9780131859227

Prentice Hall's Federal Taxation 2006 : Principles

by ; ; ; ; ;
  • ISBN13:

    9780131859227

  • ISBN10:

    0131859226

  • Edition: 19th
  • Format: Hardcover
  • Copyright: 2006-01-01
  • Publisher: Prentice Hall
  • View Upgraded Edition

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Supplemental Materials

What is included with this book?

Summary

For mainstream introductory courses in individual federal income tax concepts and applications at the undergraduate or MBA level. This series goes beyond simply being a definitive guide by being the only book in tax that provides a built-in study guide (throughout the margins) to break down concepts and assist students in learning tax concepts.

Table of Contents

Preface xiii
An Introduction to Taxation
1(1)
History of Taxation in the United States
2(2)
Early Periods
2(1)
Revenue Acts from 1913 to the Present
3(1)
Revenue Sources
3(1)
Types of Tax Rate Structures
4(3)
The Structure of Individual Income Tax Rates
4(1)
The Structure of Corporate Tax Rates
5(1)
Marginal, Average, and Effective Tax Rates for Taxpayers
5(1)
Determination of Taxable Income and Tax Due
6(1)
Other Types of Taxes
7(4)
State and Local Income and Franchise Taxes
7(1)
Wealth Transfer Taxes
7(3)
Other Types of Taxes
10(1)
Criteria for a Tax Structure
11(2)
Equity
11(1)
Certainty
12(1)
Convenience
13(1)
Economy
13(1)
Objectives of the Federal Income Tax Law
13(2)
Economic Objectives
14(1)
Encouragement of Certain Activities and Industries
14(1)
Social Objectives
14(1)
Entities in the Federal Income Tax System
15(7)
Taxpaying Entities
15(4)
Flow-Through Entities
19(3)
Other Entities
22(1)
Tax Law Sources
22(1)
Enactment of a Tax Law
23(2)
Steps in the Legislative Process
24(1)
Administration of the Tax Law and Tax Practice Issues
25(3)
Organization of the Internal Revenue Service
25(1)
Enforcement Procedures
25(1)
Selection of Returns for Audit
25(1)
Statute of Limitations
26(1)
Interest
27(1)
Penalties
27(1)
Administrative Appeal Procedures
27(1)
Components of a Tax Practice
28(1)
Tax Compliance and Procedure
28(1)
Tax Research
28(1)
Tax Planning and Consulting
28(1)
Financial Planning
29(1)
Computer Applications in Tax Practice
29(1)
Tax Return Preparation
29(1)
Tax Planning Applications
30(1)
Tax Research Applications
30(1)
Problem Materials
30
Discussion Questions
30(2)
Problems
32(2)
Tax Strategy Problem
34(1)
Case Study Problem
34(1)
Research Problem
34
Determination of Tax
1(1)
Formula for Individual Income Tax
2(5)
Basic Formula
2(1)
Definitions
3(3)
Tax Formula Illustrated
6(1)
Deductions from Adjusted Gross Income
7(13)
Itemized Deductions
7(3)
Standard Deduction
10(2)
Personal Exemptions
12(1)
Dependency Exemptions
13(7)
Child Credit
20(1)
Determining the Amount of Tax
20(6)
Filing Status
20(1)
Joint Return
21(1)
Surviving Spouse
22(1)
Head of Household
22(1)
Single Taxpayer
23(1)
Married Filing a Separate Return
23(1)
Abandoned Spouse
23(1)
Dependents with Unearned Income
24(2)
Business Income and Business Entities
26(3)
Treatment of Capital Gains and Losses
29(1)
Definition of Capital Assets
30(1)
Tax Treatment of Gains and Losses
30(1)
Tax Planning Considerations
30(3)
Shifting Income Between Family Members
30(1)
Splitting Income
31(1)
Maximizing Itemized Deductions
31(1)
Filing Joint or Separate Returns
31(2)
Compliance and Procedural Considerations
33(2)
Who Must File
33(1)
Due Dates and Extensions
33(1)
Use of Forms 1040, 1040EZ, and 1040A
34(1)
System for Reporting Income
34(1)
Problem Materials
35
Discussion Questions
35(1)
Issue Identification Questions
36(1)
Problems
36(5)
Tax Strategy Problems
41(1)
Tax Form/Return Preparation Problems
41(1)
Case Study Problems
42(1)
Tax Research Problems
42
Gross Income: Inclusions
1(1)
Economic and Accounting Concepts of Income
2(1)
Economic Concept
2(1)
Accounting Concept
2(1)
Tax Concept of Income
3(3)
Administrative Convenience
3(1)
Wherewithal to Pay
4(1)
Gross Income Defined
4(2)
To Whom Is Income Taxable?
