 13. Understand the rules for the taxation of distributions, transfer of interests, and terminations of partnerships (Chapter 11). 14. Apply the rules for the taxation of distributions, transfers of interests, and terminations of partnerships to practical situations encountered in tax practice (Chapter 11). 15. Understand the tax rules for the income taxation of S Corporations and the treatment of distributions for the owners (Chapter 12). 16. Apply the tax rules for the income taxation of S Corporations and the treatment of distributions for the owners to practical situations encountered in tax practice (Chapter 12). 17. Understand the basics of Federal Gift and Estate Taxes and be able to apply them to practical situations encountered in tax practice (Chapter 17). 18. Understand the taxation of Exempt entities and be able to apply the rules to practical situations encountered in tax practice (Chapter 14). 19. Understand the application of various procedures for tax administration and practice (Chapter 16). 20. Understand the tax rules for the income taxation of Trusts and Estates and be able to apply them to practical situations encountered in tax practice (Chapter 19). Course Time Requirements: You should make sure that you have enough time for this course. Tax is one of the most difficult topics in accounting and it requires a considerable amount of time. A general rule of thumb for all accounting classes is to allow approximately three hours of study for each hour of class work. Therefore, in a three credit hour class that would normally meet three hours you should allow approximately twelve hours per week for study. To be successful in this class, you should regard this as a MINIMUM time requirement. If you cannot meet this time requirement, you should consider taking another class or planning to reduce your expected workload in other areas. Textbook Homework: Only Tax Return and Research problems from the homework will be taken up and graded. The basic homework will not be taken up and graded; however, homework

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is an essential part of the learning process in accounting. At the end of each chapter there are discussion questions, problems, tax return problems (selected chapters only), and research problems. You should work the odd number problems in each chapter and then check them against the solutions manual files that are provided in a zip file under Course Home/Handouts tab in eCollege. The solutions to the homework and testbank materials are being provided to "level the playing field" since the solutions and testbank are available for sale online. In the past, some students have purchased these supplements and have gained an unfair advantage over the more ethical (or less knowledgeable) students. This is an illegal use of copyrighted material and is an unethical practice, particularly for future accountants whose integrity is very important. Therefore, to keep the competition at an even level, everyone will have access to these files. It will be grounds for expulsion from the class if anyone shares these with anyone or puts them online for sale since this is an illegal use of materials copyrighted by the publisher. Tax Return (TR ) and research problems (RP) are assigned by number on the assignment sheet. Additional ones may be handed out during the term. All assignments that must be turned in are required to be in Word (rtf) or PDF formats and submitted in the appropriate Dropbox in eCollege by the due dates. Assignments will generally not be accepted late, and if accepted, they may earn no more than 50% of the possible grade. Tax Return Problems: The tax return problems will consist of a client letter and tax return form. You will also be graded on your auditing of the tax return. A suggested solution will be posted immediately after the due date and you will have 5 days to audit your return and post corrections in a separate file in Word (rtf) format. This audit report will be submitted in the same Dropbox as the original assignment. This is a combination grade for all three items. Only one tax form should be submitted for a group. However, the client letters and the audit reports must be individual efforts and not just be a copy of the same thing with the names changed. The individual client letters should identify the members of the group and indicate who will be submitting the tax form. Research Problems: The research problems will be graded on a 10 point scale with a grade of 7 (average) for getting the correct solution. Grades above a 7 will be earned by good document formatting and on the quality of the write-up presented. Quality does not mean length, but I have found that one of the most common problems is for students to be too brief in their responses. Everything should be written with complete sentences and the use of paragraphs as appropriate with a formatting style that is easy to read and has visual appeal. You may work in groups on these, but each person must provide an individual written research report that is not just a copy job of a group members report. If you work in a group, you must identify the members of the group at the top of the report. Uploading Assignments to the Dropbox: To submit your assignments: Go online and click on the Dropbox tab; Select the specific assignment from the drop down menu; Click on the browse button and locate your file to upload; and click okay. Your grade will show in the gradebook after I have completed grading the assignments. Written assignments will NOT be accepted late.
Learning Supplements: The following items are available under each chapter to aid you in achieving the objectives and to learn the materials: Learning Objectives Outline PowerPoint Also available for all chapters in zip format under Course Home/Handouts Flashcards True/False Quiz Multiple Choice Quiz Required for outcomes assessment and part of your grade. Fill-in Quiz Bowl Discussion

