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South-Western Federal Taxation 2022: Comprehensive (with Intuit ProConnect Tax Online & RIA Checkpoint (R), 1 term Printed Access Card) 45th edition [Multiple-component retail product, part(s) enclosed]

(Uuem väljaanne: 9780357719688)
(University of Oklahoma), (Northern Illinois University), (San Jose State University), (St. Mary's University), (University of Virginia)
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  • Ilmumisaeg: 01-Jun-2021
  • Kirjastus: South-Western College Publishing
  • ISBN-10: 0357511018
  • ISBN-13: 9780357511015 (Uuem väljaanne: 9780357719688)
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South-Western Federal Taxation 2022: Comprehensive (with Intuit ProConnect Tax Online & RIA Checkpoint (R), 1 term Printed Access Card) 45th editionSuurem pilt
  • Formaat: Multiple-component retail product, part(s) enclosed, 1540 pages, kõrgus x laius x paksus: 285x222x55 mm, kaal: 3039 g, Contains 1 Hardback and 1 Digital online
  • Ilmumisaeg: 01-Jun-2021
  • Kirjastus: South-Western College Publishing
  • ISBN-10: 0357511018
  • ISBN-13: 9780357511015 (Uuem väljaanne: 9780357719688)
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9780357511015.html
Märksõnad:
Master today's tax concepts and current tax law with SOUTH-WESTERN FEDERAL TAXATION 2022: COMPREHENSIVE, 45E and accompanying professional tax software. Updates emphasize the most recent tax changes impacting individuals, corporations, partnerships, estates and trusts and financial statements. You examine updates and reforms to 2021 tax laws as well as coverage of the Tax Cuts and Jobs Act of 2017 with related guidance from the treasury department. Recent examples, updated summaries and current tax scenarios clarify concepts and sharpen critical-thinking, writing and research skills. Sample exam questions from Becker C.P.A. Review help you prepare for the current exam. Each new book includes access to Intuit (R) ProConnect tax software, Checkpoint (R) (Student Edition) from Thomson Reuters, CNOWv2 online homework tools and MindTap Reader. Use this complete introduction to federal taxes to prepare for the C.P.A. exam or the Enrolled Agent exam, or to further your career in tax accounting, financial reporting or auditing.
Part 1 Introduction and Basic Tax Model
Chapter 1 An Introduction To Taxation And Understanding The Federal Tax Law
1(1)
The Big Picture: Family and Taxes--A Typical Year
7
Approaching The Study Of Taxation
2(1)
What Is Taxation?
2(1)
Taxation in Our Lives
2(1)
The Relevance of Taxation to Accounting and Finance Professionals
3(1)
How to Study Taxation
4(1)
A Brief History Of U.S. taxation
4(1)
Early Periods
4(1)
Concept Summary: Individuals and Taxes
5(1)
Revenue Acts
5(1)
Trends
6(1)
Tax System Design
6(1)
Legal Foundation
6(1)
The Basic Tax Formula
7(1)
Tax Principles
8(1)
Major Types Of Taxes
8(2)
Property Taxes
10(1)
Transaction Taxes
11(1)
Ethics & Equity: Making Good Use of Out-of-State Relatives
12(1)
Taxes on Transfers at Death
13(1)
Gift Taxes
14(1)
Income Taxes
15(2)
Employment Taxes
17(1)
Other U.S. Taxes
18(1)
Concept Summary: Overview of Taxes in the United States
19(1)
Proposed U.S. Taxes
20(1)
Global Tax Issues: VAT in USA?
21(1)
Tax Administration
21(1)
Internal Revenue Service
21(1)
The Audit Process
21(2)
Statute of Limitations
23(1)
Interest and Penalties
24(1)
Tax Practice
25(1)
Global Tax issues: Outsourcing of Tax Return Preparation
25(1)
Understanding The Federal Tax Law
26(1)
Revenue Needs
27(1)
Economic Considerations
27(1)
Social Considerations
28(1)
Equity Considerations
29(2)
Political Considerations
31(1)
Influence of the Internal Revenue Service
32(1)
Influence of the Courts
33(1)
Summary
34(1)
Refocus on the Big Picture: Family and Taxes--A Typical Year
35
Chapter 2 Working With The Tax Law
1(1)
The Big Picture: Importance of Tax Research
1(1)
Tax Law Sources
2(1)
Statutory Sources of the Tax Law
2(4)
Administrative Sources of the Tax Law
6(1)
Ethics & Equity: Reporting Tax Fraud
7(3)
Judicial Sources of the Tax Law
10(2)
Concept Summary: Federal Judicial System: Trial Courts
12(3)
Concept Summary: Judicial Sources
15(2)
Other Sources of the Tax Law
17(1)
Working With The Tax Law-Tax Research Tools
18(1)
Commercial Tax Services
18(1)
Using Electronic (Online) Tax Services
19(1)
Noncommercial Electronic (Online) Tax Services
19(1)
Working With The Tax Law-Tax Research
20(1)
Identifying the Problem
21(1)
Refining the Problem
22(1)
Locating the Appropriate Tax Law Sources
22(1)
Assessing the Validity of Tax Law Sources
23(2)
Arriving at the Solution or at Alternative Solutions
25(1)
Financial Disclosure Insights: Where Does GAAP Come From?
26(1)
Communicating Tax Research
26(2)
Working With The Tax Law-Tax Planning
28(1)
Nontax Considerations
29(1)
Components of Tax Planning
29(1)
Tax Avoidance and Tax Evasion
30(1)
Follow-Up Procedures
30(1)
Tax Planning
31(1)
Taxation On The Cpa Examination
31(1)
Preparation Blueprints
31(1)
Regulation Section
31
Chapter 3 Tax Formula And Tax Determination; An Overview Of Property Transactions
1(1)
The Big Picture: A Divided Household
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Tax Formula
2(1)
Concept Summary: Tax Formula for Individuals (Components Integrated into the Text)
3(1)
Components of the Tax Formula
3(5)
Tax Formula--Correlation with Form 1040
8(5)
Standard Deduction
13(1)
Basic and Additional Standard Deduction
13(1)
Individuals Not Eligible for the Standard Deduction
14(1)
Special Limitations on the Standard Deduction for Dependents
14(1)
Exemptions
15(1)
Dependents
15(1)
Qualifying Child
15(2)
Concept Summary: Tiebreaker Rules for Claiming Qualified Child
17(1)
Qualifying Relative
17(4)
Other Rules for Determining Dependents
21(1)
Comparison of Dependent Categories
21(1)
Concept Summary: Tests for Dependents
22(1)
Ethics & Equity: Whose Qualifying Child Is He?
22(1)
Child and Dependent Tax Credits
22(3)
Filing Status And Filing Requirements
25(1)
Filing Status
25(1)
Global Tax Issues: Filing a Joint Return
26(3)
Ethics & Equity: Abandoned Spouse?
29(1)
Filing Requirements
29(1)
Tax Determination
30(1)
Tax Rates
31(1)
Computation of Net Taxes Payable or Refund Due
32(1)
Kiddie Tax--Unearned Income of Dependent Children
33(2)
Tax Return Filing Procedures
35(1)
Selecting the Proper Form
35(1)
The E-File Approach
36(1)
When and Where to File
36(1)
Modes of Payment
37(1)
Gains And Losses From Property Transactions--In General
37(1)
Gains And Losses From Property Transactions--Capital Gains And Losses
38(1)
Definition of a Capital Asset
38(1)
Determination of Net Capital Gain
38(1)
Treatment of Net Capital Loss
39(1)
Taxation of Net Capital Gain
39(1)
Taxation of Virtual Currency
40(1)
Tax Planning
41(1)
Maximizing the Use of the Standard Deduction
41(1)
Dependents
41(1)
Taking Advantage of Tax Rate Differentials
42(1)
Income of Certain Children
43(1)
Refocus on the Big Picture: A Divided Household
43
Part 2 Gross Income
Chapter 4 Gross Income: Concepts And Inclusions
1(1)
The Big Picture: Calculation of Gross Income
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Gross Income
3(1)
Definition
3(1)
Recovery of Capital Doctrine
3(1)
Global Tax Issues: From "All Sources" Is a Broad Definition
3(1)
Economic and Accounting Concepts of Income
4(1)
Financial Accounting Income versus Taxable Income
4(1)
Form of Receipt
5(1)
Timing Of Income Recognition
6(1)
Taxable Year
6(1)
Accounting Methods
6(3)
Special Rules Applicable to Cash Basis Taxpayers
9(2)
Ethics & Equity: Should the Tax Treatment of Government Bonds and Corporate Bonds Be Different?