6(2)
Assignment of Income
6(1)
Allocating Income Between Married People
6(2)
Income of Minor Children
8(1)
When Is Income Taxable?
8(5)
Cash Method
8(3)
Accrual Method
11(1)
Hybrid Method
12(1)
Items of Gross Income: Sec. 61(a)
13(10)
Compensation
13(1)
Business Income
13(1)
Gains from Dealings in Property
13(1)
Interest
13(2)
Rents and Royalties
15(1)
Dividends
16(2)
Alimony and Separate Maintenance Payments
18(2)
Pensions and Annuities
20(2)
Income from Life Insurance and Endowment Contracts
22(1)
Income from Discharge of Indebtedness
23(1)
Income Passed Through to Taxpayer
23(1)
Other Items of Gross Income
23(5)
Prizes, Awards, Gambling Winnings, and Treasure Finds
23(1)
Illegal Income
24(1)
Unemployment Compensation
24(1)
Social Security Benefits
24(1)
Insurance Proceeds and Court Awards
25(1)
Recovery of Previously Deducted Amounts
26(1)
Claim of Right
27(1)
Tax Planning Considerations
28(2)
Shifting Income
28(1)
Alimony
28(1)
Prepaid Income
28(1)
Taxable, Tax-Exempt, or Tax-Deferred Bonds
29(1)
Reporting Savings Bond Interest
29(1)
Deferred Compensation Arrangements
30(1)
Compliance and Procedural Considerations
30(1)
Problem Materials
31
Discussion Questions
31(3)
Issue Identification Questions
34(1)
Problems
35(3)
Comprehensive Problems
38(1)
Tax Strategy Problems
38(1)
Tax Form/Return Preparation Problems
39(1)
Case Study Problems
39(1)
Tax Research Problem
40
Gross Income: Exclusions
1(1)
Items That Are Net Income
2(2)
Unrealized Income
2(1)
Self-Help Income
3(1)
Rental Value of Personal-Use Property
3(1)
Selling Price of Property
3(1)
Major Statutory Exclusions
4(18)
Gifts and Inheritances
4(1)
Life Insurance Proceeds
5(1)
Adoption Expenses
6(1)
Awards for Meritorious Achievement
7(1)
Scholarships and Fellowships
7(1)
Distributions from Qualified Tuition Programs
8(1)
Payments for Injury and Sickness
8(2)
Employee Fringe Benefits
10(8)
Foreign-Earned Income Exclusion
18(1)
Income from the Discharge of a Debt
19(2)
Exclusion for Gain from Small Business Stock
21(1)
Other Exclusions
21(1)
Tax Planning Considerations
22(1)
Employee Fringe Benefits
22(1)
Self-Help Income and Use of Personally Owned Property
23(1)
Compliance and Procedural Considerations
23(1)
Problem Materials
24
Discussion Questions
24(1)
Issue Identification Questions
25(1)
Problems
26(3)
Comprehensive Problem
29(1)
Tax Strategy Problems
30(1)
Tax Form/Return Preparation Problems
30(1)
Case Study Problems
31(1)
Tax Research Problems
31
Property Transactions: Capital Gains and Losses
1(1)
Determination of Gain or Loss
2(3)
Realized Gain or Loss
2(2)
Recognized Gain or Loss
4(1)
Basis Considerations
5(8)
Cost of Acquired Property
5(1)
Property Received as a Gift: Gifts After 1921
6(2)
Property Received from a Decedent
8(1)
Property Converted from Personal Use to Business Use
9(1)
Allocation of Basis
10(3)
Definition of a Capital Asset
13(3)
Influence of the Courts
13(1)
Other IRC Provisions Relevant to Capital Gains and Losses
14(2)
Tax Treatment for Capital Gains and Losses of Noncorporate Taxpayers
16(4)
Capital Gains
16(1)
Adjusted Net Capital Gains (ANCG)
17(1)
Capital Losses
18(2)
Tax Treatment of Capital Gains and Losses: Corporate Taxpayers
20(1)
Sale or Exchange
21(7)
Worthless Securities
22(1)
Retirement of Debt Instruments
22(3)
Options
25(1)
Patents
26(1)
Franchises, Trademarks, and Trade Names
27(1)
Lease Cancellation Payments
27(1)
Holding Period
28(2)
Property Received as a Gift
28(1)
Property Received from a Decedent
29(1)
Nontaxable Exchanges
29(1)
Receipt of Nontaxable Stock Dividends and Stock Rights
29(1)
Justification for Preferential Treatment of Net Capital Gains
