West Federal Taxation: Individual Income Taxes 2007

by Hoffman, William H.

Edition:

30th

ISBN13:

9780324399608

ISBN10:

032439960X

Format:

Paperback

Pub. Date:

4/12/2006

Publisher(s):

South-Western College/West

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Summary

WEST FEDERAL TAXATION: INDIVIDUAL INCOME TAXES, 2007 EDITION is accessible, comprehensive, and authoritative in its coverage of the Tax Code and regulations pertaining to the individual taxpayer. Covering all major developments in federal taxation, there is no other text as effective at helping users master the ever-changing Individual Tax Code.

PART 1: INTRODUCTION AND BASIC TAX MODEL

An Introduction To Taxation And Understanding The Federal Tax Law

(1)

History Of U.S. Taxation

(2)

Early Periods

(1)

Revenue Acts

(1)

Historical Trends

(1)

Criteria Used in the Selection of a Tax Structure

(1)

Tax in the News: Adam Smith Stopped Too Soon

(1)

The Tax Structure

(1)

Tax Base

(1)

Tax Rates

(1)

Incidence of Taxation

(1)

Major Types of Taxes

(12)

Property Taxes

(1)

Tax in the News: A Few Pigs and Chickens May Not Be Enough

(1)

Transaction Taxes

(2)

Ethical Considerations: Making Good Use of Out-of-State Relatives

(1)

Death Taxes

(2)

Gift Taxes

(1)

Income Taxes

(2)

Tax in the News: Using the Income Tax Return As a ``Use Tax'' Reminder

(1)

Employment Taxes

(1)

Other U.S. Taxes

(1)

Proposed U.S. Taxes

(1)

Tax Administration

(5)

Internal Revenue Service

(1)

The Audit Process

(2)

Statute of Limitations

(1)

Tax in the News: The IRS Gets Tough with Taxpayers Who Refuse to Pay

(1)

Interest and Penalties

(1)

Tax Practice

(1)

Ethical Considerations: When the IRS Does Not Know

(1)

Understanding the Federal Tax Law

(10)

Revenue Needs

(1)

Global Tax Issues: Outsourcing of Tax Return Preparation

(1)

Economic Considerations

(2)

Social Considerations

(1)

Equity Considerations

(1)

Tax in the News: Treating Everyone the Same

(2)

Political Considerations

(1)

Influence of the Internal Revenue Service

(1)

Ethical Considerations: Deducting Uncollected Charges for Services Rendered

(1)

Influence of the Courts

(1)

Summary

(1)

Problem Materials

Working With The Tax Law

(1)

Tax Sources

(20)

Statutory Sources of the Tax Law

(1)

Tax in the News: Tax Freedom Day

(1)

Tax in the News: Prison Inmates' Tax Fraud

(3)

Administrative Sources of the Tax Law

(1)

Ethical Considerations: The President and the IRS

(5)

Judicial Sources of the Tax Law

(1)

Tax in the News: The Tax Gap Increases

(7)

Other Sources of the Tax Law

(1)

Global Tax Issues: Tax Treaties

(2)

Working With The Tax Law---Tax Research Tools

(6)

Electronic versus Paper Tax Research Tools

(1)

Tax Services

(1)

Electronic Services

(4)

Global Tax Issues: Data Warehousing Reduces Global Taxes

(1)

Working With The Tax Law---Tax Research

(7)

Identifying the Problem

(1)

Refining the Problem

(1)

Locating the Appropriate Tax Law Sources

(1)

Assessing the Validity of the Tax Law Sources

(1)

Tax in the News: Internal Revenue Code: Interpretation Pitfalls

(3)

Arriving at the Solution or at Alternative Solutions

(1)

Communicating Tax Research

(1)

Working With The Tax Law---Tax Planning

(4)

Nontax Considerations

(1)

Tax Avoidance and Tax Evasion

(1)

Ethical Considerations: A Toilet Paper Tax?

(1)

Tax in the News: The Disappearing Taxpayers

(1)

Follow-up Procedures

(1)

Tax Planning---A Practical Application

(1)

Taxation on The Cpa Examination

(1)

Problem Materials

Tax Determination; Personal and Dependency Exemptions; an Overview of Property Transactions

(1)

Tax Formula

(7)

Components of the Tax Formula

(2)

Global Tax Issues: Citizenship is Not Tax-free

(3)

Application of the Tax Formula

(1)

Individuals Not Eligible for the Standard Deduction

(1)

Special Limitations for Individuals Who Can Be Claimed as Dependents

(1)

Personal Exemptions

(1)

Dependency Exemptions

(8)

Qualifying Child

(2)

Qualifying Relative

(2)

Ethical Considerations: Discovering Lest Dependency Exemptions

(1)

Other Rules for Dependency Exemptions

(1)

Ethical Considerations: A Change of Residence Can Be Rewarding

(1)

Comparison of Categories for Dependency Exemptions

(1)

Phaseout of Exemptions

(2)

Tax in the News: How to Subtly Pluck the Chicken

(1)

Child Tax Credit

(1)

Tax Determination

(5)

Tax Table Method

(1)

Tax Rate Schedule Method

(1)

Computation of Net Taxes Payable or Refund Due

(1)

Tax in the News: Tax Rate Trauma

(1)

Unearned Income of Children under Age 14 Taxed at Parents' Rate

(2)

Filing Considerations

(7)

Filing Requirements

(2)

Tax in the News: Special Rules for Certain Military Personnel

(1)

Tax in the News: ``Charge It''---Convenient But Not Cheap!

