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West Federal Taxation: Comprehensive Volume, 2006 Edition With Ria Checkpoint Online Database Accedss Card, Turbo Tax Business, And Turbo Tax Basic + CD-ROM,9780324313482
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West Federal Taxation: Comprehensive Volume, 2006 Edition With Ria Checkpoint Online Database Accedss Card, Turbo Tax Business, And Turbo Tax Basic + CD-ROM

by
Edition:
1st
ISBN13:

9780324313482

ISBN10:
0324313489
Format:
Paperback
Pub. Date:
3/2/2007
Publisher(s):
South-Western College/West

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Summary

WEST FEDERAL TAXATION: COMPREHENSIVE VOLUME, 2007 EDITION combines the best of Individual and Corporations materials and offers a thorough and balanced treatment of relevant Tax Code and regulations. With its hallmark comprehensive coverage and its superior ancillaries, no other text is as effective in helping users master the ever-changing Tax Code.

Table of Contents

An Introduction to Taxation and Understanding the Federal Tax Law
1(1)
History of U.S. Taxation
2(2)
Early Periods
2(1)
Revenue Acts
3(1)
Historical Trends
3(1)
Criteria Used in the Selection of a Tax Structure
4(1)
Tax in the News: Adam Smith Stopped Too Soon
5(1)
The Tax Structure
5(1)
Tax Base
5(1)
Tax Rates
5(1)
Incidence of Taxation
6(1)
Major Types of Taxes
6(12)
Property Taxes
6(1)
Tax in the News: A Few Pigs and Chickens May Not Be Enough
7(1)
Transaction Taxes
8(2)
Ethical Considerations: Making Good Use of Out-of-State Relatives
10(1)
Death Taxes
10(2)
Gift Taxes
12(1)
Income Taxes
13(2)
Tax in the News: Using the Income Tax Return As a ``Use Tax'' Reminder
15(1)
Employment Taxes
15(1)
Other U.S. Taxes
16(1)
Proposed U.S. Taxes
17(1)
Tax Administration
18(5)
Internal Revenue Service
18(1)
The Audit Process
18(2)
Statute of Limitations
20(1)
Tax in the News: The IRS Gets Tough with Taxpayers Who Refuse to Pay
21(1)
Interest and Penalties
21(1)
Tax Practice
22(1)
Ethical Considerations: When the IRS Does Not Know
23(1)
Understanding the Federal Tax Law
23(10)
Revenue Needs
23(1)
Global Tax Issues: Outsourcing of Tax Return Preparation
24(1)
Economic Considerations
24(2)
Social Considerations
26(1)
Equity Considerations
26(1)
Tax in the News: Treating Everyone the Same
27(2)
Political Considerations
29(1)
Influence of the Internal Revenue Service
30(1)
Ethical Considerations: Deducting Uncollected Charges for Services Rendered
31(1)
Influence of the Courts
32(1)
Summary
32(1)
Problem Materials
33
Working with the Tax Law
1(1)
Tax Sources
2(19)
Statutory Sources of the Tax Law
2(1)
Tax in the News: Tax Freedom Day?
3(3)
Tax in the News: Prison Inmates' Tax Fraud
6(1)
Administrative Sources of the Tax Law
7(1)
Ethical Considerations: The President and the IRS
7(4)
Judicial Sources of the Tax Law
11(2)
Tax in the News: The Tax Gap Increases
13(6)
Other Sources of the Tax Law
19(2)
Global Tax Issues: Tax Treaties
21(1)
Working with the Tax Law---Tax Research Tools
21(5)
Electronic versus Paper Tax Research Tools
22(1)
Tax Services
22(1)
Electronic Services
23(2)
Global Tax Issues: Data Warehousing Reduces Global Taxes
25(1)
Working with the Tax Law---Tax Research
26(7)
Identifying the Problem
28(1)
Refining the Problem
28(1)
Locating the Appropriate Tax Law Sources
29(1)
Assessing the Validity of the Tax Law Sources
29(3)
Arriving at the Solution or at Alternative Solutions
32(1)
Communicating Tax Research
32(1)
Working with the Tax Law---Tax Planning
33(4)
Nontax Considerations
33(1)
Tax Evasion and Tax Avoidance
34(1)
Ethical Considerations: A Toilet Paper Tax?
35(1)
Tax in the News: The Disappearing Taxpayers
36(1)
Follow-up Procedures
36(1)
Tax Planning---A Practical Application
36(1)
Taxation on the CPA Examination
37(1)
Problem Materials
38
Tax Determination; Personal and Dependency Exemptions; An Overview of Property Transactions
1(1)
Tax Formula
3(7)
Components of the Tax Formula
3(2)
Global Tax Issues: Citizenship Is Not Tax-Free
5(3)
Application of the Tax Formula
8(1)
Individuals Not Eligible for the Standard Deduction
9(1)
Special Limitations for Individuals Who Can Be Claimed as Dependents
9(1)
Personal Exemptions
10(1)
Dependency Exemptions
11(8)
Qualifying Child
11(2)
Qualifying Relative
13(2)
Ethical Considerations: Discovering Lost Dependency Exemptions
15(1)
Other Rules for Dependency Exemptions
16(1)
Ethical Considerations: A Change of Residence Can Be Rewarding
17(1)
Comparison of Categories for Dependency Exemptions
17(1)
Phaseout of Exemptions
17(2)
Tax in the News: How to Subtly Pluck the Chicken
19(1)
Child Tax Credit
19(1)
Tax Determination
19(5)
Tax Table Method
19(1)
Tax Rate Schedule Method
20(1)
Computation of Net Taxes Payable or Refund Due
21(1)
Tax in the News: Tax Rate Trauma
22(1)
Unearned Income of Children under Age 14 Taxed at Parents' Rate
22(2)
Filing Considerations
24(7)
Filing Requirements
25(2)
Tax in the News: Special Rules for Certain Military Personnel
27(1)
Tax in the News: ``Charge It''---Convenient But Not Cheap!
28(1)
Filing Status
28(1)
Global Tax Issues: Filing a Joint Return
29(2)
Ethical Considerations: The Hidden Benefits of Taking Care of a Relative
31(1)
Gains and Losses from Property Transactions---In General
31(1)
Gains and Losses from Property Transactions---Capital Gains and Losses
32(2)
Definition of a Capital Asset
32(1)
Taxation of Net Capital Gain
33(1)
Determination of Net Capital Gain
33(1)
Treatment of Net Capital Loss
34(1)
Tax Planning Considerations
34(4)
Maximizing the Use of the Standard Deduction
34(1)
Dependency Exemptions
35(1)
Ethical Considerations: Nondependents Can Provide Tax Benefits
36(1)
Taking Advantage of Tax Rate Differentials
37(1)
Income of Minor Children
37(1)
Problem Materials
38
Gross Income: Concepts and Inclusions
1(1)
Gross Income---What Is It?
