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South-Western Federal Taxation 2021: Comprehensive (with Intuit ProConnect Tax Online & RIA Checkpointļæ½, 1 term Printed Access Card) 44th edition [Multiple-component retail product]

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James Young (Northern Illinois University), Annette Nellen (San José State University), Mark Persellin (St. Marys University), David Maloney (University of Virginia)

Formaat: Multiple-component retail product, 1504 pages, kõrgus x laius x paksus: 55x223x281 mm, kaal: 3129 g, Contains 1 Hardback and 1 Digital online
Ilmumisaeg: 04-Jun-2020
Kirjastus: South-Western College Publishing
ISBN-10: 0357359313
ISBN-13: 9780357359310

Teised raamatud teemal:

Public finance
Education - (Hetkel poes: 39 nimetust)

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Formaat: Multiple-component retail product, 1504 pages, kõrgus x laius x paksus: 55x223x281 mm, kaal: 3129 g, Contains 1 Hardback and 1 Digital online
Ilmumisaeg: 04-Jun-2020
Kirjastus: South-Western College Publishing
ISBN-10: 0357359313
ISBN-13: 9780357359310

Teised raamatud teemal:

Public finance
Education - (Hetkel poes: 39 nimetust)

Püsilink: https://www.kriso.ee/db/9780357359310.html

Gain a thorough understanding of today's tax concepts and current tax law with SOUTH-WESTERN FEDERAL TAXATION 2021: COMPREHENSIVE, 44E and accompanying professional tax software. This reader-friendly presentation emphasizes the latest tax law and recent changes impacting individuals, corporations, partnerships, estates and trusts and financial statements. You examine tax law changes as recent as 2020 with complete coverage of the Tax Cuts and Jobs Act of 2017 and related guidance from the Treasury Department. Clear examples, summaries and tax scenarios clarify concepts and sharpen your critical-thinking, writing and research skills. Each new book includes instant access to Intuit ProConnect tax software, Checkpoint (Student Edition) from Thomson Reuters, CengageNOWv2 online homework solution and MindTap Reader. Discover how an understanding of today's taxes can benefit you as you prepare for the C.P.A. or the Enrolled Agent exam or pursue a career in tax accounting, financial reporting or auditing.

Part 1 Introduction and Basic Tax Model

Chapter 1 An Introduction To Taxation And Understanding The Federaltax Law

(1)

The Big Picture: Family and Taxes--A Typical Year

(1)

Approaching The Study Of Taxation

(1)

What Is Taxation?

(1)

Taxation in Our Lives

(1)

The Relevance of Taxation to Accounting and Finance Professionals

(1)

How to Study Taxation

(1)

A Brief History Of U.S.Taxation

(1)

Early Periods

(1)

Concept Summary: Individuals and Taxes

(1)

Revenue Acts

(1)

Trends

(1)

Tax System Design

(1)

Legal Foundation

(1)

The Basic Tax Formula

(1)

Tax Principles

(1)

Major Types Of Taxes

(2)

Property Taxes

(1)

Transaction Taxes

(1)

Ethics & Equity: Making Good Use of Out-of-State Relatives

(1)

Taxes on Transfers at Death

(1)

Gift Taxes

(1)

Income Taxes

(2)

Employment Taxes

(1)

Other U.S. Taxes

(1)

Concept Summary: Overview of Taxes in the United States

(1)

Proposed U.S. Taxes

(1)

Global Tax Issues: VAT in USA?

(1)

Tax Administration

(1)

Internal Revenue Service

(1)

The Audit Process

(3)

Statute of Limitations

(1)

Interest and Penalties

(1)

Tax Practice

(1)

Global Tax Issues: Outsourcing of Tax Return Preparation

(1)

Understanding The Federal Tax Law

(1)

Revenue Needs

(1)

Economic Considerations

(1)

Social Considerations

(1)

Equity Considerations

(2)

Political Considerations

(1)

Influence of the Internal Revenue Service

(1)

Influence of the Courts

(1)

Summary

(1)

Refocus on the Big Picture: Family and Taxes--?A Typical Year

Chapter 2 Working With The Tax Law

(1)

The Big Picture: Importance of Tax Research

(1)

Tax Sources

(1)

Statutory Sources of the Tax Law

(4)

Administrative Sources of the Tax Law

(1)

Ethics & Equity: Reporting Tax Fraud

(3)

Judicial Sources of the Tax Law

(2)

Concept Summary: Federal Judicial System: Trial Courts

(3)

Concept Summary: Judicial Sources

(2)

Other Sources of the Tax Law

(1)

Working With The Tax Law-Tax Research Tools

(1)

Commercial Tax Services

(1)

Using Electronic (Online) Tax Services

(1)

Noncommercial Electronic (Online) Tax Services

(1)

Working With The Tax Law-Tax Research

(2)

Identifying the Problem

(1)

Refining the Problem

(1)

Locating the Appropriate Tax Law Sources

(1)

Assessing the Validity of Tax Law Sources

(2)

Arriving at the Solution or at Alternative Solutions

(1)

Financial Disclosure Insights: Where Does GAAP Come From?

(1)

Communicating Tax Research

(2)

Working With The Tax Law-Tax Planning

(1)

Nontax Considerations

(1)

Components of Tax Planning

(1)

Tax Avoidance and Tax Evasion

(1)

Follow-Up Procedures

(1)

Tax Planning

(1)

Taxation On The Cpa Examination

(1)

Preparation Blueprints

(1)

Regulation Section

Chapter 3 Computing The Tax

(1)

The Big Picture: A Divided Household

(1)

Tax Formula

(1)

Components of the Tax Formula

(1)

Concept Summary: Tax Formula for Individuals

(2)

Global Tax Issues: Citizenship Is Not Tax-Free

(1)

Standard Deduction

(3)

Application of the Tax Formula

(1)

Exemptions

(1)

Dependents

(1)

Qualifying Child

(2)

Qualifying Relative

(3)

Other Rules for Determining Dependents

(1)

Comparison of Dependent Categories

(1)

Concept Summary: Tests to Identify a Dependent

(1)

Child and Dependent Tax Credits

(2)

Filing The Return

(1)

Filing Status

(3)

Ethics & Equity: Abandoned Spouse?

(1)

Filing the Return

(2)

Global Tax Issues: Tracking Down Tax Dollars

(1)

Tax Computations

(1)

Tax Rates

(1)

Tax Table Method

(1)

Tax Rate Schedule Method

(1)

Computation of Net Taxes Payable or Refund Due

(1)

Kiddie Tax--Unearned Income of Dependent Children

(2)

Gains And Losses From Property Transactions--In General

(1)

Gains And Losses From Property Transactions--Capital Gains And Losses

(1)

Capital Assets

(1)

Taxation of Net Capital Gain

(1)

Determination of Net Capital Gain

(1)

Treatment of Net Capital Loss

(1)

Taxation of Virtual Currency

(1)

Tax Planning

(1)

Optimizing the Use of the Standard Deduction

(1)

Taking Advantage of Tax Rate Differentials

(1)

Unearned Income of Children

(1)

Refocus on the Big Picture: A Divided Household

Part 2 Gross Income

Chapter 4 Gross Income: Concepts And Inclusions

(1)

The Big Picture: Calculation of Gross Income

(2)

Global Tax Issues: From "All Sources" Is a Broad Definition

(1)

Gross Income

(1)

Definition

(1)

Recovery of Capital Doctrine

(1)

Economic and Accounting Concepts of Income

(1)

Financial Accounting Income versus Taxable Income

(1)

Form of Receipt

(1)

Timing Of Income Recognition

(1)

Taxable Year

(1)

Accounting Methods

(3)

Special Rules Applicable to Cash Basis Taxpayers

(2)

Ethics & Equity: Should the Tax Treatment of Government Bonds and Corporate Bonds Be Different?