11(1)
Special Rules Applicable to Accrual Basis Taxpayers
12(1)
General Sources Of Income And To Whom They Are Taxed
13(1)
Personal Services
13(1)
Income from Property
14(2)
Income from Partnerships, S Corporations, Trusts, and Estates
16(1)
Concept Summary: Taxation of Income and Distributions from Partnerships, S Corporations, Trusts, and Estates
17(1)
Income in Community Property States
17(2)
Special Rules Related To Certain Items Included In Gross Income
19(1)
Alimony and Separate Maintenance Payments
19(2)
Concept Summary: Tax Treatment of Payments and Transfers
Pursuant to Divorce Agreements and Decrees
21(1)
Imputed Interest on Below-Market Loans
21(1)
Concept Summary: Effect of Certain Below-Market Loans on the Lender and Borrower
22(2)
Concept Summary: Exceptions to the Imputed Interest Rules for Below-Market Loans
24(1)
Ethics & Equity: Taxing "Made-Up" Income
24(1)
Income from Annuities
24(3)
Prizes and Awards
27(1)
Unemployment Compensation
27(1)
Ethics & Equity: Tax Treatment of Unemployment Compensation
28(1)
Social Security Benefits
28(1)
Income Earned from Foreign Bank and Financial Accounts and FBAR Rules
29(1)
Tax Planning
30(1)
Minimize Income Included in Gross Income
30(1)
Tax Deferral
30(2)
Shifting Income to Other Taxpayers
32(1)
Refocus on the Big Picture: Calculation of Gross Income
33
Chapter 5 Gross Income: Exclusions
1(1)
The Big Picture: Exclusions
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Income Exclusions
2(1)
Exclusion Defined
2(1)
Exclusions versus Non-Income Items
3(1)
Gifts And Inheritances
3(1)
Legislative Intent
3(1)
Employer Payments to Employees
4(1)
Employee Death Benefits
4(1)
Life Insurance Proceeds
5(1)
General Rule
5(1)
Accelerated Death Benefits
5(1)
Ethics & Equity: Should the Terminally III Pay Social Security Taxes?
6(1)
TransferforValuable Consideration
6(1)
Scholarships
7(1)
General Information
7(1)
Timing Issues
8(1)
Compensation For Injuries And Sickness
8(1)
Damages
8(1)
Ethics & Equity: Tax Treatment of Damages Not Related to Physical Personal Injury
9(1)
Concept Summary: Taxation of Damages
9(1)
Ethics & Equity: Classifying the Amount of the Claim
10(1)
Wrongful Incarceration
10(1)
Workers' Compensation
10(1)
Accident and Health Insurance Benefits
10(1)
Employer-Sponsored Accident And Health Plans
11(1)
Medical Reimbursement Plans
11(1)
Long-Term Care Insurance Benefits
12(1)
Meals And Lodging
13(1)
General Rules for the Exclusion
13(1)
Other Housing Exclusions
14(1)
Employee Fringe Benefits
14(1)
Specific Benefits
15(1)
Cafeteria Plans
15(1)
Flexible Spending Plans
16(1)
General Classes of Excluded Benefits
16(4)
Ethics & Equity: Fringe Benefits
20(1)
Group Term Life Insurance
20(1)
Foreign Earned Income
21(1)
Concept Summary: Employee Fringe Benefits
22(1)
Global Tax Issues: Benefits of the Earned Income
Exclusion Are Questioned
22(1)
Interest On Certain State And Local Government Obligations
23(1)
Educational Savings Bonds
24(1)
Education Savings Programs (§ 529 And § 530 Plans)
25(1)
Qualified Tuition Program
26(1)
Coverdell Education Savings Account
26(1)
Qualified Able Programs (§ 529A PLANS)
26(1)
Income From Discharge Of Indebtedness
27(1)
Tax Benefit Rule
28(2)
TAX planning
30(1)
Life Insurance
30(1)
Employee Fringe Benefits
30(1)
Investment Income
31(1)
Refocus on the Big Picture: Exclusions
32
Part 3 Deductions and Credits
Chapter 6 Deductions And Losses: In General
1(1)
The Big Picture: Calculation of Deductible Expenses
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Classification Of Deductible Expenses
2(1)
Classifying Deductions"
3(1)
Authority for Deductions
3(2)
Deduction Criteria for § 162 and § 212
5(1)
Personal Expenses
6(1)
Business and Nonbusiness Losses
6(1)
Deduction for Qualified Business Income
7(2)
Reporting Procedures
9(1)
Deductions And Losses--Timing Of Expense Recognition
10(1)
Importance of Taxpayer's Method of Accounting
10(1)
Cash Method Requirements
10(1)
Accrual Method Requirements
10(2)
Prepaid Expenses--The "12-Month Rule"
12(1)
Time Value of Tax Deductions
12(1)
Disallowance Possibilities
13(1)
Public Policy Limitation
13(1)
Global Tax Issues: Overseas Gun Sales Result in Large Fines
14(1)
Ethics & Equity: Srafe Allowed Marijuana Activity: Do Regular
Business Deduction Rules Apply (or Those for Drug Dealers)?
15(1)
Political Contributions and Lobbying Activities
15(1)
Excessive Executive Compensation
16(1)
Investigation of a Business
17(1)
Concept Summary: Costs of Investigating a Business
18(1)
Hobby Losses
18(2)
Concept Summary: Common Questions from the IRS Concerning Hobbies/Businesses with Losses
20(1)
Rental of Vacation Homes
21(1)
Concept Summary: Vacation/Rental Home
22(3)
Expenditures Incurred for Taxpayer's Benefit or Taxpayer's Obligation
25(1)
Disallowance of Personal Expenditures
26(1)
Ethics & Equity: Personal or Business Expenses?
26(1)
Disallowance of Deductions for Capital Expenditures
26(2)
Transactions between Related Parties
28(1)
Substantiation Requirements
29(1)
Expenses and Interest Relating to Tax-Exempt Income
29(1)
Other Disallowances
30(1)
TAX PLANNING
30(1)
Vacation Homes
30(1)
Concept Summary: Classification of Expenses
31(1)
Hobby Losses
32(1)
Do Deduction Limits Affect Executive Compensation?
33(1)
Refocus on the Big Picture: Calculation of Deductible Business Expenses and Tax Planning
33
Chapter 7 Deductions And Losses: Certain Business Expenses And Losses
1(1)
The Big Picture: Losses
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
BAD DEBTS
2(1)
Specific Charge-Off Method
3(1)
Concept Summary: The Tax Treatment of Bad Debts Using the Specific Charge-Off Method
4(1)
Business versus Nonbusiness Bad Debts
4(1)
Loans between Related Parties
5(1)
Concept Summary: Bad Debt Deductions
5(1)
Worthless Securities And Small Business Stock Losses
6(1)
Worthless Securities
6(1)
Small Business Stock (§ 1244 Stock) Losses
6(1)
LOSSES OF INDIVIDUALS
7(1)
Events That Are Not Casualties
7(1)
Theft Losses
8(1)
When to Deduct Casualty Losses
8(1)
Measuring the Amount of Loss
9(1)
Ethics & Equity: Is Policy Cancellation an Escape Hatch?
