9780314263674

Federal Income Taxation Black Letter

by
  • ISBN13:

    9780314263674

  • ISBN10:

    0314263675

  • Edition: 8th
  • Format: Hardcover
  • Copyright: 2002-07-01
  • Publisher: West Information Pub Group

Note: Supplemental materials are not guaranteed with Rental or Used book purchases.

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Table of Contents

Capsule Summary 1(26)
Perspective
27(6)
Introduction
28(2)
The Subject in General
28(1)
Preparing for Examinations
29(1)
Additional Reading
30(1)
History of the U.S. Income Tax
30(1)
Sources of Tax Law
31(2)
Gross Income
33(58)
The Nature of Gross Income
34(3)
Economists' Concept of Income
34(1)
Imputed Income
34(1)
Accretion in Value
34(1)
Tax Law Concept of Income
35(1)
Realization Requirement
35(1)
Receipt of an Economic Benefit
36(1)
Borrowing
36(1)
Illegal Gains
36(1)
Rebates
37(1)
Damages
37(1)
Examples of Gross Income
37(28)
Compensation for Services
37(1)
Payments ``In Kind''
37(1)
Bargain-Purchase
38(1)
Compensation Without the Receipt of Cash or Property
38(1)
Excessive Compensation
38(1)
Fringe Benefits
39(1)
In General
39(1)
No-Additional-Cost Services
39(1)
Qualified Employee Discounts
40(1)
Qualified Employee Discounts for Property
40(1)
Qualified Employee Discounts for Services
41(1)
Working Condition Fringe Benefits
41(1)
De Minimis Fringe Benefits
42(1)
Qualified Transportation Fringe Benefits
42(1)
Transportation Between Residence and Place of Employment
42(1)
Qualified Parking
43(1)
Limitations on Transportation Fringe Benefits
43(1)
Qualified Moving Expense Reimbursement
43(1)
Qualified Retirement Planning Services
43(1)
Athletic Facilities
44(1)
Additional Considerations
44(1)
Nondiscrimination Rules
44(1)
Definition of ``Employee''
44(1)
Gains Derived From Dealings in Property
44(1)
Basis
45(1)
Introduction
45(1)
Cost Basis
45(1)
Deferred Payment
45(1)
Exchanges
46(1)
``Tax Cost'' Basis
47(1)
Property Acquired From a Decedent
47(1)
General Fair Market Value Rule
48(1)
Exceptions
48(1)
Test of Estate Inclusion
48(1)
Special Community Property Rule
48(1)
Section 1014(e) Denial of Stepped-up Basis
49(1)
Property Acquired by Gift
49(1)
Exception
50(1)
Effect of Gift Tax
50(2)
Part Gift-Part Sale-In General
52(1)
Bargain Sale to Charitable Organization
52(2)
Property Acquired From a Spouse
54(1)
Adjustments to Basis
54(1)
Increases
54(1)
Reductions
54(1)
Apportionment of Basis
55(1)
Uniform Basis Rule
56(1)
Personal-Use Property Converted to Business-Use
57(1)
Amount Realized
58(1)
Fair Market Value of Consideration Received
58(1)
Selling Expenses
58(1)
Apportionment
59(1)
Mixed Motive Transactions
59(1)
Role of Liabilities
60(1)
Realized Gain (Loss) vs. Recognized Gain (Loss)
61(1)
Items Specifically Included in Gross Income by Statute
61(1)
Prizes and Awards
61(1)
In General
61(1)
Exceptions
62(1)
Qualified Scholarships
62(1)
Prizes and Awards Transferred to Charities
62(1)
Employee Achievement Awards
62(1)
Alimony and Separate Maintenance Payments
63(1)
Services of a Child
63(1)
Reimbursement for Expenses of Moving
63(1)
Transfer of Appreciated Property to a Political Organization
63(1)
Social Security Payments
63(1)
Unemployment Compensation
64(1)
Annuities
64(1)
Items Specifically Excluded From Gross Income by Statute
65(22)
Proceeds of Life Insurance
65(1)
In General
65(1)
Installment Payments of Proceeds
66(1)
Transfer of Policy for Valuable Consideration
66(1)
Gifts and Inheritances
67(1)
Gifts
67(1)
Inheritances
68(1)
Interest on State and Local Bonds
69(1)
Private Activity Bond Which Is Not a Qualified Bond
69(1)
Arbitrage Bond
70(1)
Registration Requirement
