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by: Gerda Pacocha

TaxationofIndividuals ACC431

Gerda Pacocha
CSU Pomona
GPA 3.86


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Class Notes
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This 13 page Class Notes was uploaded by Gerda Pacocha on Saturday October 3, 2015. The Class Notes belongs to ACC431 at California State Polytechnic University taught by DavidRice in Fall. Since its upload, it has received 62 views. For similar materials see /class/218395/acc431-california-state-polytechnic-university in Accounting at California State Polytechnic University.


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Date Created: 10/03/15
CALIFORNIA STATE POLYTECHNIC UNIVERSITY POMONA College of Business Administration Accounting Department ACC 431 Introduction to Federal Taxation Spring 2011 PROFESSOR David L Rice JD LLM OFFICE HOURS MW 1200 am to 200 pm and T 910 am OFFICE TELEPHONE 909 8694597 OFFICE LOCATION Building 94251 CLASS NUMBER ACC 43101 CLASS ROOM CLASS HOURS MW 400 to 550 pm EMAIL DLRicecsup0m0naedu Reg uired Materials ACC 431 SouthWestern Federal Taxation Comprehensive Volume by Willis Hoffman Maloney amp Raabe Edition 2011 SouthWestem Cengage Learning 2010 You should buy the textbook bundled with the Alpia course You can purchase either through the Bronco Bookstore or on line which is cheaper through Aplia or Cengage If you already have the textbook you will need to also need to purchase APLIA for Taxation Printed Access Card This is mandatory for this course ALL CELL PHONES SHALL BE TURNED OFF AND THERE IS TO BE NO TEXTING IN CLASS EITHER ON YOUR CELL PHONE OR YOUR COMPUTER IF YOU VIOLATE THIS RULE YOU WILL BE ASKED TO LEAVE THE CLASS FOR THE WEEK AND YOU WILL NOT RECEIVE ANY CREDIT FOR ANY PROJECTS DUE THAT WEEK YOU MUST SIGN UP IN A GROUP NO LATER THAN THE END OF THE FIRST WEEK OF CLASSES IT IS FIRST COME FIRST SERVE NO MORE THAN 4 PEOPLE IN A GROUP Course Description Fundamental concepts of taxation with an emphasis on their application for tax planning for the largest sector of the economy sole proprietorships and employees Students should view this course as a study the law of federal taxation as it applies to individuals The following goals are intended Acc 43101 7 Introduction to Taxation Winter 2011 7 R1ce Page 1 Understanding the principles of Federal Taxation with particular emphasis in the areas of gross income exclusions from gross income deductions amp losses certain business expenses depreciation ie cost recovery amortization amp depreciation employee expenses selfemployment expenses itemized deductions passive activity losses amp personal amp dependency deductions Learning to conduct tax research both online amp in the library Learning to use the IRAC method of brie ng important tax cases amp to present a brief ofthe case to the class 0 To successfully identify amp research tax issues and prepare a memorandum Sharpen critical thinking skills in addressing client situations ie tax planning and Prepare IRS Form 1040 US Individual Income Tax Return including all related schedules amp forms Basic understanding of the Uni ed Federal Gift amp Estate Tax system as may be modi ed by Congress this year Expanded Course Description This course is the rst course in a two course series on Federal Taxation The twocourse sequence ACC 431 amp ACC 432 emphasizes the fundamentals of Federal Taxation learning effective tax research techniques brie ng critical landmark tax cases preparing a research paper which emphasizes critical thinking in the area of taxation and developing tax planning skills In addition to the broad objectives of this course are stated above I hope to accomplish the following 1 Identify the concepts principles and doctrines of federal taxation 2 Learn to research read and analyze the tax law 3 Understand and appreciate the responsibilities of a tax practitioner which includes a practitioner s ethical issues 4 Prepare research papers and business communications which meet the legal and ethical requirements of a tax practice 5 Sharpen critical thinking skills in addressing client situations 6 Learn a framework for tax planning The above objectives are accomplished by providing a learning environment which through the use of problems and group projects in addition to lectures will assist students to play an active role in 1 developing an understanding of the principles of federal taxation 2 properly reporting this information on the appropriate federal tax forms 3 researching important tax issues amp preparing a paper which re ects critical thinking in the are of federal taxation and 4 developing skills in the area of tax planning Acc 431 01 7 Introduction