ACC 7440 CRN 26317

ACC 7440

Financial and Estate Planning

Introduction to financial and estate planning for executives,
professionals, and business owners. Tax and nontax personal financial
goals are considered in light of income tax requirements,
trust accounting rules, and estate and gift taxation.

Syllabus - Winter 2012

CRN 26317

Albert D. Spalding, JD, CPA/CFF, Associate Professor

School of Business Administration , Department of Accounting
100 William C. Rands House, 5229 Cass Avenue, Detroit, Michigan 48202-3930
Telephone (313) 577-4469 / Fax (313) 577-2000
Email: aspalding@wayne.edu

Course Objectives

To help the student in identifying and working with significant financial and estate tax planning opportunities for individuals.
To make students aware of the basics considerations required for the structuring of a financial and estate plan for an individual client.
To improve students' skill in differentiating between the interpretation, relative weight, and applicability of statutes, regulations, court cases, and administrative pronouncements.
To further develop and employ research, writing and communication skills, including argumentative skills.

Course Open to Graduate Students Only

This course is reserved exclusively for graduate students formally admitted to the University. This course serves as an elective in the M.S. in Taxation and the M.S. in Accounting programs, and also serves as an elective in the M.B.A. program. As a prerequisite to this course, students must have taken ACC 7120 Tax Problems in Business Affairs, or, an undergraduate tax course. (This course replaces the former "Estate and Gift Taxation," and the former prerequisite of ACC 7300 no longer applies and is not required for this course.)

"Online" versus "Deadline"

online

First, an in-person meeting at 7:30 pm on 04/16/2012, at which students make an oral presentation of their research.

Note: students may opt out of that in-class meeting by uploading a video presentation of their research, as explained at the Research Paper page of this syllabus). To do so requires a webcam, headset with microphone, and obtaining and scanning a Wayne State University OneCard.

Second, one part (Part Three) of the final examination, a closed-book, closed notes written exam which must be taken in person at 7:30 pm on 04/09/2012.

Note: students may opt out of the in-class written Part Three of the final exam by taking an online oral exam using a web cam, as explained at the Exams page of this syllabus. To do so requires a webcam, headset with microphone, and obtaining and scanning a Wayne State University OneCard.

Meanwhile, please note that "online" does not mean "easier" or "self-paced." "Online" also does not mean that everything in the course is done so as to optimize student convenience.

Many students discover that the level of self-study and self-motivation required by an online course means that an online course can often seem more difficult than a traditional in-person, in-classroom course. And they often miss the personal contact with the instructor and colleagues that comes with in-person classes. But they nevertheless find that an online course can, in fact, be a bit more convenient.
For this course, all online discussions are asynchronous, that is, not scheduled at any particular time (although some Discussion Board responses must be made on specific evenings as scheduled), and can be completed from any Internet-accessible location in the world, at any time prior to the respective deadline. Note that, as indicated in the Schedule of Assignments, there are deadlines for each task, and the deadlines are "real" deadlines: zero credit is given for late submissions or postings irrespective of the reason(s) for missing a deadline.

Schedule of Assignments Updated on Web

Schedule of Assignments

If you usually access the Internet from a home computer, your own laptop, or another computer to which you have regular access, you might wish to "bookmark" the online syllabus link as one of your Favorite Places so that you can quickly find your way back to the syllabus on a regular basis (at least twice weekly).
If you are not familiar with Blackboard, read through the information available at http://computing.wayne.edu/blackboard/
Note: if you have trouble with some of the links on this page, try accessing this page from a campus computer.

Course Materials and Related Requirements

Required Text:

Madoff, Tenney, Hall, & Mingolla, Practical Guide to Estate Planning, with CD (2012), CCH, ISBN 978-0808026037.

This textbook is referred to as "the CCH text" in this course.
Note: The 2012 edition is required for this course; prior editions will not work.

Donald F. Cady, 2011 Field Guide to Estate Planning, Business Planning, & Employee Benefits, National Underwriter, ISBN 978-1-936362-16-5.

This textbook is referred to as "the Field Guide" in this course.
Note: The 2011 edition is required for this course; prior editions will not work.

Required OneCard. Students are required to obtain a OneCard (Wayne State University picture id card) for this course if they do not already have one. A color scan of the OneCard is required as the First Digital DropBox Assignment in this course. For students who have never obtained their OneCard, including distance learning students, this will necessitate a trip to campus. Other forms of identification such as a drivers license will not suffice, so please don't ask.
Activated AccessID Account: To access Course Documents and other restricted pages on the Blackboard site for your section of this course, you'll need to be signed onto Blackboard with your Wayne State University AccessID.

For new Wayne State students, it's very important that you immediately log in to WSU Pipeline (http://pipeline.wayne.edu) and activate your AccessID account. AccessID accounts need to be activated before they can be used. Your AccessID format is two letters followed by four numbers, e.g. xy6789. The AccessID is printed on your OneCard. Your initial password for your AccessID account is set to the 9-digit Student ID number, which is also printed on your OneCard. (You will also need your 9-digit Student ID number for the First Email Assignment in this course.)
If you are having any difficulties with access to Blackboard, call the C&IT Help Desk during regular business hours at (313)577-4778 or e-mail them at helpdesk@wayne.edu.

Required Email Account: Each student in this course must have, and must check regularly, her or his own email account. An email account that is shared with another person (another student, a spouse, a parent, etc.) is not allowed. Students who do not already have their own personal email account should make use of their Wayne State AccessID Email Account for this course. As noted in the Email Protocols Used in This Course, it is important that your email mailbox is not full, and that you are able to receive any emails sent to your AccessID email address. Be sure to correct your email address on Pipeline (http://pipeline.wayne.edu) if you are not relying on the University AccessID as your primary email..

