Rent 9780324399028 | Income Tax Fundamentals 2006 | Whittenburg, Gerald E. @knetbooks.com

Summary Table of Contents

INCOME TAX FUNDAMENTALS has led the market for more than twenty years with concise, practical, and current coverage of individual income tax preparation. Whittenburg and Altus-Buller's text/workbook format presents material in easy-to-digest sections with self-checks, online quizzes and activities, multiple examples, and review problems. Income Tax Fundamentals is the perfect text for a hands-on approach to tax in many class settings, including four-year colleges, community colleges, or career schools. This text is revised annually to reflect the current tax law. Tax Preparation software is included. The purpose of the Whittenburg text is to teach the most important and practical areas of the tax law to students, using a building block approach, with feedback at the end of each section. By the end of the text, the student should be able to prepare a fairly difficult return containing many of the elements seen frequently by taxpayers and tax preparers.

Preface

vii

As We Go to Press

How to Use This Text

The Individual Income Tax Return

History and Objectives of the... MORE

(1)

Reporting and Taxable Entities

(3)

The Tax Formula for Individuals

(2)

Who Must File and Where to File

(3)

Filing Status and Tax Computation

(3)

Personal and Dependency Exemptions

(7)

The Standard Deduction

(1)

Limitation on Total Itemized Deductions

(1)

A Brief Overview of Capital Gains and Losses

(2)

Tax and the Internet

(1)

Electronic Filing (e-Filing)

Questions and Problems

Gross Income and Exclusions

The Nature of Gross Income

(3)

Interest and Dividend Income

(2)

Alimony

(4)

Prizes and Awards

(1)

Annuities

(3)

Life Insurance

(2)

Gifts and Inheritances

(1)

Scholarships

(1)

Accident and Health Insurance

(1)

Meals and Lodging

(1)

Municipal Bond Interest

(1)

Social Security Benefits

(2)

Unemployment Compensation

(1)

Employee Fringe Benefits

Questions and Problems

Business Expenses and Retirement Plans

Rental Income and Expenses

(3)

Passive Loss Limitations

(3)

Bad Debts

(4)

Inventories

(1)

Net Operating Losses

(2)

Individual Retirement Accounts

(4)

Keogh (H.R. 10) Plans and Simplified Employee Pensions

(1)

Qualified Retirement Plans Including Section 401(k) Plans

(3)

Rollovers

(1)

SIMPLE Plans

Questions and Problems

Self-Employed and Employee Expenses

Classification of Deductions

(1)

Travel Expenses

(3)

Transportation

(3)

Office in the Home

(4)

Entertainment

(1)

Educational Expenses

(2)

Dues, Subscriptions, and Publications

(1)

Special Clothing and Uniforms

(1)

Business Gifts

(1)

Schedule C

Questions and Problems

Itemized Deductions and Other Incentives

Medical Expenses

(4)

Taxes

(3)

Interest

(3)

Contributions

(4)

Casualty and Theft Losses

(2)

Miscellaneous Deductions

(4)

Moving Expenses

(1)

Hobby Losses

(3)

Educational Incentives

Questions and Problems

Credits and Special Taxes

Child Tax Credit

(1)

Earned Income Credit

(2)

Child and Dependent Care Credit

(1)

Education Tax Credits

(4)

Foreign Tax Credit

(1)

Adoption Expenses

(3)

The Individual Alternative Minimum Tax (AMT)

(5)

Unearned Income of Minor Children

(4)

Community Property

Questions and Problems

Accounting Periods and Methods and Depreciation

Accounting Periods

(3)

Accounting Methods

(2)

Depreciation

(1)

Modified Accelerated Cost Recovery System (MACRS)

(6)

Election to Expense

(4)

Listed Property

(1)

Limitation on Depreciation of Luxury Automobiles

(3)

Intangibles

(1)

Related Parties (§267)

Questions and Problems

Capital Gains and Losses

What Is a Capital Asset?

(1)

Holding Period

(1)

Calculation of Gain or Loss

(3)

Net Capital Gains

(2)

Net Capital Losses

(1)

Section 1231 Gains and Losses

(1)

Depreciation Recapture

(8)

Capital Gains and Casualty Gains and Losses

(3)

Installment Sales

(4)

Like-Kind Exchanges

(1)

Involuntary Conversions

(1)

Sale of a Personal Residence

Questions and Problems

Withholding, Estimated Payments, and Payroll Taxes

Withholding Methods

(7)

Estimated Payments

(1)

The FICA Tax

(2)

Federal Tax Deposit System

(1)

Employer Reporting Requirements

(5)

Self-Employment Tax

(1)

The FUTA Tax

(2)

The Nanny Tax

Questions and Problems

Partnership Taxation

Nature of Partnership Taxation

(1)

Partnership Formation

(2)

Partnership Income Reporting

(1)

Current Distributions and Guaranteed Payments

(1)

Tax Years

(7)

Transactions between Partners and the Partnership

(1)

The At-Risk Rule

(1)

Limited Liability Companies

Questions and Problems

The Corporate Income Tax

Corporate Tax Rates

(1)

Corporate Capital Gains and Losses

(1)

Special Deductions and Limitations

(2)

Schedule M-1

(1)

Filing Requirements and Estimated Tax

(2)

S Corporations

(4)

Corporate Formation

(8)

Corporate Accumulations

(1)

The Corporate Alternative Minimum Tax

Questions and Problems

Tax Administration and Tax Planning

The Internal Revenue Service

(3)

The Audit Process

(1)

Interest and Penalties

(6)

Statute of Limitations

(1)

Preparers, Proof, and Privilege

(2)

The Taxpayer Bill of Rights

(1)

Tax Planning

Questions and Problems

Appendices

Appendix A Tax Rate Schedules and Tax Tables

(1)

Appendix B Earned Income Credit Table

(1)

Appendix C Withholding Tables

(1)

Appendix D Additional Comprehensive Tax Return Problems

(1)

Glossary of Tax Terms

(1)

Solutions to Self-Study Problems

(1)

Index

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Income Tax Fundamentals 2006

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