(1)

Exceptions Applicable to Accrual Basis Taxpayers

(1)

General Sources Of Income And To Whom They Are Taxed

(1)

Personal Services

(1)

Income from Property

(3)

Income Received by an Agent

(1)

Income from Partnerships, S Corporations, Trusts, and Estates

(1)

Concept Summary: Taxation of Income and Distributions

(1)

Income in Community Property States

(2)

Items Specifically Included In Gross Income

(1)

Alimony and Separate Maintenance Payments

(2)

Concept Summary: Tax Treatment of Payments and Transfers Pursuant to Divorce Agreements and Decrees

(1)

Imputed Interest on Below-Market Loans

(1)

Concept Summary: Effect of Certain Below-Market Loans on the Lender and Borrower

(2)

Concept Summary: Exceptions to the Imputed Interest Rules for Below-Market Loans

(1)

Ethics & Equity: Taxing "Made-Up" Income

(1)

Income from Annuities

(3)

Prizes and Awards

(1)

Unemployment Compensation

(1)

Social Security Benefits

(1)

Income Earned from Foreign Bank and Financial Accounts and FBAR Rules

(1)

Tax Planning

(1)

Minimize Income Included in Gross Income

(1)

Tax Deferral

(2)

Shifting Income to Other Taxpayers

(1)

Refocus on the Big Picture: Calculation of Gross Income

Chapter 5 Gross Income: Exclusions

(1)

The Big Picture: Exclusions

(1)

Statutory Authority

(1)

Gifts And Inheritances

(1)

Legislative Intent

(1)

Employer Payments to Employees

(1)

Employee Death Benefits

(1)

Life Insurance Proceeds

(1)

General Rule

(1)

Accelerated Death Benefits

(1)

Ethics & Equity: Should the Terminally III Pay Social Security Taxes?

(1)

Transfer for Valuable Consideration

(1)

Scholarships

(1)

General Information

(1)

Timing Issues

(1)

Compensation For Injuries And Sickness

(1)

Damages

(1)

Ethics & Equity: Tax Treatment of Damages Not Related to Physical Personal Injury

(1)

Concept Summary: Taxation of Damages

(1)

Ethics & Equity: Classifying the Amount of the Claim

(1)

Wrongful Incarceration

(1)

Workers' Compensation

(1)

Accident and Health Insurance Benefits

(1)

Employer-Sponsored Accident And Health Plans

(1)

Medical Reimbursement Plans

(1)

Long-Term Care Insurance Benefits

(1)

Meals And Lodging

(1)

General Rules for the Exclusion

(1)

Other Housing Exclusions

(1)

Employee Fringe Benefits

(1)

Specific Benefits

(1)

Cafeteria Plans

(1)

Flexible Spending Plans

(1)

General Classes of Excluded Benefits

(4)

Ethics & Equity: Fringe Benefits

(1)

Group Term Life Insurance

(1)

Foreign Earned Income

(1)

Concept Summary: Employee Fringe Benefits

(1)

Global Tax Issues: Benefits of the Earned Income Exclusion Are Questioned

(1)

Interest On Certain State And Local Government Obligations

(1)

Corporate Distributions To Shareholders

(1)

General Information

(1)

Stock Dividends

(1)

Educational Savings Bonds

(1)

Education Savings Programs (§ 529 § And 530 PLANS)

(1)

Qualified Tuition Program

(1)

Coverdell Education Savings Account

(1)

Qualified Able Programs (§ 529A Plans)

(1)

Tax Benefit Rule

(2)

Income From Discharge Of Indebtedness

(1)

Tax Planning

(1)

Life Insurance

(1)

Employee Fringe Benefits

(1)

Investment Income

(1)

Refocus on the Big Picture: Exclusions

Part 3 Deductions and Credits

Chapter 6 Deductions And Losses: In General

(1)

The Big Picture: Calculation of Deductible Expenses

(1)

Classification Of Deductible Expenses

(1)

Classifying Deductions

(1)

Authority for Deductions

(2)

Deduction Criteria for § 162 and § 212

(1)

Personal Expenses

(1)

Business and Nonbusiness Losses

(1)

Deduction for Qualified Business Income

(1)

Reporting Procedures

(1)

Deductions And Losses--Timing Of Expense Recognition

(1)

Importance of Taxpayer's Method of Accounting

(1)

Cash Method Requirements

(1)

Accrual Method Requirements

(2)

Prepaid Expenses--The "12-Month Rule"

(1)

Time Value of Tax Deductions

(1)

Disallowance Possibilities

(1)

Public Policy Limitation

(1)

Global Tax Issues: Overseas Gun Sales Result in Larae Fines

(1)

Ethics & Equity: State Allowed Marijuana Activity: Do Regular Business Deduction Rules Apply (or Those for Drug Dealers)?

(1)

Political Contributions and Lobbying Activities

(1)

Excessive Executive Compensation

(1)

Investigation of a Business

(1)

Concept Summary: Costs of Investigating a Business

(1)

Hobby Losses

(2)

Concept Summary: Common Questions from the IRS Concerning Hobbies/Businesses with Losses

(1)

Rental of Vacation Homes

(1)

Concept Summary: Vacation/Rental Home

(3)

Expenditures Incurred for Taxpayer's Benefit or Taxpayer's Obligation

(1)

Disallowance of Personal Expenditures

(1)

Ethics & Equity: Personal or Business Expenses?

(1)

Disallowance of Deductions for Capital Expenditures

(2)

Transactions between Related Parties

(1)

Substantiation Requirements

(1)

Expenses and Interest Relating to Tax-Exempt Income

(1)

Other Disallowances

(1)

Tax Planning

(1)

Vacation Homes

(1)

Concept Summary: Classification of Expenses

(1)

Hobby Losses

(1)

Do Deduction Limits Affect Executive Compensation?

(1)

Refocus on the Big Picture: Calculation of Deductible Business Expenses and Tax Planning

Chapter 7 Deductions And Losses: Certain Business Expenses And Losses

(1)

The Big Picture: Losses

(1)

Bad Debts

(1)

Specific Charge-Off Method

(1)

Concept Summary: The Tax Treatment of Bad Debts Using the Specific Charge-Off Method

(1)

Business versus Nonbusiness Bad Debts

(1)

Loans between Related Parties

(1)

Concept Summary: Bad Debt Deductions

(1)

Worthless Securities And Small Business Stock Losses

(1)

Worthless Securities

(1)

Small Business Stock (§ 1244 Stock) Losses

(1)

Losses Of Individuals

(1)

Events That Are Not Casualties

(1)

Theft Losses

(1)

When to Deduct Casualty Losses

(1)

Measuring the Amount of Loss

(1)

Ethics & Equity: Is Policy Cancellation an Escape Hatch?