To set your email forwarding, login to WSU Pipeline (http://pipeline.wayne.edu), and click the "Account" icon in the upper right hand corner of the page. In the "Account Management Menu", click "Set Mail Forwarding". Specify your primary email address, and desired options, and click "OK". This will ensure that you receive any emails "broadcast" from this Blackboard system to all students in this course. Please make absolutely sure that your exact email address has been entered precisely. Also make sure that it is a valid and working email address, and that your email mailbox (including your WSU Access ID email mailbox) is not full.

To empty your WSU AccessID email mailbox, browse to https://webmail.wayne.edu/. After you login, notice the Quota percentage at the top of the screen. To clear some or all of your messages from your WSU Access ID email mailbox, click on the <First link, then click on the Select link (to select all of the oldest messages). Then click on the Mark button to mark all of the selected messages for deletion. Finally, click on the Purge Deleted Items link within the green field on the far left, to remove the messages that were selected-for-deletion from your mailbox. Repeat until you have cleared all (or a sufficent amount) of the available space, as indicated by the Quota percentage at the top of the screen. Check your Quota percentage from time to time to make sure your WSU Access ID email mailbox is not full.

Required Wall Street Journal readings are assigned regularly, and are taken into account when students take tests, engage in Discussion Board discourse, etc.. In particular, articles addressing legal, regulatory, and ethical issues will be assigned. The newspaper is available at both Purdy and Detroit Public libraries, as well as at local public libraries. The Wall Street Journal Interactive Edition is also an excellent online source for these articles, and may be accessed without charge by students who obtain a student "hard copy" subscription to the "paper" edition of the Wall Street Journal. Only paid subscribers to the Wall Street Journal are able to "click through" to the article. Nonsubscribers should plan to find their way to the assigned articles at a local public library, at one of the WSU libraries, or elsewhere. Students who obtain a student subscription to the paper edition of Wall Street Journal will automatically receive a subscription to the Wall Street Journal Interactive Edition and will be able to "click through" to the assigned Wall Street Journal articles to obtain copies. To obtain a student subscription to the paper edition, click here: On Page 1 of the subscription form, enter 482 as the first three digits of the Wayne State U. Zip code. On Part 2 of the online subscription form, enter Ethics as the course for which you are using the Journal, and indicate Spalding, Albert as your referring professor.*
Recommended Headphones with Microphone, and Web Cam. For students who choose to do Part Three of their Final Exam as an online oral exam (i.e., an informal 10 to 15 minute interview), rather than a formal in-person closed book closed notes 50-minute written exam, and for students who wish to take advantage of online office hours (rather than rely solely on email), headphones with microphone, plus a web cam, are required.

These need not be expensive. Headsets that include a microphone are available for less than $ 20, and web cameras are also available for less than $ 30.
For more information, see the separate Online Technology and Skills page of this syllabus.

Recommended Supplementary Text: CCH, 2012 U.S. Master Estate and Gift Tax Guide, ISBN 978-0808027331.
Recommended Supplementary Text: Claire B. May & Gordon S. May, Effective Writing: Handbook for Accountants (9th Edition) (Prentice Hall, 2011), ISBN 978- 0132567244.
Recommended Supplementary Text: Barry Tarshish, Grammar for Smart People [1993, Pocket], ISBN 0671750445.
Recommended Supplementary Text: Bluebook: A Uniform System of Citation, 19th Edition (Harvard Law School, 2010), ISBN 978-0615361161.

Final Grade Calculation

The final calculated grade is a composite of the grades received for examinations, written submissions, participation in discussion, etc. Based upon the percentage of total points earned in each category, final grades as a percentage of total available points are as follows: 92.0 to 100 = A; 90.0 to 91.9 = A- ; 87.0 to 89.9 = B+; 82.0 to 86.9 = B; 80 to 81.9 = B-; 77.0 to 79.9 = C+; 70.0 to 76.9 = C; Below 70.0 = F. A GRADE OF "INCOMPLETE" IS NOT AVAILABLE in this course. The various components of the final grade are:

	Approx. Points**	Approx. Percent**
Task Points: Email assignments, Quizzes, Surveys, Discussion Board participation, Research Paper presentation, etc., including slack points.	280	24 %
Mid-Term Exams	300	25 %
Research Paper	200	17 %
Final Exam	400	34 %

The final grade is based upon the student's numeric scores (that is, the points earned as a percentage of the total of 1,180 possible points), not the related letter grade associated with each component. See How to Study for ACC 7440 for more information.

Last Day to Drop: Friday, March 2, 2012.

This drop deadline is the last day on which Prof. Spalding approve a request to withdraw from this course.

On or prior to that date, one of the following grades will be assigned for students who drop:

WN Withdrawal never attended, never took a quiz, and has no graded work to date.
WF Withdrawal with a failing grade earned to date.
WP Withdrawal with a passing grade earned to date.

If a student does not withdraw officially by the above date , s/he will likely receive a failing grade of "F". After the above date, Prof. Spalding will not approve a a request to withdraw from this course, and no "W" grade will be allowed or available. Instead, the final grade calculation will be computed at the end of the course, as explained above, and the resulting grade (e.g., an "F" or failing grade) will be assigned.

This withdrawal policy for this course does not affect tuition and fees, since there is no tuition cancellation provision or tuition refund for withdrawn courses. For information regarding University dates pertaining to tuition cancellation and other matters, consult the University schedule. If you have specific questions about course registration or drop procedures at the School of Business Administration, consult your student adviser.

Communicating with Your Instructor

Office Location. Room 203 William C. Rands House, on the second floor, at 5229 Cass Avenue, Main Campus. The Rands House is located next door to the Prentis Building. Correspondence may be mailed to (or delivered in person) to Prof. Spalding at the Department of Accounting office, 100 Rands House (first floor), 5229 Cass Avenue, Main Campus. The mailing address is shown above at the top of this syllabus.
Electronic Mail. The most reliable means of communicating with your instructor is by leaving an e-mail message. Electronic mail is usually answered within 24 hours.