(1)

Filing Status

(1)

Global Tax Issues: Filing a Joint Return

(2)

Ethical Considerations: The Hidden Benefits of Taking Care of a Relative

(1)

Gains and Losses From Property Transactions---in General

(1)

Gains and Losses from Property Transactions---Capital Gains and Losses

(2)

Definition of a Capital Asset

(1)

Taxation of Net Capital Gain

(1)

Determination of Net Capital Gain

(1)

Treatment of Net Capital Loss

(1)

Tax Planning Considerations

(4)

Maximizing the Use of the Standard Daduction

(1)

Dependency Exemptions

(1)

Ethical Considerations: Nondependence Can Provide Tax Benefits

(1)

Taking Advantage of Tax Rate Differentials

(1)

Income of Minor Children

(1)

Problem Materials

PART 2: GROSS INCOME

Gross Income: Concepts And Inclusions

(1)

Gross Income---What is it?

(4)

Definition

(1)

Global Tax Issues: From ``All Sources'' is a Broad Definition

(1)

Economic and Accounting Concepts

(2)

Tax in the News: if Free is Taxed. It's Not Free

(1)

Comparison of the Accounting and Tax Concepts of Income

(1)

Form of Receipt

(1)

Recovery of Capital Doctrine

(1)

Year of Inclusion

(7)

Taxable Year

(1)

Accounting Methods

(2)

Exceptions Applicable to Cash Basis Taxpayers

(1)

Ethical Considerations: Choosing When to File Insurance Claims

(2)

Global Tax Issues: Tax Credit Neutralizes Foreign Income Taxes

(1)

Exceptions Applicable to Accrual Basis Taxpayers

(1)

Income Sources

(7)

Personal Services

(1)

Income from Property

(2)

Ethical Considerations: Enhancing Lottery Winnings

(1)

Income Received by an Agent

(1)

Income from Partnerships, S Corporations, Trusts, and Estates

(1)

Tax in the News: The Attorney's Fee Was the Plaintiff's Income

(1)

Income in Community Property States

(1)

Tax In the News: Trust Splits Income from Lottery

(2)

Items Specifically Included in Gross Income

(14)

Alimony and Separate Maintenance Payments

(2)

Ethical Considerations: Avoiding Front-Loading with Equal Payments

(1)

Imputed Interest on Below-Market Loans

(3)

Tax In the News: loans to Executives Prohibited

(1)

Income from Annuities

(3)

Prizes and Awards

(1)

Tax in the News: Survivor Winner Did Not Survive IRS Audit

(1)

Group Term Life Insurance

(2)

Tax in the News: A Taxpayer Learns about the ``Quirky'' Social Security Benefits Taxation Formula

(1)

Unemployment Compensation

(1)

Social Security Benefits

(1)

Tax Planning Considerations

(4)

Nontaxable Economic Benefits

(1)

Tax Deferral

(1)

Shifting Income to Relatives

(1)

Accounting for Community Property

(1)

Alimony

(1)

Problem Materials

Gross Income: Exclusions

(1)

Items Specifically Excluded from Gross Income

(2)

Tax in the News: Avoiding a Natural Disaster Can Create a Tax Burden

(1)

Statutory Authority

(1)

Gifts and Inheritances

(2)

General

(1)

Tax in the News: Begging as a Tax-Disfavored Occupation

(1)

Gifts to Employees

(1)

Tax in the News: Frequent-Flyer Miles Will Not Be Taxed

(1)

Employee Death Benefits

(1)

Life Insurance Proceeds

(3)

General Rule

(1)

Tax in the News: Corporate-Owned Life Insurance May Not Yield Corporate Benefits

(1)

Accelerated Death Benefits

(1)

Ethical Considerations: Should the Terminally III Pay Social Security Taxes?

