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West's Federal Tax: Compreh (2001)

by: Willis

West's Federal Tax: Compreh (2001)

by: Willis

ISBN 13:
9780324021929
ISBN 10:
0324021925
Format: Paperback
Copyright: 04/21/2000
Publisher: South-Western College/West
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Summary

(Thomson Learning) Textbook covers both individual income taxes and taxes for corporations, partnerships, estates, and trusts in one volume. Related Web site provides additional resources. For undergraduate and graduate students. DLC: Income tax--United States--Law.

Preface

iii

An Introduction to Taxation and Understanding the Federal Tax Law

1-1

(1)

History of U.S. Taxation

1-2

(1)

Early Periods

1-2

(1)

Revenue Acts

1-3

(1)

Historical Trends

1-3

(1)

Criteria Used in the Selection of a Tax Structure

1-4

(1)

The Tax Structure

1-5

(1)

Tax Base

1-5

(1)

Tax Rates

1-5

(1)

Incidence of Taxation

1-5

(1)

Major Types of Taxes

1-6

(1)

Property Taxes

1-6

(1)

Ethical Considerations: Might It Matter Who the Previous Owner Was?

1-7

(1)

Tax in the News: Property Taxes Can Be a Negotiable Item

1-8

(1)

Transaction Taxes

1-8

(1)

Tax in the News: Can Speed Be Taxed?

1-9

(1)

Tax in the News: Internet Sales Often Go Untaxed

1-11

(1)

Death Taxes

1-11

(1)

Gift Taxes

1-12

(1)

Ethical Considerations: Is Granny Courting Disaster?

1-13

(1)

Income Taxes

1-14

(1)

Employment Taxes

1-15

(1)

Tax in the News: Visitors Beware! The City and State You Visit May Not Be All That Friendly

1-16

(1)

Other U.S. Taxes

1-17

(1)

Proposed U.S. Taxes

1-18

(1)

Tax Administration

1-19

(1)

Internal Revenue Service

1-19

(1)

The Audit Process

1-19

(1)

Statute of Limitations

1-21

(1)

Interest and Penalties

1-21

(1)

Tax Practice

1-22

(1)

Understanding the Federal Tax Law

1-23

(1)

Revenue Needs

1-24

(1)

Economic Considerations

1-24

(1)

Social Considerations

1-26

(1)

Equity Considerations

1-26

(1)

Political Considerations

1-29

(1)

Influence of the Internal Revenue Service

1-30

(1)

Influence of the Courts

1-31

(1)

Summary

1-32

(1)

Problem Materials

1-33

(1)

Tax Determination; Personal and Dependency Exemptions; An Overview of Property Transactions

2-1

(1)

Tax Formula

2-3

(1)

Components of the Tax Formula

2-3

(1)

International Implications: Citizenship Is Not Tax-Free

2-5

(1)

Application of the Tax Formula

2-8

(1)

Individuals Not Eligible for the Standard Deduction

2-9

(1)

Special Limitations for Individuals Who Can Be Claimed as Dependents

2-9

(1)

Personal and Dependency Exemptions

2-10

(1)

Personal Exemptions

2-10

(1)

Dependency Exemptions

2-11

(1)

Ethical Considerations: Claiming a Dependent

2-12

(1)

Phase-Out of Exemptions

2-15

(1)

Child Tax Credit

2-16

(1)

Tax Determination

2-16

(1)

Tax Table Method

2-16

(1)

Tax Rate Schedule Method

2-16

(1)

Computation of Net Taxes Payable or Refund Due

2-17

(1)

Unearned Income of Children Under Age 14 Taxed at Parents' Rate

2-19

(1)

Filing Considerations

2-21

(1)

Filing Requirements

2-21

(1)

Tax in the News: An IRS Dilemma That Will Not Go Away

2-23

(1)

Filing Status

2-24

(1)

Tax in the News: Visa Wants None of It

2-24

(1)

International Implications: Filing a Joint Return

2-25

(1)

Gains and Losses from Property Transactions---In General

2-27

(1)

Gains and Losses from Property Transactions---Capital Gains and Losses

2-28

(1)

Definition of a Capital Asset

2-28

(1)

Taxation of Net Capital Gain

2-29

(1)

Determination of Net Capital Gain

2-29

(1)

Treatment of Net Capital Loss

2-30

(1)

Tax Planning Considerations

2-30

(1)

Taking Advantage of Tax Rate Differentials

2-30

(1)

Income of Minor Children

2-31

(1)

Dependency Exemptions

2-31

(1)

Ethical Considerations: Manipulating Deductions

2-32

(1)

Problem Materials

2-33

(1)

Gross Income: Concepts and Inclusions

3-1

(1)

International Implications: From ``All Sources'' Is a Broad Definition

3-3

(1)

Gross Income---What Is It?

3-3

(1)

Definition

3-3

(1)

Economic and Accounting Concepts

3-3

(1)

Comparison of the Accounting and Tax Concepts of Income

3-5

(1)

Tax in the News: Politician's Use of Leftover Campaign Funds May Be Taxable

3-5

(1)

Tax in the News: Lottery Winner Wins and Loses

3-6

(1)

Form of Receipt

3-6

(1)

Recovery of Capital Doctrine

3-6

(1)

Year of Inclusion

3-7

(1)

Taxable Year

3-7

(1)

Accounting Methods

3-7

(1)

Ethical Considerations: Accounting Errors and Omissions

3-9

(1)

Exceptions Applicable to Cash Basis Taxpayers

3-10

(1)

Tax in the News: Congress Rescues Lottery Winners from Constructive Receipt Problems

3-11

(1)

Exceptions Applicable to Accrual Basis Taxpayers

3-13

(1)

International Implications: Credit Given Where Credit Due

3-13

(1)

Income Sources

3-14

(1)

Personal Services

3-14

(1)

Income from Property

3-15

(1)

Tax in the News: Do Tax Rates Inspire Executives to Do Their Own Plumbing?

3-15

(1)

Income Received by an Agent

3-17

(1)

Income from Partnerships, S Corporations, Trusts, and Estates

3-17

(1)

Income in Community Property States

3-18

(1)

Items Specifically Included in Gross Income

3-20

(1)

Alimony and Separate Maintenance Payments

3-20

(1)

Imputed Interest on Below-Market Loans

3-23

(1)

Ethical Considerations: A Concealed Loan

3-26

(1)

Income from Annuities

3-28

(1)

Prizes and Awards

3-31

(1)

Group Term Life Insurance

3-33

(1)

Unemployment Compensation

3-34

(1)

Social Security Benefits

3-34

(1)

Tax Planning Considerations

3-35

(1)

Nontaxable Economic Benefits

3-36

(1)

Tax Deferral

3-36

(1)

Shifting Income to Relatives

3-38

(1)

Accounting for Community Property

3-39

(1)

Alimony

3-39

(1)

Problem Materials

3-40

(1)

Gross Income: Exclusions

4-1

(1)

Items Specifically Excluded from Gross Income

4-2

(1)

Statutory Authority

4-4

(1)

Gifts and Inheritances

4-4

(1)

General

4-4

(1)

Tax in the News: Parents Are Not Eligible for the Foster Care Exclusion

4-4

(1)