Office Hours. Virtual office hours by email 24/6. An appointment for a one-on-one online office visit is occasionally scheduled with a student by Prof. Spalding ahead of time by email when Prof. Spalding determines that the student has a question that cannot be answered simply and easily by email. Online office hours take place in a Wimba Live Classroom, a communications feature on Blackboard. This requires the use of a web cam. See the separate Online Technology and Skills page of this syllabus for information about this. Most (99 percent of all) student questions can be, and are, answered by email, so if you have any questions, simply send an email to Prof. Spalding (following the email protocols for this course).

The first email assignment, due at Unit One, is an email message to the instructor. The Subject of the email should include the student's name and section number; for example, if John Doe's section or CRN (call number) of ACC 7440 is CRN 26317, John Doe's Subject would be as follows: John Doe 26317 - First Email Assignment. The text of the message is as follows: Student name, student number, address, phone numbers, web site if applicable, and course number ACC 7440 and CRN for the student's section of this course. All other email to the instructor during the semester should follow this format (as well as the other email protocols listed at http://sbaweb.wayne.edu/~aspalding/acc7440/email.html and should include the student's name, followed by a space, followed by 26317, followed by the subject of the message, in the subject line of each email. Always leave a space before and after the CRN number.
Announcements for This Course on Blackboard

Most assignments, readings, and announcements for this course will be listed below or posted on the Blackboard site for this course, at least a week ahead of time. Any last minute changes, including any cancellations or other last minute change, affecting this course, will be posted on the Blackboard site for this course. If there is a power outage on Main Campus or other emergency resulting in the cancellation of classes at Wayne State University, all assignments due for that day continue to be due as scheduled. The Internet does not shut down for emergencies, so simply submit all discussion board postings, online exams, and all other assignments as scheduled below irrespective of any weather or other emergency. If you usually use a Wayne State University campus computer for these assignments, but you discover that that Wayne State computer facility is closed for any reason, simply find your way to a public library, cybercafe, friend's house, employer work station, or other Internet-accessible computer so that you are able to receive credit for timely submitted work, since no credit is given for late submissions under late submissions.

F1/F2 International Students

The U. S. Department of Homeland Security has recently established regulations for F1 students taking online classes. Specifically, if you have F1 visa status and are taking more than one online class in a semester, you need to provide proof that you are physically present for at least two meetings with your instructor for each online class.. F1 (international) students who are taking online or distance learning classes that do not require you to physically be present on campus for an exam, a class meeting, or other purposes relating to the class can use only one class or three credits per semester toward the full course of study requirement. For example, if you are an undergraduate student enrolled in 12 credit hours, you can only count one class or 3 credit hours of online study or distance learning classes toward the full course of study requirement for that particular semester if no physical presence on campus is required. Therefore, F1 (international) students taking more than one (3 hr.) class online per semester are now required to come to campus at least twice per semester to physically meet with their instructor (e.g., oral presentation, in-person office visit by appointment, etc.). The Office of International Students and Scholars [in the Welcome Center (42 W. Warren) at WSU (Tel: 313-577-3422, Fax: 313-577-2962, e-mail: oismail@wayne.edu)] will provide F1 students with a form for faculty to sign verifying these two meetings per online course each semester, and it is the student's responsibility to contact the faculty member regarding the need to meet.

Snow Days, Campus Closures, and Required Online Assignments

Assignments, exams, papers, quizzes and other online work in this class are due as scheduled even if the University closes down for a snow day, an emergency of some kind, or any other reasons. Students are able to benefit from the fact that the Internet is not impeded by inclement weather or local campus problems, and so students in this course need not have their progress in this course slowed down simply because on-campus activities are curtailed.

Academic Integrity

Strict compliance with the Wayne State University Academic Integrity policies and the Student Code of Conduct are required in this course. Any cheating (including collaboration among students on quizzes or exams), fabrication, plagiarism, or other academic dishonesty will result in an automatic grade of E for this entire course, irrespective of the specific context or assessment involved (quiz, research paper, exam, etc.). In addition, charges will be filed with the Judicial Officer of the Dean of Students Office. For more information, see the Student Code of Conduct brochure. There is zero tolerance of academic dishonesty in this course.

In this regard, please be advised that written assignments, such as essay exam answers, papers, and other submissions, may submitted to SafeAssign software (or similar software or services) for an evaluation of the originality of your work and proper attribution of published sources, and may be included in the restricted databases of providers such as SafeAssign, solely for the purpose of detecting plagiarism. Consistent with the University’s Student Code of Conduct and our School’s Code of Ethics violations will be grounds for further disciplinary action.

