Contact Information:
· Class Times & Location: Wed.
· Professor: Stephen C. Gara, Ph.D, CPA
· Office: Constant Hall 2168
· Office Hours: W
· Phone: (757) 683-6552
· E-mail: sgara@odu.edu
Text:
Course Description: This course covers federal income taxation of corporations and shareholders. Includes organizing a corporation; establishing capital structure; determining tax liability; dividends and other non-liquidating distributions; stock redemptions; and liquidations.
Course Objectives: Students will gain an understanding of the federal income tax treatment of corporations, including formation, operation, distributions, redemptions and liquidation. Students will also understand the federal tax treatment of shareholders from these same transactions.
Course Grading:
Midterm 45 percent
Final Examination 45
Tax Return Problem 10
TOTAL 100 percent
Grading Scale | ||
|
94 – 100 = A |
90 – 93 = A- |
87 – 89 = B+ |
|
84 – 86 = B |
80 – 83 = B- |
77 – 79 = C+ |
|
74 – 76 = C |
70 – 73 = C- |
0 - 69 = F |
Class Participation Active student participation in class discussion is both encouraged and expected
Contact Policy: My office hours are Wednesday and Thursday 5-7. You may also contact me via email and phone. Emails and phone calls will be returned within 48 hours (excluding weekends), if not sooner.
Computer Access: It is anticipated that every student has access to a computer, including internet access. Students will also need an ODU email account to access many of the online course resources. If you do not currently have an ODU account, please visit this website to get one: http://season.odu.edu. Every student that is enrolled in the course must also email me a test message before the 2nd class, just so I have everyone’s email address.
Instructional Method: Lecture
Course Policies: Class attendance is expected, but will not be taken. If you must miss class, you are responsible for any covered material. The completed tax return problem is due on the assigned date. A penalty of 5 points per day will apply after the 2nd day (1 day grace period). If you’re using software for the problem, you may be able to email me the completed return as an attachment.
The midterm and final exams will be given on the dates scheduled below, absent a weather cancellation. Makeup exams will only be given after advance notice (email or phone/voice mail) and a reason acceptable to me.
Examinations: Examinations will be primarily problem-oriented, and will include both objective and subjective questions. Both examinations will be open book and calculators are allowed. The final examination is not comprehensive.
Tax Return Problem: Students will be required to complete a written corporate tax return problem. The problem will be handed out on the date for the midterm examination and will be due no later than the last day of class (
Prerequisites: ACCT 421 (Federal Income Taxation) or equivalent
Student Conduct: All provisions of the ODU Student Handbook, including provisions relating to academic integrity and classroom conduct, are incorporated by reference. A copy of the handbook may be accessed via: http://www.odu.edu/webroot/orgs/STU/stuserv.nsf/pages/student_handbook
Special Needs: In compliance with federal law, provisions will be made for students with special needs on an individual basis. The student must have been identified as “special needs” by the university and written documentation must be provided to the instructor. Provisions will be made based upon written guidelines from the university’s Office of Disability Services. All students are expected to fulfill all course requirements.
Contact Hours: Class Meetings - 45 and Assignments/Readings - 135
|
Course and Assignment Schedule | |||
Class Date |
Topic |
Chapter(s) |
IRC Sections/Notes |
|
9/1 |
Introduction & Overview I |
1 |
|
|
9/8 |
Overview II |
1 |
Reg. §§ 301.7701-1,2,3,4 |
|
9/15 |
Formation of a Corporation |
2 |
§ 351 |
|
9/22 |
Capital Structure |
3 |
§§ 163(a)&(j), 385 |
|
9/29 |
Property & Cash Distributions |
4 |
§§ 301, 311, 312, 316-317 |
|
10/6 |
Stock Distributions |
6 |
§§ 305-307 |
|
10/13 |
MIDTERM EXAMINATION |
|
Return problem available |
|
10/20 |
Stock Redemptions I |
5 |
§§ 301-302, 318 |
|
10/27 |
Stock Redemptions II |
5 |
§§303-304, 311-312, 5881 |
|
11/3 |
Corporate Liquidations |
7 |
§§ 331-337, 346 |
|
11/10 |
Taxable Corporate Acquisitions |
8 |
§§ 338,341,1060 |
|
11/17 |
Non-Taxable Corporate Acquisitions |
9 |
§§ 336(c), 354-358, 361-362, 368, 381 & 1032 |
|
11/24 |
No Class – Thanksgiving |
|
|
|
12/1 |
Sub-Chapter S - Overview |
15 |
§§ 1361-1363, 1367-1368, |
|
12/8 |
Penalty Taxes |
14 |
§§ 531-537, 541-543, 545-547
Completed returns due |
|
12/15 |
FINAL EXAMINATION |
|
7-10 p.m. |
The last day to withdraw from the course is
Note that the above schedule is subject to change. Any changes will be announced in class, for which all students are responsible.
All class outlines are in PowerPoint. Download the free PowerPoint viewer, if you do not already have PowerPoint installed on your computer.
· Old Dominion University Home Page
o ODU College of Business & Public Administration
o ODU Student Email Account Request
o ODU Bookstore & Dominion Bookstore (off-campus store) (order textbooks)
o LEO Online (to withdraw from the course – login)
o CHECKPOINT (if off-campus, you must first log-in to the ODU library using your UID)
o BNA (if off-campus, you must first log-in to the ODU library using your UID)
o Business & Economics databases
o Tax Forms & Pubs. (Adobe Required)
o Form 1120 (Instructions) (Corporate Return)
o Form 1120 - Schedule D (Capital Gains & Losses)
o Form 1120S (Instructions) (S Corporation Return)
o Form 8832 (Entity Classification Election)
o Publication 542 (Corporations)
· Virginia Department of Taxation
· Search the US Code On-Line (for IRC, search Title 26 by section number or topic)
· Treasury Regulations (Title 26 of the CFR)
· Tax & Accounting Sites Directory
· AICPA