Prentice Hall Federal Taxation 2003 : Comprehensive
Written by nationally recognized tax educators, this series provides a hands-on, definitive guide to federal income taxation concepts and applications. The Pope/Anderson/Kramer trio of tax texts are available in 1) traditional hardback, 2) 3-hole punched, shrink-wrapped formats, or 3) custom versions (see www.prenhall.com/custombusiness for guidelines). The accompanying website at www.prenhall.com/phtax contains a rich assortment of current issues, a study guide, and cases. The 2003 text editions feature new tax strategy material, new On-Line courses, great discount packaging option with TaxAct software, and a new Instructor's CD-ROM that contains all print and technology resources (easy to transport the entire package, access the package while in the classroom, or customize the materials faculty need!).
- Hardback | 1536 pages
- 222.25 x 273.05 x 50.8mm | 2,263.41g
- 09 Apr 2002
- Pearson Education (US)
- United States
Table of contents
(NOTE:I = Individual; C = Corporate; Most chapters conclude with Tax Planning Considerations, Compliance and Procedural Considerations, and Problem Materials.) I-1. An Introduction to Taxation. History of Taxation in the United States. Types of Tax Rate Structures. Types of Taxes. Criteria for a Tax Structure. Objectives of the Federal Income Tax Law. Tax Law Sources. Enactment of a Tax Law. Administration of the Tax Law and Tax Practice Issues. Components of a Tax Practice. Computer Applications in Tax Practice. I-2. Determination of Tax. Formula for Individual Income Tax. Deductions from Adjusted Gross Income. Determining the Amount of Tax. Corporate Tax Formula and Rates. Treatment of Capital Gains and Losses. I-3. Gross Income--Inclusions. Economic and Accounting Concepts of Income. Tax Concept of Income. to Whom Is Income Taxable? When Is Income Taxable? Items of Gross Income--Sec. 61(a). Other Items of Gross Income. I-4. Gross Income--Exclusions. Items That Are Not Income. Major Statutory Exclusions. I-5. Property Transactions--Capital Gains and Losses. Determination of Gain or Loss. Basis Considerations. Definition of a Capital Asset. Tax Treatment for Capital Gains and Losses of Noncorporate Taxpayers. Sale or Exchange. Holding Period. Preferential Treatment for Net Capital Gains. I-6. Deductions and Losses. General Restrictions on the Deductibility of Expenses. Proper Substantiation Requirement. When an Expense Is Deductible. Special Disallowance Rules. I-7. Itemized Deductions. Medical Expenses. Taxes. Interest. Charitable Contributions. Casualty and Theft Losses. Miscellaneous Itemized Deductions. Reduction of Certain Itemized Deductions. I-8. Losses and Bad Debts. Transactions That May Result in Losses. Classifying the Loss on the Taxpayer's Tax Return. Passive Losses. Casualty and Theft Losses. Bad Debts. Net Operating Losses. I-9. Employee Expenses and Deferred Compensation. Classification of Employee Expenses. Travel Expenses. Transportation Expenses. Entertainment Expenses. Reimbursed Employee Business Expenses. Moving Expenses. Education Expenses. Office in Home Expenses. Deferred Compensation. I-10. Depreciation, Cost Recovery, Amortization, and Depletion. Amortization. I-11. Accounting Periods and Methods. Accounting Periods. Overall Accounting Methods. Inventories. Special Accounting Methods. Imputed Interest. Change in Accounting Methods. I-12. Property Transactions--Nontaxable Exchanges. Like-Kind Exchanges. Involuntary Conversions. Sale of Principal Residence. I-13. Property Transactions--Sec. 1231 and Recapture. History of Sec. 1231. Overview of Basic Tax Treatment for Sec. 1231. Section 1231 Property. Involuntary Conversions. Procedure for Sec. 1231 Treatment. Recapture Provisions of Sec. 1245. Recapture Provisions of Sec. 1250. Additional Recapture for Corporations. Recapture Provisions--Other Applications. I-14. Special Tax Computation Methods, Tax Credits, and Payment of Tax. Alternative Minimum Tax. Self-Employment Tax. Overview of Tax Credits. Personal Tax Credits. Miscellaneous Credits. General Business Credits. Refundable Credits. Payment of Taxes. C-1. Tax Research. Overview of Tax Research. Steps in the Tax Research Process. Importance of the Facts to the Tax Consequences. The Sources of Tax Law. Tax Services. Citators. Computers