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Quizzes: The multiple choice quiz under each chapter is required. You will generally have a two week period in which to complete these quizzes. These will be used as part of your grade and to measure the assessment objectives. You may repeat the quizzes as many times as you want and a summary grade will be given when you finish, but not the correct answers. Your grade and the correct answers will appear in the gradebook after the due date. These will NOT be accepted late for any reason. You should not wait until the last minute to complete assignments. Exams: There are five online exams and a comprehensive exam over corporations, partnerships, and S corporations. The chapters to be included and due dates are listed on the assignment schedule. These exams will only be accessible for a three day period and they will be timed. You will NOT have time to look up every answer, therefore, you should study the same as you would for an in class exam with limited use of references and limited time available. I have provided ALL the true/false and multiple choice questions from the publishers testbank for you to use as a study guide. However, the exams will NOT be solely from this source. This file is available under the Course Home/Handouts tab in eCollege. You may discuss these questions with other members of the class. These materials are copyrighted and it is illegal for them to be used in any way other than for your study use. The exams will consist of questions from the homework, CPA exam questions, testbank questions, questions from the quizzes, and other sources. Each student will have a random selection of questions from a large database of questions. Therefore, each student will have a unique exam. It is against class policy, and is also an unethical practice, to share the exam questions with any of your classmates or discuss them in any form until AFTER the due dates for each exam. Anyone caught violating this policy will receive a grade of ZERO for that exam. Due Date for Assignments, Quizzes, & Exams: To allow you the maximum flexibility in scheduling your work, I have made Sunday the due date for all assignments and quizzes. This does NOT mean you should wait until Sunday to try and complete all items due that day. You should work on these all week. If you wait until the last minute you will probably not have time to complete them successfully. CPA Review Materials: Two possible sources of CPA review materials are provided as follows:
Gleim CPA Review The Gleim CPA materials is available on the computers in the business lab (BA 345) and on the two tax computers in the library reference section. The program may also be purchased as a text and CD ROM, or with online access direct from Gleim as a source of questions to study. The Gleim study unit numbers are included under the assignments column when you will have completed enough material to be able to use them for study. If you use them prior to these points, some of the question may be over material that you have not covered up to that point. The software will prompt you to enter a drive and directory to save your work and you should use your own storage device so that you can save your work each time. You must indicate a directory since it will not allow you to use the program directory for working files. Bisk CPAReady CPA Review Materials: This is a required site and the link is given above, at the end of this paragraph and as a link under the Webliography tab in eCollege. This site will be used for custom exams set up by your professor and you will be notified by email and a course announcement about content and due dates. This site has free access, but you have the opportunity to purchase complete access to the online materials at a discount if you want or need further study. Online Campus edition is FREE (only includes online access to quizzes assigned). This free campus edition will be used for quizzes over the CPA type material in CPA exam format, which will include multiple choice and case-based simulations. If you want to purchase their text to go with this (Regulation), you will need to call Sara Knight at 1-800-874-7877 ext. 4380 to get a discounted price. The company will also send you an email with other purchase options that you may want to take advantage of. The course is now called CPAReady and their web site is at www.cpaexam.com if you want to see what they have

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to offer. These materials are also known as Bisk CPA Review. The specific link to register is at:
http://www.cpaexam.com/Scripts/Login/Login.aspx?key=DD555A6D-5E6B-48B5-A112-13526BC3DB15

