Income Tax Fundamentals, 2001

by WHITTENBURG/ALTUS-BULLER

• ISBN13: 9780324021158
• ISBN10: 0324021151
• Format: Paperback
• Copyright: 2000-12-18
• Publisher: South-Western College/West

Summary

A concise, practical guide to personal federal income tax form preparation, Whittenburg and Altus-Buller's book/workbook format presents material in easy-to-digest sections with multiple examples, cases, and review problems. Perfect for a hands-on approach to taxes!
-- Complete 2000 tax forms appear within the appropriate chapters and at the end of the book. These forms enable the user to practice concepts as they are introduced.
-- New Alert Law! icon, appears in the margin and in the Table of Contents, indicating coverage of new laws.
-- Internet Coverage in the first chapter covers the IRS Home Page, as well as use of the Internet as a resource.
-- Real-world examples of tax planning strategies are used to illustrate concepts discussed throughout the book.

Table of Contents

Preface	p. ix
As We Go to Press	p. x
How to Use this Text	p. xi
The Individual Income Tax Return
History and Objectives of the Tax System	p. 1
Reporting and Taxable Entities	p. 2
The Tax Formula for Individuals	p. 6
Who Must File and Where to File	p. 8
Filing Status and Tax Computation	p. 11
Personal and Dependency Exemptions	p. 14
The Standard Deduction	p. 19
Limitation on Total Itemized Deductions	p. 20
Gains and Losses	p. 22
Tax and the Internet	p. 24
Questions and Problems	p. 26
Gross Income and Exclusions
The Nature of Gross Income	p. 1
Interest and Dividend Income	p. 4
Alimony	p. 5
Prizes and Awards	p. 10
Annuities	p. 10
Life Insurance	p. 14
Gifts and Inheritances	p. 15
Scholarships	p. 16
Accident and Health Insurance	p. 17
Meals and Lodging	p. 18
Municipal Bond Interest	p. 18
Social Security Benefits	p. 19
Unemployment Compensation	p. 21
Employee Fringe Benefits	p. 21
Questions and Problems	p. 23
Business Expenses and Retirement Plans
Rental Income and Expenses	p. 1
Passive Loss Limitations	p. 4
Bad Debts	p. 8
Inventories	p. 11
Net Operating Losses	p. 13
Individual Retirement Accounts	p. 14
Keogh (H.R. 10) Plans	p. 19
Qualified Retirement Plans Including Section 401(k) Plans	p. 19
Rollovers	p. 22
Simple Plans	p. 23
Questions and Problems	p. 25
Self-Employed and Employee Expenses
Classification of Deductions	p. 1
Travel Expenses	p. 2
Transportation	p. 5
Office in the Home	p. 8
Entertainment	p. 12
Educational Expenses	p. 13
Dues, Subscriptions, and Publications	p. 15
Special Clothing and Uniforms	p. 15
Business Gifts	p. 16
Schedule C	p. 17
Questions and Problems	p. 21
Itemized and Certain Other Deductions
Medical Expenses	p. 1
Taxes	p. 6
Interest	p. 8
Contributions	p. 11
Casualty and Theft Losses	p. 15
Miscellaneous Deductions	p. 17
Moving Expenses	p. 21
Hobby Losses	p. 22
Questions and Problems	p. 25
Credits and Special Taxes
Tax Credit for the Elderly and Disabled	p. 1
Child Tax Credit	p. 2
Earned Income Credit	p. 5
Child and Dependent Care Credit	p. 6
Education Tax Credits	p. 8
Foreign Tax Credit	p. 13
Work Credits	p. 14
Disabled Access Credit	p. 15
Adoption Expenses	p. 16
The Individual Alternative Minimum Tax (AMT)	p. 18
Unearned Income of Minor Children	p. 23
Community Property	p. 27
Questions and Problems	p. 31
Accounting Periods and Methods and Depreciation
Accounting Periods	p. 1
Accounting Methods	p. 4
Depreciation	p. 6
Modified Accelerated Cost Recovery System (MACRS)	p. 8
Election to Expense	p. 13
Listed Property	p. 17
Limitation on Depreciation of Luxury Automobiles	p. 18
Intangibles	p. 20
Related Parties ([section]267)	p. 21
Questions and Problems	p. 23
Capital Gains and Losses
What Is a Capital Asset?	p. 1
Holding Period	p. 2
Calculation of Gain or Loss	p. 3
Net Capital Gains	p. 6
Net Capital Losses	p. 9
Section 1231 Gains and Losses	p. 11
Depreciation Recapture	p. 12
Capital Gains and Casualty Gains and Losses	p. 19
Installment Sales	p. 21
Like-Kind Exchanges	p. 23
Involuntary Conversions	p. 27
Sale of a Personal Residence	p. 28
Questions and Problems	p. 31
Withholding, Estimated Payments, and Payroll Taxes
Withholding Methods	p. 1
Estimated Payments	p. 8
The FICA Tax	p. 9
Federal Tax Deposit System	p. 11
Employer Reporting Requirements	p. 12
Self-Employment Tax	p. 17
The FUTA Tax	p. 18
The Nanny Tax	p. 20
Questions and Problems	p. 29
Table of Contents provided by Syndetics. All Rights Reserved.