70(1)
Compensation for Injuries or Sickness and Damages
70(1)
Introduction
70(2)
Compensation for Injuries or Sickness
72(1)
Workmen's Compensation
72(1)
Damages for Personal Physical Injuries or Physical Sickness
72(1)
Generally
72(1)
Defining Physical Injury or Physical Sickness
73(1)
Punitive Damages
73(1)
Recoveries Under Accident or Health Insurance
73(1)
Payments for and Recoveries Under Employer-Provided Accident or Health Plans
74(1)
Amounts Spent for Medical Care
74(1)
Payments Unrelated to Absence From Work
75(1)
Income From Discharge of Indebtedness
75(1)
Bankruptcy and Insolvency
75(1)
In General
75(1)
Reduction of Tax Attributes
76(1)
Reduction of Basis
76(1)
Solvency or Partial Solvency
77(1)
Purchase Price Adjustment
77(1)
Gratuitous Debt Forgiveness
78(1)
Equity for Debt
78(1)
Student Loans
78(1)
Qualified Farm Indebtedness
78(1)
Qualified Real Property Business Indebtedness
78(1)
Educational Provisions
79(1)
Qualified Scholarships
79(1)
Qualified Tuition Reduction
80(1)
Educational Assistance Programs
81(1)
Education Savings Accounts
81(1)
Qualified Tuition Programs
81(1)
United States Savings Bonds
82(1)
HOPE Scholarship and Lifetime Learning Credits
82(1)
Meals and Lodging
82(1)
Exclusion of Meals
82(1)
Business Premises of the Employer
83(1)
Convenience of the Employer
83(1)
Additional Considerations
83(1)
``Meals''
83(1)
Employee's Family
84(1)
Meals and Lodging
84(1)
Exclusion of Lodging
84(1)
Business Premises of the Employer
84(1)
Convenience of the Employer
84(1)
Faculty Housing
85(1)
Rental Value of Parsonages
85(1)
Miscellaneous Items Excluded From Income by Statute
85(1)
Improvements by Lessee on Lessor's Property
86(1)
Armed Forces Personnel
86(1)
Amounts Received Under Insurance Contracts for Certain Living Expenses
86(1)
Certain Foster Care Payments
86(1)
Group-Term Life Insurance Purchased for Employees
86(1)
Adoption Assistance Programs
87(1)
Disaster Relief Payments
87(1)
Review Questions
87(4)
Deductions and Allowances
91(114)
Profit Related Deductions and Allowances
93(56)
Trade or Business Expenses
93(1)
``Ordinary and Necessary''
93(1)
``Expenses''
94(1)
Capital Expenditures vs. Repairs
94(2)
Advertising
96(1)
``Carrying On''
96(1)
Expenses Incurred as an Entrepreneur
96(1)
Expenses Incurred in Obtaining Employment as an Employee
97(1)
``Trade or Business''
97(1)
Salaries
98(1)
Reasonable Compensation
98(2)
Golden Parachute Payments
100(1)
Traveling Expenses
101(1)
In General
102(1)
``Away From Home''
102(1)
Overnight Rule
103(1)
Travel for Business and Personal Reasons
104(1)
Foreign Travel
104(1)
Water Transportation
105(1)
Other Persons Traveling With Taxpayer
105(1)
Legislators
105(1)
Meals
106(1)
Rentals
106(1)
In General
106(1)
Transfer and Lease-Back
107(1)
Expenses for Education
108(1)
In General
108(1)
Tests of Deductibility
108(1)
Maintaining or Improving Skills
108(1)
Meeting Requirements of Employer or Law
109(1)
Tests of Nondeductibility
109(1)
Minimum Educational Requirements
109(1)
Qualification for New Trade or Business
110(1)
The ``Carrying on'' Requirement
110(1)
Travel as Education
111(1)
Travel to Obtain Education
112(1)
Qualified Tuition and Related Expenses
112(1)
Miscellaneous Business Deductions
112(1)
Entertainment
113(1)
Uniforms
113(1)
Dues
113(1)
Periodicals
113(1)
Utilities
113(1)
Taxes
114(1)
Health Insurance for Self-Employed Individuals
114(1)
Substantiation Requirements
114(1)
Nonbusiness Expenses
115(2)
Production or Collection of Income
117(1)
Management of Income Producing Property
117(1)
Expenses in Connection With Taxes
118(1)
Losses
118(1)
In General
118(1)
Amount of Loss
