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Taxation of Individuals and their Business Income

B95.2302, B95.6302, and C10.0063

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This course differs from "Taxes and Business Strategy" course, which is for MBA students interested in an overview of taxes and their implications for structuring business transactions.

 

I am teaching course for the first time at Stern in spring 2011.

Overview

Tax rates are high and are likely to go much higher given the massive budget deficits. Thus, there is a strong demand in the real world for knowledge of tax rules. Anyone graduating from a business school, particularly an accounting major, ought to know fundamentals of taxes.

 

This course is for accounting majors at the graduate and undergraduate levels. The focus of this course is federal income tax rules for individuals and their business income. The course also introduces federal income tax rules for corporations and partnerships. The course explains concepts and shows how to develop spreadsheets to apply those concepts to real world situations. See the course outline below for a list of topics.

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Materials

Exams and Grading

Schedule: Subject to change

Classes are in KMEC 3-120, MW 11:00 AM to 12:15 PM. There are no classes on President's Day and the Spring Break Week.

Class Topic
1: Jan 24
  • Chapter 1: An Introduction to Taxation
2: Jan 26
  • Chapter 1: An Introduction to Taxation
3: Jan 31
  • Chapter 2: Determination of Tax. Remember to bring handout to class
4: Feb 1
  • Chapter 2: Determination of Tax
5: Feb 7
  • Chapter 2: Determination of Tax
6: Feb 9
  • Chapter 2: Determination of Tax
7: Feb 14
  • Chapter 3: Gross Income: Inclusions
8: Feb 16
  • Chapter 3: Gross Income: Inclusions
9: Feb 23
  • Chapter 4: Gross Income: Exclusions
10: Feb 28
  • Chapter 4: Gross Income: Exclusions
11: Mar 2
  • Chapter 5: Property Transactions: Capital Gains and Losses
12: Mar 7
  • Chapter 5: Property Transactions: Capital Gains and Losses
12: Mar 9
  • Chapter 6: Deductions and Losses
13: Mar 21
  • Chapter 6: Deductions and Losses
14: Mar 23
  • Chapter 7: Itemized deductions
15: Mar 28
  • Chapter 7: Itemized deductions
16: Mar 30
  • Chapter 8: Losses and Bad Debts
17: Apr 4
  • Chapter 8: Losses and Bad Debts
18: Apr 6
  • Chapter 9: Employee Expenses and Deferred Compensation
19: Apr 11
  • Chapter 9: Employee Expenses and Deferred Compensation
20: Apr 13
  • Chapter 10: Depreciation, Cost Recovery, Amortization and Depletion
21: Apr 18
  • Chapter 10: Depreciation, Cost Recovery, Amortization and Depletion
20: Apr 20
  • Chapter 11: Account Periods and Methods
21: Apr 25
  • Chapter 12: Property Transactions

20: Apr 27
  • Chapter 13: Property Transactions
21: May 2
  • Chapter 14: Special Tax Computations
20: May 4
  • Introduction to corporate taxes
21: May 9
  • Chapter 18: Taxes and investment planning
Registrar
  • Final Exam