West Federal Taxation Comprehensive Volume 2004

by Willis, Eugene; Hoffman, William H.; Maloney, David M.; Raabe, William A.

• ISBN13: 9780324190144
• ISBN10: 032419014X
• Edition: 27th
• Format: Hardcover
• Copyright: 2003-04-20
• Publisher: South-Western College/West

Summary

For twenty-six years running, the market-leading West Federal Taxation Series has helped more than one million users master the ever-changing nature of Federal taxation. The 2004 Edition of West Federal Taxation: Comprehensive Volume is no exception. With its comprehensive and accessible coverage, no other text is as effective at helping users master the ever-changing tax code and regulations. Because of its adherence to the recommendations of the Accounting Education Change Commission (AECC) and the American Institute of Certified Public Accountants (AICPA)7and because its authors and editors stay on top of trends in both tax law and tax education-- the 2004 Edition is thoroughly up-to-date, current in its thinking, and pedagogically advanced.

Table of Contents

Preface	p. iii
An Introduction to Taxation and Understanding the Federal Tax Law	p. 1
History of U.S. Taxation	p. 3
Criteria Used in the Selection of a Tax Structure	p. 4
The Tax Structure	p. 5
Major Types of Taxes	p. 6
Tax Administration	p. 19
Understanding the Federal Tax Law	p. 25
Problem Materials	p. 35
Tax Determination; Personal and Dependency Exemptions; An Overview of Property Transactions	p. 1
Tax Formula	p. 3
Personal and Dependency Exemptions	p. 10
Tax Determination	p. 17
Filing Considerations	p. 23
Gains and Losses from Property Transactions--In General	p. 30
Gains and Losses from Property Transactions--Capital Gains and Losses	p. 31
Tax Planning Considerations	p. 33
Problem Materials	p. 36
Gross Income: Concepts and Inclusions	p. 1
Gross Income--What Is It?	p. 3
Year of Inclusion	p. 6
Income Sources	p. 14
Items Specifically Included in Gross Income	p. 19
Tax Planning Considerations	p. 35
Problem Materials	p. 39
Gross Income: Exclusions	p. 1
Items Specifically Excluded from Gross Income	p. 2
Statutory Authority	p. 4
Gifts and Inheritances	p. 4
Life Insurance Proceeds	p. 6
Scholarships	p. 9
Compensation for Injuries and Sickness	p. 11
Employer-Sponsored Accident and Health Plans	p. 13
Meals and Lodging	p. 16
Other Employee Fringe Benefits	p. 19
Foreign Earned Income	p. 26
Interest on Certain State and Local Government Obligations	p. 28
Dividends	p. 29
Educational Savings Bonds	p. 30
Qualified Tuition Programs	p. 31
Tax Benefit Rule	p. 32
Income from Discharge of Indebtedness	p. 33
Tax Planning Considerations	p. 34
Problem Materials	p. 36
Deductions and Losses: In General	p. 1
Classification of Deductible Expenses	p. 2
Deductions and Losses--Timing of Expense Recognition	p. 9
Disallowance Possibilities	p. 13
Tax Planning Considerations	p. 31
Problem Materials	p. 34
Deductions and Losses: Certain Business Expenses and Losses	p. 1
Bad Debts	p. 3
Worthless Securities	p. 6
Losses of Individuals	p. 8
Research and Experimental Expenditures	p. 16
Net Operating Losses	p. 18
Tax Planning Considerations	p. 21
Problem Materials	p. 22
Depreciation, Cost Recovery, Amortization, and Depletion	p. 1
Overview	p. 3
Accelerated Cost Recovery System (ACRS and MACRS)	p. 4
Amortization	p. 21
Depletion	p. 22
Tax Planning Considerations	p. 26
Tables	p. 28
Problem Materials	p. 35
Deductions: Employee and Self-Employed-Related Expenses	p. 1
Employee versus Self-Employed	p. 3
Employee Expenses--In General	p. 4
Transportation Expenses	p. 5
Travel Expenses	p. 7
Moving Expenses	p. 11
Education Expenses	p. 13
Entertainment Expenses	p. 17
Other Employee Expenses	p. 20
Contributions to Retirement Accounts	p. 24
Classification of Employee Expenses	p. 24
Limitations on Itemized Deductions	p. 27
Tax Planning Considerations	p. 28
Problem Materials	p. 32
Deductions and Losses: Certain Itemized Deductions	p. 1
General Classification of Expenses	p. 2
Medical Expenses	p. 3
Taxes	p. 11
Interest	p. 15
Charitable Contributions	p. 20
Miscellaneous Itemized Deductions	p. 28
Other Miscellaneous Deductions	p. 29
Comprehensive Example of Schedule A	p. 30
Overall Limitation on Certain Itemized Deductions	p. 30
Tax Planning Considerations	p. 33
Problem Materials	p. 37
Passive Activity Losses	p. 1
The Tax Shelter Problem	p. 2
At-Risk Limits	p. 3
Passive Loss Limits	p. 6
Tax Planning Considerations	p. 26
Problem Materials	p. 28
Tax Credits	p. 1
Tax Policy Considerations	p. 3
Overview and Priority of Credits	p. 4
Specific Business-Related Tax Credit Provisions	p. 7
Other Tax Credits	p. 15
Tax Planning Considerations	p. 27
Problem Materials	p. 31
Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges	p. 1
Determination of Gain or Loss	p. 3
Basis Considerations	p. 9
General Concept of a Nontaxable Exchange	p. 26
Like-Kind Exchanges--[section] 1031	p. 27
Like-Kind Exchanges--[section] 1033	p. 34
Sale of a Residence--[section] 121	p. 40