Research/Computer Homework: The tax computers in the reference section of the library may be reserved for two hour time periods by calling the "ASK HERE" desk at 886-5720. You may access two sets of tax research materials through the library databases. Each new copy of the text has a code for free access to RIAs Checkpoint student edition (tax research service). Most electronic tax research materials may be accessed online. These computers also have ProSeries software for the tax return problems. Off-Campus Research Access: If you connect to the library from an off-campus ISP you will be asked for your CWID and password for access. This is the same as the one you use to access this course and myLEO/WebTrax. If you have problems, contact the library reference desk at 903886-5721. A link for the library is provided under the Course Home tab in eCollege. DBriefs U Webcasts: These Webcasts are provided by Deloitte Touch, LLP. All students will have some assignments to be completed here, but all graduate students will have additional topics and requirements. A research paper has generally been required for all graduate students on a current topic assigned by the Professor. However, this semester additional assignments will be made to watch Webcasts on tax related topics and prepare a report. Graduate students must earn a minimum grade of 80 to get a grade of A or B in the course. More information will be provided on this as an announcement in eCollege and sent to all class members as an email. A link to the DBriefs U web site is provided under the Webliography tab. You may register on this site at any time. Grading: Your grade will consist of: Class & Points available for each assignment Thirteen online chapter quizzes (best 11 of 13) Five Exams Corporations, Partnerships & S Corporations Comprehensive CPAReady Quizzes (average grade used) Research Problems (best 4 of 5) Tax Form Problems (best 5 of 6 with corrections) DBriefs U Webcasts from Deloitte Touche LLP Total

Acct 540 Points 110 500 200 50 40 50 100 1,050

Acct 439 Points 110 500 200 50 40 50 20 970

*Acct 540 DBriefs U Reports A minimum grade of an 80 is required for graduate students to receive an A or B in the course. Grading Scale: 90% =A, 80% =B, 70% =C, 60% =D. Tax Software Program Required: You are required to use a software program to complete the tax form problems and submit the file in adobe PDF format. No specific tax program is required; however it must be for the 2006 or 2007 tax year. The following programs are available: ProSeries The 2007 version of this program is available on the tax computer in the library in the reference section. The software is also available free as a trial copy for the 2006 tax year from www.proseries.com, but it may take a while to get this delivered. This is a professional level program that is very easy to work with and has a short learning curve. Turbo-tax Business The 2006 version of Turbo-Tax Business is free with the purchase of a new book and may be available at various bookstores. It may also be downloaded from their web for a fee (www.intuit.com). You will probably need to update the program after you load it onto your computer from the CD provided with the text.

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Other Tax Programs Any tax program is acceptable as long as the file you submit is in PDF format. Most tax programs today will export the file directly to the PDF format.
Client Letter to Accompany a Tax Return ACCT 540 Dr. Carmichael A client letter is REQUIRED You are required to include a client letter with all tax returns. These must be submitted in word (rtf) or PDF format. Each individual must write a client letter and submit it under the Dropbox tab for each tax form assignment. The tax form itself may still be submitted as a group effort for registered groups. Generally, a client letter should be attached to a tax return since the tax form itself would not normally be presented by itself in practice. The letter is the firms way to provide communication to the client in a professional manner that provides an executive summary of the tax return without restating the complete return in the letter. The letter should provide information that is concise and to the point, but still addresses the pertinent issues for the type of tax return. This type of letter will generally include brief introductory and brief closing paragraphs. The introductory paragraph may be personal in nature and the closing paragraph may contain billing information, a thank you, and contact information if the client has questions on the return. The paragraphs in between are usually the summary of the pertinent issues that may be of interest to the client. Writing a good letter takes practice and thought to make it as brief, but yet informative, as possible. If the detail becomes too cumbersome, then details might be explained further on a second page that is attached, since it is generally better to keep the basic letter itself to about one page. This information SHOULD NOT just summarize the entire tax return; the client can read the detail there. The middle paragraphs should address points where the client might need further explanation, specific items that a client had asked questions about, items where you have saved the client money, any specific assumptions that was made to complete the return, or items that might be challenged by the IRS. For example, if a client had listed items as deductible, but they were not deductible or were limited by tax law, it might be pertinent to mention that the deduction taken on the return does not match what the client submitted as a deduction. There are no hard and fast rules about what should be included, but a general rule-of thumb would be to try and anticipate client questions and answer them in advance. This will make the communication with the client more effective and efficient for both the firm and the client.