to Taxation Winter 2011 7 Rice Page 1 Course Conduct This course relies heavily on groupwork dynamics to present the course material To apply this approach during the rst week of classes you will form groups of 46 students in order to work together throughout the quarter If you wish you may choose your own group members or I will assign the group members for you Each group will be responsible for preparing a taX research project and a taX return project Be sure to get the phone number andor email addresses of your group members It is your responsibility to check with your group members to inquire about their meeting schedules Everyone on the team is responsible for the preparation and presentation of the group s projects Failure to work with your group will result in a grade of zero for the project unless your absence is justi ed e g documented sickness jury duty etc Student conduct amp Academic Dishonesty Academic integrity as defined by the university httpwwwcsupomonaedurjbergstrom201acaintehtml may lead to redoing the assignment receiving a failing or reduced grade for the course or being referred to the Directory of Judicial Affairs for University disciplinary action The above cited Website states The California State Polytechnic University Pomona from hereon known as The University is committed to maintaining academic integrity throughout the university community Academic dishonesty is a serious offense that can diminish the quality of scholarship the academic environment the academic reputation and the quality of a Cal Poly Pomona degree The following policy is intended to define clearly academic dishonesty at Cal Poly Pomona and to state the responsibility of students faculty and administrators relating to this subject All forms of academic dishonesty at Cal Poly Pomona are a violation of university policy and will be considered a serious offense Academic dishonesty includes but is not limited to i Plagiarism Plagiarism is intentionally or knowingly presenting words ideas or work of others as one39s own work Plagiarism includes copying homework copying lab reports copying computer programs using a work or portion of a work written or created by another but not crediting the source using one39s own work completed in a previous class for credit in another class without permission paraphrasing another39s work without giving credit and borrowing or using ideas without giving credit Cheating During Exams Exam cheating includes unauthorized quotcrib sheetsquot copying from another looking at another student39s exam opening books when not authorized obtaining advance copies of exams and having an exam regraded after making changes Exam cheating includes exams given during classes final exams and standardized tests such as the Graduate Writing Test and Math Diagnostic Test N Acc 431 01 7 Introduction to Taxation Winter 2011 7 Rice Page 1 3 Use of Unauthorized Study Aids This includes utilization of other39s computer programs or solutions copying a copyrighted computer program without permission using old lab reports having others perform one39s share of lab work and using any material prohibited by the instructor 4 Falsifying any University Document This includes falsifying signatures on university forms such as AddDrop and Withdrawal forms forging another student39s signature and falsifying prerequisite requirementsquot Note Professors at Cal Poly do not tolerate academic dishonesty Any student caught committing academic dishonesty will be referred to Judicial Affairs and receive the grade of no creditquot for the course Students NOT enrolled in the class may not enter the room during the exam period this practice will result in disciplinary action Group Projects All group and individual projects shall be posted to blackboard either in word format or pdf format for research projects and pdf format for tax returns If you fail to submit the project in this format it will NOT be graded Group Tax Research Assignments 110 Points You will also be responsible to prepare formal tax research papers on various topics which will be assigned to you during the quarter The report should an introduction section de ning and discussing the particular tax issue and should follow the IRAC method I lay out for you in class To prepare this section you should use proper references other than your textbook and provide a listing of those references eg books articles Internet sites etc at the end of your report on a page labeled Bibliography along with proper footnoting and citing I expect you to present all sides of the tax issue at hand while you maybe the taxpayers advocate you can t ignore the government s interest in the matter It may very well be that the government has