(2)

Personal Casualty Gains and Losses

(2)

Concept Summary: Casualty Gains and Losses

(1)

Statutory Framework for Deducting Losses of Individuals

(1)

Concept Summary: Statutory Framework for Deducting Losses of Individuals

(1)

Research And Experimental Expenditures

(1)

Expense Method

(1)

Deferral and Amortization Method

(1)

Excess Business Losses

(1)

Excess Business Loss Defined

(1)

Losses from Partnerships or S Corporations

(1)

Other Rules

(1)

Net Operating Losses

(1)

General Rules

(1)

Tax Planning

(1)

Small Business Stock (§ 1244 Stock) Losses

(1)

Casualty Losses

(1)

Refocus on the Big Picture: Losses

Chapter 8 Depreciation, Cost Recovery, Amortization, And Depletion

(1)

The Big Picture: Calculating Cost Recovery Deductions

(1)

Depreciation and cost recovery

(1)

Nature of Property

(1)

Placed in Service Requirement

(1)

Cost Recovery Allowed or Allowable

(1)

Cost Recovery Basis for Personal Use Assets Converted to Business or Income-Producing Use

(1)

Modified Accelerated Cost Recovery System (Macrs): General Rules

(1)

Concept Summary: MACRS: Class Lives, Methods, and Conventions

(1)

Personalty (and Certain Realty): Recovery Periods and Methods

(1)

Financial Disclosure Insights: Tax and Book Depreciation

(1)

Concept Summary: MACRS Conventions (by Property Type)

(3)

Concept Summary: Straight-Line Cost Recovery under MACRS (Personalty vs. Realty)

(1)

Realty: Recovery Periods and Methods

(1)

Modified Accelerated Cost Recovery System (Macrs): Special Rules

(1)

Election to Expense Assets (§ 179)

(169)

Ethics & Equity: Section 179 Limitation

(1)

Additional First-Year Depreciation (Bonus Depreciation)

(1)

Using § 179 and Bonus Depreciation Effectively

(2)

Concept Summary: Using § 179 and Bonus Depreciation in 2020

(1)

Business and Personal Use of Automobiles and Other Listed Property

(5)

Alternative Depreciation System (ADS)

(1)

Reporting Procedures

(1)

Amortization

(3)

Depletion

(1)

Intangible Drilling and Development Costs (IDCs)

(1)

Depletion Methods

(2)

Tax Planning

(1)

Cost Recovery

(1)

Amortization

(1)

Cost Recovery Tables

(4)

Refocus on the Big Picture: Calculating Cost Recovery Deductions

Chapter 9 Deductions: Employee And Self-Employed-Related Expenses

(1)

The Big Picture: The First Job

(1)

Employee Versus Independent Contractor

(2)

Concept Summary: Employee versus Independent Contractor

(1)

Self-Employed And Employee-Related Expenses--In General

(1)

Transportation Expenses

(1)

Qualified Expenses

(1)

Computation of Automobile Expenses

(3)

Travel Expenses

(1)

Definition of Travel Expenses

(1)

Away-from-Home Requirement

(1)

Restrictions on Travel Expenses

(1)

Combined Business and Pleasure Travel

(2)

Education Expenses

(1)

General Requirements

(1)

Legal Requirements to Keep a Job

(1)

Maintaining or Improving Existing Skills

(1)

Concept Summary: Conditions for Deducting Regular Education Expenses

(1)

What Expenses Are Allowed?

(1)

Deduction for Qualified Tuition and Related Expenses

(1)

Other Provisions Dealing with Education

(1)

Concept Summary: Tax Consequences of Provisions Dealing with Education

(1)

Other Business Expenses

(1)

Office in the Home

(4)

Moving Expenses

(1)

Entertainment and Meal Expenses

(1)

Ethics & Equity: Your Turn or Mine?

(1)

Miscellaneous Employee Expenses

(1)

Contributions To Retirement Accounts

(1)

§ 401 (k) Plans

(1)

Individual Retirement Accounts (IRAs)

(1)

General Rules

(3)

Taxation of Benefits

(1)

Rollovers and Conversions

(1)

Concept Summary: Comparison of IRAs

(1)

Retirement Plans For Self-Employed Individuals

(1)

Keogh (H.R. 10) Plans

(1)

Solo § 401 (k) Plans

(1)

Savings Incentive Match Plan for Employees (SIMPLE Plans)

(1)

Simplified Employee Pension Plans (SEPs)

(1)

Classification Of Employee Expenses

(1)

Accountable Plans

(1)

Nonaccountable Plans

(1)

Limitations On Itemized Deductions

(1)

Miscellaneous Itemized Deductions Subject to the 2%-of-AGI Floor

(1)

Miscellaneous Itemized Deductions Not Subject to the 2%-of-AGI Floor

(1)

Tax Planning

(1)

Employment Status

(1)

Implications of Misclassifying Workers

(1)

Transportation and Travel Expenses

(1)

Education Expenses

(1)

Refocus on the Big Picture: The First Job

Chapter 10 Deductions And Losses: Certain Itemized Deductions

(1)

The Big Picture: Impact of Itemized Deductions on Major Purchases

(2)

Medical Expenses

(1)

Medical Expenses Defined

(1)

Capital Expenditures for Medical Purposes

(1)

Medical Expenses Incurred for Spouse and Dependents

(1)

Transportation, Meal, and Lodging Expenses for Medical Treatment

(1)

Amounts Paid for Medical Insurance Premiums

(1)

Year of Deduction

(1)

Reimbursements

(1)

Health Savings Accounts

(2)

Affordable Care Act Provisions

(1)

Taxes

(1)

Deductibility as a Tax

(1)

Property Taxes

(2)

State and Local Income Taxes and Sales Taxes

(1)

Interest

(1)

Allowed and Disallowed Items

(3)

Restrictions on Deductibility and Timing Considerations

(1)

Classification of Interest Expense

(1)

Concept Summary: Deductibility of Personal, Student Loan, Mortgage, and Investment Interest

(1)

Charitable Contributions

(1)

Criteria for a Gift

(2)

Qualified Organizations

(1)

Ethics & Equity: An Indirect Route to a Contribution Deduction

(1)

Time of Deduction

(1)

Record-Keeping and Valuation Requirements

(1)

Concept Summary: Documentation and Substantiation Requirements for Charitable Contributions

(1)

Global Tax Issues: Choose the Charity Wisely

(1)

Limitations on Charitable Contribution Deduction

(3)

Concept Summary: Determining the Deduction for Contributions of Appreciated Property by Individuals

(1)

Timing Of Payments To Maximize Deductions

(1)

Other Itemized Deductions

(1)

Comprehensive Example Of Schedule A

(2)

Tax Planning

(1)

Maximizing the Medical Deduction

(1)

Ensuring the Charitable Contribution Deduction

(2)

Planning to Avoid Nondeductible Treatment

(1)

Refocus on the Big Picture: Impact of Itemized Deductions on Major Purchases

Chapter 11 Investor Losses

(1)

The Big Picture: Investor Loss Limitations Affect the Viability of Certain Investment Opportunities

(1)

The Tax Shelter Problem

(2)

At-Risk Limits

(1)

Concept Summary: Calculation of At-Risk Amount

(1)

Passive Activity Loss Limits

(1)

Classification and Impact of Passive Activity Income and Losses

(4)

Taxpayers Subject to the Passive Activity Loss Rules

(1)

Rules for Determining Passive Activities

(4)

Concept Summary: Tests to Determine Material Participation

(1)

