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Income Tax Fundamentals 2006,9780324399028

Income Tax Fundamentals 2006

by
Edition:
24th
ISBN13:

9780324399028

ISBN10:
0324399022
Format:
Paperback
Pub. Date:
12/2/2005
Publisher(s):
South-Western College/West
List Price: $148.66

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Summary

INCOME TAX FUNDAMENTALS has led the market for more than twenty years with concise, practical, and current coverage of individual income tax preparation. Whittenburg and Altus-Buller's text/workbook format presents material in easy-to-digest sections with self-checks, online quizzes and activities, multiple examples, and review problems. Income Tax Fundamentals is the perfect text for a hands-on approach to tax in many class settings, including four-year colleges, community colleges, or career schools. This text is revised annually to reflect the current tax law. Tax Preparation software is included. The purpose of the Whittenburg text is to teach the most important and practical areas of the tax law to students, using a building block approach, with feedback at the end of each section. By the end of the text, the student should be able to prepare a fairly difficult return containing many of the elements seen frequently by taxpayers and tax preparers.

Table of Contents

Preface vii
As We Go to Press ix
How to Use This Text x
The Individual Income Tax Return
History and Objectives of the Tax System
1(1)
Reporting and Taxable Entities
2(3)
The Tax Formula for Individuals
5(2)
Who Must File and Where to File
7(3)
Filing Status and Tax Computation
10(3)
Personal and Dependency Exemptions
13(7)
The Standard Deduction
20(1)
Limitation on Total Itemized Deductions
21(1)
A Brief Overview of Capital Gains and Losses
22(2)
Tax and the Internet
24(1)
Electronic Filing (e-Filing)
25
Questions and Problems
27
Gross Income and Exclusions
The Nature of Gross Income
1(3)
Interest and Dividend Income
4(2)
Alimony
6(4)
Prizes and Awards
10(1)
Annuities
11(3)
Life Insurance
14(2)
Gifts and Inheritances
16(1)
Scholarships
16(1)
Accident and Health Insurance
17(1)
Meals and Lodging
18(1)
Municipal Bond Interest
18(1)
Social Security Benefits
19(2)
Unemployment Compensation
21(1)
Employee Fringe Benefits
21
Questions and Problems
24
Business Expenses and Retirement Plans
Rental Income and Expenses
1(3)
Passive Loss Limitations
4(3)
Bad Debts
7(4)
Inventories
11(1)
Net Operating Losses
12(2)
Individual Retirement Accounts
14(4)
Keogh (H.R. 10) Plans and Simplified Employee Pensions
18(1)
Qualified Retirement Plans Including Section 401(k) Plans
19(3)
Rollovers
22(1)
SIMPLE Plans
23
Questions and Problems
25
Self-Employed and Employee Expenses
Classification of Deductions
1(1)
Travel Expenses
2(3)
Transportation
5(3)
Office in the Home
8(4)
Entertainment
12(1)
Educational Expenses
13(2)
Dues, Subscriptions, and Publications
15(1)
Special Clothing and Uniforms
16(1)
Business Gifts
17(1)
Schedule C
18
Questions and Problems
20
Itemized Deductions and Other Incentives
Medical Expenses
1(4)
Taxes
5(3)
Interest
8(3)
Contributions
11(4)
Casualty and Theft Losses
15(2)
Miscellaneous Deductions
17(4)
Moving Expenses
21(1)
Hobby Losses
22(3)
Educational Incentives
25
Questions and Problems
29
Credits and Special Taxes
Child Tax Credit
2(1)
Earned Income Credit
2(2)
Child and Dependent Care Credit
4(1)
Education Tax Credits
5(4)
Foreign Tax Credit
9(1)
Adoption Expenses
10(3)
The Individual Alternative Minimum Tax (AMT)
13(5)
Unearned Income of Minor Children
18(4)
Community Property
22
Questions and Problems
26
Accounting Periods and Methods and Depreciation
Accounting Periods
1(3)
Accounting Methods
4(2)
Depreciation
6(1)
Modified Accelerated Cost Recovery System (MACRS)
7(6)
Election to Expense
13(4)
Listed Property
17(1)
Limitation on Depreciation of Luxury Automobiles
18(3)
Intangibles
21(1)
Related Parties (§267)
22
Questions and Problems
24
Capital Gains and Losses
What Is a Capital Asset?
1(1)
Holding Period
2(1)
Calculation of Gain or Loss
3(3)
Net Capital Gains
6(2)
Net Capital Losses
8(1)
Section 1231 Gains and Losses
9(1)
Depreciation Recapture
10(8)
Capital Gains and Casualty Gains and Losses
18(3)
Installment Sales
21(4)
Like-Kind Exchanges
25(1)
Involuntary Conversions
26(1)
Sale of a Personal Residence
27
Questions and Problems
31
Withholding, Estimated Payments, and Payroll Taxes
Withholding Methods
1(7)
Estimated Payments
8(1)
The FICA Tax
9(2)
Federal Tax Deposit System
11(1)
Employer Reporting Requirements
12(5)
Self-Employment Tax
17(1)
The FUTA Tax
18(2)
The Nanny Tax
20
Questions and Problems
29
Partnership Taxation
Nature of Partnership Taxation
1(1)
Partnership Formation
2(2)
Partnership Income Reporting
4(1)
Current Distributions and Guaranteed Payments
5(1)
Tax Years
6(7)
Transactions between Partners and the Partnership
13(1)
The At-Risk Rule
14(1)
Limited Liability Companies
15
Questions and Problems
17
The Corporate Income Tax
Corporate Tax Rates
1(1)
Corporate Capital Gains and Losses
2(1)
Special Deductions and Limitations
3(2)
Schedule M-1
5(1)
Filing Requirements and Estimated Tax
6(2)
S Corporations
8(4)
Corporate Formation
12(8)
Corporate Accumulations
20(1)
The Corporate Alternative Minimum Tax
20
Questions and Problems
22
Tax Administration and Tax Planning
The Internal Revenue Service
1(3)
The Audit Process
4(1)
Interest and Penalties
5(6)
Statute of Limitations
11(1)
Preparers, Proof, and Privilege
12(2)
The Taxpayer Bill of Rights
14(1)
Tax Planning
15
Questions and Problems
21
Appendices
Appendix A Tax Rate Schedules and Tax Tables
1(1)
Appendix B Earned Income Credit Table
1(1)
Appendix C Withholding Tables
1(1)
Appendix D Additional Comprehensive Tax Return Problems
1(1)
Glossary of Tax Terms 1(1)
Solutions to Self-Study Problems 1(1)
Index 1


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