Gifts to Employees

4-5

(1)

Tax in the News: Begging as a Tax-Disfavored Occupation

4-5

(1)

Employee Death Benefits

4-6

(1)

Life Insurance Proceeds

4-6

(1)

General Rule

4-6

(1)

Accelerated Death Benefits

4-7

(1)

Ethical Considerations: Investing in Death

4-7

(1)

Transfer for Valuable Consideration

4-8

(1)

Scholarships

4-8

(1)

General Information

4-8

(1)

Timing Issues

4-9

(1)

Disguised Compensation

4-10

(1)

Qualified Tuition Reduction Plans

4-10

(1)

Compensation for Injuries and Sickness

4-11

(1)

Damages

4-11

(1)

Ethical Considerations: Damage Allocation with a View toward the Tax Consequences

4-12

(1)

Workers' Compensation

4-12

(1)

Accident and Health Insurance Benefits

4-13

(1)

Employer-Sponsored Accident and Health Plans

4-13

(1)

Medical Reimbursement Plans

4-14

(1)

Tax in the News: More Small Businesses Provide Health Benefits

4-14

(1)

Long-Term Care Insurance Benefits

4-15

(1)

Meals and Lodging

4-15

(1)

Furnished for the Convenience of the Employer

4-15

(1)

Ethical Considerations: ``Employer Required'' Lodging

4-17

(1)

Other Housing Exclusions

4-18

(1)

Tax in the News: The Tax Benefits of Combat Duty

4-18

(1)

Other Employee Fringe Benefits

4-19

(1)

Specific Benefits

4-19

(1)

Cafeteria Plans

4-19

(1)

Flexible Spending Plans

4-20

(1)

General Classes of Excluded Benefits

4-20

(1)

Taxable Fringe Benefits

4-25

(1)

Foreign Earned Income

4-25

(1)

International Implications: U.S. Taxpayers Abroad Are Gone But Not Forgotten

4-28

(1)

Interest on Certain State and Local Government Obligations

4-28

(1)

Dividends

4-29

(1)

General Information

4-29

(1)

Stock Dividends

4-29

(1)

Educational Savings Bonds

4-30

(1)

Qualified State Tuition Programs

4-31

(1)

Tax Benefit Rule

4-31

(1)

Income from Discharge of Indebtedness

4-32

(1)

Tax Planning Considerations

4-34

(1)

Life Insurance

4-34

(1)

Employee Benefits

4-34

(1)

Investment Income

4-35

(1)

Problem Materials

4-36

(1)

Deductions and Losses: In General

5-1

(1)

Classification of Deductible Expenses

5-2

(1)

Deductions for Adjusted Gross Income

5-3

(1)

Itemized Deductions

5-4

(1)

Trade or Business Expenses and Production of Income Expenses

5-5

(1)

Business and Nonbusiness Losses

5-7

(1)

Reporting Procedures

5-7

(1)

Deductions and Losses---Timing of Expense Recognition

5-7

(1)

Importance of Taxpayer's Method of Accounting

5-7

(1)

Cash Method Requirements

5-8

(1)

Accrual Method Requirements

5-9

(1)

Disallowance Possibilities

5-11

(1)

Public Policy Limitation

5-11

(1)

International Implications: To Bribe or Not to Bribe

5-12

(1)

Political Contributions and Lobbying Activities

5-13

(1)

Excessive Executive Compensation

5-14

(1)

Tax in the News: Deducting Lobbying Expenses: The Battle Continues

5-14

(1)

Investigation of a Business

5-15

(1)

Hobby Losses

5-16

(1)

Ethical Considerations: When Is a Dairy Farm a Trade or Business?

5-17

(1)

Rental of Vacation Homes

5-19

(1)

Tax in the News: Go North, Young Man, Go North for a Vacation Home

5-19

(1)

Expenditures Incurred for Taxpayer's Benefit or Taxpayer's Obligation

5-23

(1)

Disallowance of Personal Expenditures

5-23

(1)

Disallowance of Deductions for Capital Expenditures

5-25

(1)

Transactions Between Related Parties

5-26

(1)

Substantiation Requirements

5-27

(1)

Expenses and Interest Relating to Tax-Exempt Income

5-28

(1)

Tax Planning Considerations

5-29

(1)

Time Value of Tax Deductions

5-29

(1)

Unreasonable Compensation

5-30

(1)

Excessive Executive Compensation

5-30

(1)

Shifting Deductions

5-30

(1)

Hobby Losses

5-30

(1)

Capital Expenditures

5-31

(1)

Problem Materials

5-33

(1)

Deductions and Losses: Certain Business Expenses and Losses

6-1

(1)

Bad Debts

6-3

(1)

Tax in the News: $34 Million Bad Debt Deduction Denied on Transfer of Royals Stock

6-3

(1)

Specific Charge-Off Method

6-4

(1)

Business Versus Nonbusiness Bad Debts

6-5

(1)

Loans Between Related Parties

6-6

(1)

Loss On Deposits in Insolvent Financial Institutions

6-6

(1)

Worthless Securities

6-7

(1)

Small Business Stock

6-8

(1)

Ethical Considerations: Year of Deduction for Worthless Securities

6-8

(1)

Losses of Individuals

6-9

(1)

Events That Are Not Casualities

6-9

(1)

Theft Losses

6-10

(1)

Tax in the News: Creative Deductions

6-10

(1)

Ethical Considerations: The Amount of a Theft Loss

6-11

(1)

When to Deduct Casualty Losses

6-11

(1)

Measuring the Amount of Loss

6-12

(1)

Statutory Framework for Deducting Losses of Individuals

6-15

(1)

Personal Casualty Gains and Losses

6-15

(1)

Research and Experimental Expenditures

6-16

(1)

Expense Method

6-18

(1)

Deferral and Amortization Method

6-18

(1)

Net Operating Losses

6-19

(1)

Tax in the News: Net Operating Loss Carryback and Carryover

6-20

(1)

Carryback and Carryover Periods

6-20

(1)

Tax Planning Considerations

6-21

(1)

Tax Consequences of the Groetzinger Case

6-21

(1)

Documentation of Related-Taxpayer Loans, Casualty Losses, and Theft Losses

6-21

(1)

International Implications: Altering Deductions

6-21

(1)

Small Business Stock

6-22

(1)

Casualty Losses

6-22

(1)

Net Operating Losses

6-22

(1)

Problem Materials

6-23

(1)

Depreciation, Cost Recovery, Amortization, and Depletion

7-1

(1)

Overview

7-2

(1)

Accelerated Cost Recovery System (ACRS and MACRS)

7-3

(1)

General Considerations

7-3

(1)

International Implications: Increased Depreciation Expenses of FCCs

7-4

(1)

Eligible Property Under ACRS or MACRS

7-5

(1)

Personalty: Recovery Periods and Methods

7-5

(1)

Realty: Recovery Periods and Methods

7-8

(1)

International Implications: Attracting Foreign Investment

7-8

(1)

Straight-Line Election Under ACRS and MACRS

7-10

(1)

Election to Expense Assets

7-12

(1)

Ethical Considerations: Section 179 and the Substantiation Requirements for Limited Personal Use

7-13

(1)

Business and Personal Use of Automobiles and Other Listed Property

7-13

(1)

Alternative Depreciation System (ADS)

7-17

(1)

Tax in the News: Use of the Wrong Depreciation Method

7-19

(1)

Amortization

7-20

(1)

Depletion

7-20

(1)

Intangible Drilling and Development Costs (IDC)

7-21

(1)

Depletion Methods

7-21

(1)

Tax in the News: Depletion and the Environment

7-21

(1)

Ethical Considerations: Computing Cost Depletion

7-22

(1)

Tax Planning Considerations

7-24

(1)

Cost Recovery

7-24

(1)

Amortization

7-25

(1)

Tax in the News: Should Depreciation Reduce Income for Purposes of Support?

