ACCT 551: Foundations of Taxation of Business Entities Master Syllabus
Course Instructor:
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Course Website: Canvas
Required Text
McGraw-Hill’s Taxation of Individuals and Business Entities, YEAR edition. Spilker, Ayers, Barrick, Outslay, Robinson, Weaver, Worsham.
Note: Some instructors (although not all) may require use of McGraw Hill’s Connect as well. See the particular section’s syllabus to evaluate whether it is also required. Additionally, in instances where instructors do not use/require Connect, they may allow students to use the ebook (without Connect) for a cost saving opportunity over the hard copy text. However, make sure to check with your instructor for whether this is allowed. For instance, if the exams allow a textbook, they may only allow hard copy version (or printed sections of the ebook) as opposed to a laptop with the ebook to be accessed during the exam. Alternatively, some instructors may not allow use of the textbook on the exams where the form of the textbook may not matter.
I. Course Introduction and Objectives
George Mason University Catalog Description
Introduction to fundamental topics in taxation using a business-entities approach. Specific topics include gross income, deductions, losses, and property transactions. The course emphasizes the identification of planning and compliance issues and the application of tax law to resolve those issues. Both tax and non-tax factors affecting decision making are considered.
Course Goals
The goal of this course is to build a sound conceptual and technical foundation for the study of federal income taxation that provides students with the tools necessary to stay current with the ever-changing tax law.
Specific student learning objectives include:
- Students will identify issues and relevant facts for assessing tax problems.
- Students will apply the tax law to solve compliance and planning problems.
- Students will recognize ethical dilemmas and develop a framework for addressing them.
- Students will develop tax research skills that will allow them to identify facts, issues, and relevant tax law to resolve those issues.
- Students will communicate effectively in written and oral form.
- Students will work effectively in groups.
- Students will use technology to resolve tax problems and communicate results.
Learning Goals
- Students will demonstrate competency in their discipline.
- Students will be aware of and use technology relevant to business.
- Students will be critical thinkers who are able to analyze business situations and assess the trade-offs of decision options for businesses.
- Students will understand the role that businesses plays in society at large and how objectives of society also influence business operating environments.
- Students will have the ability to research professional authoritative resources to make informed decisions for businesses.
Browser + Webcam Requirement
This course may require the use of LockDown Browser and a webcam for online midterms and the final exam depending on the instructor and delivery mode. The webcam can be the type that's built into your computer or one that plugs in with a USB cable.
Watch this brief video to get a basic understanding of LockDown Browser and the webcam feature.
LockDown Browser Download Instructions
Download and install LockDown Browser from here.
Once Installed
- Start LockDown Browser
- Log into Canvas
- Navigate to the test
Note: You won't be able to access tests with a standard web browser. If this is tried, an error message will indicate that the test requires the use of LockDown Browser. Simply start LockDown Browser and navigate back to the exam to continue.
Guidelines
When taking an online test, follow these guidelines:
- Ensure you're in a location where you won't be interrupted
- Turn off all other devices (e.g. tablets, phones, second computers) and place them outside of your reach
- Before starting the test, know how much time is available for it, and also that you've allotted sufficient time to complete it
- Clear your desk or workspace of all external materials not permitted - books, papers, other devices
- Remain at your computer for the duration of the test
- If the computer, Wi-Fi, or location is different than what was used previously with the "Webcam Check" and "System & Network Check" in LockDown Browser, run the checks again prior to the exam
- To produce a good webcam video, do the following:
- Avoid wearing baseball caps or hats with brims
- Ensure your computer or device is on a firm surface (a desk or table). Do NOT have the computer on your lap, a bed, or other surface where the device (or you) are likely to move
- If using a built-in webcam, avoid readjusting the tilt of the screen after the webcam setup is complete
- Take the exam in a well-lit room, but avoid backlighting (such as sitting with your back to a window)
- Remember that LockDown Browser will prevent you from accessing other websites or applications; you will be unable to exit the test until all questions are completed and submitted
Getting Help
Several resources are available if you encounter problems with LockDown Browser:
- The Windows and Mac versions of LockDown Browser have a "Help Center" button located on the toolbar. Use the "System & Network Check" to troubleshoot issues. If an exam requires you to use a webcam, also run the "Webcam Check" from this area
- Respondus has a Knowledge Base available from support.respondus.com. Select the "Knowledge Base" link and then select "Respondus LockDown Browser" as the product. If your problem is with a webcam, select "Respondus Monitor" as your product
- If you're still unable to resolve a technical issue with LockDown Browser, go to support.respondus.com and select "Submit a Ticket". Provide detailed information about your problem and what steps you took to resolve it.