2(4)
Definition
2(1)
Global Tax Issues: From ``All Sources'' Is a Broad Definition
3(1)
Economic and Accounting Concepts
3(2)
Tax in the News: If Free is Taxed, It's Not Free
5(1)
Comparison of the Accounting and Tax Concepts of Income
5(1)
Form of Receipt
5(1)
Recovery of Capital Doctrine
6(1)
Year of Inclusion
6(7)
Taxable Year
6(1)
Accounting Methods
7(2)
Exceptions Applicable to Cash Basis Taxpayers
9(1)
Ethical Considerations: Choosing When to File Insurance Claims
10(2)
Global Tax Issues: Tax Credit Neutralizes Foreign Income Taxes
12(1)
Exceptions Applicable to Accrual Basis Taxpayers
12(1)
Income Sources
13(7)
Personal Services
13(1)
Income from Property
14(2)
Ethical Considerations: Enhancing Lottery Winnings
16(1)
Income Received by an Agent
16(1)
Income from Partnerships, S Corporations, Trusts, and Estates
16(1)
Tax in the News: The Attorney's Fee Was the Plaintiff's Income
17(1)
Income in Community Property States
17(1)
Tax in the News: Trust Splits Income from Lottery
18(2)
Items Specifically Included in Gross Income
20(14)
Alimony and Separate Maintenance Payments
20(2)
Ethical Considerations: Avoiding Front-Loading with Equal Payments
22(1)
Imputed Interest on Below-Market Loans
23(3)
Tax in the News: Loans to Executives Prohibited
26(1)
Income from Annuities
27(3)
Prizes and Awards
30(1)
Tax in the News: Survivor Winner Did Not Survive IRS Audit
31(1)
Group Term Life Insurance
31(2)
Tax in the News: A Taxpayer Learns about the ``Quirky'' Social Security Benefits Taxation Formula
33(1)
Unemployment Compensation
33(1)
Social Security Benefits
33(1)
Tax Planning Considerations
34(4)
Nontaxable Economic Benefits
34(1)
Tax Deferral
35(1)
Shifting Income to Relatives
36(1)
Accounting for Community Property
37(1)
Alimony
37(1)
Problem Materials
38
Gross Income: Exclusions
1(1)
Items Specifically Excluded from Gross Income
2(2)
Tax in the News: Avoiding a Natural Disaster Can Create a Tax Burden
4(1)
Statutory Authority
4(1)
Gifts and Inheritances
4(2)
General
4(1)
Tax in the News: Begging as a Tax-Disfavored Occupation
5(1)
Gifts to Employees
5(1)
Tax in the News: Frequent-Flyer Miles Will Not Be Taxed
6(1)
Employee Death Benefits
6(1)
Life Insurance Proceeds
6(3)
General Rule
6(1)
Tax in the News: Corporate-Owned Life Insurance May Not Yield Corporate Benefits
7(1)
Accelerated Death Benefits
7(1)
Ethical Considerations: Should the Terminally III Pay Social Security Taxes?
8(1)
Transfer for Valuable Consideration
8(1)
Scholarships
9(2)
General Information
9(1)
Timing Issues
10(1)
Disguised Compensation
10(1)
Qualified Tuition Reduction Plans
10(1)
Compensation for Injuries and Sickness
11(2)
Damages
11(1)
Workers' Compensation
12(1)
Accident and Health Insurance Benefits
12(1)
Tax in the News: Abandoning Parent Gets an ``Undeserved'' Benefit Tax-Free
13(1)
Employer-Sponsored Accident and Health Plans
13(2)
Global Tax Issues: When Jobs Leave the Country, So Do the Health Insurance Benefits
14(1)
Medical Reimbursement Plans
14(1)
Tax in the News: The Staggering Cost of Employee Health Insurance
15(1)
Long-Term Care Insurance Benefits
15(1)
Meals and Lodging
15(3)
Furnished for the Convenience of the Employer
15(2)
Other Housing Exclusions
17(1)
Other Employee Fringe Benefits
18(8)
Specific Benefits
18(1)
Cafeteria Plans
19(1)
Flexible Spending Plans
19(1)
Tax in the News: Taxpayers Have Longer to Use Before They Lose Plan Benefits
20(1)
General Classes of Excluded Benefits
20(4)
Taxable Fringe Benefits
24(2)
Foreign Earned Income
26(1)
Ethical Considerations: Who Should Benefit from the Foreign Earned Income Exclusion?
27(1)
Interest on Certain State and Local Government Obligations
27(1)
Global Tax Issues: U.S. Taxpayers Abroad Are Gone but Not Forgotten
28(1)
Dividends
28(1)
General Information
28(1)
Ethical Considerations: Beneficiaries and Victims of Changes in Dividend Taxation
29(1)
Stock Dividends
29(1)
Educational Savings Bonds
29(1)
Qualified Tuition Programs
30(1)
Tax Benefit Rule
31(1)
Income from Discharge of Indebtedness
31(2)
Tax Planning Considerations
33(2)
Life Insurance
33(1)
Employee Benefits
33(1)
Investment Income
34(1)
Problem Materials
35
Deductions and Losses: In General
1(1)
Classification of Deductible Expenses
2(7)
Tax in the News: Proper Treatment of Your Voice
3(1)
Deductions for Adjusted Gross Income
3(1)
Itemized Deductions
4(1)
Trade or Business Expenses and Production of Income Expenses
5(1)
Tax in the News: Penalty or Restitution: The Tax Consequences
6(1)
Business and Nonbusiness Losses
7(1)
Reporting Procedures
8(1)
Deductions and Losses---Timing of Expense Recognition
9(2)
Importance of Taxpayer's Method of Accounting
9(1)
Cash Method Requirements
9(1)
Accrual Method Requirements
10(1)
Disallowance Possibilities
11(17)
Public Policy Limitation
11(2)
Political Contributions and Lobbying Activities
13(1)
Excessive Executive Compensation
14(1)
Investigation of a Business
14(1)
Hobby Losses
15(1)
Ethical Considerations: When Is a Dairy Farm a Trade or Business?
16(2)
Rental of Vacation Homes
18(1)
Tax in the News: Making Money at the Masters, but Not As a Golfer
19(4)
Expenditures Incurred for Taxpayer's Benefit or Taxpayer's Obligation
23(1)
Ethical Considerations: How the Payment Is Made
23(1)
Disallowance of Personal Expenditures
23(1)
Disallowance of Deductions for Capital Expenditures
24(1)
Transactions between Related Parties
25(1)
Substantiation Requirements
26(1)
Expenses and Interest Relating to Tax-Exempt Income
27(1)
Tax Planning Considerations
28(3)
Time Value of Tax Deductions
28(1)
Unreasonable Compensation
28(2)
Excessive Executive Compensation
30(1)
Shifting Deductions
30(1)
Hobby Losses
30(1)
Capital Expenditures
31(1)
Problem Materials
31
Deductions and Losses: Certain Business Expenses and Losses
1(1)
Bad Debts
3(2)
Specific Charge-Off Method
3(1)
Business versus Nonbusiness Bad Debts
4(1)
Global Tax Issues: Writing Off Bad Debts in Australia
5(1)
Loans between Related Parties
5(1)
Worthless Securities
5(2)
Small Business Stock
6(1)
Losses of Individuals
7(8)
Tax in the News: A Casualty Loss Deduction?