Interaction of the At-Risk and Passive Activity Loss Limits

(1)

Special Passive Activity Rules for Real Estate Activities

(1)

Concept Summary: Treatment of Losses Subject to the At-Risk and Passive Activity Loss Limitations

(1)

Ethics & Equity: Punching the Time Clock at Year-End

(2)

Dispositions of Passive Interests

(1)

Investment Interest Limitation

(1)

Limitation Imposed

(1)

Concept Summary: Passive Activity Loss Rules: Key Issues and Answers

(1)

Computation of Allowable Deduction

(1)

Other Investment Losses

(1)

Concept Summary: Common Investment Loss Limitation Rules

(1)

Tax Planning

(1)

Using Passive Activity Losses

(2)

Planning with the Investment Interest Limitation

(1)

Effect of the Additional Tax on Net Investment Income

(1)

Refocus on the Big Picture: Investor Loss Limitations Affect the Viability of Certain Investment Opportunities

Chapter 12 ?Tax Credits And Payments

(1)

The Big Picture: Education Tax Credits

(2)

Tax Policy Considerations

(1)

Tax Credits

(1)

Refundable versus Nonrefundable Credits

(2)

General Business Credit

(1)

Treatment of Unused General Business Credits

(1)

Specific Business-Related Tax Credits

(1)

Tax Credit for Rehabilitation Expenditures

(1)

Ethics & Equity: The Rehabilitation Tax Credit

(1)

Work Opportunity Tax Credit

(1)

Credit for Increasing Research Activities

(1)

Low-Income Housing Credit

(1)

Disabled Access Credit

(1)

Credit for Small Employer Pension Plan Startup Costs

(1)

Credit for Employer-Provided Child Care

(1)

Credit for Employer-Provided Family and Medical Leave

(1)

Other Tax Credits

(1)

Earned Income Credit

(1)

Ethics & Equity: Holding on to the Earned Income Credit with the Aid of a Transient Child

(1)

Foreign Tax Credit

(1)

Global Tax Issues: Sourcing Income in Cyberspace--?Getting It Right When Calculating the Foreign Tax Credit

(1)

Childand Dependent Tax Credits

(1)

Credit for Child and Dependent Care Expenses

(2)

Education Tax Credits

(1)

Ethics & Equity: Is This the Right Way to Use the Credit for Child and Dependent Care Expenses?

(2)

Energy Credits

(1)

Credit for Certain Retirement Plan Contributions

(1)

Tax Payments

(1)

Concept Summary: Major Tax Credits

(2)

Payments by Employers

(1)

Payments by Self-Employed Persons

(2)

Affordable Care Act Provisions

(1)

Alternative Minimum Tax

(2)

Tax Planning

(1)

Credit for Child and Dependent Care Expenses

(1)

Refocus on the Big Picture: Education Tax Credits

Part 4 Property Transactions

Chapter 13 Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

(1)

The Big Picture: Sale or Gift of Inherited House and Other Property Transactions

(1)

Determination Of Gain Or Loss

(1)

Realized Gain or Loss

(1)

Concept Summary: Realized Gain or Loss

(5)

Recognized Gain or Loss

(1)

Concept Summary: Realized and Recognized Gain or Loss

(1)

Nonrecognition of Gain or Loss

(1)

Basis Considerations

(1)

Determination of Cost Basis

(2)

Gift Basis

(2)

Inherited Property

(2)

Disallowed Losses

(2)

Concept Summary: Wash Sale Rules

(1)

Ethics & Equity: Washing a Loss Using an IRA

(1)

Conversion of Property from Personal Use to Business or Income-Producing Use

(1)

Summary of Basis Adjustments

(1)

Concept Summary: Adjustments to Basis

(1)

Nontaxable Exchanges

(1)

Like-Kind Exchanges--§1031

(1)

Like-Kind Property

(1)

Exchange Requirement

(1)

Concept Summary: Delayed § 1031 Exchange

(1)

Boot

(1)

Basis and Holding Period of Property Received

(3)

Reporting Considerations

(1)

Involuntary Conversions--§ 1033

(2)

Involuntary Conversion Defined

(1)

Computing the Amount Realized

(1)

Replacement Property

(1)

Concept Summary: Involuntary Conversions: Replacement Property Tests

(1)

Time Limitation on Replacement

(1)

Nonrecognition of Gain

(1)

Reporting Considerations

(1)

Sale Of A Residence--§121

(1)

Principal Residence

(1)

Requirements for Exclusion Treatment

(2)

Calculating the Exclusion

(1)

Exceptions to the Two-Year Rules

(2)

Tax Planning

(1)

Cost Identification and Documentation Considerations

(1)

Selection of Property for Making Gifts

(1)

Selection of Property to Pass at Death

(1)

Disallowed Losses

(1)

Like-Kind Exchanges

(1)

Involuntary Conversions

(1)

Sale of a Principal Residence

(1)

Refocus on the Big Picture: Sale or Gift of Inherited House and Other Property Transactions

Chapter 14 Property Transactions: Capital Gains And Losses, §1231, And Recapture Provisions

(1)

The Big Picture: Managing Capital Asset Transactions

(2)

General Scheme Of Taxation

(1)

Capital Assets

(1)

Definition of a Capital Asset (§ 1221)

(2)

Ethics & Equity: Sculpture as a Capital Asset

(1)

Effect of Judicial Action

(1)

Statutory Expansions

(1)

Sale Or Exchange

(1)

Worthless Securities and § 1244 Stock

(1)

Retirement of Corporate Obligations

(1)

Options

(2)

Concept Summary: Options: Consequences to the Grantor and Grantee

(1)

Patents

(1)

Franchises, Trademarks, and Trade Names (§ 1253)

(2)

Concept Summary: Franchises: Consequences to the Franchisor and Franchisee

(1)

Lease Cancellation Payments

(1)

Holding Period

(1)

General Rules

(1)

Special Holding Period Rules

(1)

Special Rules for Short Sales

(2)

Concept Summary: Short Sales of Securities

(1)

Tax Treatment Of Capital Gains And Losses Of Noncorporate Taxpayers

(1)

Capital Gain and Loss Netting Process

(3)

Qualified Dividend Income

(1)

Alternative Tax on Net Capital Gain and Qualified Dividend Income

(2)

Concept Summary: Income Layers for Alternative Taxon Capital Gain Computation

(2)

Treatment of Net Capital Losses

(1)

Concept Summary: Final Results of the Capital Gain and Loss Netting Process and How They Are Taxed

(1)

Tax Treatment Of Capital Gains And Losses Of Corporate Taxpayers

(1)

Overview Of § 1231 And the Recapture Provisions

(1)

Section 1231 Assets

(1)

Relationship to Capital Assets

(1)

Property Included

(1)

Property Excluded

(1)

Section 1231 Assets Disposed of by Casualty or Theft

(1)

Concept Summary: Section 1231 Netting Procedure (Discussed in Section 14-8e)

(1)

General Procedurefor§ 1231 Computation

(3)

Section 1245 Recapture

(2)

Section 1245 Property

(1)

Observations on § 1245

(1)

Section 1250 Recapture

(1)

Section 1250 Recapture Situations

(1)

Concept Summary: Comparison of § 1245 and § 1250 Depreciation Recapture

(1)

Unrecaptured § 1250 Gain (Real Estate 25% Gain)