119(1)
In General
119(1)
``Compensated for by Insurance or Otherwise''
119(1)
Losses on Property Converted From Personal Use to Business Use
120(1)
Classification of Losses
120(1)
Trade or Business Losses
120(1)
Demolition Losses
121(1)
Gambling Losses
121(1)
Losses Incurred in a Transaction Entered Into for Profit
121(1)
Worthless Securities
122(1)
Registration Requirement
122(1)
Casualty Losses
122(1)
Timing of Losses
122(1)
Bad Debts
123(1)
In General
123(1)
Bona Fide Debt Requirement
123(1)
Determination of Worthlessness
123(1)
Amount of Deduction
123(1)
Special Rules for Business Bad Debts
124(1)
Special Rules for Nonbusiness Debts
124(1)
Worthless Securities
125(1)
Debts Owed by Political Parties
125(1)
Property
125(1)
Depreciation Deductions (Non-ACRS)
126(1)
Cost or Other Basis
126(1)
Useful Life
127(1)
Salvage Value
128(1)
Methods of Computing Depreciation
129(1)
Straight Line Method
129(1)
Declining Balance Method
129(1)
Sum of the Years-Digits Method
130(1)
Other Methods
131(1)
Relationship of Depreciation Deductions to Basis
131(1)
Accelerated Cost Recovery System (ACRS)
131(1)
In General
131(1)
Tangible Property
132(1)
Anti-Churning Rules
132(1)
Operation of Current ACRS
133(1)
Related Concept of Depletion
133(1)
Special Rules for Personal Property
134(1)
Introduction
134(1)
Section 179 Bonus Depreciation
134(1)
Section 179 Property
134(1)
Limitations
135(1)
Recapture
136(1)
Special Depreciation Allowance for Certain Property Acquired after September 10, 2001, and before September 11, 2004
136(1)
Regular Investment Tax Credit
137(1)
Section 168 Accelerated Cost Recovery System (ACRS)
137(1)
Applicable Depreciation Methods
138(1)
Applicable Recovery Period
138(1)
Applicable Convention
139(2)
Alternative Depreciation System
141(1)
Section 167 Depreciation
142(1)
Section 280F Limitations
142(1)
``Luxury Automobiles''
142(1)
``Listed Property''
143(1)
Summary of Interrelationship of Special Rules for Personal Property
144(1)
Special Rules for Real Property
145(1)
Section 168 Accelerated Cost Recovery System (ACRS)
145(1)
Classifications of Real Property
145(1)
Applicable Depreciation Method
146(1)
Applicable Recovery Period
146(1)
Applicable Convention
146(1)
Alternative Depreciation System
146(1)
Anti-Churning Rules
147(1)
Section 167 Depreciation
147(1)
Net Operating Loss Deduction
147(2)
Personal Deductions and Allowances
149(29)
Personal Exemptions
149(1)
Taxpayer and Spouse
149(1)
Exemptions for Dependents
150(1)
In General
150(1)
Gross Income Test
150(1)
Relationship Test
151(1)
Support Test
151(1)
Children of Divorced Parents
152(1)
Interest
153(1)
In General
153(1)
Trade or Business Interest
153(1)
Investment Interest
153(1)
Interest in Connection With a Passive Activity
154(1)
Qualified Residence Interest
154(1)
Interest Payable on Estate Tax Deficiencies
155(1)
Year of Deduction
155(1)
Additional Restrictions on Interest Deductions
156(1)
Unstated Interest
156(1)
Interest on Education Loans
156(1)
Taxes
157(1)
In General
157(1)
Property Taxes
157(1)
Personal Casualty and Theft Losses
158(1)
Nature of the Casualty
158(1)
Measure of the Loss
159(1)
Amount of Deduction
160(1)
Definitions of Personal Casualty Gains and Losses
160(1)
Excess of Personal Casualty Losses Over Personal Casualty Gains
160(1)
Excess of Personal Casualty Gains Over Personal Casualty Losses
161(1)
Year of Deduction
161(1)
Worthless Nonbusiness Debts
161(1)
Charitable Contributions
162(1)
Qualified Donees
162(1)
Contributions
162(1)
In General
162(1)
Partial Consideration
162(1)
Bargain Sale to a Qualified Donees
163(1)
Amount of Charitable Contribution
164(1)
Cash
164(1)