Schedule of Assignments Subject to Change - Check Back Often Always consult and meet the due dates and times on this Schedule of Assignments, not necessarily any dates or times that might happen to show up on Blackboard. If you have trouble with some of the links on this page, try accessing this page from a campus computer, or by configuring your browser to the WSU proxy server. If you cannot see a column on the left or right, adjust the zoom on your browser or try a different browser.
Unit and Due Dates and Times†	Readings Due Prior to Discussion and Quiz (Draw from these Readings when Completing Discussion and Quiz Due at 6:00 p.m..	Discussion Questions, Completed on Discussion Board Prior to Deadline Due at 6:00 p.m. However, when there is both a Part A and a Part B, Part A initial Discussion Board postings, are Due at 6:00 p.m.. Part B Responsive and Follow-Up Discussions are Due at 11:00p.m.	Other Items Due to be Submitted Prior to Deadline Due at 6:00 p.m.:
01/09/2012, Monday Unit One, Part I: Introduction to Financial and Estate Planning Survey #1 and Baseline Quiz are due at 6:00 p.m. on 01/09/2012. Note: First Email Assignment, First Digital Dropbox Assignment, and Initial Discussion Board postings (U1D1) are due at 6:00 p.m. on 01/23/2012 but may be submitted earlier.	Primary Readings: Read, from top to bottom, this syllabus and all attachments listed at the bottom of this syllabus. Pay special attention to the syllabus page entitled: How to Study for ACC 7440. View the "Introduction to ACC 7440" lecture on Blackboard Also carefully study the following IRS publications: Publication 559 - Survivors, Executors and Administrators s; Publication 950 - Introduction to Estate and Gift Taxes; Publication 2193 - Too Good to be True Trusts.; Publication 561 - Determining the Value of Donated Property; Publication 3402, Taxation of Limited Liability Companies; and Frequently Asked Questions on Gift Taxes (IRS). Also read Pointers for Structuring Written Arguments. Finally, peruse the following tax forms and instructions, available from www.irs.gov: Form 706, Form 709, Form 1041, Form 8832, and Form 8939.	Correct your address on Pipeline if you are not using the University AccessID as your primary email. Log in to WSU Pipeline and click the "Account" icon in the upper right hand corner of the page. In the "Account Management Menu", click "Set Mail Forwarding". Specify your primary email address, and desired options, and click "OK". Make sure your email address on Pipeline is precisely accurate, so that you will not miss out on any emails "broadcast" to the entire class from the Blackboard system. Note: First Email Assignment, First Digital DropBox Assignment, and Initial Discussion Board posting (U1D1) are due at 6:00 p.m. on 01/23/2012, but may be submitted earlier (even if you have not started your readings in this course). Obtain your OneCard (Wayne State University picture id card) for this course if you do not already have one.	Baseline Quiz and Survey # 1, available at the Blackboard site for this course, are due at 6:00 pm on 01/09/2012 (even if you have not started your readings in this course).
01/23/2012, Monday Unit One, Part II: The Estate Planning Process. First Email Assignment, First Digital Dropbox Assignment, and initial Discussion Board posting (U1D1) is due at 6:00 p.m. on 01/23/2012. U1D1 Replies are Due at 11:00 p.m. on 01/23/2012.	Primary Readings: Carefully study Chapters 1 through 3 of the CCH text, and pages 1 through 27 of the Field Guide. Also study the following Terms & Concepts toward the back of the Field Guide: Common Disaster Clause, Decoupling of State Death Taxes, Durable Power Of Attorney, Healthcare Power Of Attorney, Living Will, Penalties-Estate & Gift Taxes, Power of Appointment, Probate, Recessionary Estate Planning, Stepped-Up Basis and Tax Law-Sources. View the "Introduction to Unit One" lecture and the supplemental estate tax lecture on Blackboard. Peruse Forms 6 through 11 in the back if the CCH text, as well as the following tables in the back of the Field Guide: Federal Income Tax Rates, Federal Estate and Gift Tax Rates, Cool Websites, and Code Crib Sheet. (If you have the CD for the CCH text, you might find the commentaries "with" the forms to be helpful.). Additional Required Reading: None assigned.	Unit 1, Discussion 1: After reading the Discussion Board page of the syllabus from top to bottom, introduce yourself, on the Blackboard Discussion Board site for this course, to the other students in this course. Include general employment information and/or any other information you would care to share with your classmates. Describe your MBA/MS degree experience to date, and expectations from your graduate studies. You may, if you wish, attach a photo of yourself. Due by 6:00 p.m. Unit 1, Discussion 1(Reply): Provide a constructive and substantive reply to at least one other student's U1D1 expectations, experience, or other observations. Feel free to enter into a respectful discussion, regarding expectations, employment, education, etc. Due by 11:00 p.m.	First Email Assignment and First Digital Dropbox Assignment (Upload a color scan of your Wayne State University OneCard onto the Blackboard Digital Dropbox tool in .jpg format. Do not actually email the .jpg file, but, attach it and upload it onto the Blackboard. Digital Dropbox. For more detailed instructions, see the Online Technology and Skills page of the syllabus.) Both are due at 6:00 p.m. on 01/23/2012 As always, Discussion Board replies are Due at 11:00 p.m. on the date assigned.
01/30/2012, Monday Unit One, Part III: Taxes and Trusts. Quiz # 1 on Unit One readings, lectures, etc. is due at 6:00 p.m. on 01/30/2012 but is not available until 01/29/2012, per the Quizzes page of this syllabus. U1D2 is also due at 6:00 p.m. on 01/30/2012. At least one responsive U1D2 discussion is due at 11:00 p.m.	Primary Readings: Carefully study Chapters 4 and 5 of the CCH text, and pages 28 through 61 of the Field Guide. Also study the following Terms & Concepts toward the back of the Field Guide: Domicile, Dynasty Trust, Fiduciary, Funeral Trusts, "GRITs, GRATs And GRUTs," Incentive Trust, Income in Respect of the Decedent, Marital Deduction, Noncitizen Estate Planning, Prudent Investor Rule, Qualified Personal Residence Trust, Rule against Perpetuities, Self-Settled Trust, Total Return Unitrust, and Trust Protector. Peruse Forms 1 through 5 in the back if the CCH text. (If you have the CD for the CCH text, you might find the commentaries "with" the forms to be helpful.). Additional Required Reading: Ari I. Weinberg, "Investing in Funds: A Quarterly Analysis --- Need to Know: Most ETFs Are Tax-Smart; But Others... --- Here's how exchange-traded funds can help investors hold off Uncle Sam -- or can trip them up" Wall Street Journal, Jan 9, 2012. p. R.8.	Unit 1, Discussion 2. Assume that you have been approached by a wealthy widow whose husband died during 2010. You have been asked to advise the widow whether to file Form 8939 to make a “Section 1022 Election” and apply modified carryover basis. The issue is the election, not the form itself. Your first step in this engagement is to begin to build a bibliography of tax articles that will help you develop a list of factors that ought to be considered when making this decision. For this U1D2 assignment, locate only one such tax article that provides information and suggestions along these lines. Cite the article using proper legal Bluebook citation format, and provide a one or two sentence summary of the article's contribution to the decision-making process. Do not cite or use an article already selected by another student on the discussion board; this is one of those occasions where the "early bird" has the best choices of articles from which to choose. Your selected article should be a scholarly tax article as defined and described in the research paper page of this syllabus. Due by 6:00 p.m. Unit 1, Discussion 2 (Reply): Provide a at least one constructive and substantive reply to at least one other student's U1D2 analysis. Your critique can be a technical critique of the article itself, a correction of the Bluebook citation of the article by the other student, any other helpful and constructive observation, or a combination if these possibilities. Due by 11:00 p.m.	Quiz # 1 on Unit One readings, lectures, etc. is due at 6:00 p.m. on 01/30/2012 but is not available until 01/29/2012, per the Quizzes page of this syllabus.