10(2)
Personal Casualty Gains and Losses
12(2)
Concept Summary: Casualty Gains and Losses
14(1)
Statutory Framework for Deducting Losses of Individuals
14(1)
Concept Summary: Statutory Framework for Deducting Losses of Individuals
15(1)
Research And Experimental Expenditures
15(1)
Expense Method
16(1)
Deferral and Amortization Method
16(1)
Excess Business Losses
17(1)
Excess Business Loss Defined
17(1)
Losses from Partnerships or S Corporations
18(1)
Other Rules
19(1)
Net Operating Losses
19(1)
General Rules
20(1)
Computation of the Net Operating Loss
20(1)
Concept Summary: Computation of Net Operating Loss
21(2)
Computation of Taxable Income for Year to Which Net Operating Loss Is Carried
23(1)
Calculation of the Remaining Net Operating Loss
24(1)
Tax Planning
25(1)
Small Business Stock (§ 1244 Stock) Losses
25(1)
Casualty Losses
25(1)
Refocus on the Big Picture: Losses
25
Chapter 8 Depreciation, Cost Recovery, Amortization, And Depletion
1(1)
The Big Picture: Calculating Cost Recovery Deductions
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Depreciation And Cost Recovery
2(1)
Nature of Property
2(1)
Placed in Service Requirement
3(1)
Cost Recovery Allowed or Allowable
3(1)
Cost Recovery Basis for Personal Use Assets Converted to Business or Income-Producing Use
4(1)
Modified Accelerated Cost Recovery System (Macrs): General Rules
4(1)
Concept Summary: MACRS: Class Lives, Methods, and Conventions
4(1)
Personalty (and Certain Realty): Recovery Periods and Methods
5(1)
Financial Disclosure Insights: Tax and Book Depreciation
6(3)
Concept Summary: Straight-Line Cost Recovery under MACRS (Personalty vs. Realty)
9(1)
Realty: Recovery Periods and Methods
9(1)
Modified accelerated cost recovery system (macrs): special rules
10(1)
Election to Expense Assets (§ 179)
10(169)
Ethics & Equity: Section
179
Limitation
14(1)
Additional First-Year Depreciation (Bonus Depreciation)
14(1)
Using § 179 and Bonus Depreciation Effectively
15(2)
Concept Summary: Using § 179 and Bonus Depreciation in 202
17(1)
Business and Personal Use of Automobiles and Other Listed Property
18(5)
Alternative Depreciation System (ADS)
23(1)
Reporting Procedures
24(1)
Amortization
25(3)
Depletion
28(1)
Intangible Drilling and Development Costs (IDCs)
29(1)
Depletion Methods
29(2)
Tax Planning
31(1)
Cost Recovery
31(1)
Amortization
32(1)
Cost Recovery Tables
32(4)
Refocus on the Big Picture: Calculating Cost Recovery Deductions
36
Chapter 9 Deductions: Employee And Self-Employed-Related Expenses
1(1)
The Big Picture: The First Job
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Employee Versus Independent Contractor
2(2)
Concept Summary: Employee versus Independent Contractor
4(1)
Self-Employed And Employee-Related Expenses--In General
5(1)
Transportation Expenses
5(1)
Qualified Expenses
5(1)
Computation of Automobile Expenses
6(3)
Travel Expenses
9(1)
Definition of Travel Expenses
9(1)
Away-from-Home Requirement
10(1)
Restrictions on Travel Expenses
11(1)
Combined Business and Pleasure Travel
12(2)
Education Expenses
14(1)
General Requirements
14(1)
Legal Requirements to Keep a Job
14(1)
Maintaining or Improving Existing Skills
15(1)
Concept Summary: Conditions for Deducting Regular Education Expenses
15(1)
What Expenses Are Allowed?
15(1)
Other Provisions Dealing with Education
16(1)
Concept Summary: Tax Consequences of Provisions Dealing with Education
16(1)
Other Business Expenses
17(1)
Office in the Home
17(4)
Moving Expenses
21(1)
Entertainment and Meal Expenses
21(2)
Ethics & Equity: Your Turn or Mine?
23(1)
Miscellaneous Employee Expenses
24(1)
Contributions To Retirement Accounts
25(1)
§ 401(k) Plans
25(1)
Individual Retirement Accounts (Iras)
26(1)
General Rules
26(3)
Taxation of Benefits
29(1)
Rollovers and Conversions
30(1)
Concept Summary: Comparison of IRAs
30(1)
Retirement Plans For Self-Employed Individuals
31(1)
Keogh (H.R. 10) Plans
31(1)
Solo § 401 (k) Plans
31(1)
Savings Incentive Match Plan for Employees (SIMPLE Plans)
32(1)
Simplified Employee Pension Plans (SEPs)
32(1)
Classification Of Employee Expenses
33(1)
Accountable Plans
33(1)
Nonaccountable Plans
34(1)
Limitations On Itemized Deductions
35(1)
Miscellaneous Itemized Deductions Subject to the 2%-of-AGI Floor
35(1)
Miscellaneous Itemized Deductions Not Subject to the 2%-of-AGI Floor
35(1)
TAX PLANNING
36(1)
Employment Status
36(1)
Implications of Misclassifying Workers
36(1)
Transportation and Travel Expenses
37(1)
Refocus on the Big Picture: The First Job
38
Chapter 10 DEDUCTIONS AND LOSSES: CERTAIN ITEMIZED DEDUCTIONS
1(1)
The Big Picture: Impact of Itemized Deductions on Major Purchases
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Medical Expenses
3(1)
Medical Expenses Defined
3(1)
Capital Expenditures for Medical Purposes
4(1)
Medical Expenses Incurred for Spouse and Dependents
5(1)
Transportation, Meal, and Lodging Expenses for Medical Treatment
6(1)
Amounts Paid for Medical Insurance Premiums
6(1)
Year of Deduction
7(1)
Reimbursements
7(1)
Health Savings Accounts
8(2)
Affordable Care Act Provisions
10(1)
Taxes
10(1)
Deductibility as a Tax
10(1)
Property Taxes
11(2)
State and Local Income Taxes and Sales Taxes
13(1)
Interest
14(1)
Allowed and Disallowed Items
14(3)
Restrictions on Deductibility and Timing Considerations
17(1)
Classification of Interest Expense
17(1)
Concept Summary: Deductibility of Personal, Student Loan, Mortgage, and Investment Interest
18(1)
Charitable Contributions
18(1)
Criteria for a Gift
18(2)
Qualified Organizations
20(1)
Ethics & Equity: An Indirect Route to a Contribution Deduction
20(1)
Time of Deduction
20(1)
Record-Keeping and Valuation Requirements
21(1)
Concept Summary: Documentation and Substantiation Requirements for Charitable Contributions
21(1)
Global Tax Issues: Choose the Charity Wisely
22(1)
Limitations on Charitable Contribution Deduction
22(3)
Concept Summary: Determining the Deduction for Contributions by Individuals
25(1)
Timing Of Payments To Maximize Deductions
26(1)
Other Itemized Deductions
27(1)
Comprehensive Example Of Schedule A
27(2)
Tax Planning
29(1)
Maximizing the Medical Deduction
29(1)
Ensuring the Charitable Contribution Deduction
29(2)
Planning to Avoid Nondeductible Treatment
31(1)
Refocus on the Big Picture: Impact of Itemized Deductions on Major Purchases
31
Chapter 11 Investor Losses
1(1)
The Big Picture: Investor Loss Limitations Affect the Viability of Certain Investment Opportunities
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Thetax Shelter Problem
2(2)
AT-Risk Limits
4(1)
Concept Summary: Calculation of At-Risk Amount
5(1)
Passive Activity Loss Limits
5(1)
Classification and Tax Treatment of Passive Activity Income and Losses
5(4)
Taxpayers Subject to the Passive Activity Loss Rules
9(1)
Rules for Determining Passive Activities