7-26

(1)

Depletion

7-26

(1)

Tables

7-27

(1)

Problem Materials

7-34

(1)

Deductions: Employee Expenses

8-1

(1)

Employee versus Self-Employed

8-2

(1)

Tax in the News: Caddies or Golf Carts?

8-4

(1)

Employee Expenses---In General

8-4

(1)

Transportation Expenses

8-4

(1)

Qualified Expenditures

8-4

(1)

Computation of Automobile Expenses

8-6

(1)

Travel Expenses

8-7

(1)

Definition of Travel Expenses

8-7

(1)

Away-From-Home Requirement

8-7

(1)

Restrictions on Travel Expenses

8-8

(1)

Tax in the News: Some Taxpayers Are Never Away from Home

8-9

(1)

Combined Business and Pleasure Travel

8-10

(1)

Moving Expenses

8-11

(1)

Distance Test

8-11

(1)

International Implications: Conventions in Far Away Lands

8-11

(1)

Time Test

8-12

(1)

Treatment of Moving Expenses

8-12

(1)

Ethical Considerations: How Much Is That House Really Worth?

8-13

(1)

Education Expenses

8-14

(1)

General Requirements

8-14

(1)

Requirements Imposed by Law or by the Employer for Retention of Employment

8-14

(1)

Maintaining or Improving Existing Skills

8-15

(1)

Classification of Specific Items

8-15

(1)

Other Provisions Dealing With Education

8-15

(1)

Entertainment Expenses

8-16

(1)

Cutback Adjustment

8-16

(1)

Classification of Expenses

8-17

(1)

Restrictions Upon Deductibility

8-18

(1)

Tax in the News: Unnecessary ``Social Lubrication''

8-18

(1)

Other Employee Expenses

8-19

(1)

Office in the Home

8-19

(1)

Miscellaneous Employee Expenses

8-21

(1)

Contributions to Individual Retirement Accounts

8-22

(1)

Classification of Employee Expenses

8-23

(1)

Accountable Plans

8-23

(1)

Nonaccountable Plans

8-25

(1)

Reporting Procedures

8-25

(1)

Limitations on Itemized Deductions

8-26

(1)

Miscellaneous Itemized Deductions Subject to the 2 Percent Floor

8-26

(1)

Tax Planning Considerations

8-27

(1)

Self-Employed Individuals

8-27

(1)

Shifting Deductions Between Employer and Employee

8-27

(1)

Transportation and Travel Expenses

8-28

(1)

Moving Expenses

8-28

(1)

Education Expenses

8-28

(1)

International Implications: Expatriates and the Moving Expense Deduction

8-28

(1)

Entertainment Expenses

8-29

(1)

Ethical Considerations: The Tax Cost of Business Success

8-29

(1)

Unreimbursed Employee Business Expenses

8-30

(1)

Problem Materials

8-30

(1)

Deductions and Losses: Certain Itemized Deductions

9-1

(1)

General Classification of Expenses

9-2

(1)

Medical Expenses

9-2

(1)

General Requirements

9-2

(1)

Medical Expenses Defined

9-3

(1)

Tax in the News: Average Itemized Deductions

9-3

(1)

Tax in the News: Drop That Unhealthy Habit and Pick Up a Deduction

9-4

(1)

Capital Expenditures for Medical Purposes

9-5

(1)

Medical Expenses Incurred for Spouse and Dependents

9-6

(1)

Transportation, Meal, and Lodging Expenses for Medical Treatment

9-7

(1)

Amounts Paid for Medical Insurance Premiums

9-8

(1)

Year of Deduction

9-8

(1)

Reimbursements

9-8

(1)

Medical Savings Accounts

9-9

(1)

Taxes

9-10

(1)

Deductibility as a Tax

9-11

(1)

Property Taxes

9-11

(1)

State and Local Income Taxes

9-13

(1)

Interest

9-13

(1)

Allowed and Disallowed Items

9-14

(1)

Restrictions on Deductibility and Timing Considerations

9-18

(1)

Classification of Interest Expense

9-18

(1)

Charitable Contributions

9-19

(1)

Criteria for a Gift

9-20

(1)

Ethical Considerations: An Indirect Route to a Contribution Deduction

9-21

(1)

Qualified Organizations

9-21

(1)

Time of Deduction

9-21

(1)

International Implications: Choose the Charity Wisely

9-22

(1)

Record-Keeping and Valuation Requirements

9-22

(1)

Limitations on Charitable Contribution Deduction

9-23

(1)

Tax in the News: Contributions of the Rich and Famous

9-26

(1)

Miscellaneous Itemized Deductions

9-28

(1)

Ethical Considerations: Bunching to Increase Deductions

9-28

(1)

Other Miscellaneous Deductions

9-29

(1)

Comprehensive Example of Schedule A

9-29

(1)

Overall Limitation on Certain Itemized Deductions

9-29

(1)

Tax Planning Considerations

9-32

(1)

Effective Utilization of Itemized Deductions

9-32

(1)

Utilization of Medical Deductions

9-33

(1)

Tax in the News: Few Taxpayers Are Affected by the Three Percent Floor

9-33

(1)

Timing the Payment of Deductible Taxes

9-34

(1)

Protecting the Interest Deduction

9-34

(1)

Assuring the Charitable Contribution Deduction

9-35

(1)

Problem Materials

9-36

(1)

Passive Activity Losses

10-1

(1)

The Tax Shelter Problem

10-2

(1)

At-Risk Limits

10-3

(1)

Tax in the News: Is the Attack on Corporate Tax Shelters an Attempt to Close Loopholes or Increase Taxes?

10-4

(1)

Ethical Considerations: Manipulating the At-Risk Limits

10-6

(1)

Passive Loss Limits

10-6

(1)

Classification and Impact of Passive Income and Losses

10-6

(1)

Tax in the News: Relief for Innocent Spouse with a Tax Shelter Subplot

10-7

(1)

Taxpayers Subject to the Passive Loss Rules

10-10

(1)

Passive Activities Defined

10-11

(1)

Interaction of the At-Risk and Passive Activity Limits

10-21

(1)

Special Passive Activity Rules for Real Estate Activities

10-22

(1)

Tax in the News: Special Passive Activity Rules for Real Estate Investors May Be ``Icing on the Cake'' for Some Taxpayers

10-24

(1)

Ethical Considerations: How Active Is Active?

