PH's Federal Taxation 2005 : Comprehensive

by Pope, Thomas R.; Anderson, Kenneth E.

• ISBN13: 9780131474284
• ISBN10: 0131474286
• Edition: 18th
• Format: Hardcover
• Copyright: 2005-01-01
• Publisher: Prentice Hall

Summary

Written by nationally recognized tax educators, this acclaimed three-volume series provides a hands-on, definitive guide to federal income taxation concepts and applications. Stressing quality, readability and accuracy, it combines practical, comprehensive coverage with a learner-friendly presentation.Coverage reflects the increased coverage of Business Entities, and all changes in the tax lawincluding complete coverage of the Jobs and Growth Tax Relief Reconciliation Act of 2003.For accountants and income tax preparers.

Table of Contents

(NOTE: P = Principles (**previous called Individuals**) ; C = Corporate; Most chapters conclude with Tax Planning Considerations, Compliance and Procedural Considerations, and Problem Materials.)

P-1. An Introduction to Taxation

History of Taxation in the United States

Types of Tax Rate Structures

Types of Taxes

Criteria for a Tax Structure

Objectives of the Federal Income Tax Law

Tax Law Sources

Enactment of a Tax Law

Administration of the Tax Law and Tax Practice Issues

Components of a Tax Practice

Computer Applications in Tax Practice

P-2. Determination of Tax

Formula for Individual Income Tax

Deductions from Adjusted Gross Income

Determining the Amount of Tax

Corporate Tax Formula and Rates

Treatment of Capital Gains and Losses

P-3. Gross Income-Inclusions

Economic and Accounting Concepts of Income

Tax Concept of Income

to Whom Is Income Taxable?

When Is Income Taxable?

Items of Gross Income-Sec. 61(a)

Other Items of Gross Income

P-4. Gross Income-Exclusions

Items That Are Not Income

Major Statutory Exclusions

P-5. Property Transactions-Capital Gains and Losses

Determination of Gain or Loss

Basis Considerations

Definition of a Capital Asset

Tax Treatment for Capital Gains and Losses of Noncorporate Taxpayers

Sale or Exchange

Holding Period

Preferential Treatment for Net Capital Gains

P-6. Deductions and Losses

General Restrictions on the Deductibility of Expenses

Proper Substantiation Requirement

When an Expense Is Deductible

Special Disallowance Rules

P-7. Itemized Deductions

Medical Expenses

Taxes

Interest

Charitable Contributions

Casualty and Theft Losses

Miscellaneous Itemized Deductions

Reduction of Certain Itemized Deductions

P-8. Losses and Bad Debts

Transactions That May Result in Losses

Classifying the Loss on the Taxpayer''s Tax Return

Passive Losses

Casualty and Theft Losses

Bad Debts

Net Operating Losses

P-9. Employee Expenses and Deferred Compensation

Classification of Employee Expenses

Travel Expenses

Transportation Expenses

Entertainment Expenses

Reimbursed Employee Business Expenses

Moving Expenses

Education Expenses

Office in Home Expenses

Deferred Compensation

P-10. Depreciation, Cost Recovery, Amortization, and Depletion

Amortization

P-11. Accounting Periods and Methods

Accounting Periods

Overall Accounting Methods

Inventories

Special Accounting Methods

Imputed Interest

Change in Accounting Methods

P-12. Property Transactions-Nontaxable Exchanges

Like-Kind Exchanges

Involuntary Conversions

Sale of Principal Residence

P-13. Property Transactions-Sec. 1231 and Recapture

History of Sec. 1231

Overview of Basic Tax Treatment for Sec. 1231

Section 1231 Property

Involuntary Conversions

Procedure for Sec. 1231 Treatment

Recapture Provisions of Sec. 1245

Recapture Provisions of Sec. 1250

Additional Recapture for Corporations

Recapture Provisions-Other Applications

P-14. Special Tax Computation Methods, Tax Credits, and Payment of Tax

Alternative Minimum Tax

Self-Employment Tax

Overview of Tax Credits

Personal Tax Credits

Miscellaneous Credits

General Business Credits

Refundable Credits

Payment of Taxes

C-1. Tax Research

Overview of Tax Research

Steps in the Tax Research Process

Importance of the Facts to the Tax Consequences

The Sources of Tax Law

Tax Services

Citators

Computers as a Research Tool

Statements on Responsibilities in Tax Practice

Sample Work Papers and Client Letter

C-2. Corporate Formations and Capital Structure

Organization Forms Available

Check-the-Box Regulations

Legal Requirements for Forming a Corporation

Tax Considerations in Forming a Corporation

Section 351: Deferring Gain or Loss Upon Incorporation

Choice of Capital Structure

Worthlessness of Stock or Debt Obligations

C-3. The Corporate Income Tax

Corporate Elections

Computing a Corporation''s Taxable Income

Computing a Corporation''s Tax Liability

Controlled Groups of Corporations

C-4. Corporate Nonliquidating Distributions

Nonliquidating Distributions in General

Earnings and Profits (E&P)

Nonliquidating Property Distributions

Stock Dividends and Stock Rights

Stock Redemptions

Preferred Stock Bailouts

Stock Redemptions by Related Corporations

C-5. Other Corporate Tax Levies

Tax Corporate Alternative Minimum Tax

Personal Holding Company Tax

Accumulated Earnings Tax

C-6. Corporate Liquidating Distributions

Overview of Corporate Liquidations

General Liquidation Rules

Liquidation of a Controlled Subsidiary Corporation

Special Shareholder Reporting Issues

Special Corporate Reporting Issues

Recognition of Gain or Loss When Property Is Distributed in Retirement of Debt

C-7. Corporate Acquisitions and Reorganizations

Taxable Acquisition Transactions

Comparison of Taxable and Tax-Free Acquisitions

Types of Reorganizations

Tax Consequences of Reorganizations

Acquisitive Reorganizations

Divisive Reorganizations

Other Reorganization Transactions

Judicial Restrictions on the Use of Corporate Reorganizations

Tax Attributes

C-8. Consolidated Tax Returns

Source of the Consolidated Tax Return Rules

Definition of an Affiliated Group

Should a Consolidated Return be Filed?

onsolidated Taxable Income

Intercompany Transactions

Dividends Received by Group Members

Consolidated Charitable Contributions Deduction

Net Operating Losses (NOLs)

Consolidated Capital Gains and Losses

Computation of the Affiliated Group''s Tax Liability

Consolidated Tax Credits, Stock Basis Adjustments

C-9. Partnership Formation and Operation

Definition of a Partnership

Overview of Taxation of Partnership Income

Tax Implications of Formation of a Partnership

Partnership Elections

Partnership Reporting of Income

Partner Reporting of Income

Basis for Partnership Interest

Special Loss Limitations

Transactions between a Partner and the Partnership

Family Partnerships

C-10. Special Partnership Issues

Nonliquidating Distributions

Nonliquidating Distributions With Sec. 751

Terminating an Interest in a Partnership

Optional Basis Adjustments

Special Forms of Partnerships

C-11. S Corporations

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