(1)

Transfer for Valuable Consideration

(1)

Scholarships

(2)

General Information

(1)

Timing Issues

(1)

Disguised Compensation

(1)

Qualified Tuition Reduction Plans

(1)

Compensation for Injuries and Sickness

(2)

Damages

(1)

Workers' Compensation

(1)

Accident and Health Insurance Benefits

(1)

Tax in the News: Abandoning Parent Gets an ``Undeserved'' Benefit Tax-Free

(1)

Employer-Sponsored Accident and Health Plans

(2)

Global Tax Issues: When Jobs Leave the Country, So Do the Health Insurance Benefits

(1)

Medical Reimbursement Plans

(1)

Tax in the News: The Staggering Cost of Employee Health Insurance

(1)

Long-Term Care Insurance Benefits

(1)

Meals and Lodging

(3)

Furnished for the Convenience of the Employer

(2)

Other Housing Exclusions

(1)

Other Employee Fringe Benefits

(8)

Specific Benefits

(1)

Cafeteria Plans

(1)

Flexible Spending Plans

(1)

Tax in the News: Taxpayers Have Longer to Use Before They Lose Plan Benefits

(1)

General Classes of Excluded Benefits

(4)

Taxable Fringe Benefits

(2)

Foreign Earned Income

(1)

Ethical Considerations: Who Should Benefit from the Foreign Earned Income Exclusion?

(1)

Interest on Certain State and Local Government Obligations

(1)

Global Tax Issues: U.S. Taxpayers Abroad Are Gone but Not Forgotten

(1)

Dividends

(1)

General information

(1)

Ethical Considerations: Beneficiaries and Victims of Changes in Dividend Taxation

(1)

Stock Dividends

(1)

Educational Savings Bonds

(1)

Qualified Tuition Programs

(1)

Tax Benefit Rule

(1)

Income from Discharge of Indebtedness

(2)

Tax Planning Considerations

(2)

Life Insurance

(1)

Employee Benefits

(1)

Investment Income

(1)

Problem Materials

PART 3: DEDUCTIONS

Deductions and Losses: in General

(1)

Classification of deductible Expenses

(7)

Tax in the News: Proper Treatment of Your Voice

(1)

Deductions for Adjusted Gross Income

(1)

Itemized Deductions

(1)

Trade or Business Expenses and Production of Income Expenses

(1)

Tax in the News: Penalty or Restitution: The Tax Consequences

(1)

Business and Nonbusiness Losses

(1)

Reporting Procedures

(1)

Deductions And Losses---Timing Of Expense Recognition

(2)

Importance of Taxpayer's Method of Accounting

(1)

Cash Method Requirements

(1)

Accrual Method Requirements

(1)

Disallowance Possibilities

(17)

Public Policy Limitation

(2)

Political Contributions and Lobbying Activities

(1)

Excessive Executive Compensation

(1)

investigation of a Business

(1)

Hobby Losses

(1)

Ethical Considerations: When Is a Dairy Farm a Trade or Business?

(2)

Rental of Vacation Homes

(1)

Tax in the News: Making Money at the Masters, but not As a Golfer

(4)

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

(1)

Ethical Considerations: How the Payment is Made

(1)

Disallowance of Personal Expenditures

(1)

Disallowance of Deductions for Capital Expenditures

(1)

Transactions between Related Parties

(1)

Substantiation Requirements

(1)

Expenses and Interest Relating to Tax-Exempt Income

(1)

Tax Planning Considerations

(3)

Time Value of Tax Deductions

(1)

Unreasonable Compensation

(2)

Excessive Executive Compensation

(1)

Shifting Deductions

(1)

Hobby Losses

(1)

Capital Expenditures

(1)

Problem Materials

Deductions And Losses: Certain Business Expenses And Losses

(1)

Bad Debts

(2)

Specific Charge-Off Method

(1)

Business versus Nonbusiness Bad Debts

(1)

Global Tax Issues: Writing Off Bad Debts in Australia

(1)

Loans between Related Parties

(1)

Worthless Securities

(2)

Small Business Stock

(1)

Losses Of Individuals

(8)

Tax in the News: A Casualty Loss Deduction?

(1)

Ethical Considerations: What Is a Casualty Loss?

(1)

Events That Are Not Casualties

(1)

Theft Losses

(1)

When to Deduct Casualty Losses

(1)

Measuring the Amount of Loss

(3)

Statutory Framework for Deducting Losses of Individuals

(1)

Personal Casualty Gains and Losses

(2)

Ethical Considerations: The Amount of a Casualty Loss

(1)

Research And Experimental Expenditures

(2)

Expense Method

(1)

Tax in the News: Using Public Dollars to Advance Research

(1)

Deferral and Amortization Method

(1)

Domestic Production Activities Deduction

(2)

Operational Rules

(2)

Eligible Taxpayers

(1)

Net Operating Losses

(6)

Tax in the News: Windfall From a Net Operating Loss

(1)

Carryback and Carryover Periods

(1)

Global Tax Issues: Tax Perks

(1)

Computation of the Net Operating Loss

(2)

Recomputation of Tax Liability for Year to Which Net Operating Loss Is Carried

(1)

Calculation of the Remaining Net Operating Loss

(1)

Tax Planning Considerations

(2)

Tax Consequences of the Groetzinger Case

(1)

Documentation of Related-Taxpayer Loans, Casualty Losses, and Theft Losses

(1)

Small Business Stock

(1)

