Income Tax Fundamentals, 2001

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  • Format: Paperback
  • Copyright: 2000-12-18
  • Publisher: South-Western College/West
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A concise, practical guide to personal federal income tax form preparation, Whittenburg and Altus-Buller's book/workbook format presents material in easy-to-digest sections with multiple examples, cases, and review problems. Perfect for a hands-on approach to taxes!
-- Complete 2000 tax forms appear within the appropriate chapters and at the end of the book. These forms enable the user to practice concepts as they are introduced.
-- New Alert Law! icon, appears in the margin and in the Table of Contents, indicating coverage of new laws.
-- Internet Coverage in the first chapter covers the IRS Home Page, as well as use of the Internet as a resource.
-- Real-world examples of tax planning strategies are used to illustrate concepts discussed throughout the book.

Table of Contents

Prefacep. ix
As We Go to Pressp. x
How to Use this Textp. xi
The Individual Income Tax Return
History and Objectives of the Tax Systemp. 1
Reporting and Taxable Entitiesp. 2
The Tax Formula for Individualsp. 6
Who Must File and Where to Filep. 8
Filing Status and Tax Computationp. 11
Personal and Dependency Exemptionsp. 14
The Standard Deductionp. 19
Limitation on Total Itemized Deductionsp. 20
Gains and Lossesp. 22
Tax and the Internetp. 24
Questions and Problemsp. 26
Gross Income and Exclusions
The Nature of Gross Incomep. 1
Interest and Dividend Incomep. 4
Alimonyp. 5
Prizes and Awardsp. 10
Annuitiesp. 10
Life Insurancep. 14
Gifts and Inheritancesp. 15
Scholarshipsp. 16
Accident and Health Insurancep. 17
Meals and Lodgingp. 18
Municipal Bond Interestp. 18
Social Security Benefitsp. 19
Unemployment Compensationp. 21
Employee Fringe Benefitsp. 21
Questions and Problemsp. 23
Business Expenses and Retirement Plans
Rental Income and Expensesp. 1
Passive Loss Limitationsp. 4
Bad Debtsp. 8
Inventoriesp. 11
Net Operating Lossesp. 13
Individual Retirement Accountsp. 14
Keogh (H.R. 10) Plansp. 19
Qualified Retirement Plans Including Section 401(k) Plansp. 19
Rolloversp. 22
Simple Plansp. 23
Questions and Problemsp. 25
Self-Employed and Employee Expenses
Classification of Deductionsp. 1
Travel Expensesp. 2
Transportationp. 5
Office in the Homep. 8
Entertainmentp. 12
Educational Expensesp. 13
Dues, Subscriptions, and Publicationsp. 15
Special Clothing and Uniformsp. 15
Business Giftsp. 16
Schedule Cp. 17
Questions and Problemsp. 21
Itemized and Certain Other Deductions
Medical Expensesp. 1
Taxesp. 6
Interestp. 8
Contributionsp. 11
Casualty and Theft Lossesp. 15
Miscellaneous Deductionsp. 17
Moving Expensesp. 21
Hobby Lossesp. 22
Questions and Problemsp. 25
Credits and Special Taxes
Tax Credit for the Elderly and Disabledp. 1
Child Tax Creditp. 2
Earned Income Creditp. 5
Child and Dependent Care Creditp. 6
Education Tax Creditsp. 8
Foreign Tax Creditp. 13
Work Creditsp. 14
Disabled Access Creditp. 15
Adoption Expensesp. 16
The Individual Alternative Minimum Tax (AMT)p. 18
Unearned Income of Minor Childrenp. 23
Community Propertyp. 27
Questions and Problemsp. 31
Accounting Periods and Methods and Depreciation
Accounting Periodsp. 1
Accounting Methodsp. 4
Depreciationp. 6
Modified Accelerated Cost Recovery System (MACRS)p. 8
Election to Expensep. 13
Listed Propertyp. 17
Limitation on Depreciation of Luxury Automobilesp. 18
Intangiblesp. 20
Related Parties ([section]267)p. 21
Questions and Problemsp. 23
Capital Gains and Losses
What Is a Capital Asset?p. 1
Holding Periodp. 2
Calculation of Gain or Lossp. 3
Net Capital Gainsp. 6
Net Capital Lossesp. 9
Section 1231 Gains and Lossesp. 11
Depreciation Recapturep. 12
Capital Gains and Casualty Gains and Lossesp. 19
Installment Salesp. 21
Like-Kind Exchangesp. 23
Involuntary Conversionsp. 27
Sale of a Personal Residencep. 28
Questions and Problemsp. 31
Withholding, Estimated Payments, and Payroll Taxes
Withholding Methodsp. 1
Estimated Paymentsp. 8
The FICA Taxp. 9
Federal Tax Deposit Systemp. 11
Employer Reporting Requirementsp. 12
Self-Employment Taxp. 17
The FUTA Taxp. 18
The Nanny Taxp. 20
Questions and Problemsp. 29
Table of Contents provided by Syndetics. All Rights Reserved.

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