30(1)
Mobility of Capital
30(1)
Mitigation of the Effects of Inflation and the Progressive Tax System
30(1)
Lowers the Cost of Capital
31(1)
Tax Planning Considerations
31(2)
Selection of Property to Transfer by Gift
31(1)
Selection of Property to Transfer at Time of Death
32(1)
Compliance and Procedural Considerations
33(7)
Documentation of Basis
33(1)
Reporting of Capital Gains and Losses on Schedule D
33(7)
Problem Materials
40
Discussion Questions
40(1)
Issue Identification Questions
41(1)
Problems
42(4)
Comprehensive Problem
46(1)
Tax Strategy Problems
47(1)
Tax Form/Return Preparation Problems
47(1)
Case Study Problems
48(1)
Tax Research Problems
49
Deductions and Losses
1(1)
Classifying Deductions as For Versus From Adjusted Gross Income (AGI)
3(1)
Criteria for Deducting Business and Investment Expenses
4(6)
Business or Investment Requirement
5(2)
Ordinary Expense
7(1)
Necessary Expense
8(1)
Reasonable Expense
8(1)
Expenses and Losses Must Be Incurred Directly by the Taxpayer
9(1)
General Restrictions on the Deductibility of Expenses
10(7)
Capitalization Versus Expense Deduction
10(2)
Expenses Related to Exempt Income
12(1)
Expenditures That Are Contrary to Public Policy
12(2)
Other Expenditures Specifically Disallowed
14(3)
Proper Substantiation Requirement
17(1)
When an Expense Is Deductible
18(5)
Cash Method
18(3)
Accrual Method
21(2)
Special Disallowance Rules
23(11)
Wash Sales
23(3)
Transactions Between Related Parties
26(3)
Hobby Losses
29(2)
Vacation Home
31(3)
Expenses of an Office in the Home
34(1)
Tax Planning Considerations
34(2)
Hobby Losses
34(1)
Unreasonable Compensation
35(1)
Timing of Deductions
36(1)
Compliance and Procedural Considerations
36(1)
Proper Classification of Deductions
36(1)
Proper Substantiation
37(1)
Business Versus Hobby
37(1)
Problem Materials
37
Discussion Questions
37(2)
Issue Identification Questions
39(1)
Problems
39(6)
Comprehensive Problems
45(1)
Tax Strategy Problems
46(1)
Tax Form/Return Preparation Problems
47(2)
Case Study Problem
49(1)
Tax Research Problem
50(1)
Tax Research Case
50
Itemized Deductions
1(1)
Medical Expenses
2(7)
Qualified Individuals
2(1)
Qualified Medical Expenses
3(3)
Amount and Timing of Deduction
6(3)
Taxes
9(3)
Definition of a Tax
9(1)
Deductible Taxes
9(1)
Nondeductible Taxes
9(1)
State and Local Income Taxes
10(1)
State and Local Sales Taxes
10(1)
Personal Property Taxes
10(1)
Real Estate Taxes
11(1)
Self-Employment Tax
11(1)
Interest
12(9)
Definition of Interest
12(1)
Classification of Interest Expense
12(7)
Timing of the Interest Deduction
19(2)
Charitable Contributions
21(7)
Qualifying Organization
21(1)
Type of Property Contributed
22(2)
Deduction Limitations
24(1)
Application of Carryovers
25(1)
Special Rules for Charitable Contributions Made by Corporations
26(1)
Summary of Deduction Limitations
26(2)
Casualty and Theft Losses
28(1)
Miscellaneous Itemized Deductions
28(1)
Certain Employee Expenses
28(1)
Expenses to Produce Income
28(1)
Cost of Tax Advice
28(1)
Reduction of Certain Itemized Deductions
29(1)
Tax Planning Considerations
30(3)
Medical Expense Deduction
30(1)
Interest Expense Deduction
31(1)
Deduction for Charitable Contributions
32(1)
Compliance and Procedural Considerations
33(4)
Medical Expenses
33(1)
Charitable Contributions
33(2)
Taxes
35(2)
Problem Materials
37
Discussion Questions
37(1)
Issue Identification Questions
38(1)
Problems
39(4)
Comprehensive Problem
43(1)
Tax Strategy Problems
43(1)
Tax Form/Return Preparation Problems
44(1)
Case Study Problems
45(1)
Tax Research Problems
46
Losses and Bad Debts