10-25

(1)

Dispositions of Passive Interests

10-25

(1)

Tax Planning Considerations

10-26

(1)

Utilizing Passive Losses

10-26

(1)

Problem Materials

10-28

(1)

Tax Credits

11-1

(1)

Tax Policy Considerations

11-3

(1)

Overview and Priority of Credits

11-4

(1)

Refundable Versus Nonrefundable Credits

11-4

(1)

Tax in the News: Tax Credits Affect Taxpayer Behavior

11-4

(1)

General Business Credit

11-5

(1)

Treatment of Unused General Business Credits

11-6

(1)

Business-Related Tax Credit Provisions

11-7

(1)

Tax Credit for Rehabilitation Expenditures

11-7

(1)

Ethical Considerations: Using the Rehabilitation Expenditures Credit

11-9

(1)

Business Energy Credits

11-9

(1)

Work Opportunity Tax Credit

11-9

(1)

Welfare-To-Work Credit

11-10

(1)

Research Activities Credit

11-11

(1)

Low-Income Housing Credit

11-13

(1)

Disabled Access Credit

11-13

(1)

Other Tax Credits

11-14

(1)

Earned Income Credits

11-14

(1)

Tax in the News: ``Earned Income Credit'' or ``Easy Income for Cheats''?

11-16

(1)

Tax Credit for Elderly or Disabled Taxpayers

11-17

(1)

Foreign Tax Credit

11-18

(1)

Adoption Expenses Credit

11-19

(1)

International Implications: Foreign Tax Credit Simplification for the Small Investor

11-19

(1)

Child Tax Credit

11-20

(1)

Credit for Child and Dependent Care Expenses

11-21

(1)

Tax in the News: The IRS Comes to the Rescue---Sometimes

11-21

(1)

Ethical Considerations: Using the Credit for Child and Dependent Care Expenses

11-23

(1)

Education Tax Credits

11-23

(1)

Tax Planning Considerations

11-25

(1)

Foreign Tax Credit

11-25

(1)

Credit for Child and Dependent Care Expenses

11-25

(1)

Problem Materials

11-29

(1)

Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges

12-1

(1)

Determination of Gain or Loss

12-3

(1)

Realized Gain or Loss

12-3

(1)

Recognized Gain or Loss

12-6

(1)

Nonrecognition of Gain or Loss

12-6

(1)

Ethical Considerations: Avoiding the Disallowance of Losses on Personal Use Assets

12-7

(1)

Recovery of Capital Doctrine

12-7

(1)

Basis Considerations

12-8

(1)

Determination of Cost Basis

12-8

(1)

Tax in the News: Frequent-Flier Miles and Basis

12-9

(1)

Gift Basis

12-11

(1)

Tax in the News: Mark, Tim, and the IRS

12-13

(1)

Property Acquired from a Decedent

12-15

(1)

Disallowed Losses

12-17

(1)

Ethical Considerations: Transactions between Spouses

12-17

(1)

Conversion of Property from Personal Use to Business or Income-Producing Use

12-19

(1)

Additional Complexities in Determining Realized Gain or Loss

12-21

(1)

Summary of Basis Adjustments

12-22

(1)

General Concept of a Nontaxable Exchange

12-24

(1)

Like-Kind Exchanges---§ 1031

12-25

(1)

Like-Kind Property

12-26

(1)

Exchange Requirement

12-27

(1)

Boot

12-28

(1)

Basis and Holding Period of Property Received

12-29

(1)

Involuntary Conversions---§ 1033

12-31

(1)

Involuntary Conversion Defined

12-31

(1)

Ethical Considerations: Purchasing Property in Expectation of Condemnation

12-32

(1)

Computing the Amount Realized

12-32

(1)

Replacement Property

12-33

(1)

Time Limitation on Replacement

12-34

(1)

Nonrecognition of Gain

12-35

(1)

Involuntary Conversion of a Personal Residence

12-36

(1)

Reporting Considerations

12-37

(1)

Sale of a Residence---§ 121

12-37

(1)

Tax in the News: Your Home on the Road

12-37

(1)

Requirements for Exclusion Treatment

12-38

(1)

Calculation of the Amount of the Exclusion

12-39

(1)

Ethical Considerations: Maximizing the § 121 Exclusion

12-41

(1)

Principal Residence

12-41

(1)

Involuntary Conversion and Using §§ 121 and 1033

12-42

(1)

Other Nonrecognition Provisions

12-42

(1)

Exchange of Stock for Property---§ 1032

12-42

(1)

Certain Exchanges of Insurance Policies---§ 1035

12-43

(1)

Exchange of Stock for Stock of the Same Corporation---§ 1036

12-43

(1)

Certain Reacquisitions of Real Property---§ 1038

12-43

(1)

Transfers of Property Between Spouses or Incident to Divorce---§ 1041

12-43

(1)

Rollovers Into Specialized Small Business Investment Companies---§ 1044

12-43

(1)

Rollover of Gain from Qualified Small Business Stock into Another Qualified Small Business Stock---§ 1045

12-44

(1)

Tax Planning Considerations

12-44

(1)

Tax Consequences of Alice's Proposed Transaction

12-44

(1)

Cost Identification and Documentation Considerations

12-45

(1)

Selection of Property for Making Gifts

12-45

(1)

Selection of Property for Making Bequests

12-46

(1)

Disallowed Losses

12-46

(1)

Like-Kind Exchanges

12-47

(1)

Involuntary Conversions

12-48

(1)

Sale of a Principal Residence

12-48

(1)

Problem Materials

12-50

(1)

Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions

13-1

(1)

General Considerations

13-2

(1)

Rationale for Separate Reporting of Capital Gains and Losses

13-2

(1)

General Scheme of Taxation

13-3

(1)

Tax in the News: Keep Track of Those Reinvested Dividends

13-3

(1)

Capital Assets

13-4

(1)

Definition of a Capital Asset

13-4

(1)

Effect of Judicial Action

13-6

(1)

Statutory Expansions

13-6

(1)

Sale or Exchange

13-8

(1)

Tax in the News: Exchanging Memberships in the NYSE

13-9

(1)

Worthless Securities and § 1244 Stock

13-9

(1)

Special Rule---Retirement of Corporate Obligations

13-9

(1)

Options

13-10

(1)

Patents

13-11

(1)

Franchises, Trademarks, and Trade Names

13-13

(1)

Lease Cancellation Payments

13-14

(1)

Holding Period

13-15

(1)

Review of Special Holding Period Rules

13-16

(1)

Special Rules for Short Sales

13-17

(1)

International Implications: Withholding on Dividends

13-17

(1)

Tax Treatment of Capital Gains and Losses of Noncorporate Taxpayers

13-20

(1)

Capital Gain and Loss Netting Process

13-21

(1)

Ethical Considerations: A Partner's Dilemma

13-24

(1)

Alternative Tax on Net Capital Gain

13-24

(1)

Treatment of Capital Losses

13-25

(1)

Tax Treatment of Capital Gains and Losses of Corporate Taxpayers

13-27

(1)

Overview of Section 1231 and the Recapture Provisions

13-27

(1)

Section 1231 Assets

13-29

(1)

Relationship to Capital Assets

13-29

(1)

Tax in the News: A Definition for Unrecaptured § 1250 Gain

13-29

(1)

Justification for Favorable Tax Treatment

13-30

(1)

Property Included

13-31

(1)

Property Excluded

13-31

(1)

Ethical Considerations: Determining How Long an Asset Has Been Held

13-32

(1)

Section 1231 Assets Disposed of by Casualty or Theft

13-32

(1)

General Procedure for § 1231 Computation

13-33

(1)

Tax in the News: Floods Cause Complex Tax Computations

13-34

(1)

Section 1245 Recapture

13-37

(1)

Ethical Considerations: Does Applying the Recapture Rules Make a Difference?

