Lecture Notes For McGraw-Hill's Taxation of Individuals and Business Entities 2021 Edition, 12th Edition

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Instructor’s Manual–McGraw-Hill’sTaxation,by Spilker et al.1-1Chapter 1An Introduction to TaxINSTRUCTOR’S MANUALLearning Objectives1-1.Demonstrate how taxes influence basic business, investment, personal, and political decisions.1-2.Discuss what constitutes a tax and the general objectives oftaxation.1-3.Describe the different tax rate structures and calculate a tax.1-4.Identify the various federal, state,and local taxes.1-5.Apply appropriate criteria to evaluate alternate taxsystems.Teaching SuggestionsThis chapter provides an overview of why taxes are important, what a taxis, how to calculate a tax,various tax rates and tax rate structures, different types of federal, state, and local taxes, and how toevaluate atax system.One intent of the chapter is to get students thinking about the pervasive influenceof taxes and thus why it is important for a business or accounting student to understand taxes.Discussinghow taxesaffectdecisions that they will face (buying a house, investing for retirement, etc.) is aneffective way topiquestudents’ interest.This chapter also provides an opportunity to motivate students by discussing the political importance oftaxes and the debateoveralternative tax systems.Throughout most of the chapter, you can tie the materialdiscussed back to the debateoveralternative tax systems.This is easily done in the section on evaluatingalternative tax systems and alternative tax ratestructuresbutmay also be done for other parts of the text.For example, when discussing how to calculate a tax, you can point out that once the tax base iscomputed, it is very easy to calculate virtually any tax.The difficulty is in determining the tax base. Theimplication of this understanding is that the tax rate structure (e.g., progressive versusproportional) haslittle effect on tax complexity.In teaching this chapter, the time that you spend in class will vary based on how much discussion that youwant to incorporate regarding evaluating tax systems and implicit taxes.Most of the concepts in thischapter are relatively straightforward, and thus, the chapter provides students with an introduction to taxwithout overwhelming them on the first day or so of class.This is particularly important if your studentshave some trepidation regarding their first tax course.Implicit tax is typically a difficult concept for students to understand.The text provides a good overviewof implicit tax.If you plan to cover implicit tax in some detail, you might alert students that this is adifficult concept and that they should be careful to get familiar with this discussion in the text prior toclass.

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