How to Study for ACC 7440

How to Study for
ACC 7440

There are no short-cuts.

outlined the assigned materials

Schedule of Assignments

First, review Prof. Spalding's lecture introducing the unit, available on the Blackboard site for this course. Print the presentation slides ahead of time. As you view the lecture, have the presentation slides in front of you, and annotate them by taking notes just as you would in a traditional classroom setting.
Second, prepare a handwritten outline of the assigned readings. For chapter readings from the textbook, it is easiest to start with a skeleton outline comprised of the headings and subheadings of each chapter. For other readings, develop your own outline of the material based on headings and subheadings. These outlines, taken together, will comprise your study outline. Your study outline is best prepared in a looseleaf notebook format, because you will sometimes find yourself re-writing some pages, (including the insertion of pages containing extensive notes that augment your study outline). Again, this should be a handwritten outline of the assigned readings.

As an interim step, if you are not familiar with the topics you have aggregated into your skeleton study outline, consider reading through any approporate IRS Publications before reading through your textbook.

Third, actually read through the assigned readings, including the readings from the textbook. As you read through the materials, fill in your study outline with brief phrases and notations. You might find that high-lighting, or underlining, materials in your text to be of help, but rewriting the essential material into your study outline, in your own handwriting, will prove to be a more reliable aid to your study and memory efforts.

Whenever you run across something with which you are unfamiliar, take the time to investigate the concept before continuing your reading.

If you remain unsure of the concept after reading through other sections of the textbook, try searching through the RIA Checkpoint library within the online databases available to Wayne State University students.
Example: Assume that, as part of your initial development of your study outling (Step Two), or, as part of your reading of the first few sections of your textbook (Step Three), you realize you are unfamiliar with the estate tax impact of "retained life interests," "gifts made within three years of death," and "general power of appointment." When this happens, stop reading the assigned reading and investigate these specific concepts. As an illustration, here are some suggestions for investigating these concepts:

Before you continue your study of Chapter 1, read through the IRS Publication 950 (8/2007), Introduction to Estate and Gift Taxes which offers a simplified explanation of Gross Estate. As noted in one of the early lectures, the IRS publications make a good introduction becuase they are written so that anyone can understand them.
Browse through the index in the back of the textbook. In the index, under Gross Estate you'll see that there is a reference to retained life interests (pointing you to ¶660.01 of the text). Gifts made within three years of death are also listed there, pointing you to ¶¶ 310.01 and 425.03. The impact of propery subject to a general power of appointment is referenced in the index under General Power of Appointment, pointing you to ¶610.
If, after reading throuh the IRS publications and the textbook elaborations of these concepts, you are still unsure as to the full ramifications, turn to the RIA Checkpoint library.

A good place to start would be to click on the "Analysis / Federal Tax Coordinator (RIA)" publication within the Editorial Materials sources, and search that publication:

Using the keywords "retained life interests" and "gross estate" (include the quotation marks as indicated), notice that several items are retrieved, including "R-2403 Retention of right to income or enjoyment—estate tax consequences."

Similarly, using the keywords "gifts made within three years of death" and "gross estate" (again, include the quotation marks as indicated), notice that several items are retrieved, including "R-2403 Retention of right to income or enjoyment—estate tax consequences."

And, using the keywords "general power of appointment" and "gross estate" (include the quotation marks as indicated), notice that several items are retrieved, including "R-3000 Property Subject to a Power of Appointment."

You may also find it helpful to look at Internal Revenue Code sections, and the Treasury Regulations, RIA analyses, court cases, rulings, and other interpretations. To do this:

Find your way to Internal Revenue Code (RIA) within the Primary Source Materials of the RIA Checkpoint library. Enter and search the Code section (e.g. 2036) you are investigating, either:

As a search term within Internal Revenue Code (RIA) database, or,
By using the Find by Citation function on the left column of the opening screen of the RIA Checkpoint library.

Once you have retrieved that Code section, notice -- and make use of -- the tabs along the top of the page: . Each of these tabs pulls up a different set of resources and lists them on the left hand column of your screen.

After reading through these resources and supplementing your study outline as needed, continue your assigned readings.

Fourth, go back over your notes from Prof. Spalding's introductory lecture. Review your notes from that lecture (or review the lecture itself). Re-write your unit notes into your study outline, and add any other material from Prof. Spalding's lecture note outline to your own study outline as appropriate.
Fifth, prepare and submit your Discussion Board postings in response to the discussion questions, and thoughtfully participate in the discussion(s). Student comments are expected to be substantive in nature and to reference the assigned readings or other theoretical, empirical, or professional literature as appropriate. Use of Turabian style is expected when referencing sources used in one's posting(s). As you participate in Discussion Board discussions (especially those in reply to other students), keep the following in mind that Prof. Spalding is committed to open, frank, and insightful dialogue in all of his courses. Diversity has many manifestations, including diversity of thought, opinion, and values. Prof. Spalding encourages all students to be respectful of that diversity and to refrain from inappropriate commentary. Should such inappropriate comments occur, Prof. Spalding will intervene as he monitors the dialogue in the course, will require that inappropriate content be removed from the Discussion Board, and will recommend university disciplinary action. Students should be guided by common sense and basic etiquette. The following are good guidelines to follow:

Never post, transmit, promote, or distribute content that is known to be illegal.
Never post harassing, threatening, or embarrassing comments.
If you disagree with someone, respond to the subject matter and content, not the person.
Never post content that is harmful or abusive; racially ethnically, or religiously offensive; vulgar or sexually explicit; or otherwise potentially offensive.

Sixth (and only AFTER you have completed the first seven steps, above), take the assigned Quiz for the unit, on Blackboard.
Finally, work ahead on your tax planning memoranda and term paper so that your work is completed by the assigned due date and time.

There are no short-cuts.

study outline