1(1)
Transactions That May Result in Losses
2(2)
Sale or Exchange of Property
2(1)
Expropriated, Seized, or Confiscated Property
3(1)
Abandoned Property
3(1)
Worthless Securities
3(1)
Demolition of Property
4(1)
Classifying the Loss on the Taxpayer's Tax Return
4(3)
Ordinary Versus Capital Loss
5(1)
Disallowance Possibilities
6(1)
Passive Losses
7(10)
Computation of Passive Losses and Credits
7(1)
Carryovers
8(2)
Definition of a Passive Activity
10(2)
Taxpayers Subject to Passive Loss Rules
12(1)
Publicly Traded Partnerships
13(1)
Rental Real Estate Trade or Business
14(1)
Other Rental Real Estate Activities
15(2)
Casualty and Theft Losses
17(7)
Casualty Defined
17(2)
Theft Defined
19(1)
Deductible Amount of Casualty Loss
19(1)
Limitations on Personal-Use Property
20(1)
Netting Casualty Gains and Losses on Personal-Use Property
21(1)
Casualty Gains and Losses Attributable to Business and Investment Property
22(1)
When Losses Are Deductible
22(2)
Bad Debts
24(5)
Bona Fide Debtor--Creditor Relationship
24(1)
Taxpayer's Basis in the Debt
25(1)
Debt Must Be Worthless
26(1)
Nonbusiness Bad Debts
26(2)
Business Bad Debts
28(1)
Accounting for the Business Bad Debt
28(1)
Recovery of Bad Debts
28(1)
Deposits in Insolvent Financial Institutions
28(1)
Net Operating Losses
29(5)
Computing the Net Operating Loss for Individuals
30(2)
Carryback and Carryover Periods
32(1)
Recomputation of Taxable Income in the Carryover Year
33(1)
Tax Planning Considerations
34(1)
Bad Debts
34(1)
Casualties
34(1)
Net Operating Losses
34(1)
Compliance and Procedural Considerations
34(1)
Casualty Losses
34(1)
Net Operating Losses
35(1)
Worthless Securities
35(1)
Problem Materials
35
Discussion Questions
35(2)
Issue Identification Questions
37(1)
Problems
37(4)
Tax Strategy Problems
41(1)
Tax Form/Return Preparation Problems
42(2)
Case Study Problems
44(1)
Tax Research Problem
44
Employee Expenses and Deferred Compensation
1(1)
Classification and Limitations of Employee Expenses
2(2)
Nature of the Employment Relationship
2(1)
Limitations on Unreimbursed Employee Expenses
3(1)
Travel Expenses
4(5)
Deductibility of Travel Expenses
4(1)
Definition of Travel Expenses
5(1)
General Qualification Requirements
6(1)
Business Versus Pleasure
7(1)
Foreign Travel
8(1)
Additional Limitations on Travel Expenses
8(1)
Transportation Expenses
9(3)
Definition and Classification
9(2)
Treatment of Automobile Expenses
11(1)
Reimbursement of Automobile Expenses
12(1)
Entertainment Expenses
12(4)
50% Disallowance for Meal and Entertainment Expenses
13(1)
Classification of Expenses
13(1)
Business Meals
14(1)
Entertainment Facilities and Club Dues
15(1)
Business Gifts
15(1)
Limitations on Entertainment Tickets
16(1)
Reimbursed Employee Business Expenses
16(2)
Moving Expenses
18(2)
Expense Classification
19(1)
Definition of Moving Expenses
19(1)
Treatment of Employer Reimbursements
20(1)
Education Expenses
20(4)
Classification of Education Expenses
21(1)
General Requirements for a Deduction
21(3)
Office in Home Expenses
24(2)
General Requirements for a Deduction
24(1)
Deduction and Limitations
25(1)
Deferred Compensation
26(17)
Qualified Pension and Profit-Sharing Plans
26(3)
Qualification Requirements for a Qualified Plan
29(1)
Tax Treatment to Employees and Employers
29(2)
Nonqualified Plans
31(2)
Employee Stock Options
33(3)
Plans for Self-Employed Individuals
36(1)
Individual Retirement Accounts (IRAs)
37(1)
Traditional IRA
37(2)
Roth IRA
39(2)
Coverdell Education Savings Account
41(1)
Health Savings Accounts
42(1)
Simplified Employee Pensions
42(1)
Simple Retirement Plans
43(1)