the superior position and your paper should re ect this fact but this doesn t preclude you from come up with some creative arguments if you can support them I also expect you to comply with Circular 230 with respect to your research and indicate whether the taxpayer must disclose his position on a return If you see additional issues please raise them I would like you to use a combination of internet sources as well as the good old fashion libraries in our area 7 Cal Poly s Library 6Lh Floor Law Library at the Pomona Superior Courthouse check hours before going Western State Law School in Fullerton and University of La Verne Law Library in Ontario You are to cite sources that are deemed substantial authority Your writing assignment will be graded on the basis of both content and glarnmar and should be wordprocessed in Times New Roman Font size 12 doublespaced spell and grammar checked and in good writing style For help with your writing you may contact University Writing Center at 909869 5343 Acc 431 01 7 Introduction to Taxation Winter 2011 7 Rice Page 1 All written Group assignments which are graded activities must be posted to Blackboard It is your responsibility to con rm that your assignments are correctly posted Checking includes making sure you attached not only the assignment but the correct version of your assignment to your post Do not send your assignment to your faculty member s email address Post all assignments to Blackboard only If the Blackboard system is not working please call tech support and obtain a Ticket number then post your assignment when Blackboard is up and working You will not be penalized for late submission of the assignments with a valid Ticket number Grou Income Tax Assi ents 10 oints You will be required to prepare 3 Group Tax Return Projects You are to do these by hand and not with a computer program Group quot 39 39 39 Tax Return A 39 Handout 10 Points You will also be responsible for preparing at least one graded Federal Income Tax Return based upon information that the instructor will provide to you You can use TurboTax to prepare this income tax return You may want to supplement the return with a paper which explains the assumptions that you made in preparing the return LATE WORK Late work will not earn the full points possible Students will lose points at the rate of 10 percent per of the assignment s value per day per assignment Preparation You can use your group to pool the intellectual resources at your disposal in and outside of class Try to use this resource to prepare responses to assigned problems catch up on class work when forced to be absent from class or review for exams This should provide you with a network that you can contribute to as well as call upon when needed I strongly urge all of you to study in groups for exams Last minute computer failures or a problem with BlackBoard will not count as an acceptable excuse It is expected that you will arrive on class on time If you are late you will be given a designated place to sit for that class and it will be guaranteed that you will be called on during that class session In addition it is also expected that you have read the materials and have answered all of the questions in back of the textbook chapter for that class If I call on three people consecutively who are not prepared class will be immediately canceled for that day and you will be expected to learn the class material for that chapter on your own Acc 431 01 7 Introduction to Taxation Winter 2011 7 Rice Page 1 Attendance and Participation Attend class regularly and be on time Class attendance and participation are critical for an indepth understanding of accounting concepts If you fail to attend class do your homework on Aplia and get at least 50 correct on your homework assignments or you have not prepared for class and fail to participate you can lose up to 5 points off your grade Homework If you do not complete your homework on a timely basis you will loose points towards your nal grade You are expected to have read the chapter and have nished your homework on Alpia prior to the class lecture I will be checking to determine whether you nished your homework on a timely basis If you either fail to do your homework timely or if I call on you and you are not prepared one point will be deducted from your nal grade for each and every occurrence This is not a high school course and I expect to treat you as an adult As such it is my expectation that all of you will be prepared for class discussion If you fail to complete any homework assignment on a timely basis or fail to answer at least 40 of the questions on Aplia correctly you will loose 1 point off your nal grade for each assignment You are entitled