Fundamentals of Taxation 2012 Edition with Taxation Software

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  • Edition: 6th
  • Format: Paperback
  • Copyright: 2013-01-01
  • Publisher: MCGRAW HILL
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Emphasizing a hands-on approach to tax education, every concept introduced in Fundamentals of Taxation includes meaningful exercises that allow students to reinforce what they are learning. This book is designed to not only expose beginning tax students to tax law, but to also teach the practical intricacies involved in the preparation of a tax return.
To train tomorrow’s tax preparers to handle the complex U.S. tax law, Fundamentals of Taxation’s author team has devised four primary teaching advantages:

1.) The text is organized closely to follow the IRS tax forms. The authors introduce students to standard IRS forms early and reinforce their use throughout the text. Actual tax forms are incorporated throughout the text, giving students the opportunity to understand the principles behind tax law while they learn how to work with clients to obtain the information they will need to complete tax forms.

2.) Proper reporting of tax issues are illustrated. The authors present a tax issue, discuss the legal requirements, illustrate the proper tax form placement, and show the completed form in the text. By effectively leading the student through each issue, the authors demonstrate how tax form preparation is the result of a careful process that balances legal knowledge with practical experience.

3.) Integration of an individual income tax software package (TaxACT). The authors instruct students how to use the software to complete returns using sample “taxpayers” who appear from chapter to chapter.

4.) The authors supplement the text with citations of relevant tax authorities such as the Internal Revenue Code, Treasury Regulations, Revenue Rulings, Revenue Procedures, and court cases. These citations are almost always provided in footnotes. Thus, you and your students can easily use, or not use, the footnote material.

Table of Contents

Chapter 1: Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Chapter 2: Expanded Tax Formula, Forms 1040A and 1040, and Basic Concepts

Chapter 3: Gross Income: Inclusions and Exclusions

Chapter 4: Adjustments for Adjusted Gross Income

Chapter 5: Itemized Deductions

Chapter 6: Self-Employed Business Income

Chapter 7: Capital Gains and Other Sales of Property

Chapter 8: Rental Property, Royalties, Income from Flow Through Entities

Chapter 9: Tax Credits

Chapter 10: Payroll Taxes

Chapter 11: Retirement and Other Tax-Deferred Plans and Annuities

Chapter 12: Special Property Transactions

Chapter 13: At-Risk/Passive Activity Loss Rules and the Individual Alternative Minimum Tax

Chapter 14: Partnership Taxation

Chapter 15: Corporate Taxation

Appendix A: Amended Returns

Appendix B: Comprehensive Tax Return Problems

Appendix C: Concept Check Answers

Appendix D: Tax Tables

Appendix E: Tax Forms


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