Tax Planning Considerations
43(2)
Moving Expenses
43(1)
Providing Nontaxable Compensation to Employees
44(1)
Rollover of Traditional IRA to Roth IRA
44(1)
Compliance and Procedural Considerations
45(4)
Substantiating Travel and Entertainment Expenses
45(1)
Reporting Employee Business Expenses
45(3)
Reporting Moving Expenses
48(1)
Reporting Office in Home Expenses
48(1)
Qualification of Pension and Profit-Sharing Plans
49(1)
Problem Materials
49
Discussion Questions
49(3)
Issue Identification Questions
52(1)
Problems
52(7)
Comprehensive Problem
59(1)
Tax Strategy Problem
60(1)
Tax Form/Return Preparation Problems
61(1)
Case Study Problems
62(1)
Tax Research Problem
63
Depreciation, Cost Recovery, Amortization, and Depletion
1(1)
Depreciation and Cost Recovery
2(15)
General Considerations
2(2)
Depreciation Methods
4(1)
Calculation of Depreciation
5(7)
MACRS Restrictions
12(5)
Amortization
17(5)
Sec. 197 Intangibles
17(3)
Research and Experimental Expenditures
20(1)
Computer Software
21(1)
Depletion, Intangible Drilling, and Development Costs
22(3)
Depletion Methods
23(1)
Treatment of Intangible Drilling and Development Costs
24(1)
Tax Planning Considerations
25(2)
Alternative Depreciation System Under MACRS
25(1)
IDCs: Capitalization Versus Expensing Election
25(1)
Use of Units of Production Depreciation
26(1)
Structuring a Business Combination
26(1)
Compliance and Procedural Considerations
27(3)
IDC Election Procedures
27(1)
Reporting Cost Recovery, Depreciation, Depletion, and Amortization Deductions
27(3)
Research and Experimental Expenditures
30(1)
Problem Materials
30
Discussion Questions
30(2)
Issue Identification Questions
32(1)
Problems
32(5)
Comprehensive Problem
37(1)
Tax Strategy Problem
38(1)
Tax Form/Return Preparation Problems
38(1)
Case Study Problems
38(1)
Tax Research Problem
39
Accounting Periods and Methods
1(1)
Accounting Periods
2(5)
Required Payments and Fiscal Years
3(1)
Changes in the Accounting Period
4(1)
Returns for Periods of Less Than 12 Months
5(2)
Overall Accounting Methods
7(4)
Cash Receipts and Disbursements Method
7(2)
Accrual Method
9(1)
Hybrid Method
10(1)
Inventories
11(4)
Determination of Inventory Cost
11(4)
Special Accounting Methods
15(7)
Long-Term Contracts
15(2)
Installment Sales Method
17(4)
Deferred Payment Sales
21(1)
Imputed Interest
22(3)
Imputed Interest Computation
23(1)
Accrual of Interest
23(1)
Gift, Shareholder, and Other Loans
24(1)
Change in Accounting Methods
25(3)
Amount of Change
26(1)
Reporting the Amount of the Change
27(1)
Obtaining IRS Consent
27(1)
Tax Planning Considerations
28(1)
Accounting Periods
28(1)
Accounting Methods
28(1)
Installment Sales
28(1)
Compliance and Procedural Considerations
28(2)
Reporting Installment Sales on Form 6252
28(2)
Procedures for Changing to LIFO
30(1)
Problem Materials
30
Discussion Questions
30(1)
Issue Identification Questions
31(1)
Problems
31(3)
Comprehensive Problem
34(1)
Tax Strategy Problems
35(1)
Tax Form/Return Preparation Problem
35(1)
Case Study Problems
35(1)
Tax Research Problems
36
Property Transactions: Nontaxable Exchanges
1(1)
Like-Kind Exchanges
2(8)
Like-Kind Property Defined
2(3)
A Direct Exchange Must Occur
5(1)
Three-Party Exchanges
5(1)
Receipt of Boot
6(1)
Basis of Property Received
7(1)
Exchanges Between Related Parties
8(1)
Transfer of Non-Like-Kind Property
9(1)
Holding Period for Property Received
9(1)
Involuntary Conversions
10(6)
Involuntary Conversion Defined
11(1)
Tax Treatment of Gain Due to Involuntary Conversion into Boot
12(1)
Replacement Property
13(1)
Obtaining Replacement Property
14(1)