Dr. Carmichaels web site: (http://faculty.tamu-commerce.edu/bjc): This web site has my class schedule and a link to the eCollege online site used for the class (http://online.tamuc.org). All future class handouts, copies of this syllabus, and online examinations will be available on this site. The syllabus and the Webliography tab both have a link to the publishers web site for this text. The Webliography tab also has links to the CPAReady web site, DBriefs U from Deloitte Touche LLP, Burks writing guide, and The Gleim materials web. Email: You may send email from the eCollege system to your professor or to other class members, but you may not receive email in the system. Your myLEO email is the official email site for all online classes. Please keep your email current with the University, since it is imperative that you have email to succeed in this course. You may set your myLEO to forward it to another email if you prefer. It is advisable to make sure that your email does not reject email from this course, the university, or your professor. YOU are responsible for any email sent, whether you receive it or not!

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Online Registration: All students are automatically registered online at http://online.tamuc.org for this course. Your user ID is the same as you use for myLEO/WebTrax, you may also enter the online course management from inside myLEO/WebTrax. Pop-ups: Newer versions of Explorer block pop-ups. This may cause the eCollege to kick the student out of a quiz, assignment, or exam. You should disable the pop-up blocker to the online learning sites to avoid this problem. To temporarily turn if off or disable it for a specific web site, go to tools and then pop-up blocker and select the off or pop-up blocker settings. The off selection temporarily turns if off until the browser is closed and the settings selection lets you permanently allow a specific web site to use pop-ups. Technical Support: Please complete the student tutorial on using eCollege. eCollege has a help button on the top right of the screen to provide information while your are in a course. If at any time you experience technical problems (e.g., you can't log in to the course, you can't see certain material, etc.) please contact the eCollege HelpDesk, available 24 hours a day, seven days a week. The HelpDesk can be reached by sending an email to helpdesk@online.tamuc.org or by calling 1-866-656-5511. This information is also provided in the announcement section in eCollege. Course Requirements: The attached schedule lists the specific assignments required for the course. This is an online course and you should have the necessary computer skills to use this site without assistance from your professor. The professor is NOT responsible for any technical difficulties experienced during the course. You will be held accountable for announcements posted online, anything posted to my Virtual Office, and any email broadcast to the entire class or sent to you individually (regardless of whether you receive it or not). Please check all of these on a regular basis and make sure that your email will not reject any messages that may be sent. I will expect that you have received anything posted or sent within 48 hours. You may also expect that I will generally respond within 24 hours or less. Online Support for Questions: Virtual Office You should post all questions pertaining to the course to the appropriate Virtual Office located under each chapter. This will allow everyone in the course to answer each others questions and to have access to all questions and any posted answers. Many of you will have the same questions and this will reduce the number of times that the same answer will have to be given. You should always check the Virtual Office postings to see if your question has already been asked and answered before you post a question. Groups The discussion board may be used by individual groups for private communication between their members. It is strongly suggested that your work in groups for this class. Any group of students may request that a group be formed by the professor to enable them to have a private discussion. Each member should do their own work and use the group for help, support, and feedback. Just send me an email telling me that a group has been formed with the individual names of the members and I will create an online group for your private discussions. Email Email is appropriate for personal questions related to your grade, etc., but please DO NOT use it for course related questions that may be of interest to others. You MUST