II. Grades
| A | > or = | 90 |
| B | > or = | 80 |
| C | > or = | 70 |
| D | > or = | 60 |
| F | < | 60 |
Some instructors may incorporate +s/-s based on their grading scale breakout while others may not use +s/- s. However, each individual instructor’s syllabi will make it clear whether and to what extent +s/-s are used for his/her individual section.
Grading Breakdown
Each instructor provides a grade breakdown of the categories of graded work (e.g., quizzes, assignments, exams, etc.) and the corresponding % of the overall course grade that corresponds with that category. While all instructors include exams as part of the grade, some instructors may use both quizzes and assignments while others may only include assignments or assignments with (an) additional project(s).
The specific instructor’s syllabus will also include in the syllabi or another attachment (like a separate summary word or excel document) a list of graded work categories and the expectations for those individual categories. However, ACCT 551 will require two additional assignments beyond the specific graded work outlined for ACCT 351 (the cross-listed undergraduate class). Below is a statement about those two unique assignments that are common across all sections and instructors for the 2021-2022 academic year.
Graduate Assignments 1 and 2
As part of the ACCT 551 course requirement, there will be two additional assignments not incorporated in the regular assignment category above that overlaps with requirements for ACCT 351 students. One of the additional assignments will be required to be completed in the first half of the course, and the second will be completed in the second half of the course. I will make announcements in advance of the due date for each assignment to inform ACCT 551 on details and expectations for the assignments.
Midterm Exams
See the course policies below regarding make-up exams. Accommodations can be made for students who have more than two exams on the same day or have a specific academic conflict but will not be made for recreational or convenience purposes (like “I planned to go on vacation the same weekend as the 2nd midterm” for some reason or another). It is your responsibility to be aware of the dates provided in the syllabus and the quiz/assignment due date schedule. Different instructors (and section modes) may use online or hard copy exams. Individual instructors will provide details on the mode of the exam and the materials allowed/disallowed on the exam in advance of the test.
Final Exam
See the course policies below regarding make-up exams. Accommodations can be made for students who have more than two exams on the same day or have a specific academic conflict, but will not be made for recreational or convenience purposes (like “this is my last exam of the week, and I would like to go on vacation earlier than the day of the final” for some reason or another). It is your responsibility to be aware of the dates provided in the syllabus and the quiz/assignment due date schedule. Different instructors (and section modes) may use online or hard copy exams. Individual instructors will provide details on the mode of the exam and the materials allowed/disallowed on the exam in advance of the test.
III. Course Policies
Attendance
For online asynchronous classes, this policy may not be included on an instructor’s syllabi. For online synchronous sections or in-person sections, it may be included. See you specific instructor’s syllabus for how this will be treated.
General Make-Up and Extra Credit Policy
As a general policy, there will be no make-up quizzes, assignments, or exams. Individual instructors may incorporate policies (e.g., dropping the lowest grade of a category or one/multiple extra credit projects) to incorporate the expectation that there may be a single graded item (small number of grade items) in a category for reasons that do not require documentation for the related circumstances (e.g., for a job interview, a single sick day without documentation like a 24 hour stomach bug, attending a wedding, etc.). However, it is not required that an instructor incorporate these opportunities. In the event of serious illness that goes beyond a 48 hour period (such as COVID-19) or with extenuating circumstances (e.g., time needed to travel home because campus reverts to all online or a family emergency), different instructors will outline how this will be handled in terms of the overall course grade with the above automatic lowest grade drops or extra projects.