Time Requirements for Replacement
15(1)
Sale of Principal Residence
16(5)
Principal Residence Defined
17(1)
Sale of More Than One Principal Residence Within a Two-Year Period
18(2)
Involuntary Conversion of a Principal Residence
20(1)
Tax Planning Considerations
21(1)
Avoiding the Like-Kind Exchange Provisions
21(1)
Sale of a Principal Residence
21(1)
Compliance and Procedural Considerations
22(2)
Reporting of Involuntary Conversions
22(1)
Reporting of Sale or Exchange of a Principal Residence
23(1)
Problem Materials
24
Discussion Questions
24(1)
Issue Identification Questions
25(1)
Problems
25(4)
Comprehensive Problem
29(1)
Tax Strategy Problem
30(1)
Tax Form/Return Preparation Problems
30(1)
Case Study Problems
31(1)
Tax Research Problems
31
Property Transactions: Section 1231 and Recapture
1(1)
History of Sec. 1231
2(1)
Overview of Basic Tax Treatment for Sec. 1231
3(2)
Net Gains
3(1)
Net Losses
3(1)
Tax Rate for Net Sec. 1231 Gain
4(1)
Section 1231 Property
5(1)
Section 1231 Property Defined
5(1)
Real or Depreciable Property Used in Trade or Business
5(1)
Involuntary Conversions
6(1)
Condemnations
6(1)
Other Involuntary Conversions
7(1)
Procedure for Sec. 1231 Treatment
7(1)
Recapture Provisions of Sec. 1245
8(2)
Purpose of Sec. 1245
9(1)
Recapture Provisions of Sec. 1250
10(5)
Purpose of Sec. 1250
11(1)
Section 1250 Property Defined
11(1)
Unrecaptured Section 1250 Gain
12(1)
Recapture Rules for Residential Rental Property
12(1)
Residential Rental Property That Is Recovery Property
13(1)
Recapture Rules for Nonresidential Real Estate
13(2)
Low-Income Housing
15(1)
Additional Recapture for Corporations
15(1)
Summary of Secs. 1231, 1245, and 1250 Gains
16(1)
Recapture Provisions---Other Applications
16(6)
Gifts of Property Subject to Recapture
17(1)
Transfer of Property Subject to Recapture at Death
17(1)
Charitable Contributions
18(1)
Like-Kind Exchanges
18(1)
Involuntary Conversions
18(1)
Installment Sales
19(1)
Section 179 Expensing Election
19(1)
Conservation and Land Clearing Expenditures
20(1)
Intangible Drilling Costs and Depletion
20(1)
Gain on Sale of Depreciable Property Between Related Parties
21(1)
Tax Planning Considerations
22(2)
Avoiding the Recapture Provisions
22(2)
Compliance and Procedural Considerations
24(4)
Reporting Sec. 1231 Gains and Losses on Form 4797
24(1)
Reporting Gains Recaptured as Ordinary Income on Form 4797
24(1)
Reporting Casualty or Theft Gain or Loss on Form 4684
24(4)
Problem Materials
28
Discussion Questions
28(1)
Issue Identification Questions
29(1)
Problems
30(4)
Comprehensive Problem
34(1)
Tax Strategy Problems
34(1)
Tax Form/Return Preparation Problems
35(1)
Case Study Problems
36(1)
Tax Research Problem
36
Special Tax Computation Methods, Tax Credits, and Payment of Tax
1(1)
Alternative Minimum Tax
2(6)
Computational Aspects
3(1)
Tax Preference Items
4(1)
AMT Adjustments
4(3)
Summary Illustration of the AMT Computation
7(1)
Self-Employment Tax
8(2)
Computing the Tax
8(1)
What Constitutes Self-Employment Income
9(1)
Overview Of Tax Credits
10(1)
Use and Importance of Tax Credits
10(1)
Value of a Credit Versus a Deduction
10(1)
Classification of Credits
10(1)
Personal Tax Credits
10(8)
Child Tax Credit
11(1)
Child and Dependent Care Credit
12(2)
Tax Credit for the Elderly and Disabled
14(1)
Adoption Credit
14(1)
Hope Scholarship Credit
15(1)
Lifetime Learning Credit
16(1)
Qualified Retirement Savings Contributions Credit
17(1)
Limitation on Personal Credits
18(1)
Miscellaneous Credits
18(1)
Foreign Tax Credit
18(1)
General Business Credits
19(6)
Tax Credit for Rehabilitation Expenditures
19(1)