to miss one Aplia graded homework assignment without the imposition of a penalty I will take into account personal emergencies on a case by case basis Professor Cancellation of Class If I must cancel class because of my own illness or emergency I will communicate the cancellation as soon as possible Via email and the course BlackBoard shell I will try to the best of my ability to have a sign posted on the classroom door I will provide readings or assignments through BlackBoard so that we may stay on course schedule as much as possible Grading The grade for this course will be awarded on the basis of your achievements in the following activities POINTS PERCENT Group Tax Research 10 100 Tax Returns 20 200 MidTerm Exam 30 300 Final Exam Total E M Upon completion of the quarter your course grade will be determined by using the following scale Acc 431 01 7 Introduction to Taxation Winter 2011 7 Rice Page 1 Subject to a 5 points loss due to homework assignments class attendance and participation Q PERCENTAGE POINTS Q PERCENTAGE POINTS A 937 100 93 C 72 7 769 72769 A 90 7 929 90929 0 719 7 70 70719 B 87 7 899 87899 D 67 7 699 67669 B 82 7 869 82869 D 62 7 669 62669 B 80 819 80819 D 607619 60619 0 77 7 799 77779 F Below 59 Below 599 Grade At the discretion of the instructor class participation class presentations individual research assignment and individual tax return maybe taken into consideration to better a student s nal grade In addition to the extent you have failed to do your homework timely or were not prepared for class appropriate points as discussed above will be deducted from your grade Final course grades are subject to curving at the discretion of the professor If a curve is used the instructor anticipates that a curve similar to the following will used A 10 15 B 20 25 C 50 D 10 F Although the Instructor does not anticipate issuing a grade of F the Instructor reserves the right to modify the curve as is necessary under the circumstances Final Examination Our Final Examination will tentatively cover all chapters and is cumulative The Final Examination is tentatively scheduled for Thursday June 7th from 350 pm 550 pm Acc 431 01 7 Introduction to Taxation Winter 2011 7 Rice Page 1 I will attempt to be in the classroom approximately 12 hour prior to the start of the examination ACC 431 Federal Taxation I Fall 2009 SCHEDULE OF READINGS HOMEWORK amp PRESENTATIONS Subject to Change Chapters Homework Problems Introduction amp Chapter 1 Lecture Chapter 26 amp Circular 230 and hypos for Circular 230 posted on Blackboard Chapter 1 Problems 6 14 17 21 23 2528 30 38 40 42 43 44 48 51 Chapter 26 Problems 2 6 9 10121617 20 21 22 23 25 27 31 33 43 45 Chapter 2 amp ResearchLibrary The researchlibrary has been video taped and is on BlackBoard under Resources Chapter 3 Lecture amp Lecture Problems Chapter 2 Problems 1 4 11 121417 23 25 26 32 33 36 1 3 4 5 81316 24 26 54 amp 55 and Group Research Problem 1 Chapter 3 Research Problem 1 to be turned in 3 points Chapter 3 continued Chapter 4 Lecture and Problems Chapter 3 Problems 28 30 34 37 38 44 45 47 53 Chapter 4 Problems 58 12 1415 20 21 23 25 28 29 31 37 38 4345 50 53 55 57 58 Chapter 4 Lecture amp Lecture Problems Chapter 5 Lecture amp Lecture Problems Group Tax Return Problem Due Chapter 4 Problem 59 5 Points Chapter 5 Problems 1 2 3 4 8 9 10 12 17 19 28 33 34 36 37 38 Week I Dates 1 3 28 3 30 2 44 4 6 3 41 1 41 3 4 41 8 420 5 4 25 427 Chapter 5 Lecture and problems Midtem Chapter 5 Problems 42 7 48 4950 56 58 and Group Research Problem 2 Chapter 5 Problem 2 2 points Acc 431 01 7 Introduction to Taxation Winter 2011 7 Rlce Page 1 6 52 Go Over Midterm amp Start Lecture on Chapter 6 Problems 45 10 Chapter 6 33 34 42 45 50 54 Chapter 6 Lecture amp Lecture Problems 531 581 601 61 8 Reseamh Problem 3 Chapter 6 Research Problem 1 2 points 7 59 Chapter 7 Lecture and Problems Chapter 7 Problems 4 11 13 17 20 28 29 Group Tax Return Problem 62 Chapter 6 to be turned in 5 points Chapter 7 Problems 34 37 5ll Lecture Problems 391 411 421 431 44 8 516 Chapter 8 Lecture 5 1115 16 18 22 33 36 37 45 47 55 63 518 Chapter 9 Chapter 9 Problems 2 68 13 17 20 22 26 31 34 9 523 Chapter 9 Chapter 9 Problems 45 36 40 4649 52 57 and Research Problem 4 Chapter 9 Research Problem 1 3 points 2 4 11 14 19 20 2223 525 ChapterlO and Problems 25 530 Holiday Group Individual Tax Return Handout Due prior 10 to class Must be posted in Blackboard 10 Points 6 1 Chapter 10 amp Review 67 FINAL EXAMINATION 350 to 550 pm Last Words I promise each of you that I will be prepared each class to teach you taxation By the same token I expect that each of you will be prepared by having prepared equally as well I can also promise you that this will be a great