Course: TA 318.C3 CyberCampus Advanced Federal Income Taxation Fall Michael Vinson

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1 Course: TA 318.C3 CyberCampus Advanced Federal Income Taxation Fall 2011 Michael Vinson Associate Professor of Taxation Director, International Tax Certificate Program SCHOOL OF TAXATION GOLDEN GATE UNIVERSITY Contact Information Telephone: Office Hours: I am usually in the office on weekdays, except when I am in the classroom. If you are local, my office is in the School of Tax on the 5 th floor. Feel free to drop in during my office hours. Otherwise, is usually the best way to reach me. IMPORTANT DATES Course Start Sunday August 28, 2011 Midterm Exam Must be taken on either October 20th, 21st or 22nd Final Exam Proctored Must be taken on either December 8th, 9th or 10th l. Course Description This course examines the basics of federal income taxation with the primary emphasis on reading and interpreting primary source materials. Special attention is paid to problems of individual taxpayers and specific rules regarding gross income, adjusted gross income, taxable income, deductions, exemptions and credits. You are required to take TA329 either before or concurrently with this course. TA318.C3 Fall 2011 Page 1

2 2. Course Objectives This course is designed to provide an introduction to the fundamental concepts of federal income taxation. While the focus is on individual taxpayers, the concepts covered are applicable to other types of taxpayers as well (e.g., corporations, partnerships, and fiduciaries). In additional to learning the statutory provisions we will study, this course will emphasize how the read and interpret the Code, regulations, case law, and Treasury Department pronouncements. The course is organized to cover the material in the same manner as the basic framework of taxation of individuals: Gross Income (Deductions) (Adjustments) Adjusted Gross Income (Itemized Deduction) (Exemptions) The major course learning objectives include: Taxable Income Tax Regular and AMT (Credits) Tax Liability In General. To provide each student with a working knowledge of the principles generally relevant to the practice of federal income tax; Internal Revenue Code, Regulations, and other sources of authority. To provide students with a firm understanding that the starting point of all tax knowledge is the Internal Revenue Code; to understand the purpose and limitations of Treasury regulations, pronouncement of the Internal Revenue Service, and judicial opinions. How to approach a tax problem. To provide each student with practice in how to analyze a tax issue and formulate advice to a client that goes beyond a mere recitation of the relevant authority. Develop the confidence that comes with a solid theoretical and practical knowledge including the ability to recognize what you know and don t know. Judicial Decisions. To learn how to read and analyze a court decision to determine the relevance of the case to a new factual problem. Tax Planning. To develop the analytical skills necessary to recognize planning opportunities and to improve compliance. Ethics. To appreciate the necessity of ethical conduct in the practice of tax. TA318.C3 Fall 2011 Page 2

3 3. Required Materials a. Golden Gate University TA318 Printed Materials (January, 2011 edition). b. Internal Revenue Code (most recent edition) Commerce Clearing House ISBN c. Federal Tax Regulations (most recent edition) Commerce Clearing House ISBN NOTE: You must have the most current printed book version of the Code and Regulations since they are the only materials you are allowed to bring into the midterm and final exam. Book Store To purchase course books and materials from efollett, GGU's official online bookstore, click the Portal button on your navigation bar, then click the Bookstore link on the right side of the page. In addition, shortly you will be receiving from the School of Taxation passwords to access the entire Federal Tax Library provided on the web by Research Institute of America (RIA). This way if you are on a trip, you perhaps can avoid taking all the code volumes in your suitcase! You will not, however, be able to access them during exams. University Library Find the GGU Library Home Page at There are several databases available through the Golden Gate University Library for students to conduct research on various topics. Remote (off campus) access to the databases requires your last name and student ID# (located on the front of your ID card). Be sure to type in ALL 7 digits, including the starting 0. Example: Contacting the instructor The most efficient way to contact me directly is through . Additionally, feel free to drop into my office in the School of Tax but it is best to contact me by telephone first. However, if your issue involves your understanding of the course materials, I expect those questions to be posted on the course website. 5. Course Requirements, Student Responsibilities, Evaluations Course Requirements This class is designed to provide you with an in depth analysis of the fundamental principles of income taxation, in the context of the taxation of individuals. You must read the assigned Code, Regulations and supplemental materials before each week begins. Please make the appropriate time allowances for preparing for each session. Being adequately prepared for each week s discussion is a key part of your responsibility in this course. TA318.C3 Fall 2011 Page 3

4 Student Responsibilities Participation Online classroom participation will constitute a significant portion of your grade. More importantly, your participation gives you the opportunity to really test your knowledge of what you have read. Taking an active role in the discussion boards is critical to your successful mastery of the topics covered. Evaluations You will receive an opportunity to evaluate the course and instructor at least once this term. 6. Grades Each student's grade will be based upon total points earned on the midterm, final examination and class participation and weighted as follows: Participation 10% Quizzes 10% Midterm Examination 30% Final Examination 50% Students will be graded on the percentage of available points received as follows: 90 and above A- to A B- to B C- to C+ Below 70 D or F as appropriate A. Midterm and Final Examinations You will have a proctored midterm and final exam. The final is cumulative and will cover the entire course. Details on proctor selection and approval are posted in the course website. I will provide more details on the format and content of each exam as the time for each exam approaches. B. Online Classroom participation "Class participation" grades will be measured by the effectiveness of your participation -- that is, you must attend class (actually say something in the discussions!), demonstrate that you are prepared for class (through the quality of your responses to my and other's questions), and take part in discussions in a meaningful way by asking informed questions and offering constructive comment and analysis. I do not penalize for incorrect responses to questions as long as they reflect some thought and reading of the material - but if a posting appears to indicate a lack of a meaningful attempt to TA318.C3 Fall 2011 Page 4