Casualty Losses

(1)

Net Operating Losses

(1)

Problem Materials

Depreciation, Cost Recovery, Amortization, And Depletion

(1)

Overview

(2)

General

(1)

Concepts Relating to Depreciation

(1)

Modified Accelerated Cost Recovery System (macrs)

(14)

Global Tax Issues: Tax Incentives for the Textile Industry in India

(1)

Personalty: Recovery Periods and Methods

(2)

Tax In the News: Tax Headaches for Owners of Small Businesses

(1)

Realty: Recovery Periods and Methods

(1)

Ethical Considerations: Proper Classification of Real Property

(1)

Straight-Line Election

(1)

Election to Expense Assets

(1)

Business and Personal Use of Automobiles and Other Listed Property

(1)

Tax in the News: Tax Incentives for Wind Energy

(4)

Tax in the News: Leasing versus Buying an Automobile

(1)

Alternative Depreciation System (ADS)

(1)

Accelerated Cost Recovery System (acrs)

(1)

Amortization

(1)

Ethical Considerations: Computing § 197 Amortization

(1)

Depletion

(4)

Intangible Drilling and Development Costs (IDC)

(1)

Depletion Methods

(3)

Reporting Procedures

(1)

Tax Planning Considerations

(5)

Cost Recovery

(4)

Tax in the News: Cost Segregation

(1)

Amortization

(1)

Depletion

(1)

Cost Recovery Tables

(4)

Problem Materials

Deductions: Employee And Self-employed-Related Expenses

(1)

Employee Versus Self-employed

(2)

Tax in the News: Nannygate Revisited

(1)

Employee Expenses---in General

(1)

Transportation Expenses

(3)

Qualified Expenditures

(1)

Computation of Automobile Expenses

(2)

Travel Expenses

(4)

Definition of Travel Expenses

(1)

Away-from-Home Requirement

(1)

Restrictions on Travel Expenses

(1)

Combined Business and Pleasure Travel

(1)

Global Tax Issues: Conventions in Faraway Lands

(1)

Moving Expenses

(2)

Distance Test

(1)

Time Test

(1)

Treatment of Moving Expenses

(1)

Global Tax Issues: Expatriates and the Moving Expense Deduction

(1)

Ethical Considerations: Manipulating the Real Estate Market

(1)

Education Expenses

(4)

General Requirements

(1)

Requirements Imposed by Law or by the Employer for Retention of Employment

(1)

Maintaining or Improving Existing Skills

(1)

Classification of Specific Items

(1)

Tax in the News: Is an MBA Degree Deductible?

(1)

A Limited Deduction Approach

(1)

Other Provisions Dealing with Education

(1)

Entertainment Expenses

(3)

Cutback Adjustment

(1)

Classification of Expenses

(1)

Restrictions upon Deductibility

(1)

Other Employee Expenses

(3)

Office in the Home

(2)

Tax in the News: ``Home Sourcing'' Can Generate Substantial Cost Savings

(1)

Miscellaneous Employee Expenses

(1)

Contributions To Retirement Accounts

(1)

Employee IRAs

(1)

Self-Employed Keogh (H.R. 10) Plans

(1)

Classification Of Employee Expenses

(3)

Accountable Plans

(2)

Nonaccountable Plans

(1)

Reporting Procedures

(1)

Ethical Considerations: A Customized Reimbursement Agreement

(1)

Limitations On Itemized Deductions

(1)

Miscellaneous Itemized Deductions Subject to the 2 Percent Floor

(1)

Ethical Considerations: Will Separate Returns by Married Persons Save Taxes?

(1)

Miscellaneous Itemized Deductions Not Subject to the 2 Percent Floor

(1)

Tax Planning Considerations

(3)

Self-Employed Individuals

(1)

Tax in the News: Relief for Members of the Armed Forces Reserves

(1)

Shifting Deductions between Employer and Employee

(1)

Transportation and Travel Expenses

(1)

Moving Expenses

(1)

Education Expenses

(1)

Entertainment Expenses

(1)

Unreimbursed Employee Business Expenses

(1)

Problem Materials

Deductions And Losses: Certain Itemized Deductions

(1)

General Classification Of Expenses

(1)

Medical Expenses

(8)

General Requirements

(1)

Tax in the News: The President and Vice President Itemize

(1)

Medical Expenses Defined

(1)

Capital Expenditures for Medical Purposes

(1)

Medical Expenses Incurred for Spouse and Dependents

(1)

Transportation, Meal, and Lodging Expenses for Medical Treatment

(1)

Ethical Considerations: Travel Expenses: Medical or Personal?

