UNIVERSITY OF WISCONSIN-WHITEWATER



University of Wisconsin-WhitewaterCurriculum Proposal Form #4AChange in an Existing CourseType of Action (check all that apply) FORMCHECKBOX Course Revision (include course description & former and new syllabus) FORMCHECKBOX Grade Basis FORMCHECKBOX Contact Hour Change and or Credit Change FORMCHECKBOX Repeatability Change FORMCHECKBOX Diversity Option FORMCHECKBOX Other: FORMTEXT ????? FORMCHECKBOX General Education Option area: FORMDROPDOWN ** Note: For the Gen Ed option, the proposal should address how this course relates to specific core courses, meets the goals of General Education in providing breadth, and incorporates scholarship in the appropriate field relating to women and gender.Effective Term: FORMDROPDOWN Current Course Number (subject area and 3-digit course number): FORMTEXT 756 Current Course Title: FORMTEXT Corporate and Special Entities TaxSponsor(s): FORMTEXT Carol J. NormandDepartment(s): FORMTEXT AccountingCollege(s): FORMDROPDOWN List all programs that are affected by this change: FORMTEXT MPAIf programs are listed above, will this change affect the Catalog and Advising Reports for those programs? If so, have Form 2's been submitted for each of those programs? (Form 2 is necessary to provide updates to the Catalog and Advising Reports) FORMCHECKBOX NA FORMCHECKBOX Yes FORMCHECKBOX They will be submitted in the futureProposal Information: (Procedures for form #4A) Detailed explanation of changes (use FROM/TO format)FROM:Corporate and Special Entities Tax – 4 creditsTO:Corporate and Special Entities Tax – 3 creditsJustification for actionThe original MPA course sequence included three 4-unit courses: ACCT 756, ACCT 757, and ACCT 781. This 3-course 4-unit model has not worked. Beginning in Spring 2012?the number of units for ACCOUNT 781 has been reduced from 4-units to 3-units. This has created an imbalance of one unit in the MPA course sequence.We are proposing a return from 4-units to 3-unit for ACCT 756 to address the imbalance in the MPA course sequence and make program planning easier and more flexible for our students.Syllabus/outline (if course revision, include former syllabus and new syllabus)University of Wisconsin - WhitewaterACCOUNT 756, 3-unit (Corporate and Special Entities Taxation)Topic/ActivitySuggestedTime InWeeksAdminister & Review Exams and Take-Home Quiz2.0Overview of Course.25Compare/Contrast Income Tax of Corporations & Sole Proprietor and Corporation Tax Forms.75Forming the Corporation1.01.Requirements for Non-recognition of Gain2.Receiving Boot Causing Recognition Gain3.Assuming Liabilities Causing Recognized Gain4.Lack of Control Causing Recognized Gain5.Basis Issues6.Ethical Issues & Planning Opportunities Corporate Earnings & Profits, Dividends1.01.Importance of and Definition of Earnings & Profits2.Calculating Earnings & Profits3.Current and Accumulated Earnings & Profits4.Taxation of Cash Distributions & Stock Basis5.Property Distributions6.Ethical Issues & Planning OpportunitiesCorporate Redemptions and Liquidations1.01.Defining Redemptions and Liquidations2.Capital Gain vs. Ordinary Income Treatment3.Stock Attribution Rules4.Redemptions Qualifying for Capital Gain Treatment5.Calculating Disproportionate Redemptions, Complete Terminations, & Redemptions to Pay Death Taxes6.Liquidations and their Effect on Corp. & Stockholders7.Applying the Loss Limitations Rules8.Ethical Issues & Planning Opportunities Partnership (and Limited Liability Company) Taxation2.51.Structure of the Tax and Partnership Tax Forms2.Partnership Income or Loss and Separately Stated Items3.Inside and Outside Basis4.Contributed Property Issues5.Elections6.Tax Year Limitations7.Calculation of Partner's Basis8.Loss Limitations9.At Risk and Passive Loss Limitations10.Guaranteed Payments11.Cash Distributions12.Property Distributions13.Liquidation Distributions - Partner Retires or Dies14.Liquidation Distributions - Partnership Ceases Operations15.Sale of Partnership Interest16.Election to Adjust Basis of Partnership Property17.Termination of a Partnership18.Family Service & Capital - Intensive Partnerships19.FICA Taxes20.Ethical Issues & Planning OpportunitiesSubchapter S Corporations1.51.Importance and Comparison/Advantages compared to Regular Corporations and Partnerships2.S Corp. Tax Forms3.Electing S Corp. Status and Loss of Election4.Operational Rules5.S Corp. Income or Loss and Separately Stated Items6.Accumulated Adjustment Account7.Cash and Property Distributions8.Cash Distributions With and Without E & P9.Calculation of Owner's Basis10.Deductibility of Losses11.Tax on Built In Gains12.Fringe Benefits Compared to Regular Corps and to Partnerships13.Ethical Issues & Planning OpportunitiesEstate and Gift Tax2.51.Nature of the Taxes and their Interrelationship2.Valuation Issues and the Alternate Valuation Date3.Property Concepts4.Elements of the Estate and Gift Taxes5.Gift Tax Exclusions, Deductions, Disclaimers, and Calculation of the Tax6.Gift Tax Forms7.The Gross Estate8.Property Owned by the Decedent9.Certain Gifts Within 3 Years of Death10.Retained Life Estates & Revocable Transfers11.Powers of Appointment12.Annuities and Pensions13.Joint Interests14.Wisconsin Martial (Community) Property15.Life Insurance16.Marital Deduction17.Power of Appointment and QTIP Trusts18.Tax Credits, including the Unified Credit19.Estate Tax Forms20.Generation Skipping Transfer Tax21.Basis of Gifted and Inherited Property22.Income in Respect of a Decedent23.Effect of the 2001 Tax Legislation24.Estate Tax Freeze25.Ethics and Malpractice Considerations26.Gift and Estate Tax Planning Using the Marital and Charitable DeductionsTax Exempt Organizations.51.Types of Organizations, including 503(c)(3) Organizations2.Taxes Assessed against these Organizations and the Policy Reasons3.Private Foundations4.The Unrelated Business Income TaxThe 4-unit course included the following topics in addition to the topics covered above:BEFORE Partnership Taxation, please add:Tax Administration and Penalties3.0Deficiencies Audit ProcessAppealsPenaltiesStatute of LimitationsMiscellaneous Topics2.0Domestic Production Activities DeductionSec. 83 Restricted Stock (replacing stock options in corporations)Current Topics and New Laws and/or CasesBEFORE Estate and Gift Tax, please add:Comparative Forms of Doing Business2.0Nontax FactorsSingle vs. Double TaxReducing the Entity TaxConduit vs, Entity TreatmentDisposal of Ownership InterestOverall Comparison of Forms of Doing BusinessCPA Firm Speaker(s) on Tax Careers in CPA Firms and Industry1.0AFTER Estate and Gift Tax, please add: Wisconsin Estate Tax2.0Background: 2001 changes in Federal Estate TaxWisconsin Estate Tax provisions ................
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