10(4)
Concept Summary: Tests to Determine Material Participation
14(1)
Interaction of the At-Risk and Passive Activity Loss Limits
15(1)
Special Passive Activity Rules for Real Estate Activities
16(1)
Concept Summary: Treatment of Losses Subject to the At-Risk and Passive Activity Loss Limitations
17(1)
Ethics & Equity: Punching the Time Clock at Year-End
18(2)
Dispositions of Passive Interests
20(1)
Investment Interest Limitation
21(1)
Limitation Imposed
21(1)
Concept Summary: Passive Activity Loss Rules: Key Issues and Answers
22(1)
Computation of Allowable Deduction
23(1)
Other Investment Losses
23(1)
Concept Summary: Common Investment Loss Limitation Rules
24(1)
Tax Planning
24(1)
Minimizing the Impact of Passive Activity Losses
24(2)
Maximizing the Investment Interest Deduction
26(1)
Effect of the Additional Tax on Net Investment Income
26(1)
Refocus on the Big Picture: Investor Loss Limitations Can Significantly Affect Investment Returns
27
Chapter 12 Tax Credits And Payments
1(1)
The Big Picture: Education Tax Credits
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Tax Policy Considerations
3(1)
Tax Credits
3(1)
Refundable versus Nonrefundable Credits
3(2)
General Business Credit
5(1)
Treatment of Unused General Business Credits
5(1)
Specific Business-Related Tax Credits
6(1)
Tax Credit for Rehabilitation Expenditures
6(1)
Ethics & Equity: The Rehabilitation Tax Credit
7(1)
Work Opportunity Tax Credit
7(1)
Credit for Increasing Research Activities
8(1)
Low-Income Housing Credit
9(1)
Disabled Access Credit
10(1)
Credit for Small Employer Pension Plan Startup Costs
10(1)
Credit for Employer-Provided Child Care
11(1)
Credit for Employer-Provided Family and Medical Leave
11(1)
Specific Tax Credits For Individuals
12(1)
Earned Income Credit
12(1)
Child and Dependent Tax Credits
13(1)
Credit for Child and Dependent Care Expenses
13(2)
Ethics & Equity: Is This the Right Way to Use the Credit for Child and Dependent Care Expenses?
15(1)
Education Tax Credits
15(2)
Credit for Certain Retirement Plan Contributions
17(1)
Tax Credits Available To Businesses And Individuals
17(1)
Foreign Tax Credit
17(1)
Global Tax Issues: Sourcing Income in Cyberspace--Getting It Right When Calculating the Foreign Tax Credit
18(1)
Energy Credits
19(1)
Concept Summary: Major Tax Credits
20(2)
Tax Payments
22(1)
Payments by Employers
22(1)
Payments by Self-Employed Persons
23(1)
Affordable Care Act Provisions
24(2)
Alternative Minimum Tax
26(2)
Tax Planning
28(1)
Credit for Child and Dependent Care Expenses
28(1)
Energy Credits
28(1)
Refocus on the Big Picture: Education Tax Credits
28
Part 4 Property Transactions
Chapter 13 Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
1(1)
The Big Picture: Sale or Gift of Inherited House and Other Property Transactions
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Determination Of Gain Or Loss
2(1)
Realized Gain or Loss
3(1)
Concept Summary: Realized Gain or Loss
3(5)
Recognized Gain or Loss
8(1)
Concept Summary: Realized and Recognized Gain or Loss
8(1)
Nonrecognition of Gainorloss
8(1)
Basis Considerations
9(1)
Determination of Cost Basis
9(3)
Gift Basis
12(2)
Inherited Property
14(2)
Disallowed Losses
16(2)
Concept Summary: Wash Sale Rules
18(1)
Ethics & Equity: Washing a Loss Using an IRA
19(1)
Property Converted from Personal Use to Business or Income-Producing Use
19(1)
Summary of Basis Adjustments
20(1)
Concept Summary: Adjustments to Basis
21(1)
Nontaxable Exchanges
22(1)
Like-Kind Exchanges--§1031
22(1)
Like-Kind Property
23(1)
Exchange Requirement
24(1)
Concept Summary: Delayed §1031 Exchange
25(1)
Boot
25(1)
Basis and Holding Period of Property Received
26(3)
Reporting Considerations
29(1)
Involuntary Conversions--§ 1033
29(2)
Involuntary Conversion Defined
31(1)
Computing the Amount Realized
31(1)
Replacement Property
32(1)
Concept Summary: Involuntary Conversions: Replacement Property Tests
33(1)
Time Limitation on Replacement
33(1)
Nonrecognition of Gain
34(1)
Reporting Considerations
35(1)
Sale Of A Residence--§121
35(1)
Principal Residence
36(1)
Requirements for Exclusion Treatment
36(2)
Calculating the Exclusion
38(1)
Exceptions to the Two-Year Rules
39(2)
Tax Planning
41(1)
Cost Identification and Documentation Considerations
41(1)
Selection of Property for Making Gifts
41(1)
Selection of Property to Pass at Death
42(1)
Disallowed Losses
42(1)
Like-Kind Exchanges
43(1)
Involuntary Conversions
43(1)
Sale of a Principal Residence
44(1)
Refocus on the Big Picture: Sale or Gift of Inherited House and Other Property Transactions
45
Chapter 14 Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
1(1)
The Big Picture: Managing Capital Asset Transactions
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
General Scheme Of Taxation
3(1)
Capital Assets
3(1)
Definition of a Capital Asset (§ 1221)
4(2)
Ethics & Equity: Sculpture as a Capital Asset
6(1)
Effect of Judicial Action
6(1)
Statutory Expansions
7(1)
Sale Or Exchange
8(1)
Worthless Securities and § 1244 Stock
8(1)
Retirement of Corporate Obligations
9(1)
Options
9(2)
Concept Summary: Options: Consequences to the Grantor and Grantee
11(1)
Patents
11(1)
Franchises, Trademarks, and Trade Names (§ 1253)
12(2)
Concept Summary: Franchises: Consequences to the Franchisor and Franchisee
14(1)
Lease Cancellation Payments
14(1)
Holding Period
15(1)
General Rules
15(1)
Special Holding Period Rules
15(1)
Special Rules for Short Sales
16(2)
Concept Summary: Short Sales of Securities
18(1)
Tax Treatment Of Capital Gains And Losses Of Noncorporate Taxpayers
19(1)
Capital Gain and Loss Netting Process
19(3)
Qualified Dividend Income
22(1)
Alternative Tax on Net Capital Gain and Qualified Dividend Income
22(2)
Concept Summary: Income layers for Alternative Tax on Capital Gain Computation
24(2)
Treatment of Net Capital Losses
26(1)
Concept Summary: Final Results of the Capital Gain and Loss Netting Process and How They Are Taxed
27(1)
Tax Treatment Of Capital Gains And Losses Of Corporate Taxpayers
27(1)
Overview Of § 1231 And The Recapture Provisions
28(1)
Section 1231 Assets
28(1)
Relationship to Capital Assets
28(1)
Property Included
29(1)
Property Excluded
30(1)
Section 1231 Assets Disposed of by Casualty or Theft
30(1)
Concept Summary: Section 1231 Netting Procedure (Discussed in Text Section 14-8e)
31(1)
General Procedure for § 1231 Computation
32(3)
Section 1245 Recapture
35(2)
Section 1245 Property
37(1)
Observations on § 1245
38(1)
Section 1250 Recapture
38(1)
Section 1250 Recapture Situations
39(1)
Concept Summary: Comparison of § 1245 and § 1250 Depreciation Recapture
39(1)
Unrecaptured § 1250 Gain (Real Estate 25% Gain)
39(2)
Ethics & Equity: The Sale of a "Cost-Segregated" Building
41(1)
Considerations Common To §§ 1245 And 1250
41(1)
Exceptions
41(1)