Property
164(1)
Ordinary Income and Short-Term Capital Gain Property
164(1)
Long-Term Capital Gain Property
165(1)
Services
166(1)
Partial Interests in Property
166(1)
Transfers in Trust
166(1)
Transfers Not in Trust
167(1)
Limitations on Contributions Amounts
167(1)
In General
167(1)
Contribution Base
167(1)
Public Charities
167(1)
50% Limitation
167(1)
Capital Gain Property...30% Limitation
168(1)
Private Foundations
168(1)
30% Limitation
168(1)
Capital Gain Property...20% Limitation
169(1)
Carryovers
170(1)
Year of Deduction
171(1)
Verification
171(1)
Extraordinary Medical Expenses
171(1)
In General
171(1)
Medical Care
172(1)
Capital Expenditures
172(1)
Alimony
173(1)
Moving Expenses
173(1)
In General
173(1)
Conditions for Allowance of Deduction
173(1)
Distance Requirement
173(1)
Employment-Duration Requirement
174(1)
Qualified Moving Expenses
174(1)
Time for Deduction
175(1)
Special Rules
175(1)
Retirement Savings
175(1)
Individual Retirement Accounts
175(1)
Roth IRA's
176(1)
Employment Plans
177(1)
Jury Duty Pay
177(1)
Archer Medical Savings Account (MSA)
177(1)
Restrictions on Deductions
178(22)
Personal, Living and Family Expenses
178(1)
Illegal Activities
179(1)
Activities Not Engaged in for Profit
179(1)
In General
179(1)
``Activity Not Engaged in for Profit''
179(1)
Presumptions
179(1)
Allowable Deductions
180(1)
Expenses and Interest Relating to Tax-Exempt Income
180(1)
Transactions Between Related Taxpayers
181(1)
In General
181(1)
Relationships
181(1)
Losses and Relief on Subsequent Sales
182(1)
Deferred Timing of Deductions
182(1)
Entertainment Expenses
182(1)
In General
182(1)
Activity
183(1)
Facility
183(1)
Entertainment Tickets
184(1)
Skyboxes
184(1)
Exceptions to the Disallowance Rules
184(1)
Substantiation
185(1)
Business Use of Home and Rental of Vacation Homes
185(1)
In General
185(1)
``Dwelling Unit''
185(1)
Use as a Residence
185(1)
Business Use
186(1)
Certain Business Use
186(1)
Certain Storage Use
187(1)
Use in Providing Day Care Services
188(1)
Rental of Dwelling Unit
188(1)
De Minimis Rule
188(1)
Dwelling Unit Rented for More Than 14 Days, but Not Used as a ``Residence''
188(1)
Dwelling Unit Rented for More Than 14 Days and Used as a ``Residence''
189(1)
Rental of Principal Residence
189(1)
Demolition of Structures
190(1)
Deductions Limited to Amount at Risk
190(1)
In General
190(1)
Amounts Considered ``at Risk''
190(1)
Recapture
191(1)
Passive Activity Losses and Credits
192(1)
Passive Activity
192(1)
In General
192(1)
Rental Activities
193(1)
Working Interests in Oil and Gas Property
194(1)
Passive Activity Loss or Credit
194(1)
Treatment of Passive Activity Loss or Credit
194(1)
In General
194(1)
Special Rules for Rental Real Estate Activities
195(1)
Treatment of Former Passive Activities
196(1)
Taxable Disposition of Passive Activity
197(1)
Nontaxable Disposition of Passive Activity
198(1)
Interrelationship With Other Code Provisions
198(1)
Loss From Wash Sales of Stock or Securities
199(1)
In General
199(1)
Substantially Identical Stock or Securities
199(1)
Unadjusted Basis
200(1)
Review Questions
200(5)
Timing
205(58)
Taxable Period
206(1)
Methods of Accounting
206(25)
Cash Receipts and Disbursements Method
207(1)
Receipts
207(1)
In General
207(1)
Constructive Receipt
207(1)
Disbursements
208(1)
In General
208(1)
Prepaid Expenses
209(1)
Accrual Method
210(1)
Effect of Economic and Legal Contingencies on Income and Deductions
210(1)
Economic Contingencies
210(1)
Legal Contingencies
210(2)
Income
212(1)
In Genera
212(1)
Advance Payments for Services
212(1)
Exceptions Under Case Law
213(1)
Exceptions Allowed by the I.R.S.
