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COURSE SYLLABUS

1.

TITLE OF COURSE:

INCOME TAX I

 

PREFIX/NUMBER:

ACC 131

CREDIT HOURS:

3

2.

PREREQUISITE:

ACC 121 or equivalent

3.

RESOURCES NEEDED:

          TEXT:

CCH Federal Taxation Basic Principles; 2005; Smith, Harmelink, Hasselback

          SUPPLIES:

Paper, pencils and calculator.

4.

COURSE DESCRIPTION:

Course designed to familiarize the student with tax information and procedures used in the preparation of a wide range of individual income tax returns and planning as required by the Internal Revenue Service and the Income Tax Division of the Colorado Revenue Department.

5.

COURSE GOAL:

To introduce current tax law and prepare students for possible changes in the tax laws.

6. COURSE OBJECTIVES:
(A) To introduce the basic sources of our Federal income tax law and the tax formula.
(B) To identify who is required to file a tax return and to be able to complete the informational portion of the tax return.
(C) To be able to identify all elements of gross income.
(D) To identify and report adjustments to income.
(E) To identify and report itemized deductions.
(F) To determine the gross income of a self-employed taxpayer.
(G) To compute the deductions of a self-employed taxpayer and determine net profit or loss.
(H) To identify depreciable property and calculate depreciation.
(I) To calculate depletion and amortization.
(J) To understand and use ACRS and MACRS.
(K) To calculate property basis, gains and losses, and to determine their treatment.
(L) To be able to report rental, royalty, partnership and S corporation income.
(M) To calculate and report tax credits and determine whether alternative minimum tax applies.
(N) To understand the withholding and estimated payment processes.
(O) To understand the IRS audit and appeals process.
7. EVALUATION PROCEDURES:
The final grade for this course will be computed as follows:
10% based on attendance and participation
10% based on homework and quizzes
10% based on research problem
70% based on tests  (5 tests)
Pencil rather than pen will be used for all accounting written work.
All materials will be graded on the percentage correct of the total points possible.
Grading Scale
Raw Score Range 		Letter Grade
90 to 100 A
80 to 89 B
70 to 79 C
60 to 69 D
0 to 59 F
It is the student's responsibility to arrange makeup work whenever absent.

Special Remarks:

1.

Attendance:  College policy states that students may be dropped from enrollment when absent 20% of the scheduled class meetings.  If enrolled from the beginning of the term, 9 hours will usually constitute 20% of a three-credit semester course.  Reinstatement procedures are described in the PCC catalog.

2.

Tardy Policy:  A student who is late three times (enters classroom after the instructor has taken roll) will be charged with one full absence unless the student can provide valid reasons for one or more of these tardies.

3.

Assignments/Missed Exams:  It is the student's responsibility, whether present or absent, to obtain all material presented and to complete all course assignments.  If prior arrangements are made or extenuating circumstances exist, makeup of tests will be allowed.  Late homework papers will be accepted with a 10% reduction in grade for each day late.  Quizzes will not be made up.

8. COURSE OUTLINE:
9. METHODS OF INSTRUCTION:
  To be successful in this course, students are expected to participate in discussions, readings, in-class writing, and peer review activities. The instructor may assign point values to such activities.
10. ACADEMIC INTEGRITY:
  The very nature of higher education requires that students adhere to accepted standards of academic integrity. Therefore, Pueblo Community College has adopted a policy of academic conduct as described in the Student Handbook. Violation of academic integrity may be defined to include the following: cheating, plagiarism, falsification and fabrication, abuse of academic materials, complicity in academic dishonesty, and personal misrepresentation. It is the student’s responsibility to be aware of the behaviors that constitute academic dishonesty. Sanctions for violating the standards of academic integrity may include warning, probation, suspension, and/or failure of the course or assignment at the discretion of the instructor.
11. ADA NOTICE:
  Any student eligible for and needing academic adjustments or accommodations because of a disability should inform the instructor during the first week of class and provide the instructor with a copy of the letter of accommodation at the beginning of the semester.