8(1)
Ethical Considerations: What Is a Casualty Loss?
8(1)
Events That Are Not Casualties
8(1)
Theft Losses
9(1)
When to Deduct Casualty Losses
9(1)
Measuring the Amount of Loss
10(3)
Statutory Framework for Deducting Losses of Individuals
13(1)
Personal Casualty Gains and Losses
13(2)
Ethical Considerations: The Amount of a Casualty Loss
15(1)
Research and Experimental Expenditures
15(2)
Expense Method
15(1)
Tax in the News: Using Public Dollars to Advance Research
16(1)
Deferral and Amortization Method
16(1)
Domestic Production Activities Deduction
17(2)
Operational Rules
17(2)
Eligible Taxpayers
19(1)
Net Operating Losses
19(2)
Tax in the News: Windfall From a Net Operating Loss
20(1)
Carryback and Carryover Periods
20(1)
Global Tax Issues: Tax Perks
21(1)
Tax Planning Considerations
21(2)
Tax Consequences of the Groetzinger Case
21(1)
Documentation of Related-Taxpayer Loans, Casualty Losses, and Theft Losses
21(1)
Small Business Stock
21(1)
Casualty Losses
22(1)
Net Operating Losses
22(1)
Problem Materials
23
Depreciation, Cost Recovery, Amortization, and Depletion
1(1)
Overview
2(2)
General
2(1)
Concepts Relating to Depreciation
3(1)
Modified Accelerated Cost Recovery System (MACRS)
4(14)
Global Tax Issues: Tax Incentives for the Textile Industry in India
5(1)
Personalty: Recovery Periods and Methods
5(2)
Tax in the News: Tax Headaches for Owners of Small Businesses
7(1)
Realty: Recovery Periods and Methods
8(1)
Ethical Considerations: Proper Classification of Real Property
9(1)
Straight-Line Election
10(1)
Election to Expense Assets
10(1)
Business and Personal Use of Automobiles and Other Listed Property
11(1)
Tax in the News: Tax Incentives for Wind Energy
12(4)
Tax in the News: Leasing versus Buying an Automobile
16(1)
Alternative Depreciation System (ADS)
17(1)
Accelerated Cost Recovery System (ACRS)
18(1)
Amortization
19(1)
Ethical Considerations: Computing § 197 Amortization
19(1)
Depletion
20(4)
Intangible Drilling and Development Costs (IDC)
21(1)
Depletion Methods
21(3)
Tax Planning Considerations
24(2)
Cost Recovery
24(1)
Tax in the News: Cost Segregation
25(1)
Amortization
25(1)
Depletion
26(1)
Cost Recovery Tables
26(5)
Problem Materials
31
Deductions: Employee and Self-Employed-Related Expenses
1(1)
Employee Versus Self-Employed
2(2)
Tax in the News: Nannygate Revisited
3(1)
Employee Expenses---In General
4(1)
Transportation Expenses
4(3)
Qualified Expenditures
4(1)
Computation of Automobile Expenses
5(2)
Travel Expenses
7(4)
Definition of Travel Expenses
7(1)
Away-from-Home Requirement
7(1)
Restrictions on Travel Expenses
8(1)
Combined Business and Pleasure Travel
9(1)
Global Tax Issues: Conventions in Faraway Lands
10(1)
Moving Expenses
11(2)
Distance Test
11(1)
Time Test
11(1)
Treatment of Moving Expenses
12(1)
Global Tax Issues: Expatriates and the Moving Expense Deduction
13(1)
Ethical Considerations: Manipulating the Real Estate Market
13(1)
Education Expenses
13(4)
General Requirements
13(1)
Requirements Imposed by Law or by the Employer for Retention of Employment
14(1)
Maintaining or Improving Existing Skills
14(1)
Classification of Specific Items
14(1)
Tax in the News: Is an MBA Degree Deductible?
15(1)
A Limited Deduction Approach
15(1)
Other Provisions Dealing with Education
16(1)
Entertainment Expenses
17(3)
Cutback Adjustment
17(1)
Classification of Expenses
18(1)
Restrictions upon Deductibility
19(1)
Other Employee Expenses
20(3)
Office in the Home
20(2)
Tax in the News: ``Home Sourcing'' Can Generate Substantial Cost Savings
22(1)
Miscellaneous Employee Expenses
22(1)
Contributions to Retirement Accounts
23(1)
Employee IRAs
23(1)
Self-Employed Keogh (H.R. 10) Plans
24(1)
Classification of Employee Expenses
24(3)
Accountable Plans
24(2)
Nonaccountable Plans
26(1)
Reporting Procedures
26(1)
Ethical Considerations: A Customized Reimbursement Agreement
27(1)
Limitations on Itemized Deductions
27(1)
Miscellaneous Itemized Deductions Subject to the 2 Percent Floor
27(1)
Ethical Considerations: Will Separate Returns by Married Persons Save Taxes?
28(1)
Miscellaneous Itemized Deductions Not Subject to the 2 Percent Floor
28(1)
Tax Planning Considerations
28(3)
Self-Employed Individuals
28(1)
Tax in the News: Relief for Members of the Armed Forces Reserves
29(1)
Shifting Deductions between Employer and Employee
29(1)
Transportation and Travel Expenses
29(1)
Moving Expenses
30(1)
Education Expenses
30(1)
Entertainment Expenses
30(1)
Unreimbursed Employee Business Expenses
31(1)
Problem Materials
31
Deductions and Losses: Certain Itemized Deductions
1(1)
General Classification of Expenses
2(1)
Medical Expenses
2(8)
General Requirements
2(1)
Tax in the News: The President and Vice President Itemize
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)
Ethical Considerations: Travel Expenses: Medical or Personal?
7(1)
Amounts Paid for Medical Insurance Premiums
7(1)
Year of Deduction
7(1)
Reimbursements
8(1)
Health Savings Accounts
8(2)
Taxes
10(3)
Deductibility as a Tax
10(1)
Property Taxes
11(1)
Global Tax Issues: Deductibility of Foreign Taxes
12(1)
State and Local Income Taxes and Sales Taxes
13(1)
Interest
13(7)
Tax in the News: States Respond to the Federal State Sales Tax Deduction
14(1)
Allowed and Disallowed Items
14(3)
Tax in the News: A Recommendation to Limit the Mortgage Interest Deduction
17(1)
Restrictions on Deductibility and Timing Considerations
18(1)
Classification of Interest Expense
19(1)
Charitable Contributions
20(7)
Criteria for a Gift
20(1)
Qualified Organizations
21(1)
Global Tax Issues: Choose the Charity Wisely
22(1)
Time of Deduction
22(1)
Record-Keeping and Valuation Requirements
22(1)
Limitations on Charitable Contribution Deduction
23(4)
Miscellaneous Itemized Deductions
27(1)
Ethical Considerations: Job Hunting in Ski Country: A Deductible Expense?