214(2)
Exceptions Under Statutes
216(1)
Advance Payments for Goods
216(1)
Advance Payments for Use of Property
216(1)
Deductions
217(1)
In General
217(1)
Reserve Accounting
218(1)
Inventories
218(1)
Cost of Goods Sold
218(1)
Valuation of Inventories
219(1)
Last-In, First-Out Inventories
219(1)
Mark-to-Market Method for Securities Dealers
220(1)
Installment Method
221(1)
Transactions Under IRC § 453
221(1)
Installment Sale
221(1)
Installment Method
222(1)
In General
222(1)
Contingent Payment Sales
222(1)
Property Encumbered by Indebtedness
223(2)
Character of Gain
225(1)
Situations in Which § 453 Does Not Apply
225(1)
Losses
225(1)
Recapture Income
225(1)
Sale of Depreciable Property to Controlled Entity
226(1)
Revolving Credit Plans and Stock or Securities
226(1)
Dealer Dispositions
226(1)
Second Disposition by Related Person
227(1)
Disposition of an Installment Obligation
228(1)
Special Rules
229(1)
Interest Payment on Certain Deferred Tax Liabilities
229(1)
Pledges of Installment Obligations
230(1)
Transactions Elected Out of IRC § 453
230(1)
Election
231(1)
Consequences of Election
231(1)
Open Transaction Doctrine
231(1)
Judicial Doctrines
231(2)
Claim of Right Doctrine
231(1)
In General
231(1)
Computation of Tax Where Taxpayer Restores Substantial Amount Held Under Claim of Right
232(1)
Tax Benefit Rule
233(1)
In General
233(1)
Recovery of Tax Benefit Items
233(1)
Nonrecognition Provisions
233(16)
Like Kind Exchanges
234(1)
In General
234(1)
Qualifying Property
235(1)
Like Kind Property
236(1)
Exchanges Not Solely in Kind
237(1)
Deferred Exchanges
237(1)
Liabilities
238(1)
Exchanges Between Related Persons
238(1)
Basis of Property Acquired in an Exchange
239(1)
Involuntary Conversions
240(1)
In General
240(1)
Compulsory or Involuntary Conversion
240(1)
Conversion Into Similar Property
241(1)
Conversion Into Money or Dissimilar Property
241(1)
Purchase
242(1)
Qualifying Corporate Stock
242(1)
Period for Replacement
242(1)
Similar Property
242(1)
Owner-Users
243(1)
Owner-Investors
243(1)
Condemnation of Real Property
244(1)
Basis of Replacement Property
244(1)
Conversion Into Similar Property
244(1)
Conversion Into Money or Dissimilar Property
245(1)
Conversion Into Qualifying Corporate Stock
245(1)
Property Damaged by Presidentially Declared Disaster
246(1)
Sale of Principal Residence
247(1)
In General
247(1)
Principal Residence
247(1)
Limitations on the Exclusion of Gain Realized from the Sale or Exchange of a Principal Residence
248(1)
Exclusion for Taxpayers Failing to Meet Certain Requirements
248(1)
Recognition of Gain Attributable to Depreciation
249(1)
Transfer of Property Between Spouses or Incident to Divorce
249(1)
Miscellaneous
249(1)
Unstated Interest
249(9)
Loans With Below-market Interest Rates
250(1)
Gift Loans
250(1)
Term Gift Loans
251(1)
Demand Gift Loans
251(1)
Exceptions
252(1)
Nongift Loans
252(1)
Term Nongift Loans
253(1)
Demand Nongift Loans
253(1)
Exception
254(1)
Original issue Discount
254(1)
Deferred Payments for Property
254(1)
Debt Instruments Without Adequate Stated Interest
254(2)
Debt Instruments With Adequate Stated Interest
256(1)
Exceptions
256(1)
Loans
257(1)
Interest on Certain Deferred Payments
257(1)
Special Rules
258(2)
Annuities
258(1)
Deferred Compensation
259(1)
Review Questions
260(3)
Who Is the Proper Taxpayer?