13-38

(1)

Tax in the News: Gas Stations for Sale

13-39

(1)

Section 1245 Property

13-40

(1)

Observations on § 1245

13-40

(1)

Section 1250 Recapture

13-41

(1)

Computing Recapture on Nonresidential Real Property

13-42

(1)

Computing Recapture on Residential Rental Housing

13-43

(1)

Section 1250 Recapture Situations

13-43

(1)

Unrecaptured § 1250 Gain (Real Estate 25% Gain)

13-44

(1)

Considerations Common to §§ 1245 and 1250

13-46

(1)

Exceptions

13-46

(1)

Other Applications

13-47

(1)

Special Recapture Provisions

13-49

(1)

Special Recapture for Corporations

13-49

(1)

Gain from Sale of Depreciable Property Between Certain Related Parties

13-49

(1)

Intangible Drilling Costs

13-49

(1)

International Implications: Depreciation Recapture in Other Countries

13-49

(1)

Reporting Procedures

13-50

(1)

Tax Planning Considerations

13-50

(1)

Importance of Capital Asset Status

13-50

(1)

Planning for Capital Asset Status

13-50

(1)

Effect of Capital Asset Status in Transactions Other Than Sales

13-51

(1)

Stock Sales

13-52

(1)

Maximizing Benefits

13-52

(1)

Year-End Planning

13-52

(1)

Timing of § 1231 Gain

13-53

(1)

Timing of Recapture

13-53

(1)

Postponing and Shifting Recapture

13-54

(1)

Avoiding Recapture

13-54

(1)

Problem Materials

13-55

(1)

Alternative Minimum Tax

14-1

(1)

Tax in the News: The AMT Goes All the Way to the Top

14-3

(1)

Individual Alternative Minimum Tax

14-3

(1)

AMT Formula for Alternative Minimum Taxable Income (AMTI)

14-3

(1)

Tax in the News: The AMT: Time for a Change

14-4

(1)

AMT Formula: Other Components

14-6

(1)

Tax in the News: To Give and to Receive

14-8

(1)

AMT Adjustments

14-9

(1)

Ethical Considerations: Donating Stock to Charity and Repurchasing in the Market

14-17

(1)

AMT Preferences

14-21

(1)

Illustration of the AMT Computation

14-23

(1)

AMT Credit

14-24

(1)

Corporate Alternative Minimum Tax

14-27

(1)

Repeal of AMT for Small Corporations

14-27

(1)

Ethical Considerations: Avoiding the Corporate AMT

14-28

(1)

AMT Adjustments

14-28

(1)

Tax in the News: The AMT: Even Less of a Headache for Small Corporations

14-29

(1)

Tax Preferences

14-31

(1)

Exemption

14-31

(1)

Other Aspects of the AMT

14-32

(1)

Tax Planning Considerations

14-32

(1)

Responding to Bob and Carol

14-32

(1)

Avoiding Preferences and Adjustments

14-32

(1)

Controlling the Timing of Preferences and Adjustments

14-32

(1)

Taking Advantage of the AMT/Regular Tax Rate Differential

14-33

(1)

Problem Materials

14-33

(1)

Accounting Periods and Methods

15-1

(1)

Accounting Periods

15-2

(1)

In General

15-2

(1)

Tax in the News: Acceleration of Income

15-3

(1)

Specific Provisions for Partnerships, S Corporations, and Personal Service Corporations

15-4

(1)

Ethical Considerations: Changing Tax Years

15-6

(1)

Making the Election

15-7

(1)

Changes in the Accounting Period

15-7

(1)

Taxable Periods of Less than One Year

15-8

(1)

Mitigation of the Annual Accounting Period Concept

15-9

(1)

Tax in the News: Utility Companies Receive Tax Relief for Customer Refunds

15-10

(1)

Accounting Methods

15-11

(1)

Permissible Methods

15-11

(1)

Cash Receipts and Disbursements Method---Cash Basis

15-11

(1)

Accrual Method

15-13

(1)

Hybrid Method

15-15

(1)

International Implications: Accrual Method Election for Foreign Tax Credits

15-15

(1)

Change of Method

15-16

(1)

Ethical Considerations: Change Accounting Method or File Amended Returns?

15-18

(1)

Special Accounting Methods

15-18

(1)

Installment Method

15-18

(1)

Ethical Considerations: A Related-Party Installment Sale Has Unexpected Results

15-24

(1)

Disposition of Installment Obligations

15-24

(1)

Interest on Deferred Taxes

15-25

(1)

Electing Out of the Installment Method

15-25

(1)

Long-Term Contracts

15-26

(1)

Tax Planning Considerations

15-30

(1)

Taxable Year

15-30

(1)

Cash Method of Accounting

15-30

(1)

Tax in the News: The Percentage of Completion Method Is Not Always Bad

15-30

(1)

Installment Method

15-31

(1)

Completed Contract Method

15-31

(1)

Problem Materials

15-32

(1)

Corporations: Introduction, Operating Rules, and Related Corporations

16-1

(1)

Tax Treatment of Various Business Forms

16-2

(1)

Sole Proprietorships

16-2

(1)

Partnerships

16-3

(1)

Regular Corporations

16-3

(1)

Tax in the News: Salary of $1.75 Million Ruled Reasonable

16-5

(1)

Limited Liability Companies

16-7

(1)

Tax in the News: Corporations Provide for Flexibility

16-7

(1)

Entity Classification Prior to 1997

16-8

(1)

Entity Classification After 1996

16-8

(1)

An Introduction to the Income Taxation of Corporations

16-9

(1)

An Overview of Corporate Versus Individual Income Tax Treatment

16-9

(1)

Specific Provisions Compared

16-10

(1)

Accounting Periods and Methods

16-10

(1)

Capital Gains and Losses

16-11

(1)

Passive Losses

16-12

(1)

Charitable Contributions

16-13

(1)

Ethical Considerations: Is It Better Not to Know?