Global Tax Issues: Depreciation Recapture in Other Countries
42(1)
Other Applications
43(1)
Concept Summary: Depreciation Recapture and § 1231 Netting Procedure
44(1)
Special Recapture Provisions
44(1)
Special Recapture for Corporations
44(1)
Gain from Sale of Depreciable Property between Certain Related Parties
45(1)
Intangible Drilling Costs
45(1)
Reporting Procedures
45(1)
Ethics & Equity: Incorrect Depreciation and Recognized Gain
45(1)
Tax Planning
46(1)
Importance of Capital Asset Status
46(1)
Planning for Capital Asset Status
46(1)
Global Tax Issues: Capital Gain Treatment in the United States and Other Countries
47(1)
Effect of Capital Asset Status in Transactions Other Than Sales
47(1)
Stock Sales
48(1)
Maximizing Benefits
48(1)
Year-End Planning
48(1)
Timing of § 1231 Gain
48(1)
Timing of Recapture
49(1)
Postponing and Shifting Recapture
49(1)
Avoiding Recapture
50(1)
Refocus on the Big Picture: Managing Capital Asset Transactions
50
Part 5 Special Tax Computations and Accounting Periods and Methods
Chapter 15 The Deduction For Qualified Business Income For Noncorporate Taxpayers
1(1)
The Big Picture: Entrepreneurial Pursuits
1(1)
Tax Treatment Of Various Business Forms
2(1)
Sole Proprietorships
2(1)
Partnerships
3(1)
Corporations
3(3)
Concept Summary: Tax Treatment of Business Forms Compared
6(1)
Global Tax Issues: U.S. Corporate Taxes and International Business Competitiveness
7(1)
Limited Liability Companies
7(1)
The Tax Cuts And Jobs Act (TCJA) Of 2017 And Entity Tax Rates
8(1)
Challenges of Lowering Tax Rates
8(1)
Lowering Tax Rates for Different Business Forms
9(1)
The Deduction For Qualified Business Income
10(1)
General Rule
10(1)
The Overall Limitation: Modified Taxable Income
10(1)
Definition of Qualified Business Income
11(1)
Definition of a Qualified Trade or Business
11(2)
Limitations on the QBI Deduction
13(1)
Limitation Based on Wages and Capital Investment
14(1)
Concept Summary: An Overview of the 2021 Qualified Business Income Deduction
15(3)
Limitation for "Specified Services" Businesses
18(8)
Reporting the Qualified Business Income Deduction
26(1)
Aggregation of Qualified Trades and Businesses Under the § 199A Regulations
27(5)
Treatment of Losses
32(2)
Coordination with Other Rules
34(1)
Considerations for Partnerships and S Corporations
35(1)
Other Items in the § 199A Regulations
35(1)
Tax Planning
36(1)
Corporate versus Noncorporate Forms of Business Organization
36(1)
Optimizing the Deduction for Qualified Business Income
37(1)
Refocus on the Big Picture: Entrepreneurial Pursuits
37
Chapter 16 Accounting Periods And Methods
1(1)
The Big Picture: Accounting Period and Method
1(1)
Framework 1040: Tax Formula for Individuals
2(1)
Accounting Periods
2(1)
Specific Provisions for Partnerships, S Corporations, and Personal Service Corporations
3(2)
Ethics & Equity: Who Benefits from the Change in Tax Year?
5(1)
Selecting the Tax Year
6(1)
Changes in the Accounting Period
6(1)
Taxable Periods of Less Than One Year
7(1)
Mitigation of the Annual Accounting Period Concept
8(2)
Ethics & Equity: Special Tax Relief
10(1)
Accounting Methods
10(1)
Permissible Methods
10(1)
Cash Receipts and Disbursements Method
11(2)
Accrual Method
13(1)
Concept Summary: Accruals Under the Economic Performance Test
14(2)
Financial Disclosure Insights: Tax Deferrals from Reserves
16(1)
Hybrid Method
16(1)
Change of Method
17(2)
Ethics & Equity: Change in Accounting Method
19(1)
Special Accounting Methods
19(1)
Installment Method
19(5)
Concept Summary: Interest on Installment Sales
24(3)
Long-Term Contracts
27(3)
Inventories
30(1)
Determining Inventory Cost
31(4)
Ethics & Equity: Preserving the UFO Reserve
35(1)
The LIFO Election
35(1)
Special Inventory Methods Relating to Farming and Ranching
36(1)
Inventory of Small Taxpayers
36(1)
Tax Planning
37(1)
Taxable Year
37(1)
Cash Method of Accounting
37(1)
Installment Method
37(1)
Inventories
38(1)
Refocus on the Big Picture: Accounting Period and Method
38
Part 6 Corporations
Chapter 17 Corporations: Introduction And Operating Rules
1(1)
The Big Picture: A Half-Baked Idea?
1(1)
An Introduction To The Income Taxation Of Corporations
2(1)
An Overview of Corporate versus Individual Income Tax Treatment
2(1)
Specific Provisions Compared
3(1)
Accounting Periods and Methods
4(1)
Capital Gains and Losses
5(1)
Recapture of Depreciation
6(1)
Business Interest Expense Limitation
6(2)
Passive Activity Losses
8(1)
Concept Summary: Special Rules Applicable to Personal Service Corporations (PSCs)
9(1)
Charitable Contributions
9(2)
Excessive Executive Compensation
11(1)
Net Operating Losses
12(1)
Deductions Available Only to Corporations
12(3)
Ethics & Equity: Pushing the Envelope on Year-End Planning
15(2)
Concept Summary: Income Taxation of Individuals and Corporations Compared
17(1)
Determining The Corporate Income Tax Liability
18(1)
Corporate Income Tax Rates
18(1)
Alternative Minimum Tax
19(1)
Restrictions on Corporate Accumulations
19(1)
Consolidated Returns
20(2)
Financial Disclosure Insights: GAAP and Tax Treatment of Consolidations
22(1)
Procedural Matters
23(1)
Filing Requirements for Corporations
23(1)
Estimated Tax Payments
24(1)
Schedule M-1--Reconciliation of Income (Loss) per Books with Income per Return
24(1)
Schedule M-2--Analysis of Unappropriated Retained Earnings per Books
25(1)
Concept Summary: Conceptual Diagram of Schedule M-1 (Form 1120)
26(1)
Schedule M-3--Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More
26(2)
Income Taxes in the Financial Statements
28(6)
Tax Planning
34(1)
Corporate versus Noncorporate Forms of Business Organization
34(1)
Operating the Corporation
35(2)
Refocus on the Big Picture: Cooked to Perfection
37
Chapter 18 Corporations: Organization And Capital Structure
1(1)
The Big Picture: The Vehicle for Business Growth Is the Corporate Form
1(1)
Organization Of And Transfers To Controlled Corporations
2(1)
Section 351 Rationale and General Rules
2(1)
Global Tax Issues: Tax Reform Adds a New Wrinkle to the Choice of Organizational Form When Operating Overseas
3(2)
Concept Summary: Shareholder Consequences: Taxable Corporate Formation versus Tax-Deferred § 351 Transaction
5(1)
Property Defined
5(1)
Stock Transferred
6(1)
Control of the Corporation
6(4)
Basis Determination and Related Issues
10(1)
Concept Summary: Tax Consequences to the Shareholders and Corporation: With and Without the Application of § 351 (Based on the Facts of Example 16)
11(3)
Assumption of Liabilities--§ 357
14(3)
Concept Summary: Tax Consequences of Liability Assumption
17(1)
Capital Structure Of A Corporation
18(1)
Capital Contributions
18(1)
Debt in the Capital Structure
18(3)
Investor Losses
21(1)
Stock and Security Losses
21(1)
Business versus Nonbusiness Bad Debts
21(1)
Ethics & Equity: Can a Loss Produce a Double Benefit?