George Mason E-mail and Canvas
Students are expected to check their George Mason e-mail and Canvas on a daily basis. This is especially important with the online format of our class. In order to comply with student privacy laws, students must use their George Mason email account to receive important University information, including messages related to this class, and when corresponding with me or fellow students for our class.
Course information and supporting materials will be available through Canvas. I will disseminate course information using both outlets, including announcements, course content, grades, and (possibly) class cancellations. If you have any questions or problems about accessing these, please see me or IT.
IV. Tentative Course Schedule*
| Date | Topic Description |
|---|---|
| Week 1 | Syllabus, Introductions, History of the U.S. tax system Chapter 1 An Introduction to Tax |
| Week 2 | Chapter 2 Tax Compliance, the IRS, and Tax Authorities Chapter 4 Individual Overview, Dependents, and Filing Status |
| Week 3 | Chapter 5 Gross Income and Exclusions (Part 1) Chapter 5 Gross Income and Exclusions (Part 2) |
| Week 4 | Chapter 6 Individual Deductions (Part 1) Chapter 6 Individual Deductions (Part 2) |
| Week 5 | Chapter 7 Investments (Part 1) Chapter 7 Investments (Part 2) |
| Week 6 |
Time for carryover from any items from the above chapters. MIDTERM 1 (Ch. 1, 4, 5, and 6). Saturday.** |
| Week 7 | Chapter 9 Business Income for Individuals (Part 1) Chapter 9 Business Income for Individuals (Part 2) |
| Week 8 | Chapter 10 Property Acquisition and Cost Recovery (Part 1) Chapter 10 Property Acquisition and Cost Recovery (Part 2) |
| Week 9 | Chapter 11 Property Dispositions (Part 1) Chapter 11 Property Dispositions (Part 2) |
| Week 10 | Chapter 16 Corporate Operations (Part 1) Chapter 16 Corporate Operations (Part 2) |
| Week 11 |
Time for carryover from any items from the above chapters. MIDTERM 2 (Ch. 7, 9, 10, and 11). Saturday.** |
| Week 12 | Chapter 17 Accounting for Income Taxes (Part 1) Chapter 17 Accounting for Income Taxes (Part 2) |
| Week 13 | Chapter 20 Forming and Operating Partnerships (Part 1) Chapter 20 Forming and Operating Partnerships (Part 2) |
| Week 14 | NO CLASS TO COMPENSATE FOR ADDITIONAL TIME WITH SATURDAY EXAMS. HOWEVER, THESE DAYS MAY BECOME REGULAR CLASS DAYS IF OTHER DATES ARE CANCELLED, FOR EXAMPLE, FOR REASONS LIKE WEATHER OR ILLNESS.*** |
| Week 15 | Time for carryover from any items from the above chapters. Review for the Final Exam. |
| Final Exam | FINAL EXAM (Ch. 16, 17, and 20). Saturday.** |
*The instructor reserves the right to make any necessary changes to the syllabus and course schedule with appropriate announcements in class and on Blackboard. While all ACCT 351 test on the same chapters, different instructors order chapters differently and may align chapters with a different exam than the above exam coverage breakout. Additionally, different terms (e.g., fall vs. spring) may have different holiday breaks that shift chapter coverage to an alternative week than what is outlined above.
**The instructor reserves the right to hold exams on a different day of the week (or during class time or the standardized final exam week scheduled time) as long as appropriate announcements and notice are given in class and/or Canvas.
***It is at the instructor’s discretion whether to incorporate these compensation days when an exam is given outside the regular class time (when additional time is require for class outside the regularly scheduled period).
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