Other Nonrecognition Provisions	p. 47
Tax Planning Considerations	p. 49
Problem Materials	p. 55
Property Transactions: Capital Gains and Losses, [section] 1231, and Recapture Provisions	p. 1
General Considerations	p. 3
Capital Assets	p. 4
Sale or Exchange	p. 9
Holding Period	p. 16
Tax Treatment of Capital Gains and Losses of Noncorporate Taxpayers	p. 21
Tax Treatment of Capital Gains and Losses of Corporate Taxpayers	p. 29
Overview of Section 1231 and the Recapture Provisions	p. 30
Section 1231 Assets	p. 31
Section 1245 Recapture	p. 39
Section 1250 Recapture	p. 42
Considerations Common to [sections] 1245 and 1250	p. 47
Special Recapture Provisions	p. 50
Reporting Procedures	p. 51
Tax Planning Considerations	p. 52
Problem Materials	p. 57
Alternative Minimum Tax	p. 1
Individual Alternative Minimum Tax	p. 3
Corporate Alternative Minimum Tax	p. 27
Tax Planning Considerations	p. 33
Problem Materials	p. 34
Accounting Periods and Methods	p. 1
Accounting Periods	p. 2
Accounting Methods	p. 10
Special Accounting Methods	p. 18
Tax Planning Considerations	p. 30
Problem Materials	p. 31
Corporations: Introduction, Operating Rules, and Related Corporations	p. 1
Tax Treatment of Various Business Forms	p. 2
An Introduction to the Income Taxation of Corporations	p. 9
Determining the Corporate Income Tax Liability	p. 19
Procedural Matters	p. 27
Tax Planning Considerations	p. 31
Problem Materials	p. 35
Corporations: Organization and Capital Structure	p. 1
Organization of and Transfers to Controlled Corporations	p. 2
Capital Structure of a Corporation	p. 15
Investor Losses	p. 18
Gain from Qualified Small Business Stock	p. 21
Tax Planning Considerations	p. 22
Problem Materials	p. 26
Corporations: Distributions Not in Complete Liquidation	p. 1
Taxable Dividends--In General	p. 3
Earnings and Profits (E & P)	p. 3
Property Dividends--In General	p. 10
Constructive Dividends	p. 13
Stock Dividends and Stock Rights	p. 17
Stock Redemptions	p. 20
Effect on the Corporation Redeeming Its Stock	p. 28
Other Corporate Distributions	p. 29
Tax Planning Considerations	p. 29
Problem Materials	p. 34
Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations	p. 1
Liquidations--In General	p. 2
Liquidations--Effect on the Distributing Corporation	p. 4
Liquidations--Effect on the Shareholder	p. 8
Liquidations--Parent-Subsidiary Situations	p. 10
Corporate Reorganizations	p. 14
Tax Planning Considerations	p. 21
Problem Materials	p. 23
Partnerships	p. 1
Overview of Partnership Taxation	p. 2
Formation of a Partnership: Tax Effects	p. 9
Operations of the Partnership	p. 20
Transactions between Partners and Partnerships	p. 36
Distributions from the Partnership	p. 39
Sale of a Partnership Interest	p. 47
Tax Planning Considerations	p. 50
Problem Materials	p. 56
S Corporations	p. 1
Introduction	p. 2
Qualifying for S Corporation Status	p. 5
Operational Rules	p. 13
Tax Planning Considerations	p. 21
Problem Materials	p. 40
Exempt Entities	p. 1
General Considerations	p. 2
Types of Exempt Organizations	p. 3
Requirements for Exempt Status	p. 5
Tax Consequences of Exempt Status: General	p. 6
Private Foundations	p. 10
Unrelated Business Income Tax	p. 14
Reporting Requirements	p. 24
Tax Planning Considerations	p. 27
Problem Materials	p. 30
Multistate Corporate Taxation	p. 1
Overview of Corporate State Income Taxation	p. 4
Allocation and Apportionment of Income	p. 10
The Unitary Theory	p. 22
Taxation of S Corporations	p. 25
Other State and Local Taxes	p. 27
Tax Planning Considerations	p. 29
Problem Materials	p. 35
Taxation of International Transactions	p. 1
Overview of International Taxation	p. 2
Tax Treaties	p. 3
Sourcing of Income and Deductions	p. 5
Foreign Currency Transactions	p. 11
U.S. Persons with Foreign Income	p. 14
U.S. Taxation of Nonresident Aliens and Foreign Corporations	p. 32
Tax Planning Considerations	p. 39
Problem Materials	p. 42
Tax Administration and Practice	p. 1
Tax Administration	p. 2
Tax Practice	p. 23
Tax Planning Considerations	p. 29
Problem Materials	p. 33
The Federal Gift and Estate Taxes	p. 1
Transfer Taxes--In General	p. 2
The Federal Gift Tax	p. 10
The Federal Estate Tax	p. 18
The Generation-Skipping Transfer Tax	p. 37
Tax Planning Considerations	p. 38
Problem Materials	p. 43
Income Taxation of Trusts and Estates	p. 1
An Overview of Subchapter J	p. 2
Nature of Trust and Estate Taxation	p. 6
Taxable Income of Trusts and Estates	p. 9
Taxation of Beneficiaries	p. 21
Tax Planning Considerations	p. 25
Problem Materials	p. 30
Working with the Tax Law	p. 1
Tax Sources	p. 2
Working with the Tax Law--Tax Research	p. 21
Working with the Tax Law--Tax Planning	p. 29
Problem Materials	p. 40
Appendixes
Tax Rate Schedules and Tables	p. 1
Tax Forms	p. 1
Glossary of Key Terms	p. 1
Table of Code Sections Cited	p. 1
Table of Regulations Cited	p. 14
Table of Revenue Procedures and Revenue Rulings Cited	p. 18
Comprehensive Tax Return Problems	p. 1
Subject Index	p. 1
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