263(24)
Families
264(1)
Assignment of Income
265(14)
Income From Services
265(2)
Income From Property
267(1)
In General
267(1)
Income Interest in Property
268(1)
Ripeness
269(1)
Timing
270(1)
Anticipatory Assignment for Value
270(1)
Income Producing Entities
271(1)
In General
271(1)
Assignment of Income Through a Partnership
272(1)
Is the Partnership Valid?
272(1)
Partnership Where Capital Is a Material Income-Producing Factor
273(1)
In General
273(1)
Reallocation of Partnership Income
273(1)
Assignment of Income Through a Corporation
274(2)
Assignment of Income Through a Trust
276(1)
In General
276(1)
Trusts for the Benefit of the Grantor
276(1)
Permissible Reversions and Powers
277(1)
Person Other Than Grantor Treated as Owner of Trust
278(1)
Allocation of Income and Deductions Among Taxpayers
278(1)
Alimony, Child Support, and Property Settlements
279(6)
Alimony
279(1)
In General
279(1)
Definition of Alimony or Separate Maintenance Payments
280(1)
Front-Loading Rules
280(1)
General Rules
281(2)
Exceptions
283(1)
Indirect Alimony
283(1)
Child Support
283(1)
Transfers of Property Between Spouses or Incident to Divorce
284(1)
Review Questions
285(2)
Characterization of Income and Deductions
287(38)
Introduction
289(1)
Treatment of Capital Gains and Losses
289(23)
Treatment of Capital Gains
289(1)
Definitions
289(1)
``Net Capital Gain''
289(1)
``Adjusted Net Capital Gain''
290(1)
``28% Rate Gain''
290(1)
``Collectibles Gain''
290(1)
``Unrecaptured Section 1250 Gain''
291(1)
``Section 1202 Gain''
291(1)
Maximum Rates for Capital Gains
291(1)
General Rate Structure
291(1)
Exceptions to the General Rates
292(1)
Application of Capital Gain Rates
292(1)
Treatment of Capital Losses
293(1)
In General
293(1)
Limitation on Capital Losses
294(1)
Losses to the Extent of Gains
294(1)
Additional Amount
294(1)
Netting long-term capital gains against long term capital losses
295(1)
Capital Loss Carryovers
295(2)
Definition of Capital Asset
297(1)
Statutory Definition
298(1)
Inventory
298(1)
Property Held Primarily for Sale to Customers in the Ordinary Course of Business
298(1)
Real Property Subdivided for Sale
299(1)
Depreciable Property and Real Property Used in Trade or Business
300(1)
Copyrights and Similar Property
301(1)
Accounts Receivable
301(1)
Publications of the U.S. Government
301(1)
Commodities Derivative Financial Instruments
302(1)
Hedging Transactions
302(1)
Supplies
302(1)
Income Property
302(1)
The ``Sale or Exchange'' Requirement
303(1)
In General
303(1)
Special Rules
304(1)
Worthless Securities
304(1)
Nonbusiness Bad Debts
304(1)
Options
304(1)
Cancellation of Lease or Distributor's Agreement
305(1)
Transfers of Franchises, Trademarks, and Trade Names
305(1)
Amounts Received on Retirement of Debt Instruments
305(1)
Holding Period
306(1)
In General
306(1)
Special Rules
307(1)
Nonbusiness Bad Debts
307(1)
Exchanged Basis Property
307(1)
Transferred or Carryover Basis Property
307(1)
Wash Sales of Stock or Securities
308(1)
Property Acquired From a Decedent
308(1)
Short Sales of Property
308(1)
Correlation With Prior Transactions
309(1)
Special Provisions
310(1)
Options
310(1)
Patents
310(1)
Dealers in Securities
311(1)
Small Business Stock
311(1)
Conversion Transactions
312(1)
Quasi-Capital Assets
312(4)
In General
312(1)
