OLD DOMINION UNIVERSITY
DEPARTMENT OF ACCOUNTING

TAX 652
Partnership Taxation
Fall 2004

Contact Information:

· Class Times & Location: Th. 7:10-9:50 pm in Constant 1024

· Professor: Stephen C. Gara, Ph.D, CPA

· Office: Constant Hall 2168

· Office Hours: W & Th. 5:00 –7:00 pm

· Phone: (757) 683-6552

· E-mail: sgara@odu.edu

Text:

Lind, Schwarz, Lathrope & Rosenberg, Fundamentals of Partnership Taxation (Found. Press, 6^th ed.) (ISBN: 1-58778-223-5) (required)
Internal Revenue Code (IRC)(current edition available online – see below) (required)
Corporate & Partnership Taxation (4^th ed., Black Letter Series, West Group 2003)(ISBN: 0-314-26057-9) (recommended)

Course Description: This course covers taxation of partners and partnerships, including formation, termination, distributions and liquidations, and sales of partnership interests. Limited partnerships in conjunction with their use as tax shelters, and the multifaceted attributes of family partnerships are also reviewed.

Course Objectives: Students will gain an understanding of the federal income tax treatment of partnerships, including formation, operation, distributions, and income allocations. Students will also understand the federal tax treatment for partners 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 2^nd 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 2^nd 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 (12/9/03).

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

TAX 652

Partnership Taxation

Fall 2004

(subject to change)

Course and Assignment Schedule
Class Date	Topic	Chapter(s)	IRC Sections/Notes
9/2	Introduction & Overview	1	761 & 7701(a)(1)-(3)
9/9	Partnership Formation	2	704(a) & (c), 721-724, 752
9/16	Partnership Operation	3	469, 465, 701-703, 705-706
9/23	Partnership Allocations I	4	704, 706(c) & (d)
9/30	Partnership Allocations II	4
10/7	Partner/Partnership Transactions	5	267, 1239, 707
10/14	MIDTERM EXAMINATION
10/21	Sales/Exchange of Partnership Interest	6	741-743, 751, 754-755
10/28	Operating Distributions I	7	731, 735, 737
11/4	Operating Distributions II	7
11/11	Liquidating Distributions I	8	736, 708
11/18	Liquidating Distributions II	8
11/25	No Class - Thanksgiving
12/2	Partner Death	9	691(a)-(c), 753, 2001(a), 2033, 2051
12/9	Partnership Anti-Abuse Rules	10
12/16	FINAL EXAMINATION - 7PM

The last day to withdraw from the course is October 26, 2004.
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.

LINKS

· Old Dominion University Home Page

o ODU College of Business & Public Administration

o ODU Accounting Department

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)

· ODU Library

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 Online Catalog