Concepts in Federal Taxation 2012, Professional Edition (with H&R BLOCK At Home™ Income Tax Fundamentals 2012 CD-ROM)

by Murphy, Kevin E.; Higgins, Mark

• ISBN13: 9781111579876
• ISBN10: 1111579873
• Edition: 19th
• Format: Hardcover
• Copyright: 2011-04-08
• Publisher: South-Western College/West

Summary

Murphy and Higgins' CONCEPTS IN FEDERAL TAXATION 2012 offers students a better way to learn tax through a conceptual approach. Instead of memorizing the complex and often intimidating tax codes, regulations, exceptions, and qualifications, this approach presents taxation as a small number of unifying concepts. Once students understand these concepts, they can apply them to a wide range of tax rules and to basic aspects of everyday economic life. This straightforward approach balances tax concepts with the Internal Revenue Code to prepare students for immediate success on CPA exam tax simulations and in their careers. Extensive examples relate tax concepts to familiar business scenarios using an engaging discussion and answer format. In addition, Murphy and Higgins' CONCEPTS IN FEDERAL TAXATION 2012 promises more exercises than any other text of its kind for the practice students need. Each new copy of this text is packaged with H&R Block At Home? software to provide your students with additional professional experience!

Table of Contents

Exploring the Tax Environment

Types of Taxes and the Jurisdictions That Use Them

Tax Policy Issues: Standards for a Good Tax

Fundamentals of Tax Planning

Taxes as Transaction Costs

Maxims of Income Tax Planning

Tax Research

The Measurement of Taxable Income

Taxable Income From Business Operations

Property Acquisitions and Cost Recovery Deductions

Appendix 7-A Midquarter Convention Tables

Property Dispositions

Nontaxable Exchanges

The Taxation of Business Income

Sole Proprietorships, Partnerships, LLCs, and S Corporations

The Corporate Taxpayer

Appendix 11-A Schedule M-3 for Reconciling Book and Taxable Income

The Choice of Business Entity

Jurisdictional Issues in Business Taxation

The Individual Taxpayer

The Individual Tax Formula

Appendix 14-A Itemized Deduction Worksheet

Appendix 14-B Federal Transfer Tax Rates (2009)

Compensation and Retirement Planning

Investment and Personal Financial Planning

Appendix 16-A Comprehensive Schedule D Problem

Appendix 16-B Federal Transfer Tax Rates (2009)

Tax Consequences of Personal Activities

Appendix 17-A Social Security Worksheet

The Tax Compliance Process

The Tax Compliance Process

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