27(1)
Other Miscellaneous Deductions
28(1)
Comprehensive Example of Schedule A
28(2)
Overall Limitation on Certain Itemized Deductions
30(2)
Tax in the News: The First Family and Itemized Deduction Phaseouts
31(1)
Ethical Considerations: Between a Rock and a Hard Place
32(1)
Tax Planning Considerations
32(4)
Effective Utilization of Itemized Deductions
32(1)
Utilization of Medical Deductions
32(1)
Timing the Payment of Deductible Taxes
33(1)
Protecting the Interest Deduction
33(1)
Assuring the Charitable Contribution Deduction
34(2)
Problem Materials
36
Passive Activity Losses
1(1)
The Tax Shelter Problem
2(1)
At-Risk Limits
3(2)
Tax in the News: With Tax Shelters in the Spotlight, Taxpayers Should Be Cautious!
4(1)
Passive Loss Limits
5(18)
Classification and Impact of Passive Income and Losses
5(4)
Taxpayers Subject to the Passive Loss Rules
9(1)
Passive Activities Defined
10(6)
Ethical Considerations: A Lovers' Triangle and the Passive Loss Rules
16(2)
Interaction of the At-Risk and Passive Activity Limits
18(1)
Tax in the News: Newly Developed Tax Shelter Strategies Now Protected by Patents
19(1)
Special Passive Activity Rules for Real Estate Activities
19(1)
Tax in the News: Do the Passive Loss Rules Affect the Filing Status Decision for Married Taxpayers?
20(2)
Ethical Considerations: How Active Is Active?
22(1)
Dispositions of Passive Interests
22(1)
Tax Planning Considerations
23(3)
Utilizing Passive Losses
23(3)
Problem Materials
26
Tax Credits
1(1)
Tax Policy Considerations
3(1)
Tax in the News: Federal Tax Law is a Key Component of U.S. Energy Policy
4(1)
Overview and Priority of Credits
4(3)
Refundable versus Nonrefundable Credits
4(1)
General Business Credit
5(1)
Treatment of Unused General Business Credits
6(1)
Specific Business-Related Tax Credit Provisions
7(7)
Tax Credit for Rehabilitation Expenditures
7(1)
Work Opportunity Tax Credit
8(1)
Welfare-to-Work Credit
9(1)
Research Activities Credit
10(2)
Low-Income Housing Credit
12(1)
Ethical Considerations: A Win-Win Situation or an Incalculable Loss?
12(1)
Disabled Access Credit
13(1)
Credit for Small Employer Pension Plan Startup Costs
13(1)
Credit for Employer-Provided Child Care
14(1)
Other Tax Credits
14(11)
Earned Income Credit
14(2)
Tax Credit for Elderly or Disabled Taxpayers
16(1)
Tax in the News: The Earned Income Credit: A Boost to the Working Poor and Merchants, Too!
17(1)
Foreign Tax Credit
17(2)
Global Tax Issues: Sourcing Income in Cyberspace---Getting It Right When Calculating the Foreign Tax Credit
19(1)
Adoption Expenses Credit
19(1)
Child Tax Credit
20(1)
Credit for Child and Dependent Care Expenses
20(2)
Ethical Considerations: Using the Credit for Child and Dependent Care Expenses
22(1)
Education Tax Credits
23(1)
Credit for Certain Retirement Plan Contributions
24(1)
Tax Planning Considerations
25(4)
Foreign Tax Credit
25(1)
Credit for Child and Dependent Care Expenses
25(4)
Problem Materials
29
Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges
1(1)
Determination of Gain or Loss
3(5)
Realized Gain or Loss
3(1)
Tax in the News: Putting the House at Risk
4(2)
Recognized Gain or Loss
6(1)
Nonrecognition of Gain or Loss
6(1)
Ethical Considerations: Avoiding the Disallowance of Losses on Personal Use Assets
7(1)
Recovery of Capital Doctrine
8(1)
Basis Considerations
8(14)
Determination of Cost Basis
8(1)
Tax in the News: What's Your Stock Basis?
9(3)
Tax in the News: Frequent-Flyer Miles and Basis
12(1)
Gift Basis
12(2)
Property Acquired from a Decedent
14(2)
Tax in the News: Effect of 2001 Tax Legislation on the Basis of Inherited Property: Bad News/Good News!
16(1)
Disallowed Losses
17(1)
Ethical Considerations: Transactions between Spouses
18(1)
Conversion of Property from Personal Use to Business or Income-Producing Use
19(1)
Additional Complexities in Determining Realized Gain or Loss
20(2)
Tax in the News: Where to Invest: Growth Stock versus Income Stock
22(1)
Summary of Basis Adjustments
22(1)
General Concept of a Nontaxable Exchange
22(3)
Like-Kind Exchanges---§ 1031
25(7)
Like-Kind Property
25(1)
Ethical Considerations: An Assumption for a Related-Party Exchange
26(1)
Exchange Requirement
27(1)
Tax in the News: Avoiding Taxes on the Disposition of a Vacation Home
28(1)
Boot
28(1)
Basis and Holding Period of Property Received
29(3)
Involuntary Conversions---§ 1033
32(5)
Involuntary Conversion Defined
32(1)
Computing the Amount Realized
32(1)
Tax in the News: A Court Upholds the Government's Taking of Property
33(1)
Replacement Property
33(1)
Time Limitation on Replacement
34(1)
Nonrecognition of Gain
35(1)
Involuntary Conversion of a Personal Residence
36(1)
Reporting Considerations
37(1)
Sale of a Residence---§ 121
37(6)
Requirements for Exclusion Treatment
37(1)
Tax in the News: A Tax Break for Those Who Serve
38(1)
Exceptions to the Two-Year Ownership Rule
38(2)
Calculation of the Amount of the Exclusion
40(2)
Principal Residence
42(1)
Involuntary Conversion and Using §§ 121 and 1033
42(1)
Other Nonrecognition Provisions
43(2)
Exchange of Stock for Property---§ 1032
43(1)
Certain Exchanges of Insurance Policies---§ 1035
43(1)
Exchange of Stock for Stock of the Same Corporation---§ 1036
43(1)
Certain Reacquisitions of Real Property---§ 1038
44(1)
Transfers of Property between Spouses or Incident to Divorce---§ 1041
44(1)
Ethical Considerations: Incident to Divorce or Not?