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put the class number (439 or 540) on the subject line of any email to assist me in email management. Chat Room Students may use this feature to work with others in the class. TaxAlmanac There is a new online tax research tool called TaxAlmanac that is being billed as a revolutionary new way for accountants and other tax professionals to research and share their knowledge on tax issues. This is a free tool, so try it out. Just go to www.TaxAlmanac.org and read the quick start guide and create an account. Technical Support - If at any time you experience technical problems (e.g., you can't log in to the course, you can't see certain material, etc.) please contact the eCollege HelpDesk, available 24 hours a day, seven days a week. The HelpDesk can be reached by sending an email to helpdesk@online.tamuc.org or by calling 1-866-656-5511. Additionally, you can click on the "Help" button located at the top of each page for more information. PowerPoint: PowerPoint files are available in a zip format for all chapters of the text under the course home tab/Handouts that may be downloaded to print or viewing. If you choose to print these, you can reduce the number of pages by printing them as handouts (usually 6 to a page works best) and you can save your color ribbon by choosing grayscale or pure black & white when you print. They are also available under each chapter to download or view. Research Problems: The tax research materials are in the reference section of the library and may be accessed online. Tax research materials are usually available at any University, city, or county library. Your write-up should include the following sections: Facts; Tax Issues; Answer; Analysis/Rational; Cites; Additional References (if you found items that might be of use, but were not used in your report), and it a list of the sources used to conduct your research (i.e., CCH, BNA, etc.). You may use any of the following research sources for any problem: Tax Library Books in the reference section of the library Tax Services through Library Database Online * CCH Standard Federal Income Tax Reporter (code section org.) * CCH Federal Tax Service (topical organization) * BNA Tax Management Library (topical organization) http://library.bnatax.com. Online through Publisher provided access: * RIA Checkpoint Access available online at http://checkpoint.riag.com. The user ID and password is supplied on a card in your new textbook. Make sure that you utilize proper cites (see chapter 1) and designate the research source(s) that you have used in a section after the section for cites at the end of your research report. You may use more than one source for each assignment. Do not cite research not used in your report unless you list it in additional references. Acceptable Cites: For our purposes, the only acceptable cites are the following primary sources of tax law and rules: Code Section (never used as the ONLY source in this class) Regulation Revenue Ruling

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Court Case Include the name of the case, court, jurisdiction if it is a district court case, and year as a minimum reference. The volume and page number should be included if it is a hard copy reference. The actual format of the cite will be different depending on the source. CAUTION Your grade will be affected by incomplete cites. All members of a group MUST have the EXACT same cites. However, each member MUST do their own write-up. If a research problem in the text gives possible research sources, you MUST read and use ALL sources given, even if you think you have answered the problem before all sources are considered. If you work in the library to complete your assignments on the computers provided in the reference section, please save your work to a personal storage device (floppy disk, CD, USB storage, etc.) and NOT ON THE HARD DISK to protect you from the unauthorized use of your hard work. I do encourage you to form your own study/help groups and work together, but each member of the group should contribute. Please do not allow others to just copy your hard work. The object is to learn as much about taxation as possible and of course get your grade in the process, but more importantly, you should be learning to learn. It will have a lifelong payback. If a partial list of research aids is given for a problem, you must discuss each one of them to form your opinion. This is a minimum requirement and additional resources may be necessary. Submission of ALL Written Assignments: All written assignments must be submitted under the Dropbox tab online in eCollege. These must be in either Microsoft Word (RTF) for research problems or Adobe PDF formats for tax form problems. No other formats are acceptable without explicit permission of the professor. All files submitted should use the following naming convention: the first letter of your first name, your last name, and the assignment identification (i.e., bcarmichaelRP1 or bcarmichaelTF1120). The RP is for research problem and the TF if for tax form problems and this is followed by the assignment number/name as appropriate. Files submitted with incorrect names will automatically be reduced in grade for not following the proper submission procedures. Files in Microsoft Word should be in an acceptable format that is easy to read and should be something that you would present to your supervisor in a work situation. Research problems will be graded on a 10 point scale with a grade of 7 (average) for getting the correct solution. Grades above a 7 will be earned by good document formatting and on the quality of the write-up presented. Quality does not mean length, but I have found that one of the most common problems is for students to be too brief in their responses. Everything should be written with complete sentences and the use of paragraphs as appropriate with a formatting style that is easy to read and has visual appeal. To submit your assignment, you will go online and click on the Dropbox tab, then click on the specific assignment, and then click on the browse button under the optional file upload note and locate your file to upload. If you make multiple submissions, the latest one will be graded. If you submit files with the same name, the original file will be overwritten since all files are actually stored in the same folder. Sample Written Report for Research Problem: Your write-up does not have to be in exactly the same format, but it should include all the components included here with the answer towards the beginning of the document. Additional comments are included immediately after the possible solution. If a letter to the client is necessary, you should follow a normal business letter format to communicate your results to the client with the research as the second page of the letter. Some firms will file the research as a tax file memo instead of giving it to the client.