Business Energy Credits
20(1)
Work Opportunity Credit
20(1)
Welfare-to-Work Credit
21(1)
Credit for Employer-Provided Child Care
21(1)
Empowerment Zone Employment Credit
22(1)
Disabled Access Credit
23(1)
Credit for Increasing Research Activities
23(1)
Limitation Based upon Tax Liability
24(1)
Refundable Credits
25(1)
Earned Income Credit
25(1)
Payment of Taxes
26(5)
Withholding of Taxes
28(2)
Estimated Tax Payments
30(1)
Tax Planning Considerations
31(3)
Avoiding the Alternative Minimum Tax
31(1)
Avoiding the Underpayment Penalty for Estimated Tax
32(1)
Cash-Flow Considerations
33(1)
Use of General Business Tax Credits
33(1)
Foreign Tax Credits and the Foreign Earned Income Exclusion
33(1)
Child and Dependent Care Credit
34(1)
Compliance and Procedural Considerations
34(2)
Alternative Minimum Tax Filing Procedures
34(1)
Withholding and Estimated Tax
35(1)
General Business Tax Credits
35(1)
Personal Tax Credits
35(1)
Problem Materials
36
Discussion Questions
36(2)
Issue Identification Questions
38(1)
Problems
38(5)
Comprehensive Problem
43(1)
Tax Strategy Problem
44(1)
Tax Form/Return Preparation Problems
44(1)
Case Study Problems
45(1)
Tax Research Problem
45
Tax Research
1(1)
Overview of Tax Research
2(1)
Steps in the Tax Research Process
3(2)
Importance of the Facts to the Tax Consequences
5(2)
Ability to Create a Factual Situation Favoring the Taxpayer
6(1)
The Sources of Tax Law
7(18)
The Legislative Process
7(1)
The Internal Revenue Code
8(1)
Treasury Regulations
8(3)
Administrative Pronouncements
11(3)
Judicial Decisions
14(10)
Tax Treaties
24(1)
Tax Periodicals
24(1)
Tax Services
25(3)
United States Tax Reporter
25(1)
Standard Federal Tax Reporter
26(1)
Federal Tax Coordinator 2d
26(1)
Law of Federal Income Taxation (Mertens)
27(1)
Tax Management Portfolios
27(1)
CCH Federal Tax Service
28(1)
Citators
28(6)
CCH Citator
28(3)
Research Institute of America Citator 2nd Series
31(3)
Computers as a Research Tool
34(1)
Statements on Standards for Tax Services
35(3)
Sample Work Papers and Client Letter
38(1)
Problem Materials
38
Discussion Questions
38(2)
Problems
40(3)
Comprehensive Problem
43(1)
Tax Strategy Problem
43(1)
Case Study Problem
43(1)
Tax Research Problems
44
Corporations
1(1)
Definition of a Corporation
2(1)
Similarities and Differences Between Corporations and Individuals
3(1)
Similarities
3(1)
Differences
4(1)
Specific Rules Applicable to Corporations
4(6)
Capital Gains and Losses
4(1)
Dividends-Received Deduction
5(2)
Net Operating Losses
7(1)
Charitable Contributions
7(1)
Compensation Deduction Limitation for Publicly Held Corporations
8(1)
Deduction for U.S. Production Activities
8(2)
Computation of Tax
10(12)
Computation of Taxable Income
10(1)
Computation of Regular Tax
10(2)
Computation of the Corporate Alternative Minimum Tax (AMT)
12(3)
Penalty Taxes
15(3)
Computation of Tax for Controlled Groups
18(3)
Consolidated Returns
21(1)
Transfers of Property to Controlled Corporations
22(4)
Section 351 Nonrecognition Requirements
22(1)
Basis Considerations
23(1)
Treatment of Liabilities
24(2)
Capitalization of the Corporation
26(1)
Earnings and Profits
27(3)
Calculation of Earnings and Profits
27(2)
Current Versus Accumulated E&P
29(1)
Nonmoney Distributions
30(1)
Tax Consequences to the Shareholders
30(1)
Tax Consequences to the Distributing Corporation
30(1)
Stock Redemptions
31(3)
Determining Whether a Redemption is a Dividend or Capital Gain
32(1)
Redemption Provisions for Special Situations
33(1)
Corporate Distributions In Complete Liquidation
34(2)
Tax Consequences to the Liquidating Corporation
34(1)
