Intro to Taxation

Class and Assignment Schedule

Summer 2015

DATE / SESSION
/ Faculty / TOPICS / READINGS PRIOR TO CLASS* / HOMEWORK FOR NEXT DAY /
7/17 / 1
Prof. Mills / Introduction to Taxation [LO1,3,4]
·  The Structure of Taxes
·  Terminology
·  Tax formula
·  Overview of Business Entities
Working with the Tax Law [LO1]
·  Tax law sources / ¶ 1-1 [pgs 1-2 – 1-3]
¶ 1-2(g) [pg 1-12 – 1-15]
¶ 1-3 [pgs 1-15 – 1-17]
¶ 2.1 [pgs 2-1 – 2-17 - skim] / Chp. 1 Ques. 10 [compute 2015 only; ignore present value]
Chp. 2 Ques. 4, 11, 21(a), (e),(g), (h),(i),(l), 24
7/17 / 2
Prof. Keller / Gross Income [LO 1-3, 10]
·  The Tax Formula
·  Gross Income
·  Year of Inclusion
·  Income Sources
·  Income from Discharge of Indebtedness / Text Chp 4: [pgs 4-1 – 4-18]
¶ 4.1
¶ 4.2
¶ 4.3
¶ 4.4
¶ 4.5f [pgs 4-25 – 4-28] / Chp. 4 Ques. 9, 12b, 13, 19, 34
7/20 / 3
Prof. Keller / Business Deductions [LO1-5]
·  Overview
·  Timing of expense recognition
·  Disallowance Possibilities
·  Charitable Contributions
·  Research and Experimental Expenditures
·  Other Expense Rules / Text Chp 5: [pgs 5-1 thru 5-21]
¶ 5-1
¶ 5-2
¶ 5-3
¶ 5-4
¶ 5-5
¶ 5-6 / Chp. 5 Ques. 11,17, 19, 20 (a) & (b), 22,
7/20 / 4
Prof. Mills / Losses [LO 1,3,4,7]
·  Bad debts
·  Casualty & Theft Losses
·  Net Operating Losses
·  Passive Loss Limitations / ¶ 6-1[pgs 6-2 – 6-3]
¶ 6-3 [pgs 6-6 – 6-10]
¶ 6-4 [pgs 6-11 – 6-13]
¶ 6-7 (a) –(e) [pgs 6-16 – 6-25] / Chp. 6 Ques. 4, 7, 14, 19, 22,
7/21 / 5
Prof. Mills / Property Transactions [LO 1,2,3,5]
·  Determination of Gain or Loss
·  Basis Considerations
·  Depreciation of Real Estate
·  Like Kind Exchanges / ¶ 7-1 [pgs 7-1 – 7-7]
¶ 7-2(a) – (c) [pgs 7-8 – 7-14]
¶ 7-3 [pg 7-18]
¶ 7-4 [pgs 7-19 – 7-24]
¶ 5-7(e) [pgs 5-27 – 5-28] / Chp. 7 Ques. 6, 10, 14, 26(a), (b), (c).
7/21 / 6
Prof. Keller / Property Transactions [LO 1-7]
·  Capital Assets
·  Sale of Exchange
·  Treatment of Capital Gains
·  Section 1231 Assets
·  Recapture / Text Chp 8: [pgs 8-1 thru 8-34]
¶ 8-1, 2
¶ 8-3
¶ 8-4, 5, 6
¶ 8-7
¶ 8-8, 9 / Chp. 8 Ques. 8, 24, 28, 37, 40
7/22 / 7
Prof. Keller / Corporations [LO1-8]
·  Introduction
·  Organization of Corporation
·  Capital Structure
·  Corporate Operations
·  Schedule M-1 / Text Chp 12: [pgs 12-1 thru 12-32 & 12-35 thru 12-37]
¶12-1
¶12-2
¶12-3
¶12-4a, b
¶12-5a-e / Chp. 12 ques. 16, 23, 36, 38
7/22 / 8
Prof. Keller / Corporations [LO1-6]
·  Overview
·  Earnings and profits
·  Property dividends
·  Constructive dividends
·  Stock Dividends / Text Chp 13: [pgs. 13-1 thru 13-21]
¶ 13-1
¶ 13-2
¶ 13-3
¶ 13-4
¶ 13-5 / Chp. 13 Ques. 9, 14, 23, 27(a)&(d), 30
7/23 / 9
Prof. Mills / Taxation of Partnerships and LLCs [LO 1,2,4,5]
·  Overview
·  Formation of Partnership
·  Operations of Partnership / ¶ 14-1[pgs 14-2 – 14-7]
¶ 14-2(a) – (d) [pgs 14-8 – 4-12]
¶ 14-3(b), (c), (d), (e) [pgs 14-19 – 14-25] / Chp. 14 Ques. 4, 6, 11, 21, 22
7/23 / 10
Prof. Mills / S Corporations [LO1,2,3,4,5,6,7]
·  Overview
·  Qualifying for S Status
·  Operational Rules / ¶ 15-1 [pgs 15-2 – 15-3]
¶ 15-2 [pgs 15-4 – 15-9]
¶ 15-3(a) – (f) [pgs 15-10 – 15-13; 15-19 – 15-22 ] / Chp. 15 Ques. 1, 2, 5, 6 ,17
7/24 / 11
Prof. Mills / Comparative Forms of Doing Business [LO 1-7]
·  Forms of Doing Business
·  Nontax Factors
·  Single vs Double Taxation
·  Minimizing Double Tax’n
·  Conduit vs Entity Treatment
·  Dispositions
·  Converting Entities / ¶ 14-5 [pgs 14-32 – 14-33]
¶ 18-1 – 18-8 [skim pgs 18-2 – 18-27] / N/A—Study for Exam
7/24 / 12
Prof. Keller / Individual Tax [LO 10-1,2 & 11-1,3,7
·  Alimony and Child Support
·  Prizes and Awards
·  Gifts and Inheritances
·  Scholarships
·  Damages
·  Educational Savings Bonds
·  Interest
·  Charitable Contributions
·  Employee vs Self Employed
·  Entertainment Expense
·  Education Expense
·  Hobby Losses / Text Chp 10: [ pgs 10-2 thru 10-11 and 10-17 thru 10-25
¶ 10-2
¶ 10-3
¶ 10-4(c)
¶ 10-4(d)
Text Chp 11: [pgs 11-1 thru 11-4 , 11-25 thru 11-31 and 11-45 thru 11-47
¶ 11-1
¶ 11-3(d)
¶ 11-3(e)
¶ 11-3(f)
¶ 11-5 / N/A—Study for Exam

*All references are to Essentials of Taxation: Individuals and Business Entities, Raabe, Maloney, Young, Smith & Nellen; 2016 edition (Thomson). Assigned reading should be done in advance of class.