16-14

(1)

Net Operating Losses

16-15

(1)

Deductions Available Only to Corporations

16-16

(1)

Determining the Corporate Income Tax Liability

16-18

(1)

Corporate Income Tax Rates

16-18

(1)

Alternative Minimum Tax

16-19

(1)

Tax Liability of Related Corporations

16-19

(1)

Controlled Groups

16-20

(1)

Ethical Considerations: A Bookkeeper's Mistake

16-23

(1)

Procedural Matters

16-24

(1)

Filing Requirements for Corporations

16-24

(1)

Estimated Tax Payments

16-24

(1)

Reconciliation of Taxable Income and Financial Net Income

16-25

(1)

Tax Planning Considerations

16-26

(1)

Corporate Versus Noncorporate Forms of Business Organization

16-26

(1)

Operating the Corporation

16-27

(1)

Related Corporations

16-30

(1)

Problem Materials

16-31

(1)

Corporations: Organization and Capital Structure

17-1

(1)

Organization of and Transfers to Controlled Corporations

17-2

(1)

In General

17-2

(1)

Tax in the News: Corporations in Cyberspace--- A Look Into the New Millennium

17-3

(1)

Property Defined

17-4

(1)

Stock Transferred

17-5

(1)

Control of the Corporation

17-6

(1)

Ethical Considerations: A Gift of Shares

17-7

(1)

Assumption of Liabilities---§ 357

17-9

(1)

Basis Determination and Related Issues

17-12

(1)

Capital Structure of a Corporation

17-14

(1)

Capital Contributions

17-14

(1)

Debt in the Capital Structure

17-15

(1)

Tax in the News: Freedom from the Trap of Double Texation: Just How Successful Can That Be?

17-16

(1)

Investor Losses

17-18

(1)

Stock and Security Losses

17-18

(1)

Business Versus Nonbusiness Bad Debts

17-18

(1)

Section 1244 Stock

17-20

(1)

Gain from Qualified Small Business Stock

17-21

(1)

Tax Planning Considerations

17-21

(1)

Working with § 351

17-21

(1)

Tax in the News: A Change in Stockholders' Right Difficult to Implement without Controversy

17-22

(1)

Selecting Assets to Transfer

17-23

(1)

Ethical Considerations: The Control of a New Corporation: Insiders versus Outsiders

17-24

(1)

Debt in the Capital Structure

17-24

(1)

Investor Losses

17-25

(1)

Problem Materials

17-26

(1)

Corporations: Distributions Not in Complete Liquidation

18-1

(1)

Taxable Dividends---In General

18-3

(1)

Earnings and Profits (E & P)

18-3

(1)

Computation of E & P

18-3

(1)

Tax in the News: Investors Earn Their Strypes

18-4

(1)

Summary of E & P Adjustments

18-7

(1)

Current Versus Accumulated E & P

18-7

(1)

Allocating E & P to Distributions

18-7

(1)

Property Dividends---In General

18-11

(1)

Property Dividends---Effect on the Shareholder

18-11

(1)

Tax in the News: Stock Buybacks Continue to Grow

18-11

(1)

Property Dividends---Effect on the Corporation

18-12

(1)

Constructive Dividends

18-13

(1)

Types of Constructive Dividends

18-14

(1)

Tax in the News: Hard Work Pays Off!

18-15

(1)

Tax Treatment of Constructive Dividends

18-16

(1)

Stock Dividends and Stock Rights

18-17

(1)

Stock Dividends

18-17

(1)

International Implications: Deemed Dividends from Controlled Foreign Corporations

18-17

(1)

Stock Rights

18-18

(1)

Stock Redemptions

18-19

(1)

Overview

18-19

(1)

Tax in the News: Stock Buybacks by Small Corporations Stimulate Redemptions

18-20

(1)

Historical Background

18-21

(1)

Stock Attribution Rules

18-21

(1)

Not Essentially Equivalent Redemptions

18-22

(1)

Disproportionate Redemptions

18-23

(1)

Ethical Considerations: Convertible Preferred Stock---Conversion versus Redemption

18-25

(1)

Complete Termination Redemptions

18-25

(1)

Redemptions to Pay Death Taxes

18-26

(1)

Effect on the Corporation Redeeming Its Stock

18-28

(1)

Other Corporate Distributions

18-28

(1)

Tax Planning Considerations

18-29

(1)

Corporate Distributions

18-29

(1)

Ethical Considerations: Playing Games with the Statute of Limitations

18-30

(1)

Constructive Dividends

18-31

(1)

Ethical Considerations: Disallowed Deductions

18-32

(1)

Stock Redemptions

18-32

(1)

Problem Materials

18-33

(1)

Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations

19-1

(1)

Liquidations---In General

19-2

(1)

The Liquidation Process

19-2

(1)

Liquidations and Other Distributions Compared

19-3

(1)

Liquidations---Effect on the Distributing Corporation

19-4

(1)

The General Rule

19-4

(1)

Antistuffing Rules

19-4

(1)

Liquidations---Effect on the Shareholder

19-8

(1)

The General Rule

19-8

(1)

Special Rule for Certain Installment Obligations

19-8

(1)

Liquidations---Parent-Subsidiary Situations

19-9

(1)

Tax Treatment When a Minority Interest Exists

19-10

(1)

Indebtedness of the Subsidiary to the Parent

19-10

(1)

Basis of Property Received by the Parent Corporation---The General Rule

19-11

(1)

Basis of Property Received by the Parent Corporation---The Exception

19-11

(1)

International Implications: Exception to § 332 for Foreign Subsidiary Liquidations

19-12

(1)

Corporate Reorganizations

19-14

(1)

In General

19-14

(1)

Summary of the Different Types of Reorganizations

19-15

(1)

Tax in the News: Mergers of Corporations Lead to Mergers of Computer Systems

19-15

(1)

Summary of the Tax Consequences in a Tax-Free Reorganization

19-16

(1)

Tax Planning Considerations

19-19

(1)

Effect of a Liquidating Distribution on the Corporation

19-19

(1)

Effect of a Liquidating Distribution on the Shareholder

19-19

(1)

The Role of the Letter Ruling

19-20

(1)

Problem Materials

19-20

(1)

Corporate Accumulations

20-1

(1)

Penalty Tax on Unreasonable Accumulations

20-2

(1)

The Element of Intent

20-3

(1)

Imposition of the Tax and the Accumulated Earnings Credit

20-4

(1)

Reasonable Needs of the Business

20-5

(1)

Tax in the News: Applying the Bardahl Formula Could Be Misleading

20-8

(1)

Mechanics of the Penalty Tax

20-10

(1)

Personal Holding Company Penalty Tax

20-11

(1)

Definition of a Personal Holding Company

20-12

(1)

Ethical Considerations: Staying Single for the Sake of the Company

20-14

(1)

Calculation of the PHC Tax

20-18

(1)

Comparison of the Accumulated Earnings and PHC Taxes

20-22

(1)

International Implications: Foreign Investment Vehicles Can Trigger U.S. Tax

20-23

(1)

Tax Planning Considerations

20-24

(1)

The Penalty Tax on Unreasonable Accumulations

20-24

(1)

Avoiding the PHC Tax

20-26

(1)

Problem Materials

20-27

(1)

Partnerships

21-1

(1)

Overview of Partnership Taxation

21-2

(1)

Froms of Doing Business---Federal Tax Consequences

21-2

(1)

Tax in the News: Partnerships in the Movies

21-3

(1)

What is a Partnership?