as a Research Tool. Statements on Responsibilities in Tax Practice. Sample Work Papers and Client Letter. C-2. Corporate Formations and Capital Structure. Organization Forms Available. Check-the-Box Regulations. Legal Requirements for Forming a Corporation. Tax Considerations in Forming a Corporation. Section 351: Deferring Gain or Loss Upon Incorporation. Choice of Capital Structure. Worthlessness of Stock or Debt Obligations. C-3. The Corporate Income Tax. Corporate Elections. Computing a Corporation's Taxable Income. Computing a Corporation's Tax Liability. Controlled Groups of Corporations. C-4. Corporate Nonliquidating Distributions. Nonliquidating Distributions in General. Earnings and Profits (E&P). Nonliquidating Property Distributions. Stock Dividends and Stock Rights. Stock Redemptions. Preferred Stock Bailouts. Stock Redemptions by Related Corporations. C-5. Other Corporate Tax Levies. Tax Corporate Alternative Minimum Tax. Personal Holding Company Tax. Accumulated Earnings Tax. C-6. Corporate Liquidating Distributions. Overview of Corporate Liquidations. General Liquidation Rules. Liquidation of a Controlled Subsidiary Corporation. Special Shareholder Reporting Issues. Special Corporate Reporting Issues. Recognition of Gain or Loss When Property Is Distributed in Retirement of Debt. C-7. Corporate Acquisitions and Reorganizations. Taxable Acquisition Transactions. Comparison of Taxable and Tax-Free Acquisitions. Types of Reorganizations. Tax Consequences of Reorganizations. Acquisitive Reorganizations. Divisive Reorganizations. Other Reorganization Transactions. Judicial Restrictions on the Use of Corporate Reorganizations. Tax Attributes. C-8. Consolidated Tax Returns. Source of the Consolidated Tax Return Rules. Definition of an Affiliated Group. Should a Consolidated Return be Filed? Consolidated Taxable Income. Intercompany Transactions. Dividends Received by Group Members. Consolidated Charitable Contributions Deduction. Net Operating Losses (NOLs). Consolidated Capital Gains and Losses. Computation of the Affiliated Group's Tax Liability. Consolidated Tax Credits, Stock Basis Adjustments. C-9. Partnership Formation and Operation. Definition of a Partnership. Overview of Taxation of Partnership Income. Tax Implications of Formation of a Partnership. Partnership Elections. Partnership Reporting of Income. Partner Reporting of Income. Basis for Partnership Interest. Special Loss Limitations. Transactions between a Partner and the Partnership. Family Partnerships. C-10. Special Partnership Issues. Nonliquidating Distributions. Nonliquidating Distributions With Sec. 751. Terminating an Interest in a Partnership. Optional Basis Adjustments. Special Forms of Partnerships. C-11. S Corporations. Should an S Election Be Made? S Corporation Requirements. Election of S Corporation Status. S Corporation Operations. Taxation of the Shareholder. Basis Adjustments. S Corporation Distributions. Other Rules. C-12. The Gift Tax. Concept of Transfer Taxes. The Unified Transfer Tax System. Gift Tax Formula. Transfers Subject to the Gift Tax. Exclusions. Gift Tax Deductions. The Gift-Splitting Election. Computation of the Gift Tax Liability. Comprehensive Illustration. Basis Considerations for a Lifetime Giving Plan. Below Market Loans: Gift and Income Tax Consequences. C-13. The Estate Tax. Estate Tax Formula. The Gross Estate: Valuation. The Gross Estate: Inclusions. Deductions. Computation of Tax Liability. Comprehensive Illustration. Liquidity Concerns. Generation Skipping- Transfer Tax. C-14. Income Taxation of Trusts and Estates. Basic Concepts. Principles of Fiduciary Accounting. Formula for Taxable Income and Tax Liability. Distributable Net Income. Determining a Simple Trust's Taxable Income. Comprehensive Illustration: Determining a Simple Trust's Taxable Income. Determining Taxable Income for Complex Trusts and Estates. Comprehensive Illustration: Determining a Complex Trust's Taxable Income. Income in Respect of a Decedent. Grantor Trust Provisions. C-15. Administrative Procedures. Role of the Internal Revenue Service. Audits of Tax Returns. Requests for Rulings. Due Dates. Failure-to-File and Failure-to-Pay Penalties. Estimated Taxes. Other More Severe Penalties. Statute of Limitations. Liability for Tax. Tables. Appendices.