21(2)
Section 1244 Stock
23(1)
Gain From Qualified Small Business Stock
24(1)
Tax Planning
24(1)
Working with §351
24(2)
Selecting Assets to Transfer
26(1)
Debt in the Capital Structure
26(1)
Investor Losses
27(1)
Corporations versus Flow-Through Entities
28(1)
Refocus on the Big Picture: The Vehicle for Business Growth Is the Corporate Form
29
Chapter 19 Corporations: Distributions Not In Complete Liquidation
1(1)
The Big Picture: Taxing Corporate Distributions
1(1)
Corporate Distributions--Overview
2(1)
Earnings And Profits (E&P)
3(1)
Computation of E & P
3(3)
Summary of E & P Adjustments
6(1)
Concept Summary: E & P Adjustments
7(1)
Current versus Accumulated E&P
8(1)
Allocating E & P to Distributions
8(1)
Concept Summary: Allocating E&P to Distributions
9(3)
Ethics & Equity: Shifting E&P
12(1)
Dividends
12(1)
Rationale for Reduced Tax Rates on Dividends
12(1)
Qualified Dividends
13(1)
Property Dividends
14(2)
Concept Summary: Noncash Property Distributions
16(1)
Constructive Dividends
16(3)
Stock Dividends and Stock Rights
19(2)
Stock Redemptions
21(1)
Overview
21(2)
Global Tax Issues: Foreign Shareholders Prefer Sale or Exchange Treatment in Stock Redemptions
23(1)
Historical Background
24(1)
Concept Summary: Summary of the Qualifying Stock Redemption Rules
24(1)
Stock Attribution Rules
25(1)
Concept Summary: Tax Consequences of Stock Redemptions to Shareholders
26(1)
Not Essentially Equivalent Redemptions
26(1)
Disproportionate Redemptions
27(1)
Complete Termination Redemptions
28(1)
Redemptions to Pay Death Taxes
28(1)
Stock Redemptions--Effect On The Corporation
29(1)
Recognition of Gain or Loss
29(1)
Effect on Earnings and Profits
30(1)
Redemption Expenditures
30(1)
Other Corporate Distributions
30(1)
Tax Planning
30(1)
Corporate Distributions
30(1)
Concept Summary: Corporate Distributions
31(1)
Planning for Qualified Dividends
32(1)
Constructive Dividends
33(1)
Stock Redemptions
33(1)
Refocus on the Big Picture: Taxing Corporate Distributions
34
Chapter 20 Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations
1(1)
The Big Picture: The Options for Transitioning to Retirement
1(1)
Liquidations--In General
2(1)
The Liquidation Process
2(1)
Liquidating and Nonliquidating Distributions Compared
2(1)
Liquidations--Effect On The Distributing Corporation
3(1)
The General Rule
3(1)
Antistuffing Rules
4(4)
Concept Summary: Summary of Antistuffing Loss Disallowance Rules
8(1)
Liquidations--Effect On The Shareholder
8(1)
Ethics & Equity: Transferee Liability for Tax Deficiency of Liquidated Corporation
9(1)
Liquidations--Parent-Subsidiary Situations
9(1)
Minority Shareholder Interests
10(1)
Indebtedness of the Subsidiary to the Parent
10(1)
Global Tax Issues: Basis Rules for Liquidations of Foreign Subsidiaries
11(1)
Basis of Property Received by the Parent Corporation--The General Rule
11(1)
Basis of Property Received by the Parent Corporation--§ 338 Election
12(1)
Concept Summary: Summary of Liquidation Rules
13(1)
Corporate Reorganizations
14(1)
In General
15(1)
Different Types of Reorganizations
15(1)
Tax Consequences in a Tax-Free Reorganization
15(1)
Financial Disclosure Insights: Acquisitions Can Have Negative Consequences
16(1)
Concept Summary: Gain and Basis Rules for Nontaxable Exchanges
16(2)
Concept Summary: Basis to Acquiring Corporation of Property Received
18(1)
Tax Planning
19(1)
Effect of a Liquidating Distribution on the Corporation
19(1)
Effect of a Liquidating Distribution on the Shareholder
19(1)
Parent-Subsidiary Liquidations
20(1)
Asset Purchase versus Stock Purchase
20(1)
Refocus on the Big Picture: The Transition to Retirement Is Subject to Double Taxation
21
Part 7 Flow-Through Entities
Chapter 21 Partnerships
1(1)
The Big Picture: Why Use a Partnership, Anyway?
1(1)
Overview Of Partnership Taxation
2(1)
What Is a Partnership?
2(1)
Concept Summary: Comparison of Partnership Types
3(1)
Key Concepts in Taxation of Partnership Income
4(2)
Formation Of A Partnership: Tax Effects
6(1)
Contributions to the Partnership
6(1)
Exceptions to the General Rule of § 721
7(2)
Other Issues Related to Contributed Property
9(2)
Concept Summary: Partnership Formation and Initial Basis Computations
11(1)
Tax Accounting Elections
11(1)
Initial Costs of a Partnership
12(1)
Method of Accounting
12(1)
Taxable Year of the Partnership
13(2)
Partnership Operations And Reporting
15(1)
Partnership Reporting, In General
15(1)
Measuring Partnership Income
16(2)
Form 1065 Example
18(6)
Financial Disclosure Insights: Financial Reporting for Partnerships
24(1)
Partner Calculations And Reporting
24(1)
Partner Reporting of Partnership Income
24(2)
Partner Allocations
26(2)
Schedule K-1 Example
28(2)
Concept Summary: Tax Reporting of Partnership Items
30(1)
Partner's Basis
31(1)
Effect of Partnership Liabilities on Partner's Basis
31(4)
Partner's Capital Account
35(1)
Concept Summary: Comparing a Partner's Tax Basis and Capital Account
36(1)
Loss Limitations
36(2)
Global Tax Issues: Withholding Requirements for non-U.S. Partners
38(1)
Other Taxes On Partnership Income
39(1)
Self-Employment Tax
39(1)
Net Investment Income Tax
40(1)
Distributions From The Partnership
40(1)
Distributions in General
40(1)
Proportionate Current Distributions
41(3)
Proportionate Liquidating Distributions
44(1)
Concept Summary: Proportionate Current Distributions (General Rules)
45(2)
Sale Of A Partnership Interest
47(1)
General Rules
47(1)
Hot Assets and Carried Interests
48(1)
Limited Liability Entities
49(1)
Limited Liability Companies
49(1)
Limited Liability Partnerships
50(1)
Tax Planning
51(1)
Choosing Partnership Taxation
51(1)
Concept Summary: Major Advantages and Disadvantages of the Partnership Form
52(1)
Formation and Operation of a Partnership
52(1)
Basis Considerations and Loss Deduction Limitations
52(1)
Transactions between Partners and Partnerships
52(1)
Drafting the Partnership Agreement
53(1)
Refocus on the Big Picture: Why Use a Partnership, Anyway?