21-4

(1)

Elections Related to Partnership Status

21-4

(1)

Partnership Taxation

21-5

(1)

Partnership Reporting

21-6

(1)

Partner's Ownership Interest in a Partnership

21-7

(1)

Conceptual Basis for Partnership Taxation

21-9

(1)

Anti-Abuse Provisions

21-9

(1)

Formation of a Partnership: Tax Effects

21-9

(1)

Gain or Loss on Contributions to the Partnership

21-9

(1)

Exceptions to § 721

21-11

(1)

Tax Issues Relative to Contributed Property

21-12

(1)

Inside and Outside Bases

21-14

(1)

Tax Accounting Elections

21-14

(1)

Initial Costs of a Partnership

21-15

(1)

Method of Accounting

21-17

(1)

Taxable Year of the Partnership

21-18

(1)

Operations of the Partnership

21-20

(1)

Measuring and Reporting Income

21-20

(1)

Ethical Considerations: A Preparer's Tax Responsibility for Partner's Tax Returns

21-23

(1)

Partnership Allocations

21-23

(1)

Basis of a Partnership Interest

21-26

(1)

Loss Limitations

21-31

(1)

Transactions between Partners and Partnerships

21-36

(1)

Guaranteed Payments

21-37

(1)

Other Transactions Between Partners and Partnerships

21-38

(1)

Partners as Employees

21-39

(1)

Distributions from the Partnership

21-39

(1)

Proportionate Nonliquidating Distributions

21-41

(1)

Proportionate Liquidating Distributions

21-46

(1)

Sale of a Partnership Interest

21-48

(1)

General Rules

21-48

(1)

Effect of Hot Assets

21-49

(1)

Tax Planning Considerations

21-50

(1)

Choosing Partnership Taxation

21-50

(1)

Formation and Operation of a Partnership

21-50

(1)

Transactions Between Partners and Partnerships

21-51

(1)

Tax in the News: Partnerships Around the World-And Beyond

21-52

(1)

Drafting the Partnership Agreement

21-52

(1)

Overall Comparison: Forms of Doing Business

21-52

(1)

Problem Materials

21-57

(1)

S Corporations

22-1

(1)

Introduction

22-2

(1)

An Overview of S Corporations

22-3

(1)

When to Elect S Corporation Status

22-4

(1)

Qualifying for S Corporation Status

22-5

(1)

Definition of a Small Business Corporation

22-5

(1)

Tax in the News: Flexibility with QSSSs

22-6

(1)

Ethical Considerations: Extortion Payments

22-8

(1)

Making the Election

22-8

(1)

Shareholder Consent

22-9

(1)

Loss of the Election

22-10

(1)

Eithcal Considerations: A Voluntary ``Involuntary'' Termination

22-12

(1)

Operational Rules

22-12

(1)

Computation of Taxable Income

22-12

(1)

Allocation of Income and Loss

22-14

(1)

Tax Treatment of Distributions to Shareholders

22-16

(1)

Tax Treatment of Property Distributions by the Corporation

22-20

(1)

Tax in the News: AAA Versus OAA

22-20

(1)

Shareholder's Basis

22-22

(1)

Treatment of Losses

22-24

(1)

Tax on Pre-Election Built-In Gain

22-27

(1)

Ethical Considerations: A Helpful Appraisa

22-29

(1)

Passive Investment Income Penalty Tax

22-31

(1)

Other Operational Rules

22-31

(1)

Tax Planning Considerations

22-32

(1)

When the Election is Advisable

22-32

(1)

Making a Proper Election

22-34

(1)

Preserving the Election

22-34

(1)

Planning for the Operation of the Corporation

22-35

(1)

Problem Materials

22-40

(1)

Exempt Entities

23-1

(1)

General Considerations

23-2

(1)

Tax in the News: Living the Good Life

23-3

(1)

Types of Exempt Organizations

23-4

(1)

Requirements for Exempt Status

23-4

(1)

Serving the Common Good

23-4

(1)

Not-For-Profit Entity

23-4

(1)

Net Earnings and Members of the Organization

23-4

(1)

Political Influence

23-6

(1)

Tax Consequences of Exempt Status: General

23-6

(1)

Prohibited Transactions

23-6

(1)

Tax in the News: How Soon Is Soon Enough?

23-7

(1)

Feeder Organizations

23-10

(1)

Private Foundations

23-11

(1)

Tax Consequences of Private Foundation Status

23-11

(1)

Taxes Imposed on Private Foundations

23-12

(1)

Unrelated Business Income Tax

23-14

(1)

Tax in the News: The Big Five of Private Foundations

23-14

(1)

Ethical Considerations: Unfair Competition: Exempt Entity versus Taxable Entity

23-15

(1)

Unrelated Trade or Business

23-16

(1)

Unrelated Business Income

23-19

(1)

Unrelated Business Taxable Income

23-19

(1)

Unrelated Debt-Financed Income

23-21

(1)

Reporting Requirements

23-24

(1)

Obtaining Exempt Organization Status

23-24

(1)

Ethical Considerations: Tax-Exempt Bingo

23-25

(1)

Annual Filing Requirements

23-26

(1)

Disclosure Requirements

23-27

(1)

Tax Planning Considerations

23-27

(1)

General

23-27

(1)

Maintaining Exempt Status

23-27

(1)

Private Foundation Status

23-28

(1)

Tax in the News: How Honest Are Charities?

23-28

(1)

Unrelated Business Income Tax

23-30

(1)

Problem Materials

23-30

(1)

Taxation of International Transactions

24-1

(1)

Overview of International Taxation

24-2

(1)

Tax Treaties

24-3

(1)

Sourcing of Income and Deductions

24-4

(1)

Tax in the News: Why the Treaty Process Stalls

24-5

(1)

Income Sourced Inside the United States

24-5

(1)

Income Sourced Outside the United States

24-8

(1)

Allocation and Apportionment of Deductions

24-8

(1)

Section 482 Considerations

24-9

(1)

Tax in the News: Partying Around the World

24-10

(1)

Foreign Currency Transactions

24-10

(1)

Tax Issues

24-11

(1)

Functional Currency

24-11

(1)

Branch Operations

24-12

(1)

Distributions from Foreign Corporations

24-12

(1)

Foreign Taxes

24-12

(1)

Section 988 Transactions

24-13

(1)

U. S. Persons with Foreign Income

24-13

(1)

Foreign Sales Corporations

24-14

(1)

Tax in the News: Deja Vu: FSCs under Attack by European Union

24-14

(1)

Ethical Considerations: Export Tax Benefits: Unnecessary Subsidy or Important Incentive?

24-15

(1)

Cross-Border Asset Transfers

24-15

(1)

Tax Havens

24-16

(1)

Foreign Corporations Controlled by U. S. Persons

24-17

(1)

Tax in the News: Who Are These CFCs?

24-19

(1)

The Foreign Tax Credit

24-21

(1)

Tax in the News: More U. S. Companies Set Up Foreign Operations

24-27

(1)

Possessions Corporations

24-28

(1)

U. S. Taxation of Nonresident Aliens and Foreign Corporations

24-29

(1)

Nonresident Alien Individuals

24-29

(1)

Ethical Considerations: Should There Be Some ``Heart'' in Tax Law?

24-30

(1)

Foreign Corporations

24-31

(1)

The Foreign Investment in Real Property Tax Act

24-33

(1)

Expatriation to Avoid U. S. Taxation

24-35

(1)

Tax Planning Considerations

24-35

(1)

The Foreign Tax Credit Limitation and Sourcing Provisions

24-36

(1)

The Foreign Corporation as a Tax Shelter

24-37

(1)

Planning Under Subpart F

24-37

(1)

Maximizing FSC Benefits

24-37

(1)

Transferring Intangible Assets Offshore

24-38

(1)

Problem Materials

24-38

(1)

Tax Administration and Practice

25-1

(1)

Tax Administration

25-2

(1)

Tax in the News: Should the IRS Be Larger?