(2)

Ethics & Equity: The Sale of a "Cost-Segregated" Building

(1)

Considerations Common To §§1245 And 1250

(1)

Exceptions

(1)

Global Tax Issues: Depreciation Recapture in Other Countries

(1)

Other Applications

(1)

Concept Summary: Depreciation Recapture and § 1231 Netting Procedure

(1)

Special Recapture Provisions

(1)

Special Recapture for Corporations

(1)

Gain from Sale of Depreciable Property between Certain Related Parties

(1)

Intangible Drilling Costs

(1)

Reporting Procedures

(1)

Ethics & Equity: Incorrect Depreciation and Recognized Gain

(1)

Tax Planning

(1)

Importance of Capital Asset Status

(1)

Planning for Capital Asset Status

(1)

Global Tax Issues: Capital Gain Treatment in the United States and Other Countries

(1)

Effect of Capital Asset Status in Transactions Other Than Sales

(1)

Stock Sales

(1)

Maximizing Benefits

(1)

Year-End Planning

(1)

Timing of § 1231 Gain

(1)

Timing of Recapture

(1)

Postponing and Shifting Recapture

(1)

Avoiding Recapture

(1)

Refocus on the Big Picture: Managing Capital Asset Transactions

Part 5 Special Tax Computations and Accounting Periods and Methods

Chapter 15 The Deduction For Qualified Business Income For Noncorporate Taxpayers

(1)

The Big Picture: Entrepreneurial Pursuits

(1)

Tax Treatment Of Various Business Forms

(1)

Sole Proprietorships

(1)

Partnerships

(1)

Corporations

(3)

Concept Summary: Tax Treatment of Business Forms Compared

(1)

Global Tax Issues: U.S. Corporate Taxes and International Business Competitiveness

(1)

Limited Liability Companies

(1)

The Tax Cuts And Jobs Act (TCJA) Of 2017 And Entity Tax Rates

(1)

Challenges of Lowering Tax Rates

(1)

Lowering Tax Rates for Different Business Forms

(1)

The Deduction For Qualified Business Income

(1)

General Rule

(1)

The Overall Limitation: Modified Taxable Income

(1)

Definition of Qualified Business Income

(1)

Definition of a Qualified Trade or Business

(1)

Limitations on the QBI Deduction

(1)

Concept Summary: An Overview of the 2020 Qualified Business Income Deduction

(1)

Limitation Based on Wages and Capital Investment

(3)

Limitation for "Specified Services" Businesses

(4)

Treatment of Losses

(1)

Coordination with Other Rules

(1)

Considerations for Partnerships and S Corporations

(1)

Other Issues

(1)

Tax Planning

(1)

Corporate versus Noncorporate Forms of Business Organization

(1)

Optimizing the Deduction for Qualified Business Income

(1)

Refocus on the Big Picture: Entrepreneurial Pursuits

Chapter 16 Accounting Periods And Methods

(1)

The Big Picture: Accounting Period and Method

(1)

Accounting Periods

(1)

Specific Provisions for Partnerships, S Corporations, and Personal Service Corporations

(2)

Ethics & Equity: Who Benefits from the Change in Tax Year?

(1)

Selecting the Tax Year

(1)

Changes in the Accounting Period

(1)

Taxable Periods of Less Than One Year

(1)

Mitigation of the Annual Accounting Period Concept

(2)

Ethics & Equity: Special Tax Relief

(1)

Accounting Methods

(1)

Permissible Methods

(1)

Cash Receipts and Disbursements Method

(2)

Accrual Method

(1)

Concept Summary: Accruals Under the Economic Performance Test

(2)

Financial Disclosure Insights: Tax Deferrals from Reserves

(1)

Hybrid Method

(1)

Change of Method

(2)

Ethics & Equity: Change in Accounting Method

(1)

Special Accounting Methods

(1)

Installment Method

(5)

Concept Summary: Interest on Installment Sales

(3)

Long-Term Contracts

(3)

Inventories

(1)

Determining Inventory Cost

(4)

Ethics & Equity: Preserving the UFO Reserve

(1)

The UFO Election

(1)

Special Inventory Methods Relating to Farming and Ranching

(1)

Inventory of Small Taxpayers

(1)

Tax Planning

(1)

Taxable Year

(1)

Cash Method of Accounting

(1)

Installment Method

(1)

Inventories

(1)

Refocus on the Big Picture: Accounting Period and Method

Part 6 Corporations

Chapter 17 Corporations: Introduction And Operating Rules

(1)

The Big Picture: A Half-Baked Idea?

(1)

An Introduction To The Income Taxation Of Corporations

(1)

An Overview of Corporate versus Individual Income Tax Treatment

(1)

Specific Provisions Compared

(1)

Accounting Periods and Methods

(1)

Capital Gains and Losses

(1)

Recapture of Depreciation

(1)

Business Interest Expense Limitation

(2)

Passive Activity Losses

(1)

Concept Summary: Special Rules Applicable to Personal Service Corporations (PSCs)

(1)

Charitable Contributions

(2)

Excessive Executive Compensation

(1)

Net Operating Losses

(1)

Deductions Available Only to Corporations

(3)

Ethics & Equity: Pushing the Envelope on Year-End Planning

(2)

Concept Summary: Income Taxation of Individuals and Corporations Compared

(1)

Determining The Corporate Income Tax Liability

(1)

Corporate Income Tax Rates

(1)

Alternative Minimum Tax

(1)

Restrictions on Corporate Accumulations

(1)

Consolidated Returns

(2)

Financial Disclosure Insights: GAAP and Tax Treatment of Consolidations

(1)

Procedural Matters

(1)

Filing Requirements for Corporations

(1)

Estimated Tax Payments

(1)

Schedule M-1 --Reconciliation of Income (Loss) per Books with Income per Return

(1)

Schedule M-2--Analysis of Unappropriated Retained Earnings per Books

(1)

Concept Summary: Conceptual Diagram of Schedule M-1 (Form 1120)

(1)

Schedule M-3--Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More

(2)

Income Taxes in the Financial Statements

(6)

Tax Planning

(1)

Corporate versus Noncorporate Forms of Business Organization

(1)

Operating the Corporation

(2)

Refocus on the Big Picture: Cooked to Perfection

Chapter 18 Corporations: Organization And Capital Structure

(1)

The Big Picture: The Vehicle for Business Growth Is the Corporate Form

(1)

Organization Of And Transfers To Controlled Corporations

(1)

Section 351 Rationale and General Rules

(1)

Global Tax Issues: Tax Reform Adds a New Wrinkle to the Choice of Organizational Form When Operating Overseas

(2)

Concept Summary: Shareholder Consequences: Taxable Corporate Formation versus Tax-Deferred § 351 Transaction

(1)

Property Defined

(1)

Stock Transferred

(1)

Control of the Corporation

(4)

Assumption of Liabilities--§ 357

(2)

Basis Determination and Related Issues

(1)

Concept Summary: Tax Consequences of Liability Assumption

(2)

Concept Summary: Tax Consequences to the Shareholders and Corporation: With and Without the Application of § 351 (Based on the Facts of Example 22)

(3)

Capital Structure Of A Corporation

(1)

Capital Contributions

(1)

Debt in the Capital Structure

(3)

Investor Losses

(1)

Stock and Security Losses

(1)

Business versus Nonbusiness Bad Debts

(1)

Ethics & Equity: Can a Loss Produce a Double Benefit?