learning experience and that despite what you may have heard taxation it truly a very exciting eld for Acc 431 01 7 Introduction to Taxation Winter 2011 7 Rice Page 1 you not only to learn but to consider making it a lifetime career I have very high expectations for all my classes and this class will not be an exception I look forward to working with each of you this coming quarter and helping you in any way I can My of ce is always open to each of you and if necessary by appointment Best wishes for an engaging and exciting quarter Dr Rice Ace 431 01 7 Introduction to Taxation Winter 2011 7 Rice Page 1 Chapter 5 Fair market value of improvements made by a tenant to the landlord39s property should be included in landlord39s gross income Gifts Vountary transfer of property by one to another without adequate valuable consideration or compensation there from Must be made out ofaffection respect admiration charity or like impulses Any Gift made by an employee cannot be excluded as a gift and must be included in gross income Employee Death Benefits Payments to deceased employee39s surviving spouse children or other beneficiaries are included in income unless they meet the following criteria 1 Payments made to surviving spouse and children rather than to employee39s estate 2 The employer derived no benefit from the payments 3 The surviving spouse and children performed no services for the employer 4 The descendent had been fully compensated for services rendered 5 Payments were made following a general company policy of providing payments for families of deceased employees Life Insurance Proceeds Paid to the beneficiary because of the death of the insured are exempt from income tax Ifthe owner of life insurance policy cancels and receives the cash surrender value taxpayer must recognize gross income I Accelerated Death Benefits Person may receive life insurance proceeds without including into income if i Terminally ill is someone whom a medical doctor certifies as having an illness that is reasonably expected to cause death within 24 months ii Chronically ill is someone certified as being unable to perform without assistance certain activities of daily living I If life insurance is transferredfor valuable consideration the proceeds are includible in gross income unless A partner of the insured b A partnership in which the insured is a partner c A corporation in which the insured is an officer of shareholder d A transferee whose basis in the policy is determined by the reference to the transferor39s basis Scholarships They cannot qualify as gifts but are not compensation for services Peron receiving scholarship must be a candidate for a degree at an educational institution Amounts received for room and board are includible in gross income Timing The amount eligible for exclusion may not be known until money is received In that case the transaction is held open until the educational expense are paid Qualified Tuition Reduction Plans The plan may not discriminate in favor of highly compensated employee39s and is limited to undergraduate waivers A tuition substitute for cash compensation cannot be excluded Compensation for injuries and sickness I Personal Injury Any money received for injury related cases physical is excludable from income I Punitive Damages Are always included in gross income I Property Damage Not included in income unless expense was deducted Workers Compensation Worker39s compensation is not includable into gross income payments paid to employee who is injured on the job Accident and Insurance Benefits Benefits collected under an accident and health insurance policy are excludable if purchased by the taxpayer employee EmployerSponsored Accident and Health Plans Accident and health benefits disability insurance and longterm care the premiums are deductible by the employer and excluded from the employee39s income If the payments are for expenses that do not meet the code39s definition of medical care the amount received must be included in gross income nose job I Loss of the use of a member or function of the body or permanent disfigurement Any amount paid to employee for those reasons can exclude the amounts paid from income Medical Reimbursement Plans benefits received under a selfinsured plan can be excluded from the employee39s income if the plan does not discriminate in favor or highly compensated employee39s I Health Savings Account HSA Employee39s with high deductible plans can contribute each month to HSA up to the maximum contribution of 100 of the deductible amount Self coverage is limited to 112 of 3050 selfcoverage and 6150 Family coverage Long Term care insurance benefits Employee does not recognize income when the employer pays