25-3

(1)

IRS Procedure-Letter Rulings

25-4

(1)

IRS Procedure-Other Issuances

25-5

(1)

Administrative Powers of the IRS

25-5

(1)

The Audit Process

25-6

(1)

Ethical Considerations: Do You Live in an Audit-Friendly Part of the Country?

25-7

(1)

The Taxpayer Appeal Process

25-9

(1)

Offers in Compromise and Closing Agreements

25-11

(1)

Interest

25-11

(1)

Tax in the News: The IRS Strives to Become Consumer-Friendly

25-12

(1)

Taxpayer Penalties

25-13

(1)

International Implications: Advance Pricing Agreements Reduce International Uncertainty

25-15

(1)

Ethical Considerations: Good Faith Valuations

25-17

(1)

Statutes of Limitations

25-20

(1)

Tax in the News: How Agreeable Should a Taxpayer Be?

25-21

(1)

Tax Practice

25-22

(1)

The Tax Practitioner

25-22

(1)

Ethical Considerations---``Statements on Responsibilities in Tax Practice''

25-26

(1)

Tax Planning Considerations

25-28

(1)

Strategies in Seeking an Administrative Ruling

25-28

(1)

Considerations in Handling an IRS Audit

25-29

(1)

Ethical Considerations: Should the Client Attend an Audit?

25-30

(1)

Penalties

25-32

(1)

Problem Materials

25-33

(1)

The Federal Gift and Estate Taxes

26-1

(1)

Transfer Taxes---In General

26-2

(1)

Nature of the Taxes

26-2

(1)

Tax in the News: Are Transfer Taxes Worthwhile?

26-3

(1)

International Implications: Expatriation to Avoid U. S. Taxes

26-4

(1)

International Implications: Death and Taxes Certain for Foreign Individuals?

26-5

(1)

Valuation for Estate and Gift Tax Purposes

26-8

(1)

Key Property Concepts

26-9

(1)

The Federal Gift Tax

26-10

(1)

General Considerations

26-10

(1)

Ethical Considerations: What Constitutes the Obligation of Support

26-11

(1)

Transfers Subject to the Gift Tax

26-11

(1)

Annual Exclusion

26-13

(1)

Deductions

26-14

(1)

Computing the Federal Gift Tax

26-14

(1)

Procedural Matters

26-16

(1)

The Federal Estate Tax

26-17

(1)

Gross Estate

26-17

(1)

Ethical Considerations: A Joint Bank Account and a Subsequent Marriage

26-25

(1)

Taxable Estate

26-27

(1)

Tax in the News: For Whose Benefit?

26-28

(1)

Computing the Federal Estate Tax

26-33

(1)

Estate Tax Credits

26-33

(1)

Tax in the News: How Binding Is a Scheduled Change in the Law?

26-35

(1)

Procedural Matters

26-36

(1)

The Generation-Skipping Transfer Tax

26-36

(1)

The Problem

26-36

(1)

The Solution

26-36

(1)

Tax Planning Considerations

26-37

(1)

The Federal Gift Tax

26-37

(1)

The Federal Estate Tax

26-38

(1)

Problem Materials

26-41

(1)

Income Taxation of Trusts and Estates

27-1

(1)

An Overview of Subchapter J

27-2

(1)

What is a Trust?

27-4

(1)

Other Definitions

27-4

(1)

What is an Estate?

27-5

(1)

Tax in the News: Doing Estate Planning on Television

27-6

(1)

Nature of Trust and Estate Taxation

27-6

(1)

Filing Requirements

27-6

(1)

Tax Accounting Periods, Methods, and Payments

27-7

(1)

Tax Rates and Personal Exemption

27-7

(1)

Tax in the News: Everyone Gets Wet When You Soak the Rich

27-8

(1)

Alternative Minimum Tax

27-9

(1)

Taxable Income of Trusts and Estates

27-9

(1)

Entity Accounting Income

27-9

(1)

Gross Income

27-12

(1)

Ordinary Deductions

27-14

(1)

Deductions for Losses

27-15

(1)

Charitable Contributions

27-16

(1)

Deduction for Distributions to Beneficiaries

27-17

(1)

Tax Credits

27-20

(1)

Taxation of Beneficiaries

27-20

(1)

Distributions by Simple Trusts

27-20

(1)

Distributions by Estates and Complex Trusts

27-21

(1)

Character of Income

27-23

(1)

Losses in the Termination Year

27-24

(1)

Tax in the News: Don't Trust Your Dictionary

27-25

(1)

Tax Planning Considerations

27-26

(1)

A Trust or Estate as an Income-Shifting Device

27-26

(1)

Income Tax Planning for Estates

27-27

(1)

Ethical Considerations: Should a Tax Adviser Also Be a Trustee?

27-28

(1)

Income Tax Planning with Trusts

27-28

(1)

Distributions of In-Kind Property

27-29

(1)

Problem Materials

27-29

(1)

Working with the Tax Law

28-1

(276)

Tax Sources

28-2

(1)

Statutory Sources of the Tax Law

28-2

(1)

Tax in the News: Small Is Beautiful?

28-3

(1)

Ethical Considerations: The President and the IRS

28-7

(1)

Administrative Sources of the Tax Law

28-7

(1)

Tax in the News: Some News About the IRS

28-9

(1)

Judicial Sources of the Tax Law

28-12

(1)

Working with the Tax Law---Tax Research

28-21

(1)

Identifying the Problem

28-21

(1)

Refining the Problem

28-21

(1)

Locating the Appropriate Tax Law Sources

28-22

(1)

Assessing the Validity of the Tax Law Sources

28-24

(1)

Arriving at the Solution or at Alternative Solutions

28-27

(1)

Communicating Tax Research

28-27

(1)

Working with the Tax Law---Tax Planning

28-28

(1)

Nontax Considerations

28-29

(1)

Tax Evasion and Tax Avoidance

28-30

(1)

Follow-Up Procedures

28-31

(1)

Tax Planning---A Practical Application

28-31

(1)

Tax in the News: Audits and Fraud Busters

28-31

(1)

Ethical Considerations: Tax Avoidance

28-32

(1)

Electronic Tax Research

28-32

(1)

Problem Materials

28-38

(1)

APPENDIXES

Tax Rate Schedules and Tables

A-1

Tax Forms

B-1

Glossary of Key Terms

C-1

Table of Code Sections Cited

D-1

Table of Regulations Cited

D-14

Table of Revenue Procedures and Revenue Rulings Cited

D-18

Comprehensive Tax Return Problems

E-1

Subject Index

I-1

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West's Federal Tax: Compreh (2001)

West's Federal Tax: Compreh (2001)

9780324021929

0324021925

Summary

Table of Contents

Supplemental Materials

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Amazon no longer offers textbook rentals. We do!

West's Federal Tax: Compreh (2001)

West's Federal Tax: Compreh (2001)

9780324021929

0324021925

Summary

Table of Contents

Supplemental Materials

Write a Review

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