02/06/2012, Monday Unit Two: Gifts and Other Family-Related Planning Techniques U2D1 Discussion, and Quiz #2 are Due at 6:00 p.m. on 02/06/2012. Discussion Board U2D1 Replies are Due at 11:00 p.m. on 02/06/2012.	Primary Readings: Carefully study Chapters 6, 7 and 8 of the CCH text, and pages 89 through 110 of the Field Guide. Also study the following Terms & Concepts toward the back of the Field Guide: College Education Funding, Community Property, Constructive Receipt, Coverdell Education Savings Account, Crummey Powers, Domestic Partners, Estate Freezes, Family Holding Company, Interest-Free Loans, Estate Freezes, Per Stirpes-Per Capita, Private Annuity, Qualified Conservation Easement, Qualified Domestic Relations Order (QDRO), Qualified Domestic Trust, Reverse Mortgage, Section 303 and the Unlimited Marital Deduction, Self Canceling Installment Notes (SCINs), Trusts for Minors, and Uniform Transfers/Uniform Gifts to Minors Acts. View the "Introduction to Unit Two" lecture and the supplemental gift tax lecture on Blackboard. Peruse Form 13 in the back of the CCH text. (If you have the CD for the CCH text, you might find the commentaries "with" the forms to be helpful.). Additional Required Reading: John D. McKinnon, Laura Saunders and Mark Maremont, "Election 2012: Romney Rethinks Key Income-Tax Break --- Campaign Stresses Candidate Doesn't Want to Raise Anyone's Taxes, but Might Alter Rule That Benefits Private Equity" Wall Street Journal, Jan 25, 2012. p. A.	Unit 2, Discussion 1: Review the primary readings for Unit Two, and the domestic partner Terms & Concept description in the Field Guide. Then spend some time researching the tax treatment of marriage in the Internal Revenue Code. Select from your readings and research one provision of the tax law that either provides an advantage for, or effectively imposes a penalty on, couples who chose to live together without benefit of marriage. Do not select a provision already selected by another student, and don't repeat the observations already made by another student. Briefly (in 300 words or less) offer a technical analysis of that specific provision, in support of your arguments as to why you believe that public policy would be better served if that advantage (or, that penalty) were to be eliminated in favor of parity with married couples. Include a properly cited bibliography. Give a full analysis and explanation for your conclusion(s). Do not repeat another student's prior analysis. Due by 6:00 p.m. Unit 2, Discussion 1 (Reply): Provide a constructive and substantive reply to at least one other student's U2D1 analysis. Due by 11:00 p.m.	Quiz #2 on on Unit Two.
02/13/2012, Monday Midterm Exam I and Second Digital DropBox Assignment are due at 11:00 pm	Online Midterm Exam I. Date and Time: Part I ("multiple choice" portion) and Part II ("short essay" portion) of *Midterm Exam I* are due on or before 11:00 p.m. on 02/13/2012. This exam is a "take-home" exam, available to the student at the Course Documents section of the Blackboard site for this course approximately 30 hours prior to that due date and time.. The text of the short essay questions may be made available a day or so prior to the due date for student review and preparation. Part One (the multiple choice/true false portion) is completed on Blackboard in the same manner as quizzes. Part Two (short essay) is also separately completed on Blackboard in approximately the same manner as quizzes, but using complete and proper sentences. Part One (multiple choice) must be completed in one sitting within one hour of the time Part One is started. Part Two (short essay) must be completed separately in one sitting (not in the same session as Part One), within one hour of the time Part Two is started. Part One is graded automatically on Blackboard; points for Part Two are posted within approximately one week. All quizzes and exams are cumulative as to all work to date (readings, lectures, Discussion Board, etc.) in this course.		Second Digital Dropbox Assignment: Five Proposed Research Issue Questions. Due at 11:00 pm.
02/20/2012, Monday Unit Three: Charitable Estate Planning Initial U3D1 Discussion and Quiz # 3 are Due at 6:00 p.m. on 02/20/2012 U3D1 Replies are Due at 11:00 p.m. on 02/20/2012	Primary Readings: Carefully study Chapter 10 of the CCH text. Also study the following Terms & Concepts toward the back of the Field Guide: Charitable Gift Annuity, Charitable Gifts of Life Insurance, Charitable Trusts, Charity Is Designated Beneficiary of Retirement Plan, NIMCRUT, Planned Giving and Private Foundation. Peruse Form 12 in the back of the CCH text. (If you have the CD for the CCH text, you might find the commentaries "with" the forms to be helpful.). Additional Required Reading: John D. McKinnon, "Election 2012: Taxes Are Low, But Gifts to Charity Far Above Average" Wall Street Journal, Jan 25, 2012. p. A.6.	Unit 3, Discussion 1: Review Chapter 7 of the CCH text for this course, and the college education funding Terms & Concepts descriptions in the Field Guide. Then spend some time researching the tax aspects of college education in the Internal Revenue Code. Select from your readings and research one provision of the tax law that impacts college education funding positively or negatively. Do not select a provision already selected by another student, and don't repeat the observations already made by another student. Briefly (in 300 words or less) offer a technical analysis of that specific provision, in support of your arguments as to why you believe that public policy would be better served if that advantage (or, that disadvantage) were to be eliminated. Include a properly cited bibliography. Give a full analysis and explanation for your conclusion(s). Do not repeat another student's prior analysis. Due by 6:00 p.m. Unit 3, Discussion 1 (Reply): Provide a constructive and substantive reply to at least one other student's U3D1 analysis. Due by 11:00 p.m.	Quiz #3.
