Federal Income Taxation, Cases and Materials, 6th, 2009 Supplement

by MCDANIEL PAUL R.

• ISBN13: 9781599414799
• ISBN10: 1599414791
• Edition: 6th
• Format: Paperback
• Copyright: 2009-08-03
• Publisher: West Group

Summary

This is the 2009 Supplement to to McDaniel, McMahon, Simmons and Polsky's Federal Income Taxation, Cases and Materials, 6th Edition casebook which covers all the major aspects of federal income taxation. This supplement features edited cases and original text.

Table of Contents

Preface	p. iii
Table of Contents	p. viii
Table Of Treasury Regulations	p. ix
Table Of Cases And Rulings	p. x
Introduction to Federal Income Taxation	p. 1
Introduction	p. 1
The Federal Income Tax System	p. 1
ABrief Survey of Income Tax Procedure	p. 1
Interest, Penalties, And Attorneys Fees	p. 1
The Tax Advisor	p. 2
Cross Income	p. 6
Compensation for Services and Indirect Payments	p. 6
Employee Fringe Benefits	p. 6
Exclusions Based on Tax Policy and Administrative Convenience	p. 6
Gifts, Inheritances, and Similar Items	p. 8
Governmental Subsidies and Related Items	p. 8
Social Welfare Payments	p. 8
Income From the Disposition of Property	p. 9
Exclusion of Gains From the Sale of a Principal Residence	p. 9
Taxation of Periodic Income From Capital	p. 10
Tax Deferred and Tax-Exempt Investment Accounts	p. 10
Damage Awards and Settlements	p. 11
Damage Awards for Personal Injury	p. 11
Income From the Cancellation of Indebtedness	p. 12
Statutory Codification of Cancellation of Indebtedness Rules	p. 12
Business Deductions and Credits	p. 14
Deductible Profit-Seeking Expenses Versus Nondeductible Capital Expenditures	p. 14
Business Investigation, Start-Up and Expansion Costs	p. 14
Cost recovery Mechanisms	p. 16
Depreciation	p. 16
Accelerated Cost Recovery System	p. 16
Election to Expense Certain Depreciable Assets	p. 16
Expensing and Amortization Provisions	p. 17
Transactional Losses	p. 18
Business or Profits Seeking Losses	p. 18
Bad Debts	p. 19
Business Tax Credits	p. 20
General Business Credit	p. 20
Other Business Credits	p. 20
Additional Recently Enacted Credits	p. 22
Dual Purpose Expenses	p. 23
Determining when a Taxpayer is Engaging in a Business or Profit Seeking Activity	p. 23
Statutory Limitations on Deductions for Certain Property	p. 23
Expenses Involving Both Personal and Business Purposes	p. 25
Travel and Related Expenses	p. 25
Business Meals and Entertainment	p. 30
Deductions and Credits for Personal Living Expenses	p. 32
Itemized Personal Deductions	p. 32
Medical Expenses	p. 32
Charitable Contributions	p. 33
State and Local Taxes	p. 34
Casualty Losses	p. 35
Standard Deduction, Personal and Dependency Exemptions, and Personal Credits	p. 36
Personal Exemptions and the Standard Deduction	p. 36
Personal Exemptions	p. 36
Personal Credits	p. 37
Credits for Basic Living Expenses	p. 37
Earned Income Credit	p. 37
Tax Credits for Personal Costs	p. 39
Tax Expenditures for Education	p. 41
	p. 42
Capital Gains and Losses	p. 42
Special Treatment of Capital Gains and Losses	p. 42
Definition of Capital Asset	p. 43
Judicial Limitations on Capital Asset Classification	p. 43
Sales of Assets Held for Use in a Trade or Business	p. 44
Sale of an Entire Business	p. 44
Deferred Recognition of Gain From Property	p. 47
Like-Kind Exchanges	p. 47
Multi-party and Deferred Exchanges	p. 47
Timing of Income and Deductions	p. 49
Tax Accounting Methods	p. 49
The Cash Method	p. 49
Income Items	p. 49
The Accrual method	p. 49
Income Items	p. 49
Tax Motivated Transactions	p. 51
Economic Substance Doctrine	p. 51
Alternative Minimum Tax	p. 62
Alternative Minimum Tax for Individuals	p. 62
Structure of the AMT	p. 62
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