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Research Problem 3-1 ACCT 440 Group Ten Dr. Carmichael, John Blow, and Suzy Que

August 22, 2005 Dr. Carmichael

Facts: Jeff and Suzy are the parents of Monique who was born in 1992, but they were never married. Shortly after Moniques birth, Suzy left Jeff and took Monique with her. She signed a Form 8332 and waived the dependency exemption for 1993 and all years thereafter. Jeff has been claiming Monique as a dependent even though he does not contribute to her support. In 2002, Suzy also started claiming Monique as a dependent. The IRS will not allow two people to take a dependency exemption for the same individual. Tax Issue: Who should be allowed to claim the dependency exemption for Monique if they are audited by the IRS? Answer: Jeff should be allowed the dependency exemption for Monique. Rationale: A dependency exemption is allowed for a parent who provides over half of a childs support during the taxable year. A special support test applies under 152(e)(1) when the parents are divorced, are separated under a written separation agreement, or who live apart for the last six months of a calendar year. Under this Code section, the parent having custody for the greater portion of the year is treated as providing over half of the childs support. However, 152(e)(2) has an exception to this general rule that allows a parent having custody to sign a written declaration agreement that he or she will not claim the child as a dependent. This agreement may apply to one year, any number of designated years, or for all future years. This allows the noncustodial parent to claim the dependency exemption for all years designated in the agreement. If this code sections apply, the Jeff would be entitled to the dependency exemption. However, another complicating factor is the fact that they were never married. In the case of Jeffrey R. King, the Tax Court held that as long as the parents live apart for the required period of time, then 152(e)(2) will apply. After considering 152(e)(2) and the King decision it would seem that Jeff is entitled to claim Monique as a dependent. Suzy will not be able claim her as a dependent. Cites: Code Section 152(e)(1) and (2) Jeffrey R. King, 121 T.C. 245 (2003) None

Additional References:

Comments on Sample Solution: You should always identify the assignment number and the date as well as your group members (if any) with your name identified as the author. If you are part of a group, then I expect all of you to arrive at the same conclusion and use the same set of references. However, I DO NOT expect your write-ups to be the same. This is an individual write-up assignment, not a group effort with each of you submitting the same write-up with different names. The only exception is that only one tax form is required for a group, but any write-up must be completed by each individual. Always include the facts, even though they are short and are already listed in the text. The tax issue is the tax question(s) that you are trying to answer. It should be short and to the point without any explanations or answers. There may be more than one issue that needs to be addressed for any particular set of facts. The answer to the tax issue should immediately follow the issue and you should always use complete sentences. The rationale is where you explain the tax research that you conducted to arrive at your conclusion. This section must contain discussion of all items included in the Cites section and