(1)

Amounts Paid for Medical Insurance Premiums

(1)

Year of Deduction

(1)

Reimbursements

(1)

Health Savings Accounts

(2)

Taxes

(3)

Deductibility as a Tax

(1)

Property Taxes

(1)

Global Tax Issues: Deductibility of Foreign Taxes

(1)

State and Local Income Taxes and Sales Taxes

(1)

Interest

(7)

Tax in the News: States Respond to the Federal State Sales Tax Deduction

(1)

Allowed and Disallowed Items

(3)

Tax in the News: A Recommendation to Limit the Mortgage Interest Deduction

(1)

Restrictions on Deductibility and Timing Considerations

(1)

Classification of Interest Expense

(1)

Charitable Contributions

(7)

Criteria for a Gift

(1)

Qualified Organizations

(1)

Global Tax Issues: Choose the Charity Wisely

(1)

Time of Deduction

(1)

Record-Keeping and Valuation Requirements

(1)

Limitations on Charitable Contribution Deduction

(4)

Miscellaneous Itemized Deductions

(1)

Ethical Considerations: Job Hunting in Ski Country: A Deductible Expense?

(1)

Other Miscellaneous Deductions

(1)

Comprehensive Example Of Schedule A

(2)

Overall Limitation On Certain Itemized Deductions

(2)

Tax in the News: The First Family and Itemized Deduction Phaseouts

(1)

Ethical Considerations: Between a Rock and a Hard Place

(1)

Tax Planning Considerations

(4)

Effective Utilization of Itemized Deductions

(1)

Utilization of Medical Deductions

(1)

Timing the Payment of Deductible Taxes

(1)

Protecting the Interest Deduction

(1)

Assuring the Charitable Contribution Deduction

(2)

Problem Materials

Passive Activity Losses

(1)

The Tax Shelter Problem

(1)

At-risk Limits

(2)

Tax in the News: With Tax Shelters in the Spotlight, Taxpayers Should Be Cautious!

(1)

Passive Loss Limits

(18)

Classification and Impact of Passive Income and Losses

(4)

Taxpayers Subject to the Passive Loss Rules

(1)

Passive Activities Defined

(6)

Ethical Considerations: A Lovers' Triangle and the Passive Loss Rules

(2)

Interaction of the At-Risk and Passive Activity Limits

(1)

Tax in the News: Newly Developed Tax Shelter Strategies Now Protected by Patents

(1)

Special Passive Activity Rules for Real Estate Activities

(1)

Tax in the News: Do the Passive Loss Rules Affect the Filing Status Decision for Married Taxpayers?

(2)

Ethical Considerations: How Active Is Active?

(1)

Dispositions of Passive Interests

(1)

Tax Planning Considerations

(3)

Utilizing Passive Losses

(3)

Problem Materials

PART 4: SPECIAL TAX COMPUTATION METHODS, PAYMENT PROCEDURES, AND TAX CREDITS

Alternative Minimum Tax

(1)

Individual Alternative Minimum Tax

(24)

Amt Formula for Alternative Minimum Taxble Income (amti)

(1)

Tax in the News: The Amt: From 155 to 33 Million

(3)

Amt Formula: Other Components

(2)

Amt Adjustments

(11)

Amt Preferences

(1)

Tax in the News: Being Treated Like the Rich

(1)

Ethical Considerations: Tax-Exempt Bonds and the Amt

(1)

Tax in the News: Distinguishing between Taxable and Exempt Bonds for Amt Purpose

(1)

Illustration of the Amt Computation

(1)

Amt Credit

(3)

Corporate Alternative Minimum Tax

(4)

Repeal of Amt for Small Corporations

(1)

Ethical Considerations: Amt and Small Corporations

(1)

Amt Adjustments

(2)

Tax Preferences

(1)

Exemption Amount

(1)

Other Aspects of the Amt

(1)

Tax Planning Considerations

(2)

Responding to Bob and Carol

(1)

Avoiding Preferences and Adjustments

(1)

Controlling the Timing of Preferences and Adjustments

(1)

Taking Advantage of the Amt/Regular Tax Rate Differential

(1)

Problem Materials

Tax Credits And Payment Procedures

(1)

Tax Policy Considerations

(1)

Tax in the News: Federal Tax Law Is a Key Component of U.S. Energy Policy

(1)

Overview And Priority Of Credits

(3)

Refundable versus Nonrefundable Credits

(2)

General Business Credit

(1)

Treatment of Unused General Business Credits

(1)

Specific Business-Related Tax Credit Provisions

(8)

Tax Credit for Rehabilitation Expenditures

(2)

Work Opportunity Tax Credit

(1)

Welfare-to-Work Credit

(1)

Research Activities Credit

(2)

Low-Income Housing Credit

(1)

Ethical Considerations: A Win-Win Situation or an Incalculable Loss?

(1)

Disabled Access Credit

(1)

Credit for Small Employer Pension Plan Startup Costs

(1)

Credit for Employer-Provided Child Care

(1)

Other Tax Credits

(10)

Earned Income Credit

(2)

Tax in the News: The Earned Income Credit: A Boost to the Working Poor and Merchants, Too!

