College of Business Administration
Department of Accountancy
Accounting 351
Federal Tax II
Fall 2014

Instructor: Simon R. Pearlman

Phone: (562) 985-4578

E-Mail: sy.pearlman@csulb.edu

Office: CBA 400

Office Hours: Mondays and Wednesdays - 2:00 p. m. – 3:00 p.m. / Wednesdays 5:00 p.m. 6:00 p.m. Others by appointment

Text: Smith, Raabe, Maloney, Taxation of Business Entities, South-Western, 2015 edition

Class Times: 12:00 p.m.-- 1:50 p.m.-Mondays and Wednesdays (CBA 237A); Section 4 3:00 p.m. – 4:50 p.m. – Mondays and Wednesdays (CBA 227); Section 1 6:00 p.m. – 9:50 p.m. – Wednesdays (CBA 235); Section 3

Objectives: To gain an understanding of the federal income tax laws as they apply to corporations, partnerships, and other business entities.

Grading: There will be two mid-term exams, a comprehensive final exam, tax returns, one computer research project and discussion problem assigned. The mid-term exams and the final will carry a value of one point per question, the discussion question (20 points), the tax return (10 points), computer research project(10 points) and classroom participation and homework will carry a total value of 10 points. For extra credit (10 points), a student can present a Wall Street Journal tax article to the class on a timely basis. Based upon the ratio of total points accumulated by each student to the maximum total points possible, plus classroom participation, final grades will be determined as follows:

A = 90-100 B = 80-89 C = 70-79 D = 60-69 F = Below 60

The instructor reserves the right to curve the final grade. No make up exams will be permitted. Missed exams will be scored as zero unless excused by the instructor prior to the examination.
Academic
Integrity: Each student is responsible for doing his or her own work. Cheating on exams is grounds for the student receiving an “F” grade. While “outside class” discussions and study groups are encouraged, each student is expected to do his or her own homework assignments.

Classroom
Procedures
and
Attendance
Policy: The class is a lecture format utilizing examples and student questions to illustrate the topics under discussion. Attendance is essential to successful completion of the course.

Students with Disabilities: It is the responsibility of students with disabilities to inform the instructor within the first two weeks of the semester/session of the need for reasonable accommodation of their disabilities. Students are advised to seek assistance from Disabled Students Services (DSS) on campus. As soon as the need for accommodation is determined by DSS and the need is communicated to the instructor by DSS, reasonable accommodation will be made.

The DSS office is located on the second floor of Brotman Hall Administration Building, BH-270.
Schedule of Homework Assignments

| | | | |
| | | | |
|Week |Class Session |Chapter |Assignments |
| |Introduction | | | |
|8/25 |Working with the Tax Law |1 & 2 |None | |
| | | |Prob. 3, 5, 7*, 8, 9 | |
|9/1 |Labor Day – no class |4 | | |
|9/3 & 9/8 |Gross Income | | | |
|9/15 | | | | |
| |Business Deductions |5 |Prob. 3, 8, 18, 19, 21 | |
| | | | |
|9/22 |Losses and Loss Limitations |6 |Prob. 3, 5, 6, 11*, 16 |
| | | | |
|9/29 |Exam (Chapters 4, 5 & 6) | | |
| | | | |
|10/6 |Individuals as Proprietors |11 |Prob. 2, 3, 10, 16, 18, 23 |
|10/13 | | | | |
| |Property Transactions |7 |Prob. 3, 4, 5, 7, 8, 29 | |
| |- Gains/Losses | | | |
| |- Basis | | | |
| |- Non-Taxable Exchanges | | | |
| | | | | |
|10/20 |Property Transactions |8 |Prob. 3, 5, 9, 16, 24, 25 | |
| |- Capital gains/losses | | | |
| |- Section 1231 | | | |
| |- Recapture | | | |
| | | |Prob. 1, 7, 13, 14, 28, 31, Tax Return #1 |
|10/27 |Corporations |12 | |
| |- Organization | | |
| |- Operation | | |
|11/3 |Exam (Chapters 11, 7, 8 & 12) | | |
| | | | |
|11/10 |Partnerships and Limited Liability Entities |14 |Prob. 2, 9, 10, 18, Tax Return #1 |
|11/17 |S Corporations | | |
| | |15 |Prob. 2, 17, 25, Tax Return #1 |
|11/24 |S Corporation Tax Returns | | |
|11/26 |No Class – Thanksgiving Holiday | | |
|12/1 |Computer Research – Room - TBA | | |
|12/8 |Computer Research – Room – TBA | | |
| |No classes | | |
|12/10 | | | |
|12/10 |Wednesday 6PM Class Final Exam – 7:15 – 9:15 | | |
| |p.m. | | |
|12/12 |12PM Class Final Exam – 12:30 – 2:30 p.m. | | |
| |3 PM Class Final Exam-2:45-4:45 p.m. | | |
|12/17 | | | |
| |

* Spreadsheet application or Internet Tax Form