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Accounting & MIS 626

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Accounting & MIS 626

    Accounting & MIS 626

    Summer 2001

Required Text Individual Taxation by James W. Pratt and William N. Kulsrud

     2001 edition

    Study guide (optional) - 10 copies on Closed Reserve at the Business Library

Instructor Rama Ramamurthy

     640 Fisher Hall

     292 7397

     ramamurthy.3@osu.edu

Class Classes meet on Tuesday and Thursday from 5:30 - 7:18 PM at SB 205

     00026-5; 00027-1

    Office hours Tuesday, Thursday 3 - 4 PM and by appointment

    Course web page http://fisher.osu.edu/~ramamurthy_3/rr626/summer2001tax.html

Course Objective

    The objective of this course is to enhance your understanding of the rules of federal income taxation of individuals and the tax consequences of organizing a business as a sole proprietorship, partnership, "S" corporation or regular corporation. The course will also focus on tax research and effective communication of the results of the research to the interested parties.

Exams and Quizzes

    There will be 6 quizzes (some of the quizzes may be based on homework problems assigned for the different chapters) and 3 exams. Exams and quizzes will consist of multiple-choice questions, short problems and long problems. All exams and quizzes will be "open-book, open-notes."

Papers

    Every student will write one 2-page paper individually and two 2-page papers as group work on tax

    issues/problems. These papers will be evaluated for both content and writing quality. The assignment sheet for every paper will contain information on the required format and grading criteria. Check out the course web page for resources related to written communication.

Course Grade

    You have to complete all the requirements of the course to receive a grade for the course. The following weights will be assigned to the exams, quizzes and papers:

    Exam 1 20%

    Exam 2 20%

    Final 30%

    6 quizzes 15%

    3 papers 15%

    Ramamurthy/AMIS 626/Summer 2001 1

    Date Topic Homework

    June 19, Tuesday Chapter 1 - Overview of Federal Taxation 1 - 18, 26, 28, 32, 33

     Chapter 13 - pp. 39-40 Chapter 2 - read on your own

    June 21, Thursday Chapter 3 - Taxable Entities, Tax Formula, 3 - 30, 32, 33, 34, 37, 38, 43

     Introduction to Property Transactions

    June 26, Tuesday Chapter 3 - Continued 3 - 42, 44, 47, 48, 49, 51, 52

     Chapter 19 - pp. 1 -22 19 - 17, 19

    June 28, Thursday Chapter 4 - Personal & Dependency 4 - 32, 35, 36, 40, 41, 42, 49, 55

     Exemptions, Filing Status, Determination of Tax

    for an Individual, Filing Requirements; Omit

    "Estimated Tax Payments"

     July 3, Tuesday Chapter 5 - Gross Income 5 - 21, 23, 24, 26, 31, 32, 33, 34,

     37, 39, 40, 45, 46, 47, 48

    July 5, Thursday Chapter 6 - Gross Income: Inclusions and Paper 1 DUE

    Exclusions 6 - 16, 18, 19, 22, 32, 39, 41

    July 10, Tuesday Chapter 6 - Continued 6- 42, 43, 45, 47, 49, 50, 51

     Chapter 19 - pp. 23-24 19-16

    July 12, Thursday Exam 1 SB 205

    July 17, Tuesday Chapter 7 - Overview of Deductions and Losses, 7 - 22, 23, 24, 28, 29, 34, 35, 36,

     especially pp. 1 - 16 41, 49, 50, 53, 58

    July 19, Thursday Chapter 8 - Employee Business Expenses 8 - 26, 33, 34, 36

     pp. 1 - 23; pp. 40 - 48

    July 24, Tuesday Chapter 9 - Capital Recovery: Depreciation, 9 - 14, 15, 26, 27, 28, 29, 33, 36,

    Amortization, Depletion; Omit "Expenses of 38

    Farmers and Ranchers"

    July 26, Thursday Chapter 10 - Certain Business Deductions and Paper 2 DUE

     Losses; Omit "Net Operating Losses" and 10 - 3, 12, 16, 18, 23, 24

    "Dollar-Value LIFO"

    July 31, Tuesday Chapter 11 - Itemized Deductions 11 - 28, 29, 30, 32, 34, 36, 38, 39

     Chapter 19 - pp. 26-27 19 - 22, 23, 24

    August 2, Thursday Exam 2 SB 205

    August 7, Tuesday Chapter 12 - Deductions for Certain Investment 12 - 11, 13, 16, 17, 18, 19, 21,

    Expenses and Losses 22, 25

    August 9, Thursday Chapter 14 - Property Transactions: Basis 14 - 22, 26, 27, 28, 29, 30, 31,

    Determination and Recognition of Gain or Loss; 32, 34, 35, 36

    pp. 1-21; pp. 25-29

    August 14, Tuesday Chapter 15 - Nontaxable Exchanges; 15- 27, 29, 30, 31, 33, 35, 36, 38,

    Omit "Sections 121 and 1034 (sales prior to May 40, 41, 42, 43, 45, 46, 47

    7, 1997)

    August 16, Thursday Chapter 16 - Property Transactions: Capital Paper 3 DUE

     Gains and Losses; Omit "Corporate Bonds and 16 - 23, 24, 25, 26, 32, 36, 38,

    other Indebtedness" 39, 42, 43, 45, 49

    August 21, Tuesday Chapter 17 - Property Transactions: Disposition 17 - 26, 28, 29, 30, 31, 36, 38,

    of Trade or Business Property 40, 41, 42, 44, 47, 49, 51, 55

    August 23, Thursday Chapter 17 - Continued

    August 28, Tuesday Final Exam 5:30 - 7:18 PM TBA

    Ramamurthy/AMIS 626/Summer 2001 2

    AMIS 626 - Summer 2001

    Student information sheet

Name:

Contact address for current quarter:

Telephone No:

Email address:

    High school from which you graduated (name and place):

    In which college of The OSU are you enrolled?

    Are you formally enrolled in this course? Yes No

    Other courses in which you are enrolled in this quarter:

    Work experience (include job title and name of employer):

Extracurricular activities:

Hobbies:

Career objective(s):

Ramamurthy/AMIS 626/Summer 2001 3

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