Institute for Financial Studies

CERTIFIED FINANCIAL PLANNER™ Certification Education Program

Income Tax Planning
FP IV - MED0103

Instructor

Michael S. Wallace, CFP^®

Mike is a CFP® certificant working for Bull and Bear Financial Advisors in Jacksonville. His work encompasses all areas of financial planning but he specializes in investment and retirement planning. Mike has had over 20 years experience in corporate finance, both as a corporate lender and as an investment banker. He is a member of the Jacksonville Chapter of the Financial Planning Association. He can be reached at the following number:

Cell: 904.382.6252

E-mail: msw8669@comcast.net

I. Course Description

This course introduces students to the application of income tax planning in personal financial planning. The course construct is based on the learning objectives specified by Certified Financial Planner Board of Standards, Inc. This course is designed to provide students with an understanding of the concepts of the fundamentals of income taxation, tax computations and concepts, tax planning, and hazards and penalties. This course is intended to be part of a preparatory program for the CFP® Certification Examination and is designed to meet the educational requirements for certification in income tax planning.

II. Grading

Your grade will be determined on the basis of points scored on a three-hour comprehensive final exam.

Letter grades will be based upon the following scale:

90 to 100		A
80 to 89		B
70 to 79		C
Below 70		F

III. Class Preparation and Attendance

Students are expected to have read all assigned materials prior to class in order to participate in classroom discussions. To receive credit for this course, you must attend at least 80 percent of the classes. Attendance at the final exam is mandatory. The instructor is to be notified before the exam begins if an extreme emergency arises and the student is unable to attend on the exam date. All make-up exams will be scheduled at the convenience of the Instructor.

IV. Textbooks and Required Material

Textbooks should be ordered by the student in sufficient time to read the first assignment prior to Session 1.

Click here for details on ordering required textbooks. If you have questions, please contact Melissa Chandler 904.381.3772, machandl@fccj.edu for further assistance.

Note: A Financial Calculator, HP-12C is also required for this course.

V. Class Schedule and Assignments

Session 1:	Introduction
Tools & Techniques:	Chapter 1. Income Tax Law Fundamentals
	Chapter 2. Tax Compliance
	Chapter 5. Credits
	Chapter 6. Imposition of Tax
Keir: Assignment 1.	Income Concepts, Basic Terminology, and Tax Calculation.
Session 2:	Gross Income
Tools & Techniques:	Chapter 3. Income
	Chapter 24. Timing of Income and Deductions
	Chapter 10. Accounting Methods
	Chapter 25. Conversion of Income
Keir: Assignment 6.	Income Tax Aspects of Securities
Session 3:	Deductions and Losses
Tools & Techniques:	Chapter 4. Deductions
Session 4:	Deductions and Losses
Tools & Techniques:	Chapter 16. Cost Recovery Concepts
	Chapter 19. Charitable Contributions and Deductions
	Chapter 28. Charitable Planning
Keir: Assignment7.	Tax Planning for the Family
Session 5:	Activity Loss Rules
Tools & Techniques:	Chapter 17. Passive Activity and At-Risk Rules
	Chapter 18. Alternative Minimum Taxation
	Chapter 26. Alternative Minimum Tax Planning
	Chapter 27. Stock Option Planning
Keir:	Assignment 5. Passive Activity Losses and Related Topics
Session 6:	Property Transactions
Tools & Techniques:	Chapter 20. Basis
	Chapter 21. Capital Gains and Losses
	Chapter 30. Like-Kind Exchanges
	Chapter 31. Planning for Sale or Exchange of Assets
Keir: Assignment 3.	Income Tax Aspects of Property Acquisitions and Introduction to Property Dispositions
Keir: Assignment 4.	Income Tax Aspects of the Disposition of Property
Session 7:	Business Formation
Tools & Techniques:	Chapter 11. Sole Proprietorships
	Chapter 12. Partnerships
	Chapter 13. C Corporations
	Chapter 14. S Corporations
	Chapter 15. Limited Liability Companies and Partnerships
Keir: Assignment 2.	Tax Accounting and Forms of Business
Session 8:	Accounting Methods and Business Forms (cont'd)
Session 9:	Cases and review test; terminology review
Session 10:	Examination, Income Tax Planning

Florida Community College at Jacksonville does not certify individuals to use the CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP(with flame logo)® certification marks. CFP certification is granted only by Certified Financial Planner Board of Standards Inc. to those persons who, in addition to completing an educational requirement such as this CFP Board-Registered Program, have met its ethics, experience and examination requirements.

Certified Financial Planner Board of Standards Inc. owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP (with flame logo)®, which it awards to individuals who successfully complete initial and ongoing certification requirements.