Section 1231 Assets
313(1)
The Subhotchpot
314(1)
The Main Hotchpot
314(1)
Recapture
315(1)
Sale of Depreciable Property Between Related Taxpayers
316(1)
Recapture of Depreciation
316(5)
In General
316(1)
Recapture Under Section 1245
317(1)
In General
317(1)
Section 1245 Property
317(1)
Recomputed Basis
318(1)
Exceptions
319(1)
Recapture Under Section 1250
320(1)
In General
320(1)
Section 1250 Property
320(1)
Additional Depreciation
320(1)
Applicable Percentage
321(1)
Exceptions
321(1)
Review Questions
321(4)
Computing Tax Liability
325(24)
Adjusted Gross Income
327(1)
Taxable Income
328(4)
Standard Deduction
328(1)
Background
328(1)
Basic Standard Deduction
329(1)
Additional Standard Deduction for Aged and Blind
329(1)
Limitations
329(1)
Itemized Deductions
330(1)
In General
330(1)
Miscellaneous Itemized Deductions
330(1)
Overall Limitation
331(1)
Deductions for Personal Exemptions
332(1)
Classification of Taxpayers
332(3)
In General
332(1)
Determination of Marital Status
333(1)
In General
333(1)
Certain Married Individuals Living Apart
333(1)
Married Taxpayers Filing Joint Returns
333(1)
Surviving Spouses
334(1)
Heads of Household
334(1)
Unmarried Individuals
334(1)
Other Classifications of Taxpayers
335(1)
Tax Rates
335(2)
In General
335(1)
Tax Rate for Children Under Age 14
336(1)
Alternative Minimum Tax
337(1)
Tax Credits
338(9)
Nonrefundable Personal Credits
339(1)
Expenses for Household and Dependent Care Services Necessary for Gainful Employment
339(1)
Credit for the Elderly and the Disabled
340(1)
Adoption Expenses
340(1)
Child Tax Credit
341(1)
Interest on Certain Home Mortgages
341(1)
HOPE Scholarship and Lifetime Learning Credits
341(1)
Credit for Elective Deferrals and IRA Contributions
342(1)
Miscellaneous Nonrefundable Credits
342(1)
Foreign Tax Credit
342(1)
Producing Fuel From a Nonconventional Source
342(1)
Qualified Electric Vehicles
343(1)
Nonrefundable General Business Credit
343(1)
Investment Tax Credit
343(1)
Work Opportunity Credit
343(1)
Alcohol Fuels
344(1)
Increasing Research Activities
344(1)
Low-Income Housing
344(1)
Enhanced Oil Recovery Credit
344(1)
Expenditures by Small Business to Provide Handicapped Access
344(1)
Electricity Produced From Certain Renewable Resources
344(1)
Empowerment Zone Employment Credit
344(1)
Indian Employment Credit
345(1)
Employer Social Security Credit
345(1)
Clinical Testing of Certain Drugs
345(1)
New Markets Credit
345(1)
Small Employer Pension Plan Startup Costs
345(1)
Employer Funded Child Care
345(1)
Nonrefundable Credit for Prior Year Minimum Tax Liability
346(1)
Refundable Credits
346(1)
Tax Withheld on Wages
346(1)
Earned Income
346(1)
Overpayments of Tax
347(1)
Review Questions
347(2)
Procedure
349(86)
Pay as You Earn
350(1)
Income Tax Returns
350(2)
Annual Returns
350(1)
Penalties
351(1)
Refunds
352(1)
Deficiencies
353(1)
Taxpayer Bill of Rights
354(1)
Court Structure
355(2)
Trial Forums
355(1)
Appellate Forums
355(2)
APPENDICES
A. Answers to Review Questions
357(32)
B. Practice Examination
389(8)
C. Text Correlation Chart
397(8)
D. Glossary
405(10)
E. Table of Cases, IRC Sections, Treasury Regulations, Revenue Rulings and Procedures
415(20)
F. Index
435

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Reviews for Federal Income Taxation Black Letter (9780314263674)