Tax Consequences to the Shareholders
35(1)
Section 332: Liquidation of a Subsidiary Corporation
35(1)
Tax Planning Considerations
36(2)
Capital Structure and Section 1244
36(1)
Dividend Policy
36(2)
Use of Losses
38(1)
Charitable Contributions
38(1)
Dividends-Received Deduction
38(1)
Reduced Taxes on Taxpayer Stock Sales
38(1)
Compliance and Procedural Considerations
38(3)
Filing Requirements
38(1)
Schedule M-1 and M-2 Reconciliations
39(1)
Schedule M-3 Reconciliation
40(1)
Maintenance of Records for E&P
41(1)
Problem Materials
41
Discussion Questions
41(6)
Issue Identification Questions
47(1)
Problems
48(6)
Tax Strategy Problems
54(1)
Tax Form/Return Preparation Problems
55(2)
Case Study Problems
57(1)
Tax Research Problems
57
Partnerships and S Corporations
1(1)
Types of Flow-Through Entities
2(2)
Partnerships
2(1)
S Corporations
3(1)
Limited Liability Companies
3(1)
Limited Liability Partnerships
4(1)
Taxation of Partnerships
4(14)
Formation of a Partnership
4(3)
Partnership Operations
7(1)
Special Allocations
8(1)
Allocation of Partnership Income, Deductions, Losses, and Credits to Partners
9(1)
Basis Adjustments for Operating Items
10(1)
Limitations on Losses and Restoration of Basis
11(1)
Transactions Between a Partner and the Partnership
12(1)
Partnership Distributions
13(1)
Sale of a Partnership Interest
14(1)
Optional and Mandatory Basis Adjustments
15(1)
Electing Large Partnerships
16(2)
Tax Year Restrictions
18(1)
Partnership Elections
18(1)
Formation of a Partnership
4(15)
Cash Method of Accounting Restrictions
19(1)
Taxation of S Corporations
19(12)
Qualification Requirements
19(2)
Election Requirements
21(1)
Termination Conditions
22(1)
S Corporation Operations
23(2)
Basis Adjustments to S Corporation Stock
25(1)
S Corporation Losses and Limitations
26(2)
Other S Corporation Considerations
28(3)
Tax Planning Considerations
31(2)
Use of Operating Losses
31(1)
Income Shifting Among Family Members
32(1)
Optional Basis Adjustment Election Under Sec. 754
32(1)
Compliance and Procedural Considerations
33(4)
Partnership Filing Requirements and Elections
33(1)
Reporting Partnership Items on Form 1065
33(1)
S Corporation Filing Requirements and Accounting Method Elections
34(1)
Reporting S Corporation Items on Form 1120s
34(1)
Comparison of Alternative Forms of Business Organizations
34(3)
Problem Materials
37
Discussion Questions
37(2)
Issue Identification Questions
39(1)
Problems
40(5)
Comprehensive Problem
45(1)
Tax Strategy Problems
46(1)
Tax Form/Return Preparation Problems
46(1)
Case Study Problems
47(1)
Tax Research Problems
48
Taxes and Investment Planning
1(1)
Investment Models
2(13)
The Current Model
2(3)
The Deferred Model
5(5)
The Exempt Model
10(1)
The Pension Model
10(4)
Multiperiod Strategies
14(1)
Summary and Comparison of Basic Investment Models
15(1)
Other Applications of Investment Models
15(12)
Flow-Through Entity Versus C Corporation
16(4)
Current Salary Versus Deferred Compensation
20(7)
Implicit Taxes and Clienteles
27(2)
Problem Materials
29
Discussion Questions
29(1)
Problems
30
TABLES
2003 Tax Tables and Rate Schedules
1(1)
APPENDICES
Appendix A Tax Research Working Paper File
1(1)
Appendix B Tax Forms
1(1)
Appendix C MACRS and ACRS Tables
1(1)
Appendix D Glossary
1(1)
Appendix E AICPA Statements on Standards for Tax Services Nos. 1--8 (August 2000)
1(1)
Appendix F Index of Code Sections
1(1)
Appendix G Index of Treasury Regulations
1(1)
Appendix H Index of Government Promulgations
1(1)
Appendix I Index of Court Cases
1(1)
Appendix J Subject Index
1

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