44(1)
Rollovers into Specialized Small Business Investment Companies---§ 1044
44(1)
Rollover of Gain from Qualified Small Business Stock into Another Qualified Small Business Stock---§ 1045
45(1)
Tax Planning Considerations
45(6)
Tax Consequences of Alice's Proposed Transaction
45(1)
Cost Identification and Documentation Considerations
46(1)
Selection of Property for Making Gifts
46(1)
Selection of Property for Making Bequests
46(1)
Disallowed Losses
47(1)
Like-Kind Exchanges
48(1)
Tax in the News: Sale of a Residence and the Home Office Deduction
49(1)
Involuntary Conversions
49(1)
Sale of a Principal Residence
49(2)
Problem Materials
51
Property Transactions: Capital Gains and Losses, § 1231, and Recapture Provisions
1(1)
General Considerations
2(1)
Rationale for Separate Reporting of Capital Gains and Losses
2(1)
Tax in the News: Avoiding a Recognized Gain
3(1)
General Scheme of Taxation
3(1)
Capital Assets
3(5)
Definition of a Capital Asset
3(2)
Ethical Considerations: Inventory or Capital Asset?
5(1)
Effect of Judicial Action
6(1)
Statutory Expansions
6(2)
Tax in the News: Know Your Losses
8(1)
Sale or Exchange
8(7)
Worthless Securities and § 1244 Stock
8(1)
Special Rule---Retirement of Corporate Obligations
9(1)
Options
10(1)
Patents
11(1)
Franchises, Trademarks, and Trade Names
12(2)
Lease Cancellation Payments
14(1)
Tax in the News: How Long was the Holding Period for that Property?
15(1)
Holding Period
15(4)
Review of Special Holding Period Rules
15(1)
Special Rules for Short Sales
16(1)
Global Tax Issues: Trading ADRs on U.S. Stock Exchanges
17(2)
Tax Treatment of Capital Gains and Losses of Noncorporate Taxpayers
19(9)
Capital Gain and Loss Netting Process
20(3)
Ethical Considerations: Is that Capital Gain Taxable?
23(1)
Qualified Dividend Income
23(1)
Alternative Tax on Net Capital Gain
24(1)
Treatment of Capital Losses
25(1)
Tax in the News: Not all Corporate Dividends are ``Qualified Dividends''
26(2)
Tax Treatment of Capital Gains and Losses of Corporate Taxpayers
28(1)
Overview of § 1231 and the Recapture Provisions
28(1)
Tax in the News: Capital Gain Confusion
29(1)
Section 1231 Assets
29(7)
Relationship to Capital Assets
29(1)
Justification for Favorable Tax Treatment
30(1)
Property Included
30(1)
Tax in the News: An Environmental Fight over Timber Cutting
31(1)
Property Excluded
31(1)
Section 1231 Assets Disposed of by Casualty or Theft
31(1)
General Procedure for § 1231 Computation
32(2)
Global Tax Issues: Canadian Slow Depreciation
34(2)
Section 1245 Recapture
36(3)
Ethical Considerations: Preparing Tax Returns without Proper Information
37(1)
Tax in the News: Ask the CPA about Recapture
38(1)
Section 1245 Property
38(1)
Observations on § 1245
39(1)
Section 1250 Recapture
39(5)
Computing Recapture on Nonresidential Real Property
40(1)
Computing Recapture on Residential Rental Housing
41(1)
Section 1250 Recapture Situations
42(1)
Unrecaptured § 1250 Gain (Real Estate 25% Gain)
42(2)
Global Tax Issues: Exchange for Foreign Property Yields Recognized Recapture Gain
44(1)
Considerations Common to §§ 1245 and 1250
44(2)
Exceptions
44(1)
Other Applications
45(1)
Special Recapture Provisions
46(1)
Special Recapture for Corporations
46(1)
Gain from Sale of Depreciable Property between Certain Related Parties
46(1)
Intangible Drilling Costs
46(1)
Reporting Procedures
47(1)
Global Tax Issues: Depreciation Recapture in Other Countries
48(1)
Ethical Considerations: Form 4797, Depreciation Recapture, and Corporations
48(1)
Tax Planning Considerations
48(4)
Importance of Capital Asset Status
48(1)
Planning for Capital Asset Status
48(1)
Effect of Capital Asset Status in Transactions Other Than Sales
49(1)
Global Tax Issues: Capital Gain Treatment in the United States and Other Countries
50(1)
Stock Sales
50(1)
Maximizing Benefits
50(1)
Year-End Planning
50(1)
Timing of § 1231 Gain
51(1)
Timing of Recapture
51(1)
Postponing and Shifting Recapture
52(1)
Avoiding Recapture
52(1)
Problem Materials
52
Alternative Minimum Tax
1(1)
Individual Alternative Minimum Tax
2(24)
AMT Formula for Alternative Minimum Taxable Income (AMTI)
2(1)
Tax in the News: The AMT: From 155 to 33 Million
3(3)
AMT Formula: Other Components
6(2)
AMT Adjustments
8(11)
AMT Preferences
19(1)
Tax in the News: Being Treated Like the Rich
20(1)
Ethical Considerations: Tax-Exempt Bonds and the AMT
21(1)
Tax in the News: Distinguishing between Taxable and Exempt Bonds for AMT Purposes
22(1)
Illustration of the AMT Computation
22(1)
AMT Credit
23(3)
Corporate Alternative Minimum Tax
26(4)
Repeal of AMT for Small Corporations
26(1)
Ethical Considerations: AMT and Small Corporations
27(1)
AMT Adjustments
27(2)
Tax Preferences
29(1)
Exemption Amount
30(1)
Other Aspects of the AMT
30(1)
Tax Planning Considerations
30(2)
Responding to Bob and Carol
30(1)
Avoiding Preferences and Adjustments
30(1)
Controlling the Timing of Preferences and Adjustments
31(1)
Taking Advantage of the AMT/Regular Tax Rate Differential
31(1)
Problem Materials
32
Accounting Periods and Methods
1(1)
Accounting Periods
2(7)
In General
2(1)
Tax in the News: Production Activities Deduction Creates Tax Planning Opportunities
3(1)
Specific Provisions for Partnerships, S Corporations, and Personal Service Corporations
3(2)
Ethical Considerations: Who Benefits from the Change in Tax Year?
5(1)
Making the Election
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(1)
Accounting Methods
9(8)
Permissible Methods
9(1)
Cash Receipts and Disbursements Method---Cash Basis
10(1)
Tax in the News: Who Wants to Be a Producer?
11(1)
Accrual Method
12(1)
Global Tax Issues: Tax Accounting Methods as an Incentive to Go Foreign
13(2)
Tax in the News: Economic Performance and Breach of Contract: Which Contract?
