Bulletin Course Description

This course will provide the participant with an in-depth analysis of the Code, Regulations, Rulings and Cases governing tax accounting issues. Areas to be covered include accounting periods and methods (including cash, accrual and installment sales), inventory rules, debt-forgiveness, time-value of money concepts, and required adjustments for changes in accounting periods. Materials will be introduced via lecture, open class discussion, and review of selected case studies.

Prerequisites

ACC 84/85 or equivalent for admission to the Graduate Program.

Course Objectives

Students will gain an understanding of the federal income tax treatment governing tax accounting issues. Students with obtain a working knowledge of these issues via a combination of (1) lecture, (2) a detailed review of applicable code sections, regulations, rulings, procedures and judicial precedent and (3) a review of relevant in-class and take-home assignments.

Course Materials

Internal Revenue Code of 1986, as amended, and current regulations

Federal Tax Accounting, Gertzman (2^nd Ed., WGL) with current supplement.

ISBN 0-7913-1788-9

Contact Hours/Assigned Homework

The class meets once a week for 14 weeks. Each class is one hour and fifty minutes. Readings and assigned homework should average between 4 to 6 hours per week.

Method of Instruction

This course will integrate lecture, class discussion, review of problems, and independent research, all of which will involve a substantial commitment on the part of the students and the Professor. Students should keep up-to-date with the class throughout the semester. Participation in class discussions and problem-solving exercises is expected.

Fall 2005 C.A. Barragato, Ph.D., CPA, CFE

TAX 620 Tax Accounting

Class Regimen

Students are expected to come to class prepared – meaning they have read the chapter(s)/Code Sections to be covered for each session and have completed all assigned homework to the best of their ability.

Students are asked to refrain from using cell phones and beepers during class. If you need to be accessible, set the telephone or beeper on vibrate mode and discretely excuse yourself.

Students will be withdrawn by the Professor for more than 2 unexcused absences.

Make-up examinations will not be given except at the Professor's discretion for most unusual circumstances.

Examinations and Grading

Grades are based on the following criteria:

Class participation 10%

Take-home problem 20%

Mid-Term 35%

Final 35%

Each exam is open-book format.

Calculation of Grade

The student's grade will be determined as follows:

Grade Percentage

A 90 and above (4.00)

A- 86.67-89.99 (3.67)

B+ 83.33-86.66 (3.33)

B 80.00-83.32 (3.00)

B- 76.67-79.99 (2.67)

C+ 73.33-76.66 (2.33)

C 70.00-73.32 (2.00)

C- 66.67-69.99 (1.67)

F <66.67 (0.00)

Class Participation

Evaluations of class participation will be based on the instructor’s periodic assessment of each student’s contribution to the class sessions. Students may feel that this process results in a very subjective evaluation of one’s talents. But, when these observations are spread over a significant

period of time, reasonable conclusions can be drawn about an individual’s abilities. Both the quality and quantity of each student’s contributions are important.

Fall 2005 C.A. Barragato, Ph.D., CPA, CFE

TAX 620 Tax Accounting

Academic Honesty

Adherence to Long Island University’s code of academic honesty is expected. Academic dishonesty is the giving, taking, or presenting of information or material by a student with the intent of unethically and fraudulently aiding oneself or another on any work which is to be considered in the determination of a grade or the completion of academic requirements.

Office Hours

My office is located in Lorber Hall – room 307. I am available during office hours or by appointment, if the posted hours are inconvenient for you. Call 516-299-3279 to contact me by telephone. The office fax is 516-299-2297. My e-mail address is charles.barragato@liu.edu. My web page address is http://myweb.cwpost.liu.edu/cbarraga

Fall 2005 C.A. Barragato, Ph.D., CPA, CFE

TAX 620 Tax Accounting

Topic	Code/Regs	Chapter

Overview of tax accounting	None	1

Accounting methods	IRC §446, 448, 451, & 83 Regs. §1.446-1	2 & 3

Accounting methods	IRC §448, 451, 455, 456 & 461(a)-(h) Regs.§1.451-1,-2;1.461-1,-2,-4,-5;1.448-1T	3 & 4

Changes in accounting methods	IRC §446, 481 Regs. §1.481-1, -2	8 & 9

Accounting periods	IRC §441-444, 706(a)-(b), 1378 & 7519 Regs. §1.443-1;1.441-1,-2;1.444-1T,-3T;1.706-1	10

Mid-term

Inventories & UNICAP	IRC §174, 263, 263A Regs. §1.263(a)-1,-2;1.263A-1	6 ¶6.06-.07

Inventories - valuation methods	IRC §471 Regs. §1.471-1 to -4	6 ¶6.01-.05; ¶6.08-.11

Inventories - LIFO	IRC §472 & 474 Regs. §1.472-1 to -3	7

Installment method/long-term contracts	IRC §453-453B & 460 Regs. §1.460-1 to -5	5

Depreciation/Amort/debt discharge	IRC §167, 168, 179, 195, 197 & 108 Regs. §1.108-4,-5,-6	none

Time value of money	IRC §163(a), 467, 483, 1271-78, & 7872 Regs.§1.483-1;1.1272-1,1.1273-1,1.1274-1,1.1275-1	11

Claim of right	IRC §1341 & 111	12
Final exam