(1)

Tax Credit for Elderly or Disabled Taxpayers

(1)

Foreign Tax Credit

(1)

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

(1)

Adoption Expenses Credit

(1)

Child Tax Credit

(1)

Credit for Child and Dependent Care Expenses

(2)

Ethical Considerations: Using the Credit for Child and Dependent Care Expenses

(1)

Education Tax Credits

(2)

Credit for Certain Retirement Plan Contributions

(1)

Payment Procedures

(16)

Procedures Applicable to Employers

(3)

Tax in the News: Will Social Security Be There for You When You Need It?

(5)

Global Tax Issues: Foreign ``Withholding Tax'' Performs an Important Role

(1)

Procedures Applicable to Self-Employed Persons

(4)

Tax Planning Considerations

(2)

Foreign Tax Credit

(1)

Credit for Child and Dependent Care Expenses

(1)

Adjustments to Increase Withholding

(1)

Adjustments to Avoid Overwithholding

(1)

Problem Materials

PART 5: PROPERTY TRANSACTIONS

Property Transactions: Determination Of Gain Or Loss And Basis Considerations

(1)

Determination Of Gain Or Loss

(5)

Realized Gain or Loss

(1)

Tax in the News: Putting the House at Risk

(2)

Recognized Gain or Loss

(1)

Nonrecognition of Gain or Loss

(1)

Ethical Considerations: Avoiding the Disallowance of Losses on Personal Use Assets

(1)

Recovery of Capital Doctrine

(1)

Basis Considerations

(14)

Determination of Cost Basis

(1)

Tax in the News: What's Your Stock Basis?

(2)

Gift Basis

(1)

Tax in the News: Frequent-Flyer Miles and Basis

(2)

Property Acquired from a Decedent

(2)

Tax in the News: Effect of 2001 Tax Legislation on the Basis of Inherited Property: Bad News/Good News!

(1)

Disallowed Losses

(1)

Ethical Considerations: Transactions between Spouses

(1)

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

(1)

Additional Complexities in Determining Realized Gain or Loss

(2)

Summary of Basis Adjustments

(1)

Tax in the News: Where to Invest: Growth Stock versus Income Stock

(1)

Tax Planning Considerations

(5)

Tax Consequences of Alice's Proposed Transaction

(2)

Cost Identification and Documentation Considerations

(1)

Selection of Property for Making Gifts

(1)

Selection of Property for Making Bequests

(1)

Disallowed Losses

(1)

Problem Materials

Property Transactions: Nontaxable Exchanges

(1)

General Concept Of A Nontaxable Exchange

(1)

Like-kind Exchanges---§ 1031

(7)

Like-Kind Property

(1)

Ethical Considerations: An Assumption for a Related-Party Exchange

(1)

Exchange Requirement

(1)

Tax in the News: Avoiding Taxes on the Disposition of a Vacation Home

(1)

Boot

(1)

Basis and Holding Period of Property Received

(3)

Involuntary Conversions---§ 1033

(5)

Involuntary Conversion Defined

(1)

Computing the Amount Realized

(1)

Tax in the News: A Court Upholds the Government's Taking of Property

(1)

Replacement Property

(1)

Time Limitation on Replacement

(1)

Nonrecognition of Gain

(1)

Involuntary Conversion of a Personal Residence

(1)

Reporting Considerations

(1)

Sale Of A Residence---§ 121

(6)

Requirements for Exclusion Treatment

(1)

Tax in the News: A Tax Break for Those Who Serve

(1)

Exceptions to the Two-Year Ownership Rule

(2)

Calculation of the Amount of the Exclusion

(2)

Principal Residence

(1)

Involuntary Conversion and Using §§ 121 and 1033

(1)

Other Nonrecognition Provisions

(2)

Exchange of Stock for Property---§ 1032

(1)

Certain Exchanges of Insurance Policies---§ 1035

(1)

Exchange of Stock for Stock of the Same Corporation---§ 1036

(1)

Certain Reacquisitions of Real Property---§ 1038

(1)

Transfers of Property between Spouses or Incident to Divorce---§ 1041

(1)

Ethical Considerations: Incident to Divorce or Not?

(1)

Rollovers into Specialized Small Business Investment Companies---§ 1044

(1)

Rollover of Gain from Qualified Small Business Stock into Another Qualified Small Business Stock---§ 1045

(1)

Tax Planning Considerations

(3)

Like-Kind Exchange

(1)

Involuntary Conversions

(1)

Sale of a Principal Residence

(1)

Tax in the News: Sale of a Residence and the Home Office Deduction

(1)

Problem Materials

Property Transactions: Capital Gains And Losses

(1)

General Considerations

(1)

Rationale for Separate Reporting of Capital Gains and Losses

(1)

Tax in the News: Avoiding A Recognized Gain

(1)

General Scheme of Taxation

(1)

Capital Assets

(5)

Definition of a Capital Asset

(2)

Ethical Considerations: Inventory or Capital Asset?

