ACC 3050 Taxation Accounting SUMMER TERM 2014

UNIVERSITY OF MANITOBA
I. H. ASPER SCHOOL OF BUSINESS
Department of Accounting and Finance
ACC 3050
Taxation Accounting
SUMMER TERM 2014
Instructor:
Email:
Office:
Phone:
Office hours:
Brian Krysowaty, CA
[email protected]
670 Drake
204-474-9529 (University)
Monday and Wednesday
6:15 to 6:45 p.m., or by Appointment (email only)
COURSE DESCRIPTION:
This course is designed to give a basic understanding of the Federal Income Tax Act (the
“Act”) and its administration. This is achieved by applying the law to practical problems
and cases. Topics covered include the administration of the tax system, residence,
employment income, business and property income, capital gains, other income and
deductions, computation of taxable income and taxes payable, primarily for individuals and
corporations.
COURSE OBJECTIVES:
After taking this course students are expected to:




understand the structure of the Income Tax Act and the rules of interpretation used
in applying its provisions;
be familiar with tax planning concepts;
be familiar with the sources of reference material and their relevance in interpreting
tax law;
explain the theory behind the taxation of income in Canada and the roles of the
Department of Finance, the Canada Revenue Agency, the courts, and the taxpayer.
REQUIRED MATERIAL:
1. Buckwold, W.J., Canadian Income Taxation: Planning and Decision Making, 20132014 Edition (16th Edition), McGraw-Hill Ryerson.
2. Sherman, David M., The Practitioner’s Income Tax Act, 45th Edition, Carswell.
MARK ALLOCATION:
Assignment
July 14, 2014 – Handed In During Class
10%
Mid-term Examination
July 21, 2014 – In Class
40%
Final Examination
August 08, 2014 (Friday Evening – 6:00 – 9:00 pm)
The final is a comprehensive exam
50%
____
100%
CONDUCT OF THE COURSE
You will need to understand the principles and concepts of income tax, read the Act and
grasp the implications and opportunities of the Act for business and personal decisions.
Each chapter in the text builds on the material in the previous chapter. Therefore, mastery
of material in each chapter is essential to your understanding of material in subsequent
chapters. It is expected that you read the textbook before class lectures so that you are
familiar with the topics to be covered. In addition, completion of recommended homework
assignments is essential to understanding the practical application of tax law and related
concepts.
Homework problems assigned in class are not to be handed in. Students are responsible
to complete the assigned homework problems and check their work against solutions on
their own. Details of the assigned homework problems and solutions will be provided
during class.
For students desiring additional review questions, online quizzes are available for each
chapter at the McGraw-Hill website. Quizzes consist of multiple choice and true/false
questions. These quizzes can be completed and auto-graded online. The Online Learning
Centre can be found at:
http://www.mcgrawhill.ca/olc/buckwold
ASSIGNMENTS
Questions for the assignment will be provided during class in due course.
LATE ASSIGNMENTS WILL NOT BE ACCEPTED. Professional tax work includes
meeting and managing deadlines and the assignments must be handed in on a timely
basis accordingly.
EXAMINATIONS
Examinations will test students’ knowledge, as covered in lectures, readings and assigned
homework. Students will also be tested on their ability to apply their knowledge to specific
situations. Examination questions may include multiple choice, numeric calculations, as
well as short and long answer application/theory questions.
Calculators and one copy of the Income Tax Act will be allowed for all examinations. The Act
may not be written in nor may additional pages be inserted. However, underlining,
highlighting, and tabbing of sections is allowed.
Students who miss a midterm examination for legitimate reasons (medical,
compassionate, academic conflict or university sports team travel) will have the midterm
examination marks added to the final examination. In all cases of absence on a midterm
examination date, the instructor should be advised within 7 working days of the
examination date and receive suitable documentation.
Students who miss the final examination must apply to the Undergraduate Program Office,
Room 268 Drake, for possible deferred examination privileges.
GRADING
Any request for a remarking of a midterm examination must be made, in writing, within 10
working days of the class in which it was returned.
DESIRE2LEARN (D2L)
Follow the instructions below to log on Desire2Learn:
1. You can access Desire2Learn by visiting: https://umanitoba.desire2learn.com/
2. Log into Desire2Learn using your UMnetID (formerly your ccu account). You must
claim your university UMnetID to log into Desire2Learn. If you have not done so,
claim your UMnetID at the claimid website.
3. If you are having problems logging into your course visit the Accounts Office in E3637 of the Engineering and Information Technology Complex (EITC), call 474-8600
or email [email protected].
On your “My Courses” tab heading, click on the ACC 3050 course title.