53
Chapter 22 S Corporations
1(1)
The Big Picture: Deductibility of Losses and the Choice of Business Entity
1(1)
Choice Of Business Entity
2(1)
An Overview of S Corporations
2(1)
Qualifying For S Corporation Status
3(1)
Defining an S Corporation
3(2)
Making the Election
5(1)
Shareholder Consent
6(1)
Loss of the Election
7(2)
Operational Rules
9(1)
Taxable Income
9(3)
Qualified Business Income Deduction
12(1)
Allocation of Income and Loss
12(1)
Distributions to Shareholders
13(1)
Concept Summary: Classification Procedures for Distributions from an S Corporation
14(4)
Noncash Property Distributions
18(1)
Concept Summary: Consequences of Noncash Distributions
18(1)
Shareholder's Basis in S Stock
19(2)
Treatment of Losses
21(1)
Tax on Pre-Election Built-in Gain
22(1)
LIFO Recapture Tax
23(1)
Passive Investment Income Penalty Tax
23(1)
Other Operational Rules
24(1)
Tax Planning
25(1)
When the Election Is Advisable
25(1)
Concept Summary: Making an S Election
25(1)
Making a Proper Election
26(1)
Operation of the S Corporation
26(1)
Overall Comparison Of Forms Of Doing Business
27(1)
Concept Summary: Tax Attributes of Different Forms of Business (Assume That Partners and Shareholders Are All Individuals)
28(3)
Refocus on the Big Picture: Using a Pass-Through Entity to Achieve Deductibility of Losses
31
Part 8 Advanced Tax Practice Considerations
Chapter 23 Exempt Entities
1(1)
The Big Picture: Effect of a For-Profit Business on a Tax-Exempt Entity
1(2)
Types Of Exempt Organizations
3(1)
Characteristics Of Exempt Entities
3(1)
Serving the Common Good
3(1)
Not-for-Profit Entity
3(1)
Use of Net Earnings
3(2)
Concept Summary: Consequences of Exempt Status
5(1)
Taxes On Exempt Entities
5(1)
Taxable Transactions
5(3)
Feeder Organizations
8(1)
Private Foundations
8(1)
Tax Consequences of Private Foundation Status
8(2)
Concept Summary: Exempt Organizations: Classification
10(1)
Taxes Imposed on Private Foundations
11(1)
Unrelated Business Income Tax
12(1)
Unrelated Trade or Business
13(3)
Unrelated Business Taxable Income
16(2)
Concept Summary: Unrelated Business Income Tax
18(1)
Reporting Requirements
19(1)
Obtaining Exempt Organization Status
19(1)
Annual Filing Requirements
19(1)
Disclosure Requirements
20(1)
Tax Planning
21(1)
Choosing an Exempt Classification
21(1)
Maintaining Exempt Status
21(1)
Private Foundation
22(1)
Unrelated Business Income Tax
22(1)
Refocus on the Big Picture: Effect of a For-Profit Business on a Tax-Exempt Entity
23
Chapter 24 Multistate Corporate Taxation
1(1)
The Big Picture: Making a Multistate Location Decision
1(1)
Corporate State Income Taxation
2(1)
Computing State Income Tax
2(1)
State Modifications
3(1)
The UDITPA and the Multistate Tax Commission
3(3)
Jurisdiction to Impose Tax: Nexus and Public Law 86-272
6(1)
Nexus in Today's Economy
7(1)
Concept Summary: Multistate Taxation
8(1)
Apportionment And Allocation Of Income
8(1)
The Apportionment Procedure
9(1)
Apportionable Income
9(2)
Apportionment Factors: Elements and Planning
11(1)
Concept Summary: Apportionable Income
12(1)
The Sales Factor
13(1)
The Payroll Factor
14(2)
The Property Factor
16(1)
Financial Disclosure Insights: State/Local Taxes and the Tax Expense
17(1)
The Unitary Theory
18(1)
What Is a Unitary Business?
19(1)
Tax Effects of the Unitary Theory
19(2)
Consolidated and Combined Returns
21(1)
Global Tax Issues: Water's Edge Is Not a Day at the Beach
21(1)
Concept Summary: Using Apportionment Formulas
22(1)
Taxation Of S Corporations
22(1)
Eligibility
22(1)
State Tax Filing Requirements
22(1)
Taxation Of Partnerships And LLCS
23(1)
Other State And Local Taxes
23(1)
State and Local Sales and Use Taxes
23(2)
Local Property Taxes
25(1)
Other Taxes
26(1)
Ethics & Equity: Encouraging Economic Development through Tax Concessions
27(1)
Tax Planning
28(1)
Selecting the Optimal State in Which to Operate
28(1)
Restructuring Corporate Entities
29(2)
Subjecting the Corporation's Income to Apportionment
31(1)
Ethics & Equity: Can You Be a Nowhere Adviser?
32(1)
Planning with Apportionment Factors
32(1)
Sales/Use Tax Compliance
33(1)
Capital StockTaxation
33(1)
Refocus on the Big Picture: Making a Multistate Location Decision
33
Chapter 25 Taxation Of International Transactions
1(1)
The Big Picture: Going International
1(2)
Overview Of International Taxation
3(2)
Tax Treaties
5(1)
Global Tax Issues: COID-19 and Permanent Establishment
6(1)
Sourcing Of Income And Deductions
6(1)
Income Sourcing Rules
7(2)
Allocation and Apportionment of Deductions
9(1)
Concept Summary: The Sourcing Rules
10(1)
Transfer Pricing
10(1)
Ethics & Equity: The Costs of Good Tax Planning
11(3)
Foreign Currency Gain/Loss
14(1)
U.S. Persons With Offshore Income
15(1)
Export Property, Licenses, Foreign Branches
15(2)
Financial Disclosure Insights: Overseas Operations and Book-Tax Differences
17(1)
Concept Summary: The Foreign Tax Credit
17(1)
Tax Havens
18(1)
Offshore (Foreign) Corporations Controlled by U.S. Persons
19(2)
Concept Summary: Subpart F Income and a CFC
21(2)
Concept Summary: Components of Subpart F Income
23(1)
Movement Toward a More Territorial System
23(2)
U.S. Taxation Of Nonresident Aliens And Foreign Corporations
25(1)
Nonresident Alien Individuals
25(2)
Foreign Corporations
27(1)
Foreign Investment in Real Property Tax Act
28(1)
Expatriation to Avoid U.S. Taxation
28(1)
Reporting Requirements
29(1)
Tax Planning
29(1)
The Foreign Tax Credit Limitation and Sourcing Provisions
29(1)
Transfer Pricing
30(1)
Refocus on the Big Picture: Going International
31
Chapter 26 Tax Practice And Ethics
1(1)
The Big Picture: A Tax Adviser's Dilemma
1(1)
Tax Administration
2(1)
Organizational Structure of the IRS
3(1)
IRS Procedure--Letter Rulings
4(1)
IRS Procedure--Other Issuances
4(1)
Ethics & Equity: Tax Compliance Costs
5(1)
Administrative Powers of the IRS
5(1)
The Audit Process
6(1)
Ethics & Equity: Can the IRS Pretend to Be Your Friend?
