Income Tax II
Curriculum guideline
Lecture and/or Seminar: 1 X 3 hours per week OR 2 X 2hrs per week
Lectures, seminars and case analysis. All methods of instruction apply to in class, hybrid and/or online modes of learning.
- Treatment of Losses, Lifetime Capital Gains Deduction, Alternative Minimum Tax
- Taxable Income and Tax Payable for Corporations
- Taxation of Corporate Investment Income
- Other Issues in Corporate Taxation: acquisition of control, investment tax credits, tax basis shareholder's equity, distribution of corporate surplus
- Procedures and Administration as they apply to corporations and trusts
- Corporate Taxation and Management Decisions
- Rollovers under section 85
- Partnerships
- Trusts and Estate Planning
- International Issues in Taxation
- Goods and Services Tax and Harmonized Sales Tax
- Payroll remittances as well as Records of Employment
- Use of Tax Return Software
At the end of the course, the successful student should be able to:
- Demonstrate the use of tax law and procedures to solve various tax issues for individuals, corporations, partnerships and trusts;
- Demonstrate knowledge of special topics pertaining to individual and corporate taxation;
- Understand the structure of the Income Tax Act;
- Demonstrate how to obtain tax information to solve issues with regard to personal and corporate taxation;
- Understand the law and procedures that relate to GST and HST;
- Obtain a basic understanding of international taxation;
- Demonstrate the use of tax return software for individual and corporate tax returns.
Evaluation will be carried out in accordance with the Douglas College Evaluation Policy.
| Assignments &/or Tests &/or Tax Return Software Assignment AND Case Analysis | 30% |
| Midterm Examination | 30% |
| Final Examination | 40% |
| Total | 100% |
Students must write both the midterm examinations and the final examinations to pass the course.
To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.
Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
Required:
Clarence Byrd and Ida Chen. Canadian Tax Principles, Pearson Education Canada. Or other textbooks as approved by department.
OR other textbooks as approved by the Accounting department.
Resources provided by instructor
Corporate tax software as approved by the department & CRA.
Only Faculty of Commerce and Business approved calculators may be used in examinations.
Optional: Canadian Income Tax Act, latest edition. (Also used in ACCT 3370)
ACCT 3370 with a minimum grade of C