02/27/2012, Monday Unit Four: Planning for Business Interests. Initial U4D1 Discussion, Quiz # 4, and Second Email Assignment are Due at 6:00 p.m. on 02/27/2012. U4D1 Replies are Due at 11:00 p.m. on 02/27/2012.	Primary Readings: Carefully study Chapter 11 of the CCH text, and the business planning chapter (pages 111-194) of the Field Guide. Also study the following Terms & Concepts toward the back of the Field Guide: Accumulated Earnings Tax, Book Value, Business Overhead Expense Insurance, Contingent Ownership, Controlling Stockholder, Corporate Alternative Minimum Tax, Deferral of Estate Tax, Fair Market Value, Installment Sale, Limited Liability Company, Partnerships, Professional Corporation, Qualified Small Business Stock, S Corporation, Section 306 Stock, and Tax Free Exchange. Additional Required Reading: Laura Saunders, "WEEKEND INVESTOR --- Wealth Manager -- Tax Report: More Uncertainty for 2013" Wall Street Journal, Feb 18, 2012. p. B.9.	Unit 4, Discussion 1: Review the Unit Four readings and spend some time researching the estate tax "breaks" for business owners in the Internal Revenue Code. Select from your readings and research one provision of the tax law that impacts the estate taxation of business interests positively or negatively. Do not select a provision already selected by another student, and don't repeat the observations already made by another student. Briefly (in 300 words or less) offer a technical analysis of that specific provision, in support of your arguments as to why you believe that public policy would be better served if that advantage (or, that disadvantage) were to be eliminated. Include a properly cited bibliography. Give a full analysis and explanation for your conclusion(s). Do not repeat another student's prior analysis. Due by 6:00 p.m. Unit 4, Discussion 1 (Reply): Provide a constructive and substantive reply to at least one other student's U4D1 analysis. Due by 11:00 p.m.	Quiz #4; and Email Assignment # 2: Let Prof. Spalding know by email whether you will be taking the written Part Three of the final exam, or, want to schedule a 10 or 15 minute online interview instead. If you are opting out of the closed book, closed notes in-person exam, suggest three preferred interview times (see the Announcements on Blackboard for the schedule of dates and times). Due at 6:00 pm.See the Exams page of this syllabus for details..
03/05/2012, Monday Midterm Exam II and Third Digital DropBox Assignment are due at 11 pm.	Online Midterm Exam II. All exams are cumulative. Date and Time: Part I ("multiple choice" portion) and Part II ("short essay" portion) of *Midterm Exam II* are due on or before 11:00 p.m..on 03/05/2012. This exam is a "take-home" exam, available to the student at the Course Documents section of the Blackboard site for this course approximately 30 hours prior to that due date and time.. The text of the short essay questions may be made available sooner for student review and preparation. Part One (the multiple choice/true false portion) is completed on Blackboard in the same manner as quizzes. Part Two (short essay) is also separately completed on Blackboard in approximately the same manner as quizzes, but using complete and proper sentences. Part One (multiple choice) must be completed in one sitting within one hour of the time Part One is started. Part Two (short essay) must be completed separately in one sitting (not in the same session as Part One), within one hour of the time Part Two is started. Part One is graded automatically on Blackboard; points for Part Two are posted within approximately one week.		Third Digital DropBox Assignment: Let Prof. Spalding know on the Digital DropBox whether you will be presenting your research in person on 04/16/2012, or via video presentation onto the Discussion Board. Due at 11 pm.
03/12/2012, No assignments (Spring Break).
03/19/2012, Monday Unit Five: Planning with Insurance and Retirement Benefits Initial U5D1 Discussions and Quiz # 5 are Due at 6:00 p.m. on 03/19/2012 U5D1 Replies are Due at 11:00 p.m. on 03/19/2012	Primary Readings: Carefully study Chapters 12 and 13 of the CCH text, and the employee benefits chapter (pages 195-311) of the Field Guide. Also study the following Terms & Concepts toward the back of the Field Guide: Bank Owned Life Insurance, Cafeteria Plans, Children's Life Insurance, Company Owned Life Insurance (COLI), Death Benefit Only Plan, Deemed IRA, Defined Contribution Health Plan, Disability Buy-Out Insurance, Divorce and Life Insurance, Equity Split-Dollar, Equity-Indexed Annuity, ERISA, Estate Taxation of Life Insurance, First-To-Die Life Insurance, Group Carve-Out, Individual 401(k) Plan, Individual Retirement Arrangements, Insurable Interest, IRA Distribution Planning, Life Insurance Default Risk, Life Insurance in Qualified Plans, Life Insurance Premium Limitations, Minimum Deposit Insurance, Minors and Life Insurance, Money Purchase Pension Plan, Profit-Sharing Plan, Roth 401(k), Roth IRA, Roth IRA Conversions, Savings/Thrift Plan, Self-Employed Retirement Plans, SIMPLE Cafeteria Plans, SIMPLE IRA Plans, Simplified IRA Plans, Simplified Employee Pension (SEP), Split-Dollar Roll-Out, Stranger-Originated Life Insurance (SOLI), Survivorship Life Insurance, Traditional IRA, and Variable Annuities. Additional Required Reading: Laura Saunders, "IRAs Get Sexier; Disillusioned With Returns on Conventional Investments, IRA Owners Are Turning to Private Equity, Condominiums, Farmland and Other Alternatives. Here's What You Need to Know, Wall Street Journal, March 3, 2012. p. B7; "The Game Plan; How some people are saving for retirement--and what financial advisers think of those strategies" Wall Street Journal, March 12, 2012. p. R4.	Unit 5, Discussion 1: Review the primary readings for Unit Five, and then spend some time researching the tax treatment of life insurance in the Internal Revenue Code. Select from your readings and research one provision of the tax law that either provides an advantage for, or effectively imposes a penalty on, life insurance. Do not select a provision already selected by another student, and don't repeat the observations already made by another student. Briefly (in 300 words or less) offer a technical analysis of that specific provision, in support of your arguments as to why you believe that public policy would be better served if that advantage (or, that disadvantage) pertaining to life insurance were eliminated. Include a properly cited bibliography. Give a full analysis and explanation for your conclusion(s). Do not repeat another student's prior analysis. Due by 6:00 p.m. Unit 5, Discussion 1 (Reply): Provide a constructive and substantive reply to at least one other student's U5D1 analysis. Due by 11:00 p.m.	Quiz #5;
03/26/2012, Monday Unit Six, Part I: Post-Mortem Estate Planning Initial U6D1 Discussion posting and Fourth Digital DropBox are due at 6:00 p.m. on 03/26/2012. At least one response to another student's U5D1 discussion is due at 11:00 p.m.	Primary Readings: Carefully study Chapter 14 of the CCH text and the Postmortem Planning section of the Terms & Concepts in the Field Guide. Additional Required Reading: Kelly Greene, "WEEKEND INVESTOR --- The New Basics -- Family Value: The Rush to Avoid Gift Taxes --- How to Make Sure You Don't End Up With 'Donor's Remorse', Wall Street Journal, March 12, 2012. p. R4.	Unit 6, Discussion 1. As your discussion posting, provide your assigned research issue question along with your your current version of your Bibliography for your Research Paper. Remember to upload the same information in Word on the Digital DropBox. Unit 6, Discussion 1 (Reply): Provide at least one constructive and substantive reply in response to at least one other student's U6D1 submission.	Fourth Digital DropBox Assignment: Upload in Word your current version of your Bibliography for your Research Paper. Make sure it includes the minimum number of sources for each category as described on the Research Paper page of this syllabus. You will probably add more references to your Bibliography by the time you complete your paper, but at this point you should have at least the minimum required references in hand.