the premiums The exclusion from income is limited to the greater of the following 1 290 in 2010 for each day the patient receives the longterm care 2 The actual cost of care Any Amount received from 3rd party reduced the exclusion by amount received Meals and lodging The amounts provided to employee and employee39s spouse are excludible if 1 Mealslodging are furnished by the employer on the employer39s business premises for the convenience of the employer 2 The employee is required to accept the lodging as a condition ofemployment Partners are not considered employee39s Other Housing Exclusions 1 Employees of Educational Institutions may be able to exclude the value of campus housing provided by employer if heshe pays annual rents equal to or greater than 5 of the appraised value of the facility The difference if less than 5 is included in gross income 2 Ministers of the Gospel May exclude l rental value of a home furnished as compensation Z a rental allowance paid to them as compensation to the extent the allowance is used to rent or provide a home or 3 the rental value of a home owned by the minister 3 Military Personnel They are allowed housing exclusions under various circumstances Other mployee Fringe Benefits Following are excludable I Value of child and dependent care services paid for by the employee and incurred to enable the employee to work came mustbe by empmyee s andfam y members Quah ed emp nyerrpmwded educatmna assmance cemng msszsu rt 39 m and m r mam umaxame 39 H w r w mans sumo Bene t 39 Covsmge Allowed Disaimlnz on L Nuraddmunakost r r r r39 A rld39 N A serwces he emp oyer39s excess apamy envp oyees1heiv spnuses campensamd 29 flee passascaramina and dapundankh dmn employnus smalayaasp spousa ofdemased employeesranasuars lreaied as emproyses z QuaHhed dismunts Theemp uyeelinllowed m Same as m abuve Same as m above an gaaas punhasamaampxayers menhandiseatap ematisnm esslh an we emp oyev39scon 3 QuaH ed discoums m emplaye isaHawed a Same asmabeve Same as 1abuve an SanK125 dismunumaximum cum on serviceuhe emplayal oNers to customers a Wurkmgmndmon Expensaspawd hymcamplayer cunememproyess pannevs Nee ea fringes hatwauld ha daduqibleiv dwanors and Independent paid hythe ampoyeeag a mmranurs w mechanic39s mob Also indudasautosa espersnn39susa prasamalavarsaiu 5 Demmimisitams Expensamrmmatenahhat Anyreupienfofafrlnge Noeffen acmummg Iarmem is no benem wavranted e 9 occasional suppEl money pelsonal use of me mpy mazhine a Quahhed franspmtation benefnspmvmea Cunentemp uyees Nu mm mnsponaxion byKhe employerm emp oyees hinges indudingwmmmmglna cammulerhighwayvehidea transit pass quahned parking and quamied bioI ummu ng 391 Quah ed rummg Qualified muvmg expensesma Cunent empmyzzs No e aa expen a spam ormimbuvszd bythe reimbursemems employer Aqualmed moving 9 ensavionemmwuuld be dz mm ndar 2 a Quawed Quah edrenrememplanning Cunememp oveesand Same asmabove rewemenl semicesthawre wowed by spnuses wanmng services he emmoyer 39 rmfr Mun amemfmefaunwsng A Bane Me resment unhecmagn country or cmmmes Frmamdnr n a spouse n q a y x mm y mg da 5 Ke ihzan extlude 91 SOONhuHGDIC sz aw Asunie Hmezd max any 335 daysweK nua iMr g days Then Kelth39sexdusion I hmlte 83930currpLxedastHDws39 2353 vs n re n um 39mm 3 7 9 m Vdauan ES dzys m the year m m n m n m m a w Dividends as u pay quah ed hxgher educatmn expenses BandsarexssuedafterDecember311989 Qualified Tuition Programs The amounts contributed must be used for higher education expenses These expenses include tuition fees books supplies room and board and equipment required for enrollment or attendance at a college university or certain vocational schools Tax Benefit Rule No income is recognized upon the recovery of a deduction or the portion of the deduction that did not yield a tax benefit in the year it was taken Income from Discharge of indebtedness Forgiveness of debt realizes income to the person who was supposed to pay it 534 Special treatment is allowed for following situations 1 P quotUquotJgtE quot Creditor39s gifts Discharges under Federal bankruptcy law Discharges that occur when debtor is insolvent Discharge of the farm debt of a solvent taxpayer Discharge of qualified real property business indebtedness A seller39s cancellation of the buyer39s indebtedness Forgiveness of certain loans to students Discharge of indebtedness on the taxpayer39s principal residence that occurs between January 1 2007 and January 1 2013 and is the result of the financial condition of the debtor If the creditor reduces the debt as an act of love affection or generosity the debtor has simply received a nontaxable gift rarely will a gift be found in a business context 535


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