Income Tax Fundamentals, 2007 Edition

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  • Edition: 25th
  • Format: Paperback
  • Copyright: 2006-12-18
  • Publisher: South-Western College/West
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Now in its 25th edition, Income Tax Fundamentals continues to lead the market with the most flexible approach to tax return preparation. This established text is perfect for beginning tax classes - with an emphasis on practical tax preparation rather than sophisticated tax law issues and research. The 2007 Edition helps students learn how to prepare a variety of tax returns, understand the most common tax law rules and formulas, and use the Internet to find tax information.

Table of Contents

Prefacep. viii
As We Go To Pressp. xi
How to Use This Textp. xii
The Individual Income Tax Return
History and Objectives of the Tax Systemp. 1
Reporting and Taxable Entitiesp. 2
The Tax Formula for Individualsp. 5
Who Must File and Where to Filep. 7
Filing Status and Tax Computationp. 9
Personal and Dependency Exemptionsp. 13
The Standard Deductionp. 18
Limitation on Total Itemized Deductionsp. 20
A Brief Overview of Capital Gains and Lossesp. 21
Tax and the Internetp. 23
Electronic Filing (e-Filing)p. 24
Questions and Problemsp. 25
Gross Income and Exclusions
The Nature of Gross Incomep. 1
Interest and Dividend Incomep. 4
Alimonyp. 6
Prizes and Awardsp. 10
Annuitiesp. 11
Life Insurancep. 14
Gifts and Inheritancesp. 15
Scholarshipsp. 15
Accident and Health Insurancep. 16
Meals and Lodgingp. 16
Municipal Bond interestp. 17
Social Security Benefitsp. 18
Unemployment Compensationp. 19
Employee Fringe Benefitsp. 20
Questions and Problemsp. 22
Business Expenses and Retirement Plans
Rental Income and Expensesp. 1
Passive Loss Limitationsp. 4
Bad Debtsp. 8
Inventoriesp. 8
Net Operating Lossesp. 12
Individual Retirement Accountsp. 14
Keogh (H.R. 10) Plans and Simplified employee pensionsp. 17
Qualified Retirement Plans Including Section 401 (k) Plansp. 18
Rolloversp. 21
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. 11
Educational Expensesp. 12
Dues, Subscriptions, and Publicationsp. 15
Special Clothing and Uniformsp. 15
Business Giftsp. 16
Schedule Cp. 17
Questions and Problemsp. 19
Itemized Deductions and Other Incentives
Medical Expensesp. 1
Taxesp. 4
Interestp. 7
Contributionsp. 10
Casualty and Theft Lossesp. 14
Miscellaneous Deductionsp. 16
Moving Expensesp. 20
Hobby Lossesp. 21
Educational Incentivesp. 22
Questions and Problemsp. 28
Credits and Special Taxes
Child Tax Creditp. 1
Earned Income Creditp. 2
Child and Dependent Care Creditp. 4
Education Tax Creditsp. 5
Foreign Tax Creditp. 9
Adoption Expensesp. 10
Temporary Energy Credits-2006 and 2007p. 12
The Individual Alternative Minimum Tax (AMT)p. 14
Unearned Income of Minor Childrenp. 19
Community Propertyp. 24
Questions and Problemsp. 28
Accounting Periods and Methods and Depreciation
Accounting Periodsp. 1
Accounting Methodsp. 4
Depreciationp. 6
Modified Accelerated Cost Recovery System (MACRS)p. 7
Election to Expensep. 13
Listed Propertyp. 14
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. 8
Section 1231 Gains and Lossesp. 10
Depreciation Recapturep. 10
Capital Gains and Casualty Gains and Lossesp. 18
Installment Salesp. 21
Like-Kind Exchangesp. 25
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. 19
The Nanny Taxp. 20
Questions and Problemsp. 29
Partnership Taxation
Nature of Partnership Taxationp. 1
Partnership Formationp. 2
Partnership Income Reportingp. 4
Current Distributions and Guaranteed Paymentsp. 5
Tax Yearsp. 6
Transactions between Partners and the Partnershipp. 13
The At-Risk Rulep. 14
Limited Liability Companiesp. 15
Questions and Problemsp. 16
The Corporate Income Tax
Corporate Tax Ratesp. 1
Corporate Capital Gains and Lossesp. 2
Special Deductions and Limitationsp. 3
Schedule M-1p. 5
Filing Requirements and Estimated Taxp. 6
S Corporationsp. 8
Corporate Formationp. 12
Corporate Accumulationsp. 20
The Corporate Alternative Minimum Taxp. 20
Questions and Problemsp. 22
Tax Administration and Tax Planning
The Internal Revenue Servicep. 1
The Audit Processp. 4
Interest and Penaltiesp. 8
Statute of Limitationsp. 11
Preparers, Proof, and Privilegep. 12
The Taxpayer Bill of Rightsp. 14
Tax Planningp. 15
Questions and Problemsp. 20
Tax Rate Schedules and Tax Tablesp. A-1
Earned Income Credit Tablep. B-1
Withholding Tablesp. C-1
Additional Comprehensive Tax Return Problemsp. D-1
Glossary of Tax Termsp. G-1
Solutions to Self-Study Problemsp. S-1
Indexp. I-1
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