04/02/2012, Monday Unit Six, Part II: Administration of and Accounting for Trusts and Estates Initial Unit 6 Discussion, Fifth Digital DropBox Assignment and Quiz #6 are due at 6:00 p.m. on 04/02/2012. Discussion Board Unit 6 Replies are Due at 11:00 p.m. on 04/02/2012.	Primary Readings: Study the following court case opinions: In re Vogel, 2010 Mich. App. LEXIS 1004 (Mich. Ct. App. May 27, 2010); Leach v. Kleveland, 2010 Cal. App. Unpub. LEXIS 2095 (October 2009); Heinitsh v. Wachovia Bank, 192 N.C. App. 570, 665 S.E.2d 541, 2008 N.C. App. LEXIS 1618 (2008); In re Atkins, 2010 N.Y. Misc. LEXIS 3228, 243 N.Y.L.J. 61 (2010); In re Estate of Howard v. Howard, 2009 Tenn. App. LEXIS 474 (Tenn. Ct. App. July 22, 2009); Manson v. Shepherd, 188 Cal. App. 4th 1244, 2010 Cal. App. LEXIS 1719 (Cal. App. 6th Dist. 2010); Jimenez v. Jewish Fedn. of Palm Springs, 2010 Cal. App. Unpub. LEXIS 6153 (Cal. App. 4th Dist. Aug. 4, 2010); Matter of Manufacturers & Traders Trust Co. (David Small Trust), 66 A.D.3d 1377, 886 N.Y.S.2d 529, 2009 N.Y. App. Div. LEXIS 7127, 2009 NY Slip Op 6939 (N.Y. App. Div. 4th Dep't 2009). (Note: court case opinions can be found in the LexisNexis Academic Universe or the RIA Checkpoint databases at the Wayne State University Libraries. At the LexisNexis Academic Universe site, click on the Legal tab, then the Federal & State Cases link, and then enter the case name or citation. At the RIA site, click on the Cases link under the Find by Citation heading, and then enter the case name or citation.) Peruse Act 159 of 2004 of Michigan Statutes: Uniform Principal and Income Act ["UPIA"], MCL 555.501 - 555.100; Act 386 of 1998 of Michigan Statutes: Estates and Protected Individuals Code ["EPIC"], MCL 700.1101 - 700.8102. Additional Required Reading: Robin Sidel, "Global Finance: A Family Loses Its Faith in Trust, Wall Street Journal, Mar 22, 2012. p. C.3.	Unit 6, Discussion 2. As your discussion posting, write out your research issue question as assigned, along with an outline of your paper (that is, headings, subheadings, and sub-subheadings in outline form) and a draft of the last five paragraphs of your paper, in accordance with the instructions on the Research Paper page of the syllabus. Also upload the same information in Word onto the Digital DropBox. Unit 6, Discussion 2 (Reply): Provide at least one constructive and substantive reply in response to at least one other student's U6D2 submission.	Quiz # 6; Fifth Digital DropBox Assignment: Upload in Word an outline of your paper (that is, headings, subheadings, and sub-subheadings in outline form) your draft of the last five paragraphs of your research paper. Due at 11:00 pm
04/09/2012, Monday All Students: Survey # 2 and Sixth Digital DropBox assignment (all students). Due at 6:00 pm. Final Exam Part Three (for those students who did not already elect and do the online interview earlier in the term) is at 7:30 pm sharp (Room 103 Rands House, 5229 Cass Avenue Main Campus).	In-Person Part Three of the Final Exam. The third in-class (closed book, closed notes) 50-minute part of the final exam is worth 50 points and will take place on 04/09/2012 at 7:30 pm. sharp on Main Campus (Room 103 Rands House, 5229 Cass Avenue Main Campus). Bring pencils and a good eraser only, to the in-class part of the exam. All paper will be provided. This part of the exam will emphasize vocabulary and definitions, and may be in the form of a crossword puzzle. Optional Online Oral Exam. Instead of taking this in-person, closed book, closed notes written exam, students may have chosen to schedule a fifteen-minute (or so) online oral exam earlier in the term. This required the use of a web cam and headset. For information about this option, see the Exams page of this syllabus and the Online Technology and Skills page of this syllabus. Students who, for any reason, did not successfully schedule and take the optional online oral exam, are required to take the in-person closed book closed notes exam on 04/09/2012 at 7:30 p.m.	Unit 6, Discussion 3. As your discussion posting, upload your Research Presentation Handout as an attachment in the Discussion Board. Also upload the same information in Word onto the Digital DropBox. Unit 6, Discussion 3 (Reply): Provide at least one constructive and substantive reply in response to at least one other student's U6D3 submission.	Survey # 2 and Sixth Digital DropBox Assignment: Upload your Research Presentation Handout. Due at 6:00 pm
04/16/2012 In-Class Session at 7:30 pm On-Site on Main Campus (Room 103 Rands House, 5229 Cass Avenue Main Campus). -- or -- RPD1 video presentation is due online at 6:00 p.m. on 04/16/2012.	Research Presentations. Students who choose not to upload their video presentation must attend the in-class session, and should print and bring to class a dozen copies of their own Research Presentation Handout. This is the same handout that the student uploaded at his or her U6D3 discussion.	Research Presentation, Discussion 1. For those students who choose to upload their video presentation onto the Discussion Board, their five to ten minute presentation must be uploaded as an attachment to the RPD1 discussion thread by 6:00 p.m. The Subject line should indicate "Video Presentation by ________" with the student's name indicated. Research Presentation, Discussion 1 (Reply). For all students: Provide a constructive and substantive question in response least one other student's RPD1 video presentation. Due 04/17/2012, by 11:00 p.m. Select a student for whom a fewer number of questions have already been asked, so that you not "pile on" any one or two students. Research Presentation, Discussion 1 (Follow-Up). Only for those students who chose to upload their video presentation onto the Discussion Board: Provide a constructive and substantive follow-up or answer to at least one RPD1 Reply. Due 04/18/2012, by 11:00 p.m.
04/23/2012, Monday	*Final Research Paper* is due online due on or before 11:00 p.m. on 04/23/2012 on Blackboard: the electronic version in Word is uploaded on Blackboard using the Digital DropBox. Hard copy of the research paper is required in addition to the electronic version, and may be either faxed to (313) 577-2000, or delivered to the Department of Accounting office in 100 Rands House on Main Campus (see address above), as late as noon on 04/25/2012 ... so long as the electronic copy of the Word document computer file of the research paper has been previously Sent (i.e., uploaded) via the Student Drop Box on Blackboard no later than 11:00 p.m. on 04/23/2012. If you plan to fax your paper, do not ask for, and do not expect, a confirmation of the receipt of your fax; if you are unsure about sending a fax, choose another delivery method (e.g., hand delivery, Fedex, etc.). Also, if you plan to fax your paper, do not wait until the last minute to fax your paper, as the fax line will likely be busy and you will miss the deadline.
04/30/2012, Monday Final Exam Parts One and Two are due online at 11 pm.	Online Parts One and Two of Final Exam. All exams are cumulative. Date and Time: Part I ("multiple choice" portion) and Part II ("short essay" portion) of the *Final Exam* are due online on or before 11:00 p.m..on 04/30/2012. This exam is a "take-home" exam, available to the student at the Course Documents section of the Blackboard site for this course approximately 30 hours prior to the due date and time. The text of the short essay questions may be made available sooner for student review and preparation. Part One (the multiple choice/true false portion) is completed on Blackboard in the same manner as quizzes. Part Two (short essay) is also separately completed on Blackboard in approximately the same manner as quizzes, but using complete and proper sentences. Part One (multiple choice) must be completed in one sitting within one hour of the time Part One is started. Part Two (short essay) must be completed separately in one sitting (not in the same session as Part One), within one hour of the time Part Two is started. Part One is graded automatically on Blackboard; points for Part Two are posted within approximately one week.