(2)

Section 1244 Stock

(1)

Gain From Qualified Small Business Stock

(1)

Tax Planning

(1)

Working with §351

(2)

Selecting Assets to Transfer

(1)

Debt in the Capital Structure

(1)

Investor Losses

(1)

Corporations versus Flow-Through Entities

(1)

Refocus on the Big Picture: The Vehicle for Business Growth Is the Corporate Form

Chapter 19 Corporations: Distributions Not In Complete Liquidation

(1)

The Big Picture: Taxing Corporate Distributions

(1)

Corporate Distributions--Overview

(1)

Earnings And Profits (E&P)

(1)

Computation of E & P

(3)

Summary of E & P Adjustments

(1)

Concept Summary: E & P Adjustments

(1)

Current versus Accumulated E&P

(1)

Allocating E & P to Distributions

(1)

Concept Summary: Allocating E&P to Distributions

(3)

Ethics & Equity: Shifting E&P

(1)

Dividends

(1)

Rationale for Reduced Tax Rates on Dividends

(1)

Qualified Dividends

(1)

Property Dividends

(2)

Concept Summary: Noncash Property Distributions

(1)

Constructive Dividends

(3)

Stock Dividends and Stock Rights

(2)

Stock Redemptions

(1)

Overview

(2)

Global Tax Issues: Foreign Shareholders Prefer Sale or Exchange Treatment in Stock Redemptions

(1)

Historical Background

(1)

Concept Summary: Summary of the Qualifying Stock Redemption Rules

(1)

Stock Attribution Rules

(1)

Concept Summary: Tax Consequences of Stock Redemptions to Shareholders

(1)

Not Essentially Equivalent Redemptions

(1)

Disproportionate Redemptions

(1)

Complete Termination Redemptions

(1)

Redemptions to Pay Death Taxes

(1)

Stock Redemptions--Effect On The Corporation

(1)

Recognition of Gain or Loss

(1)

Effect on Earnings and Profits

(1)

Redemption Expenditures

(1)

Other Corporate Distributions

(1)

Tax Planning

(1)

Corporate Distributions

(1)

Concept Summary: Corporate Distributions

(1)

Planning for Qualified Dividends

(1)

Constructive Dividends

(1)

Stock Redemptions

(1)

Refocus on the Big Picture: Taxing Corporate Distributions

Chapter 20 Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations

(1)

The Big Picture: The Options for Transitioning to Retirement

(1)

Liquidations--In General

(1)

The Liquidation Process

(1)

Liquidating and Nonliquidating Distributions Compared

(1)

Liquidations--Effect On The Distributing Corporation

(1)

The General Rule

(1)

Antistuffing Rules

(4)

Concept Summary: Summary of Antistuffing Loss Disallowance Rules

(1)

Liquidations--Effect On The Shareholder

(1)

Ethics & Equity: Transferee Liability for Tax Deficiency of Liquidated Corporation

(1)

Liquidations--Parent-Subsidiary Situations

(1)

Concept Summary: Summary of Liquidation Rules

(1)

Minority Shareholder Interests

(1)

Indebtedness of the Subsidiary to the Parent

(1)

Global Tax Issues: Basis Rules for Liquidations of Foreign Subsidiaries

(1)

Basis of Property Received by the Parent Corporation--The General Rule

(1)

Basis of Property Received by the Parent Corporation--§338 Election

(2)

Corporate Reorganizations

(1)

In General

(1)

Summary of the Different Types of Reorganizations

(1)

Summary of the Tax Consequences in a Tax-Free Reorganization

(1)

Financial Disclosure Insights: Acquisitions Can Have Negative Consequences

(1)

Concept Summary: Gain and Basis Rules for Nontaxable Exchanges

(2)

Concept Summary: Basis to Acquiring Corporation of Property Received

(1)

Tax Planning

(1)

Effect of a Liquidating Distribution on the Corporation

(1)

Effect of a Liquidating Distribution on the Shareholder

(1)

Parent-Subsidiary Liquidations

(1)

Asset Purchase versus Stock Purchase

(1)

Refocus on the Big Picture: The Transition to Retirement Is Subject to Double Taxation

Part 7 Flow-Through Entities

Chapter 21 Partnerships

(1)

The Big Picture: Why Use a Partnership, Anyway?

(1)

Overview Of Partnership Taxation

(1)

What Is a Partnership?

(1)

Concept Summary: Comparison of Partnership Types

(1)

Key Concepts in Taxation of Partnership Income

(2)

Formation Of A Partnership: Tax Effects

(1)

Contributions to the Partnership

(1)

Exceptions to the General Rule of § 721

(2)

Other Issues Related to Contributed Property

(2)

Concept Summary: Partnership Formation and Initial Basis Computations

(1)

Tax Accounting Elections

(1)

Initial Costs of a Partnership

(1)

Method of Accounting

(1)

Taxable Year of the Partnership

(2)

Partnership Operations And Reporting

(1)

Partnership Reporting, In General

(1)

Measuring Partnership Income

(2)

Form 1065 Example

(6)

Financial Disclosure Insights: Financial Reporting for Partnerships

(1)

Partner Calculations And Reporting

(1)

Partner Reporting of Partnership Income

(2)

Partner Allocations

(2)

Schedule K-1 Example

(2)

Concept Summary: Tax Reporting of Partnership Items

(1)

Partner's Basis

(1)

Effect of Partnership Liabilities on Partner's Basis

(4)

Partner's Capital Account

(1)

Loss Limitations

(2)

Global Tax Issues: Withholding Requirements for non-U.S. Partners

(1)

Other Taxes On Partnership Income

(1)

Self-Employment Tax

(1)

Net Investment Income Tax

(1)

Distributions From The Partnership

(1)

Distributions in General

(1)

Proportionate Current Distributions

(2)

Proportionate Liquidating Distributions

(1)

Concept Summary: Proportionate Current Distributions (General Rules)

(2)

Sale Of A Partnership Interest

(1)

General Rules

(2)

Hot Assets and Carried Interests

(1)

Limited Liability Entities

(1)

Limited Liability Companies

(1)

Limited Liability Partnerships

(1)

Tax Planning

(1)

Choosing Partnership Taxation

(1)

Concept Summary: Major Advantages and Disadvantages of the Partnership Form

(1)

Formation and Operation of a Partnership

(1)

Basis Considerations and Loss Deduction Limitations

(1)

Transactions between Partners and Partnerships

(1)

Drafting the Partnership Agreement

(1)

Refocus on the Big Picture: Why Use a Partnership, Anyway?