5 read the lecture or the other postings, that would harm your grade. Before posting on the discussion board, it is essential that you read the prior posting made by your classmates and myself. Posting which merely repeats that which has already been said will earn no credit and may be penalized if they occur repeatedly. You can accumulate up to 10 participation points each week. Here is how I will grade your postings: A 3 will be awarded for a post which makes a significant contribution to the class' understanding. The post must be a complete response to all issues raised in the question with correct citations to authority. A 2 will be awarded for a post which illustrate a high level of understanding or by posing good hypotheticals and/or questions, along with your analysis, that help all of us better understand the topic of discussion. A 1 will be awarded for a post which attempts to respond to a problem, or to provide a comment or question, but which is not fully accurate in the analysis. A 0 will be awarded for posts which are off topic, repeat what has already been said, or which do not contain citations to appropriate authority to support the statements made regardless of whether or not the answer is correct. On the other hand, don't stop posting merely because you have done enough to earn your 10 points for the week. Your postings are the best indication of your knowledge of the materials - and I have used that knowledge to "bump up" borderline grades On the other hand, while I do not penalize for incorrect posts as long as they reflect some thought and reading of the material, if a posting appears to indicate a lack of any attempt to read the lecture or the other postings, this would harm your grade. Remember that participation is only 10% of the course grade so do not worry if you didn't get all the points for a particular week (or couldn't post at all in a week). The points in any one week are worth less than 1% of your total grade. However, the impact of participation on the course grade is real if you are on either extreme - nearly all 10's really can move you up a grade and nearly all 0's can move you down a grade. Additionally, at the end of the course I will throw out your lowest participation grade. That way you can miss a week if you need to. C. Quizzes Your GGU printed materials contains problem sets at the end of each tab. We will be working our way through these problem sets in our discussions. You are expected to complete each set of problems related to the material we are covering. However, I will not be collecting your work. Instead, you will be completing weekly quizzes that test your understanding of the materials. The quizzes will be timed and therefore it will be necessary for you to understand the materials for the week before you sit down to take the quiz. You will have one hour for the quiz from the TA318.C3 Fall 2011 Page 5

6 time you begin. The quiz will be available on Thursday each week and must be submitted no later than Sunday night each week. You will receive your score immediately on submission. After the quiz closes for everyone, you will be able to review the quiz, your answers, and my analysis of the correct answer by clicking on your score in the gradebook. If you are still not clear on the reasons for the answer, please ask in the appropriate discussion area of the course. Additionally, at the end of the course I will throw out your lowest quiz grade. That will allow you to miss a week if necessary. 7. Instructor Bio Michael Vinson received his J.D. from Hastings College of the Law in He spent eight years as a government lawyer with a heavy emphasis on administrative law and litigation. He then returned to school and received his LL.M. in Taxation from New York University in May, Since graduating from NYU he has worked primarily in the corporate and international tax arena. His experience includes both private law firm practice and public accounting, but most of his experience has been in industry, managing the tax litigation and tax issues of major corporations. He was Tax Counsel, at Apple Computer, Inc., Director of Tax at Altera Corporation, and most recently, Vice President of Tax at Hyperion Solutions Corporation (recently acquired by Oracle). He has taught at GGU since 1988 and is currently an Associate Professor on the full-time faculty and the Director of the GGU School of Taxation International Tax Certificate Program. 8. Course Outline The following outline lists the weekly starting dates, the topic for the week, and the assigned Tab(s) in the Golden Gate University binder which we will be studying that week. You are free to move ahead in your reading. However, the discussion board for a given week will not open until the week s beginning date. Week Beginning Topic August 28 Introduction, Gross Income and Assignment of Income - Tab 2 September 4 Section 83 - Tab 3 September 11 Fringe Benefits, Meals and Lodging - Tab 4 September 18 Gifts, Life Insurance and Annuities - Tab 5 September 25 Discharge of Indebtedness - Tab 6 October 2 Damages, Separation and Divorce - Tabs 7 and 8 October 9 Miscellaneous Inclusions and Exclusions - Tab 9 October 16 Midterm Exam - Must be taken either October 20th, 21st or 22nd October 23 Business Deductions - Tab 10 October 30 Production of Income Activities, Hobby Losses and Vacation Homes - Tab 11 November 6 Depreciation and Moving Expenses - Tabs 12 and 13 November 13 Interest Expense and Loss - Tabs 14 and 15 November 20 Charitable Contributions, Taxes and Medical Expenses - Tab 16 TA318.C3 Fall 2011 Page 6

7 November 27 Calculation of Tax - Tab 17 December 4 Final Exam (cumulative exam, covering entire course) Exam must be taken on either December 8th, 9th or 10th 9. Academic Integrity Policy GGU's Policy on Student Academic Integrity is in effect at all GGU teaching locations, including regional classroom sites, corporate sites, and distance courses delivered in any medium. This policy applies to all business, taxation, and technology students at Golden Gate University. Academic integrity means doing academic work in a manner that strives to achieve the learning objectives your courses have set out for you. It means that you follow the rules and procedures prescribed by your instructors so that you acquire the skills and knowledge your courses are designed to give you. It means that you engage in ethical practices in taking tests and doing assignments and that you respect intellectual property rights by fully disclosing sources of information that appear in your papers and presentations. Please read GGU s Policy on Academic Integrity: Policy on Academic Integrity. 10. RESERVATION OF RIGHTS This syllabus attempts to clearly set forth how the class will be structured. However, I reserve the rights to modify anything in this syllabus, even during the course, if in my sole discretion I determine that circumstances warrant. TA318.C3 Fall 2011 Page 7