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all items given in the text as partial research aids MUST be addressed. You may have additional items, but not less than given as research aids. Failure to address each one of these will automatically reduce your grade dramatically. If you have located other resources and decide not to use them in your rationale section, then you can include these references in the additional tax resources researched section for possible future use. This helps you keep track of items that you have not discussed, but may want to look up later if your supervisor doesnt necessarily like the research and rational presented for the tax issue. Everyone in a group MUST have the same set of Cites. The (section) character if formed in Word by holding the alt key and pressing 0167 in sequence. Groups: It is suggested that you form your own work/study groups of four or five members. As soon as you have identified a group to work with, please send me an email with all your group members and I will set up a discussion board site specifically for your group that only your members (and I) will be able to access. You can then use this to communicate among yourselves. If you choose to work in a group, then you should include the group number (as assigned) and each member of your group on each assignment submitted with your name listed first. As a contributing member of your group you must prepare individually to function in your group role. Each individual is responsible for doing their share of the work and turning in their individual homework assignments with their individual write-up work. It is an unethical practice to include someone in an assignment in which they did not participate. If a group member does not participate, then you should leave their name off of the assignment and notify them that they must complete the assignment individually. The only exception to the individual write-up rule is for a tax form problem. Groups may complete this assignment and turn in only one copy of the Form 1040. Each write-up should indicate who will be submitting the tax form for the group and each member should go to the assignments tab and put the group name, the members of the group, and who will be submitting the tax form in the comments box as their assignment submission.

ACCT 540/439; Spring 2008 Internet Based Syllabus University Policies and Procedures:

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Disability Students requesting accommodations for disabilities must go through the Academic Support Committee. For more information, please contact the Director of Disability Resources & Services, Halladay Student Services Bldg., Room 303D, (903) 886-5835. Student Conduct All students enrolled at the University shall follow the tenets of common decency and acceptable behavior conducive to a positive learning environment. (See Students Guide Handbook, Policies and Procedures, Conduct) Dropping or Withdrawal from the course University policy will be followed in regards to all withdrawals during the semester. o Instructor Withdrawal Policy You MUST send an email with your name and CWID requesting to be dropped or withdrawn from the course. You do NOT need to get the professors signature, but you may inquire as to your grade status to confirm the type of grade you will receive when you drop. If you withdraw by the University deadline, you will not receive a grade in the course. If you drop the course during the semester, you will receive either a drop passing (DP) or a drop failing (DF) grade for the semester. The grade you have on the day you drop determines the DP or DF grade. The benefit of a doubt will be given to any student who has completed all work up to the point they request to be dropped from the course. o Financial Aid & Scholarships If you are getting financial aid (grants, scholarships, loans, etc.), you should check with the financial aid office be sure that dropping or withdrawing from the course will not adversely affect your financial aid. It is the students responsibility to assess all consequences of dropping or withdrawing from the course. Please check with them before dropping a class or withdrawing from the University.
Web Financial Aid: (http://www.tamu-commerce.edu/home/finAid/default.asp) Web Scholarships (http://www.tamu-commerce.edu/scholarship/

o Dropping versus Withdrawing From the University: If you are dropping ALL courses that you are enrolled in, you are actually requesting to be withdrawn from the University and will have to get readmitted to take future courses. If are still enrolled in AT LEAST one course after requesting to be dropped from a current course, then you will only be dropped from the course itself and the rest of your schedule will be intact. If you are withdrawing from the University, you need to complete the form located at:
http://www.tamu-commerce.edu/registrar/pdfs/studentwithdrawal.pdf NOTE: THIS SYLLABUS IS SUBJECT TO CHANGE AS NEEDED TO MEET THE OBJECTIVES OF THE COURSE OR TO AID IN COURSE ADMINISTRATION AT THE DISCRETION OF THE INSTRUCTOR. IT IS NOT ANTICIPATED THAT THERE WILL BE ANY SUBSTANTIVE CHANGES..