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Please read this entire syllabus and its attachments, including:

Online Syllabus for ACC 7440 CRN 26317 Winter 2012
Blackboard - http://blackboard.wayne.edu/
Email Protocols Used in This Course
Discussion Board (Online Section)
Online Technology and Skills
How to Study for ACC 7440
Task Points (Online Section)
Quizzes and Surveys
Research Paper
Exams

*Only paid subscribers to the Wall Street Journal are able to "click through" to the article. Non-subscribers should plan to find their way to the assigned articles at a local public library, at one of the WSU libraries, or elsewhere. Students who obtain a student subscription to the paper edition of Wall Street Journal will automatically receive a subscription to the Wall Street Journal Interactive Edition and will be able to "click through" to the assigned Wall Street Journal articles to obtain copies. To obtain a student subscription to the paper edition, click here: On Page 1 of the subscription form, be sure to enter 482 as the first three digits of the Wayne State U. Zip code. On Part 2 of the online subscription form, be sure to enter ETHICS as the course for which you are using the Journal, and indicate Spalding, Albert as your referring professor.
**Subject to change slightly as the semester unfolds. Final grade is based on the student's total points divided by the final denominator as determined at the end of the semester.
†See How to Study for an Online Section of ACC 7440 for details. Lectures introducing each unit are made available on Blackboard at least four days prior to the due date for that unit.
† †Note: if you have trouble with some of the links on this page, try accessing this page from a campus computer, or by configuring your browser to the WSU proxy server.