(1)

Effect of Judicial Action

(1)

Statutory Expansions

(2)

Tax in the News: Know Your Losses

(1)

Sale Or Exchange

(6)

Worthless Securities and § 1244 Stock

(1)

Special Rule---Retirement of Corporate Obligations

(1)

Options

(2)

Patents

(1)

Franchises, Trademarks, and Trade Names

(1)

Lease Cancellation Payments

(1)

Holding Period

(5)

Tax in the News: How Long Was the Holding Period for That Property?

(1)

Review of Special Holding Period Rules

(1)

Special Rules for Short Sales

(1)

Global Tax Issues: Trading Adrs on U.S. Stock Exchanges

(2)

Tax Treatment Of Capital Gains And Losses Of Noncorporate Taxpayers

(12)

Capital Gain and Loss Netting Process

(3)

Ethical Considerations: Is That Capital Gain Taxable?

(1)

Qualified Dividend Income

(1)

Alternative Tax on Net Capital Gain

(1)

Treatment of Capital Losses

(2)

Tax in the News: Not All Corporate Dividends Are ``Qualified Dividends''

(1)

Reporting Procedures

(4)

Tax Treatment Of Capital Gains And Losses Of Corporate Taxpayers

(1)

Tax Planning Considerations

(3)

Importance of Capital Asset Status

(1)

Planning for Capital Asset Status

(1)

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

(1)

Effect of Capital Asset Status in Transactions Other Than Sales

(1)

Stock Sales

(1)

Maximizing Benefits

(1)

Year-End Planning

(1)

Problem Materials

Property Transactions: § 1231 And Recapture Provisions

(1)

Tax in the News: Capital Gain Confusion

(1)

Section 1231 Assets

(8)

Relationship to Capital Assets

(1)

Justification for Favorable Tax Treatment

(1)

Property Included

(1)

Property Excluded

(1)

Special Rules for Certain § 1231 Assets

(1)

Tax in the News: An Environmental Fight over Timber Cutting

(1)

General Procedure for § 1231 Computation

(1)

Global Tax Issues: Canadian Slow Depreciation

(3)

Section 1245 Recapture

(3)

Ethical Considerations: Preparing Tax Returns without Proper Information

(1)

Tax in the News: Ask The Cpa About Recapture

(1)

Section 1245 Property

(1)

Observations on § 1245

(1)

Section 1250 Recaptur

(5)

Computing Recapture on Nonresidential Real Property

(1)

Computing Recapture on Residential Rental Housing

(1)

Section 1250 Recapture Situations

(1)

Unrecaptured § 1250 Gain (Real Estate 25% Gain)

(2)

Global Tax Issues: Exchange for Foreign Property Yields Recognized Recapture Gain

(1)

Considerations Common To §§ 1245 And 1250

(2)

Exceptions

(1)

Other Applications

(1)

Special Recapture Provisions

(1)

Special Recapture for Corporations

(1)

Gain from Sale of Depreciable Property between Certain Related Parties

(1)

Intangible Drilling Costs

(1)

Reporting Procedures

(3)

Global Tax Issues: Depreciation Recapture in Other Countries

(2)

Ethical Considerations: Form 4797, Depreciation Recapture, and Corporations

(1)

Tax Planning Considerations

(5)

Timing of § 1231 Gain

(4)

Timing of Recapture

(1)

Postponing and Shifting Recapture

(1)

Avoiding Recapture

(1)

Problem Materials

PART 6: ACCOUNTING PERIODS, ACCOUNTING METHODS, AND DEFERRED COMPENSATION

Accounting Periods And Methods

(1)

Tax in the News: Production Activities Deduction Creates Tax Planning Opportunities

(1)

Accounting Periods

(6)

In General

(1)

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

(2)

Ethical Considerations: Who Benefits from the Change in Tax Year?

(1)

Making the Election

(1)

Changes in the Accounting Period

(1)

Taxable Periods of Less Than One Year

(2)

Mitigation of the Annual Accounting Period Concept

(1)

Accounting Methods

(9)

Permissible Methods

(1)

Cash Receipts and Disbursements Method---Cash Basis

(1)

Tax in the News: Who Wants to Be a Producer?

(1)

Accrual Method

(1)

Global Tax Issues: Tax Accounting Methods as an Incentive to Go Foreign

(2)

Tax in the News: Economic Performance and Breach of Contract: Which Contract?

(1)

Hybrid Method

(1)

Change of Method

(2)

Special Accounting Methods

(10)

Installment Method

(5)

Disposition of Installment Obligations

(1)

Interest on Deferred Taxes

(1)

Ethical Considerations: Electing Out of Electing Out of the Installment Sale Method

(1)

Electing Out of the Installment Method

(1)

Long-Term Contracts

(3)

Inventories

(7)

Determining Inventory Cost

(2)

Global Tax Issues: Inventory Acquired from a Foreign Subsidiary

(1)

Tax in the News: Environmental Mess Spills onto Inventory Valuation

(2)

Ethical Considerations: Preserving the Lifo Reserve

(1)

The Lifo Election

(1)

Tax Planning Considerations

(2)

Taxable Year

(1)

Cash Method of Accounting

(1)

Installment Method

(1)

Completed Contract Method

(1)

Inventories

(1)

Problem Materials

Deferred Compensation

(1)

Qualified Pension, Profit Sharing, And Stock Bonus Plans

(15)

Types of Plans

(1)

Tax in the News: Compensation and Performance

(2)

Ethical Considerations: Do Cash Balance Plans Discriminate Against Older Employees?