15(1)
Hybrid Method
15(1)
Change of Method
15(2)
Special Accounting Methods
17(11)
Installment Method
18(4)
Disposition of Installment Obligations
22(1)
Interest on Deferred Taxes
23(1)
Electing Out of the Installment Method
23(1)
Ethical Considerations: Electing Out of Electing Out of the Installment Sale Method
24(1)
Long-Term Contracts
24(4)
Tax Planning Considerations
28(1)
Taxable Year
28(1)
Cash Method of Accounting
28(1)
Installment Method
28(1)
Completed Contract Method
29(1)
Problem Materials
29
Corporations: Introduction and Operating Rules
1(1)
Tax Treatment of Various Business Forms
2(6)
Sole Proprietorships
2(1)
Tax in the News: Corporate Tax Breaks
3(1)
Partnerships
3(1)
Corporations
3(4)
Global Tax Issues: Entity Choice: S Corporation versus C Corporation
7(1)
Limited Liability Companies
7(1)
Entity Classification
7(1)
An Introduction to the Income Taxation of Corporations
8(11)
An Overview of Corporate versus Individual Income Tax Treatment
8(2)
Specific Provisions Compared
10(1)
Accounting Periods and Methods
10(1)
Capital Gains and Losses
11(1)
Passive Losses
12(1)
Charitable Contributions
12(1)
Ethical Considerations: Is It Better Not to Know?
13(2)
Tax in the News: What Is ``Apparently Wholesome Food''?
15(1)
Production Activities Deduction
15(1)
Net Operating Losses
16(1)
Deductions Available Only to Corporations
16(3)
Determining the Corporate Income Tax Liability
19(6)
Corporate Income Tax Rates
19(1)
Alternative Minimum Tax
19(1)
Tax Liability of Related Corporations
20(1)
Controlled Groups
21(1)
Consolidated Returns
22(3)
Procedural Matters
25(4)
Filing Requirements for Corporations
25(1)
Estimated Tax Payments
26(1)
Schedule M-1---Reconciliation of Taxable Income and Financial Net Income
26(1)
Schedule M-3---Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More
27(2)
Tax Planning Considerations
29(5)
Corporate versus Noncorporate Forms of Business Organization
29(1)
Operating the Corporation
30(4)
Affiliated versus Controlled Group
34(1)
Problem Materials
34
Corporations: Organization and Capital Structure
1(1)
Organization of and Transfers to Controlled Corporations
2(13)
In General
2(1)
Global Tax Issues: Choice of Organizational Form When Operating Overseas
3(1)
Property Defined
4(1)
Stock Transferred
5(1)
Ethical Considerations: The Control of a New Corporation: Insiders versus Outsiders
5(1)
Control of the Corporation
6(2)
Assumption of Liabilities---§ 357
8(3)
Basis Determination and Related Issues
11(4)
Global Tax Issues: Does § 351 Cover the Incorporation of a Foreign Business?
15(1)
Capital Structure of a Corporation
15(4)
Capital Contributions
15(1)
Debt in the Capital Structure
16(1)
Tax in the News: Tax Breaks Make a Difference in Expansion Plans
17(1)
Tax in the News: Conflict Arises between Corporations and Their Shareholders
18(1)
Investor Losses
19(3)
Stock and Security Losses
19(1)
Business versus Nonbusiness Bad Debts
20(1)
Section 1244 Stock
21(1)
Gain from Qualified Small Business Stock
22(1)
Tax Planning Considerations
22(4)
Working with § 351
22(1)
Ethical Considerations: Will the Sale Be Recognized?
23(1)
Selecting Assets to Transfer
24(1)
Debt in the Capital Structure
24(2)
Investor Losses
26(1)
Problem Materials
26
Corporations: Distributions Not in Complete Liquidation
1(1)
Corporate Distributions---In General
3(1)
Earnings and Profits (E & P)
3(7)
Computation of E & P
3(3)
Summary of E & P Adjustments
6(1)
Current versus Accumulated E & P
6(2)
Allocating E & P to Distributions
8(2)
Ethical Considerations: Shifting E & P
10(1)
Dividends
10(10)
Rationale for Reduced Tax Rates on Dividends
11(1)
Qualified Dividends
12(1)
Property Dividends
12(1)
Global Tax Issues: Dividend Tax Cut Creates International Loophole
13(1)
Tax in the News: Was the Dividend Tax Cut a Success or a Failure?
14(1)
Constructive Dividends
15(1)
Tax in the News: Ex-Adelphia Executives Indicted
16(2)
Stock Dividends and Stock Rights
18(2)
Stock Redemptions
20(8)
Overview
20(1)
Global Tax Issues: Foreign Shareholders Prefer Sale or Exchange Treatment in Stock Redemptions
21(1)
Historical Background
21(1)
Stock Attribution Rules
22(1)
Tax in the News: A Novel Interpretation of Stock Attribution Rules
23(1)
Not Essentially Equivalent Redemptions
23(1)
Disproportionate Redemptions
24(1)
Complete Termination Redemptions
25(1)
Tax in the News: Tax Court Rejects IRS's Holistic Approach to a Prohibited Interest
26(1)
Ethical Considerations: A Friendly Dilemma
26(1)
Redemptions to Pay Death Taxes
27(1)
Effect on the Corporation Redeeming Its Stock
28(1)
Recognition of Gain or Loss
28(1)
Effect on Earnings and Profits
29(1)
Redemption Expenditures
29(1)
Other Corporate Distributions
29(1)
Tax Planning Considerations
29(5)
Corporate Distributions
29(1)
Ethical Considerations: Playing Games with the Statute of Limitations
30(1)
Planning for Qualified Dividends
31(1)
Constructive Dividends
31(2)
Stock Redemptions
33(1)
Problem Materials
34
Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations
1(1)
Liquidations---In General
2(2)
The Liquidation Process
2(1)
Ethical Considerations: Reporting Business Activities---Liquidation Consequences?
3(1)
Liquidating and Nonliquidating Distributions Compared
3(1)
Liquidations---Effect on the Distributing Corporation
4(4)
The General Rule
4(1)
Antistuffing Rules
4(4)
Liquidations---Effect on the Shareholder
8(1)
The General Rule
8(1)
Special Rule for Certain Installment Obligations
8(1)
Liquidations---Parent-Subsidiary Situations
9(4)
Minority Shareholder Interests
9(1)
Indebtedness of the Subsidiary to the Parent
10(1)
Basis of Property Received by the Parent Corporation---The General Rule
10(1)
Global Tax Issues: Basis Rules for Liquidations of Foreign Subsidiaries
11(1)
Basis of Property Received by the Parent Corporation---§ 338 Election
11(2)
Corporate Reorganizations
13(7)
In General
14(1)
Tax in the News: Historical Perspective on Mergers and Acquisitions
15(1)
Summary of the Different Types of Reorganizations
15(1)
Summary of the Tax Consequences in a Tax-Free Reorganization
16(4)
Tax Planning Considerations
20(2)
Effect of a Liquidating Distribution on the Corporation
20(1)
Effect of a Liquidating Distribution on the Shareholder
20(1)
Parent-Subsidiary Liquidations
20(1)
Asset Purchase versus Stock Purchase
21(1)
The Role of the Letter Ruling
21(1)
Problem Materials
22
Partnerships
1(1)
Overview of Partnership Taxation
2(7)
Forms of Doing Business---Federal Tax Consequences
2(1)
Tax in the News: Partnerships in the Movies
3(1)
What Is a Partnership?