Tentative ACC 3050 Class Schedule
Day
Topic
Assigned
Readings
June 23rd
June 25th
Introduction
Taxation – Its Role in Decision Making
Fundamentals of Tax Planning
Liability for Tax and Income Determination &
Administration of the Income Tax System
Income from Employment
June 30th
Income from Business
Chapter 5
July 2nd
Chapter 6
July 7th
The Acquisition, Use, and Disposal of Depreciable
Property
Income from Property
July 9th
Gains and Losses on Disposition of Capital Property
Chapter 8
July 14th
Other Income, Other Deductions, and Special Rules
for Completing Net Income for Tax Purposes and
General Review Questions
Chapter 9
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 7
ASSIGNMENT DUE
July 16th
Individuals: Determination of Taxable Income and
Taxes
Individual Tax Calculation Questions, and General
Review
July 21st
MID-TERM EXAM -- CHAPTERS 1 TO 10
July 23rd
Corporations – An Introduction
Thin Capitalization Rule
Corporations - Capital Structure and Distributions
The Canadian-Controlled Corporation
Multiple Corporations and Private Corporation
Partnerships, Limited Partnerships and Joint
Ventures
Trusts
Various Questions
July 25th
July 28th
July 30th
August 6th
REVIEW – IN CLASS
Chapter 10
Chapter 11
In-Class Notes
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Academic Integrity
It is critical to the reputation of the I. H. Asper School of Business and of our degrees, that
everyone associated with our faculty behaves with the highest academic integrity. As the
faculty that helps create business and government leaders, we have a special obligation to
ensure that our ethical standards are beyond reproach. Any dishonesty in our academic
transactions violates this trust. The University of Manitoba Undergraduate Calendar
addresses the issue of academic dishonesty under the heading “Plagiarism and Cheating.”
Specifically, acts of academic dishonesty include, but are not limited to:
 using the exact words of a published or unpublished author without quotation marks
and without referencing the source of these words
 duplicating a table, graph or diagram, in whole or in part, without referencing the
source
 paraphrasing the conceptual framework, research design, interpretation, or any
other ideas of another person, whether written or verbal (e.g., personal
communications, ideas from a verbal presentation) without referencing the source
 copying the answers of another student in any test, examination, or take-home
assignment
 providing answers to another student in any test, examination, or take-home
assignment
 taking any unauthorized materials into an examination or term test (crib notes)
 impersonating another student or allowing another person to impersonate oneself
for the purpose of submitting academic work or writing any test or examination
 stealing or mutilating library materials
 accessing tests prior to the time and date of the sitting
 changing name or answer(s) on a test after that test has been graded and returned
 submitting the same paper or portions thereof for more than one assignment,
without discussions with the instructors involved.
Group Projects and Group Work
Many courses in the I. H. Asper School of Business require group projects. Students should
be aware that group projects are subject to the same rules regarding academic dishonesty.
Because of the unique nature of group projects, all group members should exercise special
care to insure that the group project does not violate the policy on Academic Integrity.
Should a violation occur, group members are jointly accountable unless the violation can be
attributed to a specific individual(s).
Some courses, while not requiring group projects, encourage students to work together in
groups (or at least do not prohibit it) before submitting individual assignments. Students are
encouraged to discuss this issue as it related to academic integrity with their instructor to
avoid violating this policy.
In the I. H. Asper School of Business, all suspected cases of academic dishonesty are
passed to the Dean’s office in order to ensure consistency of treatment.
UNIVERSITY OF MANITOBA
I. H. Asper School of Business
Medical Absenteeism Form
Student Identification: (please print clearly)
______________________________
Last Name
___________________ ___________
First Name
Middle Initial
_______________________________
U of M Student Identification Number
I hereby authorize ________________________________ to verify with the attending physician or his/her
(Name of Instructor/Administrator)
staff or colleagues that the contents of this form are true.
________________________________________
Student’s Signature
_______________________________________
Date
To be completed by the attending physician: (after the above section is completed)
___________________________________________
Physician’s Last Name (please print clearly)
________________________________
Physician’s First Name
________________
Middle Initial
___________________________________________
Street Address
________________________________ ________________
City, Province
Postal Code
___________________________________________
Telephone Number
________________________________
Fax Number
To the attention of the physician: Your evaluation of the student’s condition is being used for the purpose of
determining whether or not the student has a valid reason to miss an important exam or assignment. Your professional
evaluation is necessary to ensure that only valid cases are excused.
I certify that the nature of the student’s condition is severe enough to prevent the student from taking an exam or completing
an assignment. If requested, my associates or I will verify for the above-named instructor/administrator that this information
is accurate.
The student’s condition will likely span the following dates:
____________________________
(indicate start date)
until ____________________________
(indicate end date)
___________________________________
Physician’s Signature
_________________________________
Date
Notes to physician:
 Please make a note in the student/patient’s file indicating that the student has given the above-named
instructor/administrator permission to verify with you, your staff, or your colleagues, that the information contained
on this form is correct. Thank you for your professional evaluation of this student’s condition.
 PLEASE ATTACH THIS FORM TO YOUR REGULAR OFFICE STATIONERY THAT INDICATES THE
STUDENT VISITED YOUR OFFICE.
Note to student:
 The use of this form is at the option of the student. However, in order to obtain an excused absence for an
assignment or exam, the student must obtain a doctor’s certification that the student’s condition is severe enough
to prevent the student from taking the exam or completing the assignment.
 It is NOT SUFFICIENT to provide a note that only indicates the student visited the doctor’s office.