Class Schedule & Assignments Spring 2008 Internet Class


Date
January 14

Chapter
1 Understanding and Working with the Federal Tax Law 2 Corporations: Introduction & Operating Rules 21 3 Corporations: Special Situations
Domestic Production Activities Deduction, Alternative Minimum Tax, and Penalty Taxes on Corporation Accumulations

Turn in

27

Assessment Quizzes Chapters 2 & 3 Exam Chapters 2 & 3

27 28 28 February 3 3

Research Problem 2-2 Due DBriefs U Webcast Tax in the Corporation 7:00 p.m. 4 Corporations: Organization and Capital Structure & Optional Gleim Study Unit 15-16 Assessment Quiz Chapter 4 Research Problem 4-4 Due/ partial list of research aids:
Whipple v. Comm., 63-1 USTC 9466, 11 AFTR2d 1454, 83 S.Ct. 1168 (USSC, 1963); Trent v. Comm., 61-2 USTC 9506, 7 AFTR2d 1599, 291 F.2d 669 (CA-2, 1961); U.S. v. Generes, 72-1 USTC 9259, 29 AFTR2d 72-609, 92 S.Ct. 827 (USSC, 1972) Kenneth W. Graves (87 TCM 1409, T.C. Memo. 204-140)

RP 2-2 Archived after this date Start TR 2-1

RP 4-4

4 10 10 10 11 17

5 Corporations: Earnings & Profits and Dividend Distributions Assessment Quiz Chapter 5 EasyLearning Software, Inc. Form 1120 Due Research Problem 5-2 Due 6 Corporations: Redemptions and Liquidations & Optional Gleim Study Unit 17 Assessment Quiz Chapter 6 Bisk CPAReady Corporations MC (69 Questions) Exam Chapters 4-6 TR 2-1 & Corrections due 2-15 RP 5-2

18 24 24 24 25 25

10 Partnerships: Formation, Operation, and Basis Assessment Quiz Chapter 10 Tile Doctors Form 1065 Due
Red Robin example Form 1065 under Course Home/Handouts

TR 10-1 & Corrections due 2-29 RP 10-2 Archived after this date

Research Problem 10-2 Due DBriefs U Webcast Tax Research 7:00 p.m. 11 Partnerships: Distributions, Transfer of Interests, and Terminations & Optional Gleim Study Unit 19

ACCT 540/439; Spring 2008 Internet Based Syllabus


March 2 Assessment Quiz Chapter 11 and Bisk CPAReady Partnerships MC & Simulations Quizzes 3 9 9 9 10 16 12 S Corporations & Optional Gleim Study Unit 18 Assessment Quiz Chapter 12 Ram, Inc. Form 1120S Due Research Problem 12-3 Due Study for Comprehensive Exam Week Bisk CPAReady S Corporations MC & Simulation Quizzes Exam Chapters 10-12 Comprehensive Exam Chapters 1-6 & 10-12 17 24 30

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TR 12-1 & Corrections due 3-14 RP 12-3

Spring Break!!!!!
17 The Federal Gift and Estate Taxes Assessment Quiz Chapter 17 Bisk CPAReady Gift & Estate MC Quiz

30 31 April 6

Barker Form 709 Due 14 Exempt Entities Assessment Quiz Chapter 14 Exam Chapters 17 & 14

TR 17-2 & Corrections due 4-4

6 7 13

Nelson Form 706 Due 19 Income Taxation of Trusts and Estates & Optional Gleim Study Unit 20 Assessment Quiz Chapter 19 Bisk CPAReady Trusts MC Quiz

TR 17-3 & Corrections due 4-11

13 14 20

Green Form 1041 Due 16 Tax Administration and Practice Assessment Quiz Chapter 16 Exam Chapters 19 & 16

TR 19-2 & Corrections due 4-18

21 28 May 4

DBriefs Webcasts and prepare reports DBriefs Webcasts and prepare reports ACCT 439 DBriefs U Webcast Assignment Due ACCT 540 DBriefs U Webcast Assignment Due

Details posted later as announcement

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