3(1)
Elections Related to Partnership Status
4(1)
Partnership Taxation
4(1)
Tax in the News: The Growing Number of LLCs
5(1)
Partnership Reporting
6(1)
Partner's Ownership Interest in a Partnership
7(1)
Conceptual Basis for Partnership Taxation
8(1)
Anti-Abuse Provisions
8(1)
Formation of a Partnership: Tax Effects
9(10)
Gain or Loss on Contributions to the Partnership
9(1)
Exceptions to § 721
10(1)
Tax Issues Relative to Contributed Property
11(2)
Inside and Outside Bases
13(1)
Tax Accounting Elections
14(1)
Initial Costs of a Partnership
15(1)
Method of Accounting
16(1)
Taxable Year of the Partnership
17(2)
Operations of the Partnership
19(16)
Measuring and Reporting Income
19(2)
Global Tax Issues: Various Withholding Procedures Applicable to Foreign Partners
21(1)
Ethical Considerations: A Preparer's Responsibility for Partners' Tax Returns
22(1)
Partnership Allocations
23(1)
Basis of a Partnership Interest
24(7)
Loss Limitations
31(4)
Transactions Between Partners and Partnerships
35(2)
Guaranteed Payments
35(1)
Other Transactions between Partners and Partnerships
36(1)
Partners as Employees
37(1)
Distributions from the Partnership
37(8)
Proportionate Nonliquidating Distributions
39(3)
Proportionate Liquidating Distributions
42(3)
Sale of a Partnership Interest
45(2)
General Rules
45(1)
Effect of Hot Assets
46(1)
Limited Liability Entities
47(2)
Limited Liability Companies
47(2)
Limited Liability Partnerships
49(1)
Tax Planning Considerations
49(3)
Choosing Partnership Taxation
49(1)
Formation and Operation of a Partnership
49(1)
Basis Considerations and Loss Deduction Limitations
49(1)
Transactions between Partners and Partnerships
50(1)
Global Tax Issues: Partnerships Around the World---and Beyond
51(1)
Drafting the Partnership Agreement
51(1)
Problem Materials
52
S Corporations
1(1)
Introduction
2(3)
An Overview of S Corporations
3(1)
Tax in the News: The IRS Launches an S Corporation Research Program
4(1)
When to Elect S Corporation Status
4(1)
Qualifying for S Corporation Status
5(6)
Definition of a Small Business Corporation
5(1)
Tax in the News: Flexibility with QSSSs
6(2)
Ethical Considerations: Extortion Payments
8(1)
Making the Election
8(1)
Shareholder Consent
9(1)
Loss of the Election
10(1)
Operational Rules
11(20)
Computation of Taxable Income
12(1)
Allocation of Income and Loss
13(2)
Tax Treatment of Distributions to Shareholders
15(4)
Tax Treatment of Property Distributions by the Corporation
19(1)
Shareholder's Basis
20(3)
Treatment of Losses
23(3)
Tax on Pre-election Built-in Gain
26(1)
Ethical Considerations: A Helpful Appraisal
26(3)
Passive Investment Income Penalty Tax
29(1)
Other Operational Rules
30(1)
Tax Planning Considerations
31(12)
When the Election Is Advisable
31(1)
Making a Proper Election
31(1)
Preserving the Election
32(1)
Planning for the Operation of the Corporation
32(1)
Tax in the News: An Abusive Tax Shelter?
33(4)
Overall Comparison: Forms of Doing Business
37(6)
Problem Materials
43
Exempt Entities
1(1)
General Considerations
2(1)
Tax in the News: Museums versus Churches: Donors' Contribution Choice
3(1)
Types of Exempt Organizations
3(1)
Requirements for Exempt Status
3(3)
Tax in the News: Effects of Sarbanes-Oxley on Nonprofit Entities
5(1)
Serving the Common Good
5(1)
Not-for-Profit Entity
5(1)
Net Earnings and Members of the Organization
5(1)
Political Influence
5(1)
Tax Consequences of Exempt Status: General
6(3)
Prohibited Transactions
6(3)
Feeder Organizations
9(1)
Private Foundations
9(5)
Tax Consequences of Private Foundation Status
9(1)
Ethical Considerations: A Charity Documents the Value of Charitable Contributions
10(2)
Tax in the News: A Major Contribution to the Salvation Army
12(1)
Taxes Imposed on Private Foundations
12(2)
Unrelated Business Income Tax
14(10)
Unrelated Trade or Business
15(3)
Unrelated Business Income
18(1)
Unrelated Business Taxable Income
19(2)
Unrelated Debt-Financed Income
21(3)
Reporting Requirements
24(2)
Obtaining Exempt Organization Status
24(1)
Ethical Considerations: Filing for Exempt Status: A CPA's Dilemma
24(1)
Annual Filing Requirements
25(1)
Disclosure Requirements
26(1)
Tax Planning Considerations
26(3)
General
26(1)
Maintaining Exempt Status
26(1)
Private Foundation Status
27(1)
Unrelated Business Income Tax
28(1)
Problem Materials
29
Multistate Corporate Taxation
1(1)
Overview of Corporate State Income Taxation
3(6)
Ethical Considerations: Encouraging Economic Development through Tax Concessions
3(1)
Computing State Income Tax
4(1)
Operational Implications
4(1)
State Modifications
5(3)
Tax in the News: So Where Did You Work Today?
8(1)
Jurisdiction to Impose Tax: Nexus and Public Law 86-272
8(1)
Allocation and Apportionment of Income
9(11)
The Apportionment Procedure
10(1)
Business and Nonbusiness Income
11(1)
Apportionment Factors: Elements and Planning
12(3)
The Sales Factor
15(1)
The Payroll Factor
16(2)
The Property Factor
18(2)
The Unitary Theory
20(4)
What Is a Unitary Business?
21(1)
Tax Effects of the Unitary Theory
21(2)
Global Tax Issues: Water's Edge Is Not a Day at the Beach
23(1)
Taxation of S Corporations
24(1)
Eligibility
24(1)
Taxation of Partnerships and LLCS
25(1)
Other State and Local Taxes
25(1)
State and Local Sales and Use Taxes
25(1)
Ethical Considerations: Taxing Clicks and Bricks
26(1)
Local Property Taxes
26(1)
Other Taxes
26(1)
Tax Planning Considerations
26(6)
Tax in the News: Collecting Those Sales/Use Tax Revenues
27(1)
Selecting the Optimal State in Which to Operate
27(3)
Restructuring Corporate Entities
30(1)
Subjecting the Corporation's Income to Apportionment
30(1)
Ethical Considerations: Can You Be a Nowhere Adviser?