Chapter 22 S Corporations

(1)

The Big Picture: Deductibility of Losses and the Choice of Business Entity

(1)

Choice Of Business Entity

(1)

An Overview of S Corporations

(1)

Qualifying For S Corporation Status

(1)

Definition of a Small Business Corporation

(2)

Making the Election

(1)

Shareholder Consent

(1)

Loss of the Election

(2)

Operational Rules

(1)

Computation of Taxable Income

(3)

Qualified Business Income Deduction

(1)

Allocation of Income and Loss

(1)

Tax Treatment of Distributions to Shareholders

(1)

Concept Summary: Classification Procedures for Distributions from an S Corporation

(4)

Tax Treatment of Noncash Property Distributions by the Corporation

(1)

Concept Summary: Consequences of Noncash Distributions

(1)

Shareholder's Basis in S Stock

(2)

Treatment of Losses

(2)

Tax on Pre-Election Built-in Gain

(1)

LIFO Recapture Tax

(1)

Passive Investment Income Penalty Tax

(1)

Other Operational Rules

(1)

Tax Planning

(1)

When the Election Is Advisable

(1)

Concept Summary: Making an S Election

(1)

Making a Proper Election

(1)

Operation of the S Corporation

(1)

Overall Comparison Of Forms Of Doing Business

(1)

Concept Summary: Tax Attributes of Different Forms of Business (Assume That Partners and Shareholders Are All Individuals)

(4)

Refocus on the Big Picture: Deductibility of Losses and the Choice of Business Entity

Part 8 Advanced Tax Practice Considerations

Chapter 23 Exempt Entities

(1)

The Big Picture: Effect of a For-Profit Business on a Tax-Exempt Entity

(2)

Types Of Exempt Organizations

(1)

Characteristics Of Exempt Entities

(1)

Serving the Common Good

(1)

Not-for-Profit Entity

(1)

Net Earnings and Members of the Organization

(2)

Concept Summary: Consequences of Exempt Status

(1)

Taxes On Exempt Entities

(1)

Taxable Transactions

(3)

Feeder Organizations

(1)

Private Foundations

(1)

Tax Consequences of Private Foundation Status

(2)

Concept Summary: Exempt Organizations: Classification

(1)

Taxes Imposed on Private Foundations

(1)

Unrelated Business Income Tax

(1)

Unrelated Trade or Business

(3)

Unrelated Business Taxable Income

(2)

Concept Summary: Unrelated Business Income Tax

(1)

Reporting Requirements

(1)

Obtaining Exempt Organization Status

(1)

Annual Filing Requirements

(2)

Disclosure Requirements

(1)

Tax Planning

(1)

General Considerations

(1)

Maintaining Exempt Status

(1)

Private Foundation Status

(1)

Unrelated Business Income Tax

(1)

Refocus on the Big Picture: Effect of a For-Profit Business on a Tax-Exempt Entity

Chapter 24 Multistate Corporate Taxation

(1)

The Big Picture: Making a Multistate Location Decision

(1)

Corporate State Income Taxation

(1)

Computing State Income Tax

(1)

State Modifications

(3)

The UDITPA and the Multistate Tax Commission

(1)

Jurisdiction to Impose Tax: Nexus and Public Law 86-272

(1)

Nexus in Today's Economy

(2)

Concept Summary: Multistate Taxation

(1)

Apportionment And Allocation Of Income

(1)

The Apportionment Procedure

(1)

Apportionable Income

(2)

Apportionment Factors: Elements and Planning

(1)

Concept Summary: Apportionable Income

(1)

The Sales Factor

(1)

The Payroll Factor

(2)

The Property Factor

(1)

Financial Disclosure Insights: State/Local Taxes and the Tax Expense

(1)

The Unitary Theory

(1)

What Is a Unitary Business?

(1)

Tax Effects of the Unitary Theory

(2)

Consolidated and Combined Returns

(1)

Global Tax Issues: Water's Edge Is Not a Day at the Beach

(1)

Concept Summary: Using Apportionment Formulas

(1)

Taxation Of S Corporations

(1)

Eligibility

(1)

State Tax Filing Requirements

(1)

Taxation Of Partnerships And Llcs

(1)

Other State And Local Taxes

(1)

State and Local Sales and Use Taxes

(2)

Local Property Taxes

(1)

Other Taxes

(1)

Ethics & Equity: Encouraging Economic Development through Tax Concessions

(1)

Tax Planning

(1)

Selecting the Optimal State in Which to Operate

(1)

Restructuring Corporate Entities

(2)

Subjecting the Corporation's Income to Apportionment

(1)

Ethics & Equity: Can You Be a Nowhere Adviser?

(1)

Planning with Apportionment Factors

(1)

Sales/Use Tax Compliance

(1)

Capital Stock Taxation

(1)

Refocus on the Big Picture: Making a Multistate Location Decision

Chapter 25 Taxation Of International Transactions

(1)

The Big Picture: Going International

(2)

Overview Of International Taxation

(1)

Global Tax Issues: Tax Reform Can Make Strange Bedfellows

(1)

Tax Treaties

(1)

Sourcing Of Income And Deductions

(1)

Income Sourcing Rules

(3)

Allocation and Apportionment of Deductions

(1)

Concept Summary: The Sourcing Rules

(1)

Transfer Pricing

(1)

Ethics & Equity: The Costs of Good Tax Planning

(3)

Foreign Currency Gain/Loss

(1)

U.S. Persons With Offshore Income

(1)

Export Property, Licenses, Foreign Branches

(2)

Financial Disclosure Insights: Overseas Operations and Book-Tax Differences

(1)

Concept Summary: The Foreign Tax Credit

(1)

Creating a Cross-Border Business Entity

(1)

Tax Havens

(1)

Offshore (Foreign) Corporations Controlled by U.S. Persons

(2)

Concept Summary: Subpart F Income and a CFC

(1)

Movement Toward a Territorial System

(1)

Concept Summary: Income of a CFC That Is Included in Gross Income of a U.S. Shareholder, Selected

(2)

U.S. Taxation Of Nonresident Aliens And Foreign Corporations

(1)

Nonresident Alien Individuals

(2)

Foreign Corporations

(1)

Foreign Investment in Real Property Tax Act

(1)

Expatriation to Avoid U.S. Taxation

(1)

Tax Planning

(1)

The Foreign Tax Credit Limitation and Sourcing Provisions

(1)

Transfer Pricing

(1)

Refocus on the Big Picture: Going International

Chapter 26 Tax Practice And Ethics

(1)

The Big Picture: A Tax Adviser's Dilemma

(1)

Tax Administration

(1)

Organizational Structure of the IRS

(1)

IRS Procedure--Letter Rulings

(1)

IRS Procedure--Other Issuances

(1)

Ethics & Equity: Tax Compliance Costs

(1)

Administrative Powers of the IRS

(1)

The Audit Process

(1)

Ethics & Equity: Can the IRS Pretend to Be Your Friend?

(2)

The Taxpayer Appeal Process

(1)

Offers in Compromise and Closing Agreements

(1)

Ethics & Equity: Our Taxing System of Self-Assessment

(1)

Interest

(1)

Concept Summary: Working with the IRS

(1)

Taxpayer Penalties

(5)

Ethics & Equity: First-Time Tax Violators Can Get Off with Just a Warning

(3)

Statute of Limitations

(1)

The Tax Profession And Tax Ethics

(1)

The Tax Professional

(1)

Regulating Tax Preparers

(1)

IRS Rules Governing Tax Practice

(1)

Preparer Penalties

(2)

Privileged Communications

(1)

AICPA Statements on Standards for Tax Services

(3)

Concept Summary: Tax Profession and Ethics

(1)

Tax Planning

(1)

Strategies in Seeking a Letter Ruling

(1)

Considerations in Handling an IRS Audit

(1)

Statute of Limitations

(1)

Litigation Considerations

(1)

Penalties

(1)

Privileged Communications

(1)

Refocus on the Big Picture: A Tax Adviser's Dilemma

Part 9 Family Tax Planning

Chapter 27 The Federal Gift And Estate Taxes

(1)

The Big Picture: An Eventful and Final Year

(1)

Transfer Taxes--In General

(1)

Nature of the Taxes

(1)

Global Tax Issues: U.S. Transfer Taxes and NRAs

(1)

Concept Summary: Gift Tax Formula

(1)

Concept Summary: Estate Tax Formula

(1)

Valuation for Federal Transfer Tax Purposes

(1)

Key Property Concepts

(1)

The Federal Gift Tax

(1)

General Considerations

(1)

Ethics & Equity: It's the Thought That Counts

(2)

Transfers Subject to the Gift Tax

(1)

Annual Gift Tax Exclusion

(1)

Deductions

(1)

Computing the Federal Gift Tax

(1)

Procedural Matters

(1)

Concept Summary: Federal Gift Tax Provisions

(1)

The Federal Estate Tax

(1)

Gross Estate

(5)

Concept Summary: Federal Estate Tax Provisions--Gross Estate

(1)

Taxable Estate

(3)

Estate Tax Credits

(1)

Global Tax Issues: Treaty Relief Is Not Abundant!