(1)

Qualification Requirements

(3)

Tax in the News: Underfunded Pension Plans Multiply

(1)

Global Tax Issues: Covering Expatriate Employees

(1)

Tax Consequences to the Employee and Employer

(3)

Limitations on Contributions to and Benefits from Qualified Plans

(2)

Global Tax Issues: Global Remuneration Approach

(1)

§ 401 (k) Plans

(2)

Retirement Plans For Self-Employed Individuals

(1)

Coverage Requirements

(1)

Contribution Limitations

(1)

Individual Retirement Accounts (Iras)

(9)

General Rules

(6)

Penalty Taxes for Excess Contributions

(1)

Taxation of Benefits

(3)

Nonqualified Deferred Compensation Plans

(4)

Underlying Rationale for Tax Treatment

(1)

Tax Treatment to the Employer and Employee

(3)

Ethical Considerations: The Jock Tax Spreads

(1)

Restricted Property Plans

(2)

General Provisions

(1)

Substantial Risk of Forfeiture

(1)

Tax in the News: Dividend Benefits of Restricted Stock

(1)

Special Election Available

(1)

Employer Deductions

(1)

Stock Options

(3)

In General

(1)

Incentive Stock Options

(2)

Nonqualified Stock Options

(1)

Tax Planning Considerations

(4)

Deferred Compensation

(1)

Qualified Plans

(1)

Self-Employed Retirement Plans

(1)

Individual Retirement Accounts

(1)

Comparison of § 401(k) Plan with Ira

(1)

Nonqualified Deferred Compensation (Nqdc) Plans

(1)

Stock Options

(1)

Flexible Benefit Plans

(1)

Problem Materials

PART 7:CORPORATIONS AND PARTNERSHIPS

Corporations And Partnerships

(1)

What Is A Corporation?

(2)

Compliance with State Law

(1)

Entity Classification prior to 1997

(1)

Entity Classification after 1996

(1)

Income Tax Considerations

(12)

General Tax Consequences of Different Forms of Business Entities

(1)

Individuals and Corporations Compared---An Overview

(1)

Ethical Considerations: Who Gets the Deduction?

(1)

Specific Provisions Compared

(5)

Tax in the News: Variations in Mitigating the Effect of Multiple Taxation

(1)

Deductions Available Only to Corporations

(2)

Determination of Corporate Tax Liability

(1)

Corporate Filing Requirements

(1)

Reconciliation of Corporate Taxable Income and Accounting Income

(1)

Forming The Corporation

(4)

Capital Contributions

(2)

Transfers to Controlled Corporations

(2)

Ethical Considerations: Selective Incorporation

(1)

Operating The Corporation

(3)

Dividend Distributions

(1)

Global Tax Issues: Transferring Assets to Foreign Corporations---Forget § 351?

(1)

Ethical Considerations: An Art Lover's Dream Come True

(1)

Stock Redemptions

(1)

Liquidating The Corporation

(2)

General Rule of § 331

(1)

Ethical Considerations: Eliminating Burdensome Paperwork

(1)

Exception to the General Rule

(1)

Basis Determination---§§ 334 and 338

(1)

Effect of the Liquidation on the Corporation

(1)

The S Election

(5)

Qualification for S Status

(1)

Tax in the News: Explosive Growth May Lead To Increased Audits

(1)

Operational Rules

(1)

Tax in the News: S Corporations and Salaries: More Trauma On the Way!

(2)

Partnerships

(5)

Nature of Partnership Taxation

(1)

Partnership Formation

(2)

Partnership Operation

(2)

Tax Planning Considerations

(4)

Corporate versus Noncorporate Forms of Business Organization

(1)

Global Tax Issues: Taxing the Income of Foreign Corporations

(1)

Regular Corporation versus S Status

(1)

Use of an Entity to Reduce the Family Income Tax Burden

(2)

Problem Materials

APPENDIXES

Tax Rate Schedules And Tables

(1)

Tax Forms

(1)

Glossary Of Tax Terms

(1)

Table Of Code Sections Cited

(1)

Table Of Regulations Cited

(12)

Table Of Revenue Procedures And Revenue Rulings Cited

Citator Example

(1)

Comprehensive Tax Return Problems

(1)

Table Of Cases Cited

(1)

Depreciation

(1)

Index

West Federal Taxation: Individual Income Taxes 2007

9780324399608

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Table of Contents