30(1)
Planning with Apportionment Factors
31(1)
Sales/Use Taxes on Capital Changes
32(1)
Problem Materials
32
Taxation of International Transactions
1(1)
Overview of International Taxation
2(2)
Global Tax Issues: Other Countries' Taxes Are Strange, Too
4(1)
Tax Treaties
4(1)
Sourcing of Income and Deductions
5(6)
Income Sourced inside the United States
5(1)
Global Tax Issues: Why the Treaty Process Stalls
6(3)
Tax in the News: Sourcing Income in Cyberspace
9(1)
Income Sourced outside the United States
9(1)
Allocation and Apportionment of Deductions
9(1)
Section 482 Considerations
10(1)
Tax in the News: APAs Reduce Uncertainty in Transfer Pricing Disputes
11(1)
Foreign Currency Transactions
11(3)
Tax Issues
12(1)
Functional Currency
12(1)
Branch Operations
12(1)
Distributions from Foreign Corporations
13(1)
Foreign Taxes
13(1)
Section 988 Transactions
13(1)
U.S. Persons with Foreign Income
14(15)
Export Property Tax Incentives
14(1)
Cross-Border Asset Transfers
15(2)
Global Tax Issues: Boom in Cross-Border Mergers
17(1)
Tax Havens
18(1)
Foreign Corporations Controlled by U.S. Persons
19(1)
Ethical Considerations: A Boost to Domestic Investment or a Tax Amnesty for Outsourcers?
19(1)
Tax in the News: A Move to the Beach for U.S. Corporations Seeking a Vacation from U.S. Tax Rules
20(1)
Tax in the News: Who Are These CFCs?
21(3)
The Foreign Tax Credit
24(5)
U.S. Taxation of Nonresident Aliens and Foreign Corporations
29(7)
Nonresident Alien Individuals
29(1)
Ethical Considerations: Should There Be Some ``Heart'' in Tax Law?
30(2)
Foreign Corporations
32(2)
The Foreign Investment in Real Property Tax Act
34(2)
Expatriation to Avoid U.S. Taxation
36(1)
Tax Planning Considerations
36(3)
The Foreign Tax Credit Limitation and Sourcing Provisions
36(1)
Tax in the News: So Long, It's Been Nice Knowing You
37(1)
The Foreign Corporation as a Tax Shelter
37(1)
Planning under Subpart F
38(1)
Using the Check-the-Box Regulations
38(1)
Transferring Intangible Assets Offshore
38(1)
Problem Materials
39
Tax Administration and Practice
1(1)
Tax Administration
2(18)
Tax in the News: Should the IRS Be Larger?
3(1)
IRS Procedure---Letter Rulings
3(1)
Tax in the News: IRS Audit Initiatives
4(1)
IRS Procedure---Other Issuances
4(1)
Administrative Powers of the IRS
5(1)
The Audit Process
6(3)
Tax in the News: Collecting Those Taxes Due
9(1)
The Taxpayer Appeal Process
9(1)
Offers in Compromise and Closing Agreements
10(1)
Interest
11(1)
Taxpayer Penalties
12(3)
Tax in the News: Looking For Tax Fraud
15(1)
Ethical Considerations: Good Faith Valuations
16(3)
Statutes of Limitations
19(1)
Tax Practice
20(6)
The Tax Practitioner
20(4)
Ethical Considerations: Where Does My Cost Saving Go?
24(1)
AICPA Statements on Standards for Tax Services
24(2)
Tax Planning Considerations
26(5)
Strategies in Seeking an Administrative Ruling
26(1)
Considerations in Handling an IRS Audit
27(1)
Ethical Considerations: Should the Client Attend an Audit?
28(1)
Statute of Limitations
29(1)
Penalties
30(1)
Problem Materials
31
The Federal Gift and Estate Taxes
1(1)
Transfer Taxes---In General
2(8)
Nature of the Taxes
2(1)
Tax in the News: An Erratic Approach to Transfer Taxes
3(1)
Global Tax Issues: Expatriation to Avoid U.S. Taxes
4(3)
Valuation for Estate and Gift Tax Purposes
7(1)
Tax in the News: What Are the Chances?
8(1)
Ethical Considerations: An Executor's Prerogative
9(1)
Key Property Concepts
9(1)
The Federal Gift Tax
10(8)
General Considerations
10(1)
Ethical Considerations: What Constitutes Support?
11(1)
Transfers Subject to the Gift Tax
12(2)
Annual Exclusion
14(1)
Deductions
15(1)
Computing the Federal Gift Tax
15(2)
Procedural Matters
17(1)
The Federal Estate Tax
18(17)
Gross Estate
18(9)
Taxable Estate
27(1)
Ethical Considerations: The Advantage of Being Paid Up!
28(2)
Ethical Considerations: It's the Thought That Counts
30(2)
Computing the Federal Estate Tax
32(1)
Tax in the News: Be Careful When You Die!
33(1)
Estate Tax Credits
33(1)
Tax in the News: Be Careful Where You Die!
34(1)
Global Tax Issues: Treaty Relief is not Abundant!
35(1)
Procedural Matters
35(1)
The Generation-Skipping Transfer Tax
35(2)
The Problem
35(1)
The Solution
36(1)
Tax Planning Considerations
37(4)
The Federal Gift Tax
37(1)
The Federal Estate Tax
38(3)
Problem Materials
41
Income Taxation of Trusts and Estates
1(1)
An Overview of Subchapter J
2(3)
What Is a Trust?
4(1)
Other Definitions
4(1)
What Is an Estate?
5(1)
Nature of Trust and Estate Taxation
5(3)
Tax in the News: Should Your Trust Be All in the Family?
6(1)
Filing Requirements
6(1)
Tax Accounting Periods, Methods, and Payments
7(1)
Tax Rates and Personal Exemption
7(1)
Alternative Minimum Tax
8(1)
Taxable Income of Trusts and Estates
8(12)
Entity Accounting Income
10(1)
Gross Income
11(1)
Tax in the News: Pick the Home State for Your Trust Carefully
12(1)
Tax in the News: Coordinate Your Deductions
13(1)
Ordinary Deductions
14(1)
Deductions for Losses
15(1)
Charitable Contributions
16(1)
Deduction for Distributions to Beneficiaries
17(3)
Tax Credits
20(1)
Taxation of Beneficiaries
20(4)
Distributions by Simple Trusts
20(1)
Distributions by Estates and Complex Trusts
20(2)
Character of Income
22(1)
Losses in the Termination Year
23(1)
Tax Planning Considerations
24(4)
A Trust or Estate as an Income-Shifting Device
24(1)
Tax in the News: Don't Trust Your Dictionary
25(1)
Income Tax Planning for Estates
25(2)
Ethical Considerations: Should a Tax Adviser Also Be a Trustee?
27(1)
Income Tax Planning with Trusts
27(1)
Distributions of In-Kind Property
27(1)
Problem Materials
28
APPENDIXES
Tax Rate Schedules and Tables
1(1)
Tax Forms
1(1)
Glossary of Tax Terms
1(1)
Table of Code Sections Cited
1(12)
Table of Regulations Cited
13(4)
Table of Revenue Procedures and Revenue Rulings Cited
17
Comprehensive Tax Return Problems
1(1)
Index 1


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