7(2)
The Taxpayer Appeal Process
9(1)
Offers in Compromise and Closing Agreements
10(1)
Ethics & Equity: Our Taxing System of Self-Assessment
11(1)
Interest
12(1)
Concept Summary: Working with the IRS
13(1)
Taxpayer Penalties
13(5)
Ethics & Equity: First-Time Tax Violators Can Get Off with Just a Warning
18(3)
Statute of Limitations
21(1)
The Tax Profession And Tax Ethics
22(1)
The Tax Professional
22(1)
Regulating Tax Preparers
23(1)
IRS Rules Governing Tax Practice
23(1)
Preparer Penalties
24(2)
Privileged Communications
26(1)
AICPA Statements on Standards for Tax Services
27(3)
Concept Summary: Tax Profession and Ethics
30(1)
Tax Planning
30(1)
Strategies in Seeking a Letter Ruling
30(1)
Considerations in Handling an IRS Audit
30(1)
Statute of Limitations
31(1)
Litigation Considerations
32(1)
Penalties
32(1)
Ethics in the Tax Practice
32(1)
Privileged Communications
33(1)
Refocus on the Big Picture: A Tax Adviser's Dilemma
33
Part 9 Family Tax Planning
Chapter 27 The Federal Gift And Estate Taxes
1(1)
The Big Picture: An Eventful and Final Year
1(1)
Transfer Taxes--In General
2(1)
Nature of the Taxes
2(1)
Global Tax Issues: U.S. Transfer Taxes and NRAs
3(1)
Concept Summary: Gift Tax Formula
3(1)
Concept Summary: Estate Tax Formula
4(1)
Valuation Issues
5(1)
Key Property Concepts
6(1)
The Federal Gift Tax
7(1)
General Considerations
7(1)
Ethics & Equity: It's the Thought That Counts
7(2)
Transfers Subject to the Gift Tax
9(1)
Annual Gift Tax Exclusion
10(1)
Deductions
11(1)
Computing the Federal Gift Tax
11(1)
Procedural Matters
12(1)
Concept Summary: Federal Gift Tax Provisions
13(1)
The Federal Estate Tax
13(1)
Gross Estate
13(5)
Concept Summary: Federal Estate Tax Provisions--Gross Estate
18(1)
Taxable Estate
19(3)
Estate Tax Credits
22(1)
Global Tax Issues: Treaty Relief Is Not Abundant!
23(1)
Procedural Matters
23(1)
Concept Summary: Federal Estate Tax Provisions--Taxable Estate and Procedural Matters
24(1)
The Generation-Skipping Transfer Tax
24(1)
Inter-Generational Transfers
24(1)
The Tax on Generation-Skipping Transfers
24(1)
Tax Planning
25(1)
The Federal Gift Tax
25(1)
The Federal Estate Tax
26(2)
Refocus on the Big Picture: An Eventful and Final Year
28
Chapter 28 Income Taxation Of Trusts And Estates
1(1)
The Big Picture: Setting Up a Trust to Protect a Family
1(1)
Fiduciary Income Taxation
2(1)
What Is a Trust?
2(3)
What Is an Estate?
5(1)
Nature Of Trust And Estate Taxation
5(1)
Concept Summary: Tax Characteristics of Major Pass-Through Entities
6(1)
Tax Accounting Periods and Methods
6(1)
Tax Rates and Personal Exemption
6(1)
Alternative Minimum Tax
7(1)
Additional Tax on Net Investment Income
8(1)
Taxable Income Of Trusts And Estates
8(1)
Entity Accounting Income
8(3)
Gross Income
11(2)
Ethics & Equity: To Whom Can I Trust My Pet?
13(1)
Ordinary Deductions
13(2)
Deductions for Losses
15(1)
Charitable Contributions
15(1)
Deduction for Distributions to Beneficiaries
16(1)
Concept Summary: Uses of the DNI Amount
17(2)
Tax Credits
19(1)
Concept Summary: Principles of Fiduciary Income Taxation
20(1)
Taxation Of Beneficiaries
20(1)
Distributions by Simple Trusts
20(1)
Distributions by Estates and Complex Trusts
20(2)
Character of Income
22(1)
Grantor Trusts
23(2)
Procedural Matters
25(1)
Tax Planning
25(1)
A Trust or an Estate as an Income-Shifting Device
25(1)
Income Tax Planning for Estates
26(1)
Distributions of In-Kind Property
27(1)
Ethics & Equity: Who Should Be a Trustee?
27(1)
Deductibility of Administrative Expenses
27(1)
Duties of an Executor
28(1)
Additional Taxes on Capital Gains and Net Investment Income
28(1)
Refocus on the Big Picture: Setting Up a Trust to Protect a Family
29
APPENDICES
Tax Formulas, Tax Rate Schedules, Andtables
1(1)
Tax Forms
1(1)
Glossary 1(1)
Table Of Code Sections Cited 1(1)
Present value And Future Value tables 1(1)
Practice Set Assignments-Comprehensive Tax Return Problems 1(1)
Index 1
David M. Maloney, Ph.D., C.P.A., is the Carman G. Blough Professor of Accounting Emeritus at the University of Virginia's 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 University of Virginia faculty, 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. Annette Nellen, C.P.A., C.G.M.A., Esquire, directs San Jose State University's graduate tax program (M.S.T.) and teaches courses in tax research, tax fundamentals, accounting methods, property transactions, employment tax, ethics and tax policy. Professor Nellen is a graduate of CSU Northridge, Pepperdine (M.B.A.) and Loyola Law School. Prior to joining San Jose State University (SJSU) in 1990, she worked with a Big Four firm and the IRS. At SJSU, Professor Nellen has been recognized with the Outstanding Professor and Distinguished Service awards. She is an active member of the tax sections of the AICPA, American Bar Association and California Lawyers Association. She chaired the AICPA Tax Executive Committee from October 2016 to May 2019. 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 Tax Portfolio, Amortization of Intangibles. She has published numerous articles in the AICPA Tax Insider, The Tax Adviser, State Tax Notes and The Journal of Accountancy. She has testified before the House Ways & Means and Senate Finance Committees and other committees on federal and state tax reform. Professor Nellen maintains the 21st Century Taxation website and blog (www.21stcenturytaxation.com) as well as websites on tax reform and state tax issues (www.sjsu.edu/people/annette.nellen/). Andrew D. Cuccia, Ph.D., C.P.A., is the Steed Professor of Accounting at the University of Oklahoma. He is a graduate of Loyola University, New Orleans (B.B.A.) and the University of Florida (Ph.D.). Prior to entering academia, Dr. Cuccia practiced as a C.P.A. at a Big Four accounting firm. Before joining the University of Oklahoma, he served on the faculties at Louisiana State University and the University of Illinois. His research focuses on taxpayer and tax professional judgment and decision making and has been published in several journals, including The Accounting Review, Journal of Accounting Research, The Journal of the American Taxation Association, The Journal of Economic Psychology and Tax Notes. He has taught undergraduate and graduate courses in income tax fundamentals as well as graduate courses in corporate tax, tax policy and tax research. Dr. Cuccia is a past president of the American Taxation Association and is a member of the American Accounting Association and the AICPA. Mark B. Persellin, Ph.D., C.P.A., C.F.P. (R), is the Ray and Dorothy Berend Professor of Accounting at St. Mary's University. He earned his B.S. from the University of Arizona, his M.P.A. in taxation from the University of Texas at Austin and his Ph.D. from the University of Houston. Today, Dr. Persellin teaches personal income tax, business income tax and research in federal taxation. Prior to joining St. Mary's University, Dr. Persellin taught at Florida Atlantic University and Southwest Texas University (Texas State University). He also worked on the tax staff of a Big Four firm. Dr. Persellin's research has been published in numerous academic and professional journals, including The Journal of American Taxation Association, The Accounting Educators' Journal, The Tax Adviser, The CPA Journal, Journal of Taxation, Corporate Taxation, The Tax Executive, TAXES - The Tax Magazine, Journal of International Taxation and Practical Tax Strategies. In 2003, Dr. Persellin established the St. Mary's University Volunteer Income Tax Assistance (VITA) site, and he continues to serve as a trainer and reviewer for the site. James C. Young, Ph.D., C.P.A., is the PricewaterhouseCoopers Professor of Accountancy at Northern Illinois University. He earned his B.S. from Ferris State University and his M.B.A. and Ph.D. from Michigan State University. Dr. Young's 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. Honored as a Northern Illinois University Distinguished Professor, Dr. Young received the Illinois C.P.A. Society Outstanding Accounting Educator Award in 2012. In addition, he has received numerous university teaching awards from Northern Illinois University, George Mason University and Michigan State University.