Course Descriptions & Syllabi

Course Descriptions & Syllabi

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Note: some or all of the courses in the subjects marked as "Transfer" can be used towards a transfer degree: Associate of Science and Arts or Associate of Engineering Science at DACC. Transferability for specific institutions and majors varies. Consult a counselor for this information.

Areas of Study | | BACC230 syllabus




COURSE NUMBER: BACC230
COURSE TITLE:Business Income Tax Accounting
DIVISION:Business
IAI CODE(S):
SEMESTER CREDIT HOURS:3
CONTACT HOURS:45
STUDENT ENGAGEMENT HOURS:135
DELIVERY MODE:Online, In-Person, Hybrid

COURSE DESCRIPTION:
This course is designed to strengthen the accounting student's knowledge in the area of tax regulation and strategic tax planning concerning businesses, farms, corporations, and partnerships.

PREREQUISITES:

NOTES:

STUDENT LEARNING OUTCOMES:
Upon completion of this course, students will be able to:
  • Demonstrate The ability to think critically and analytically by application of accounting concepts and theory by formulating a business strategy with the Tax cost concept in mind.
  • Demonstrate effective written communication skills adhering to business standards. Students will be able to communicate and analyze information producing financial reports, financial/accounting data analysis, as well as prepare visual and oral presentations and conduct effective personal communications in a professional manner.
  • Demonstrate effective technology skills that will prepare them for their career and life. Students will have the ability to gather and use web-based information and evaluate online resources/sources. Students will develop proficient knowledge of QuickBooks accounting software applications and collaborate it with other software used in the field including Excel.
  • Be exposed to a global orientation resulting in their increased awareness of world cultures, issues, and international business aspects. Students will demonstrate effective human relations skills including the ability to function in teams, and be socially responsible

TOPICAL OUTLINE:

Part One
Consists of two chapters that familiarize students with the global tax environment. Chapter 1 describes the environment in terms of the legal relationship between taxes, taxpayers, and governments. Definitions of key terms are developed, and the major taxes are identified. Chapter 2 considers the tax environment from a normative perspective by asking the question: “What are the characteristics of a good tax?” Students are introduced to the notions of tax efficiency and tax equity and learn how contrasting political beliefs about efficiency and equity continue to shape the tax environment.

Part Two
Concentrates on developing a methodology for incorporating tax factors into business decisions. Chapter 3 introduces the pivotal role of net present value of cash flows in evaluating financial alternatives. Students learn how to compute tax costs and tax savings and how to interpret them as cash flows. Chapter 4 covers the maxims of income tax planning. The characteristics of the tax law that create planning opportunities are explained, and the generic techniques for taking advantage of those opportunities are analyzed. Chapter 5 provides a succinct overview of the tax research process and prepares students to solve the research problems included at the end of each chapter. The chapter explains the six steps in the tax research process and contains a cumulative example of the application of each step to a research case.

Part Three
Focuses on the quantification of business taxable income. Chapter 6 covers the computation of income or loss from ongoing commercial activities, with special emphasis on differences between taxable income and net income for financial statement purposes. Chapters 7 and 8 explore the tax implications of acquisitions and dispositions of business property, while Chapter 9 is devoted to nontaxable exchanges.

Part Four
Teaches students how to calculate the tax on business income. Chapter 10 describes the function of sole proprietorships, partnerships, LLCs, and S corporations as conduits of income, while Chapter 11 discusses corporations as taxable entities in their own right. Chapter 12 builds on the preceding two chapters by exploring the tax planning implications of the choice of business entity. Chapter 13 broadens the discussion by considering the special problems of businesses operating in more than one tax jurisdiction. This chapter introduces both multistate and international tax planning strategies

Part Five
Concentrates on the tax rules and regulations unique to individuals. Chapter 14 presents the individual tax formula and acquaints students with the complexities of computing individual taxable income. Chapter 15 covers compensation and retirement planning. Chapter 16 covers investment and rental activities and introduces wealth transfer planning. Finally, Chapter 17 analyzes the tax consequences of personal activities, with particular emphasis on home ownership.

TEXTBOOK / SPECIAL MATERIALS:
Principles of Taxation 2020, Sally Jones 23 Ed (Smartbook) Pub. McGraw-Hill. ISBN: 978-1-259-96954-6

See bookstore website for current book(s) at https://www.dacc.edu/bookstore

EVALUATION:
Grades will consist of chapter learnsmart activities (15 points) , exercises and problems (10 points), quizzes (5-10 points), and a final project (50-100 Points). The following grading scale will be used for the final course grades. However, the instructor reserves the right to vary the scale if necessary.

100-90% = A (900-1000)

  89-80% = B (800-899)

  79-70% = C (700-799)

  69-60% = D (600-699)

  59-00% = F (0-599)


BIBLIOGRAPHY:

STUDENT CONDUCT CODE:
Membership in the DACC community brings both rights and responsibility. As a student at DACC, you are expected to exhibit conduct compatible with the educational mission of the College. Academic dishonesty, including but not limited to, cheating and plagiarism, is not tolerated. A DACC student is also required to abide by the acceptable use policies of copyright and peer-to-peer file sharing. It is the student’s responsibility to become familiar with and adhere to the Student Code of Conduct as contained in the DACC Student Handbook. The Student Handbook is available in the Information Office in Vermilion Hall and online at: https://www.dacc.edu/student-handbook

DISABILITY SERVICES:
Any student who feels s/he may need an accommodation based on the impact of a disability should contact the Testing & Academic Services Center at 217-443-8708 (TTY 217-443-8701) or stop by Cannon Hall Room 103. Please speak with your instructor privately to discuss your specific accommodation needs in this course.

REVISION:
Fall 2019

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