Golden Gate University School of Taxation TA 318 Advanced Federal Income Taxation Summer 2015
Instructor:
Mary Canning, JD, LLM (Tax) Dean Emeritus and Associate Professor Bruce F. Braden School of Taxation
Office Hours: Upon Request
This course is taught over 15 weeks. Each week’s online course content is available beginning on Sunday of each week. It is recommended that each student read all the assigned written materials and prepare answers to the assigned problem sets before viewing the online course content. Approaching the course in this manner allows for a better learning and retention experience.
IMPORTANT DATES 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 this course as one of the first two advanced graduate seminars in Taxation.
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 to 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, (i.e., the Form 1040);
Gross Income (Deductions) (Adjustments)
Adjusted Gross Income
(Itemized Deduction) (Exemptions)
Taxable Income
Tax Regular, AMT, and NIIT
(Credits)
Tax Liability
The major course learning objectives include:
• 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 and 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.
3. Required Materials
a. Golden Gate University TA318 Printed Materials (provided in the class) b. Current Internal Revenue Code (most recent paper version- recommended but online access is also allowed) c. Current Federal Tax Regulations (most recent paper version- recommended but online access is also allowed)
Also, I have created links to the Cornell University website that contains the Code. You will find these links in the Course Home section under The Code . 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!
University Library
Find the GGU Library Home Page at http://www.ggu.edu/library/home.html.
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: 0123456.
4. Contacting the instructor
The most efficient way of reaching me is by e-mail. However, feel free to drop by my office in the School of Tax whenever you are around.
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.
Student Responsibilities
Participation
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.
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% • Weekly Quizzes 10% • Midterm Exam 30% • Final Exam 50%
Students will be graded on the percentage of available points received as follows:
90 and above A- to A+ 80 – 89 B- to B+ 70 – 79 C- to C+ Below 70 D or F as appropriate
A. Supervised Examinations
You will have two supervised exams during the course - a midterm and a final exam. The midterm covers approximately the first half of the course and the final is cumulative and will cover the entire course.
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.
You will not be penalized for incorrect responses to questions as long as they reflect some thought and reading of the material - but if the contribution appears to indicate a lack of a meaningful attempt to read the materials, it will earn no credit and may be penalized.
7. Instructor Bio
Mary Canning, Dean Emeritus, is an associate professor in the Golden Gate University (GGU) Braden School of Taxation.
Canning has been with the University since 1987, serving in a variety of capacities including adjunct and associate professor of tax programs. From 1997-2002, Canning was the associate dean of the School of Taxation as well an associate professor. She also directed the school's full- time masters in tax and tax internship programs. In 2002, Mary assumed the role of dean of GGU’s School of Taxation, and in 2006 she also became dean of the School of Accounting. She retired as Dean in 2014.
She has received GGU's Outstanding Adjunct Faculty award, the Outstanding Scholarship of Teaching award for full-time faculty, as well as Distinguished Service award. In 2012 and 2013 Canning was included in the San Francisco Business Times list of 100 Most Influential Women in Business. In addition to her role with GGU, Canning maintains a tax practice servicing individual clients and small businesses.
Canning earned her BA in social welfare from the University of California at Berkeley, and her JD and LLM in taxation from Golden Gate University. She has held positions in the Coopers and Lybrand tax department and was a senior tax manager at Ernst & Young.
8. Course Outline
The course will cover the materials in the TA318 binder in the following order. This tracks the order in which the materials are printed.
Week Beginning Topic August 24 Introduction, Gross Income and Assignment of Income August 31 Section 83 September 7 Fringe Benefits, Meals and Lodging September 14 Gifts, Life Insurance and Annuities September 21 Discharge of Indebtedness September 28 Damages, Separation and Divorce October 5 Miscellaneous Inclusions and Exclusions October 16-18 Midterm Exam
October 19 Business Deductions October 26 Production of Income Activities, Hobby Losses and Vacation Homes November 2 Depreciation and Moving Expenses November 9 Interest Expense and Loss November 16 Charitable Contributions, Taxes and Medical Expenses
November 23 Calculation of Tax November 30 Review December 7 Final Exam (cumulative exam, covering entire course)
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 Student Academic Integrity: Policy on Student Academic Integrity.
10. RESERVATION OF RIGHTS
This syllabus attempts to clearly set forth how the class will be structured. However, we reserve the rights to modify anything in this syllabus, even during the course, if we determine that circumstances warrant.