(1)

Procedural Matters

(1)

Concept Summary: Federal Estate Tax Provisions--Taxable Estate and Procedural Matters

(1)

The Generation-Skipping Transfer Tax

(1)

Inter-Generational Transfers

(1)

The Tax on Generation-Skipping Transfers

(1)

Tax Planning

(1)

The Federal Gift Tax

(1)

The Federal Estate Tax

(2)

Refocus on the Big Picture: An Eventful and Final Year

Chapter 28 Income Taxation Of Trusts And Estates

(1)

The Big Picture: Setting Up a Trust to Protect a Family

(1)

An Overview Of Fiduciary Taxation

(1)

What Is a Trust?

(3)

What Is an Estate?

(1)

Nature Of Trust And Estate Taxation

(1)

Concept Summary: Tax Characteristics of Major Pass-Through Entities

(1)

Tax Accounting Periods and Methods

(1)

Tax Rates and Personal Exemption

(1)

Alternative Minimum Tax

(1)

Additional Tax on Net Investment Income

(1)

Taxable Income Of Trusts And Estates

(1)

Entity Accounting Income

(3)

Gross Income

(2)

Ethics & Equity: To Whom Can I Trust My Pet?

(1)

Ordinary Deductions

(2)

Deductions for Losses

(1)

Charitable Contributions

(1)

Deduction for Distributions to Beneficiaries

(1)

Concept Summary: Uses of the DNI Amount

(2)

Tax Credits

(1)

Concept Summary: Principles of Fiduciary Income Taxation

(1)

Taxation Of Beneficiaries

(1)

Distributions by Simple Trusts

(1)

Distributions by Estates and Complex Trusts

(2)

Character of Income

(1)

Procedural Matters

(1)

Tax Planning

(1)

A Trust or an Estate as an Income-Shifting Device

(1)

Income Tax Planning for Estates

(1)

Distributions of In-Kind Property

(1)

Ethics & Equity: Who Should Be a Trustee?

(1)

Additional Taxes on Capital Gains and Net Investment Income

(1)

Refocus on the Big Picture: Setting Up a Trust to Protect a Family

APPENDICES

Tax Rate Schedules And Tables

(1)

Tax Forms

(1)

Glossary

(1)

Table Of Code Sections Cited

(12)

Table Of Regulations Cited

(4)

Table Of Revenue Procedures And Revenue Rulings Cited

Practice Set Assignments-Comprehensive Tax Return Problems

(1)

Tax Formulas

(1)

Present Value And Future Value Tables

(1)

Index

David M. Maloney, Ph.D., CPA, is the Carman G. Blough Professor of Accounting Emeritus at the University of Virginias McIntire School of Commerce. He completed his undergraduate work at the University of Richmond and his graduate work at the University of Illinois at Urbana-Champaign. Upon joining the Virginia faculty in January 1984, Dr. Maloney taught Federal taxation in the graduate and undergraduate programs and was a recipient of major research grants from the Ernst &Young and KPMG Foundations. Dr. Maloney has published work in numerous professional journals, including Journal of Taxation, The Tax Adviser, Tax Notes, Corporate Taxation, Accounting Horizons, Journal of Taxation of Investments and Journal of Accountancy. James C. Young is the PwC Professor of Accountancy Emeritus at Northern Illinois University. A graduate of Ferris State University (B.S.) and Michigan State University (M.B.A. and Ph.D.), Jims research focuses on taxpayer responses to the income tax using archival data. His dissertation received the PricewaterhouseCoopers/American Taxation Association Dissertation Award, and his subsequent research has received funding from a number of organizations, including the Ernst & Young Foundation Tax Research Grant Program. His work has been published in a variety of academic and professional journals, including the National Tax Journal, The Journal of the American Taxation Association and Tax Notes. Jim is a Northern Illinois University Distinguished Professor, received the Illinois CPA Society Outstanding Accounting Educator Award in 2012 and has received university teaching awards from Northern Illinois University, George Mason University and Michigan State University. Annette Nellen, J.D., CPA, CGMA, directs San José State Universitys graduate tax program (MST) and teaches courses in tax research, tax fundamentals, accounting methods, property transactions, employment tax, ethics, leadership and tax policy. Professor Nellen is a graduate of CSU Northridge, Pepperdine (MBA) and Loyola Law School. Prior to joining SJSU in 1990, she was with a Big 4 firm and the IRS. At SJSU, Professor Nellen is a recipient of the Outstanding Professor and Distinguished Service Awards. Professor Nellen is an active member of the tax sections of the AICPA and American Bar Association, including chairing the AICPA Virtual Currency Task Force. In 2013, she received the AICPA Arthur J. Dixon Memorial Award, the highest award given by the accounting profession in the area of taxation. Professor Nellen is the author of Bloomberg BNA Tax Portfolio, Amortization of Intangibles. She has published numerous articles in the AICPA Tax Insider, Tax Adviser, Tax Notes State and The Journal of Accountancy. She is a research fellow with the Silicon Valley Institute for Regional Studies. Professor Nellen has testified before the House Ways and Means, Senate Finance Committees and other committees on Federal and state tax reform. Professor Nellen maintains the 21st Century Taxation Website and blog (21stcenturytaxation.com) as well as websites on tax policy and reform, virtual currency and state tax issues (sjsu.edu/people/annette.nellen/). Mark B. Persellin, Ph.D., CPA, CFP, is the Ray and Dorothy Berend Professor of Accounting at St. Marys University. He is a graduate of the University of Arizona (B.S.), the University of Texas at Austin (M.P.A. in Taxation) and the University of Houston (Ph.D.). He teaches Personal Income Tax, Business Income Tax and Research in Federal Taxation. Prior to joining St. Marys University in 1991, Professor Persellin taught at Florida Atlantic University and Southwest Texas University (Texas State University) and worked on the tax staff of a Big 4 firm. His research has been published in numerous academic and professional journals, including The Journal of the American Taxation Association, The Accounting Educators Journal, The Tax Adviser, The CPA Journal, Journal of Taxation, Corporate Taxation, The Tax Executive, TAXESThe Tax Magazine, Journal of International Taxation and Practical Tax Strategies. In 2003, Professor Persellin established the St. Marys University Volunteer Income Tax Assistance (VITA) site and he continues to serve as a trainer and reviewer at the site.

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