Prentice Hall's Federal Taxation 2001 : Comprehensive
Written by nationally recognized tax educators, this acclaimed three-volume series provides a hands-on, definitive guide to federal income taxation concepts and applications. A web-site offering great resources and huge $$avings for on-line student supplement available with the books, and the accounting hotline offers immediate service for faculty. (PHFT: Corp - See ANDERSON)
- Hardback | 1424 pages
- 222.25 x 273.05 x 44.45mm | 2,177.24g
- 18 Jul 2000
- Pearson Education (US)
- United States
Table of contents
(NOTE: I = Individual; C = Corporate; There is no chapter C8.) 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. Statements on responsibilities in tax practice. Components of a tax practice. Tax research procedures. 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 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. Tax treatment of capital gains and losses-corporate taxpayers. Sale or exchange. Holding period. Preferential treatment for net capital gains. I-6. Deductions and Losses. For versus from AGI classification. When an expense is deductible. Criteria for deducting business and investment expenses. Proper substantiation requirement. Expenses and losses must be incurred by the taxpayer. Special disallowance rules. I-7. Itemized Deductions. Medical expenses. Taxes. Interest. Charitable contributions. Casualty and theft losses. Miscellaneous itemized deductions. I-8. Losses and Bad Debts. Transactions that may result in losses. Classifying the loss on the taxpayers 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. Moving expenses. Entertainment expenses. Education expenses. Office in home expenses. Deferred Compensation. I-10. Depreciation, Cost Recovery, Depletion, and Amortization. Depreciation and cost recovery. Depletion and intangible drilling and development costs. Amortization. Inventory costs. 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-deferral of gain. Sale of principal residence-excluded gain. 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, Payment of Tax, and Tax Credits. Alternative minimum tax. Forward averaging. Self-employment tax. Payment of taxes. Tax credits. Foreign tax credit. Credit for increasing research activities. Targeted jobs credit. Empowerment zone employment credit. Disabled access credit. Tax credit for rehabilitation expenditures. Business energy credits. Personal tax credits. C-1. Tax Research. Overview of Tax Research. Steps in the Tax Research Process. Importance of the Facts to the Tax Results. 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. Definition of a corporation. 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. General formula for determining the corporate tax liability. Computing a corporations taxable income. Computing a corporations income tax liability. Controlled groups of corporations. The corporate alternative minimum tax. Superfund environmental tax. Personal holding company tax. C-4. Corporate Nonliquidating Distributions. Distributions in general. Earnings and profits (E&P). 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. Superfund environmental tax. Personal holding company tax. Accumulated earnings tax. Unrelated business income tax. Tax planning considerations. Compliance and procedural considerations. Problem materials. C-6. Corporate Liquidating Distributions. Tax consequences of corporate liquidations. Effects of liquidating on the shareholders. Effects of liquidating on the liquidating corporation. Corporate liquidations as part of taxable acquisitions. C-7. Corporate Acquisitions and Reorganizations. Characteristics of taxable and tax-free transactions. Types of tax-free reorganizations. Tax consequences of reorganizations. Acquisitive reorganizations. Divisive reorganizations. Other reorganization transactions. Judicial restrictions on the use of corporate reorganizations. Tax attributes. C-9. Partnership Formation and Operation. Definition of a partnership. Overview of partnership taxation. 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 corporation 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 trusts taxable income. Comprehensive illustration-determining a simple trusts taxable income. Determining taxable income for complex trusts and estates. Comprehensive illustration-determining a complex trusts taxable income. Accumulation distribution rules. Section 644 tax. 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. Estimated taxes. Other more severe penalties. Statute of limitations. Liability for tax. Tax practice issues.
About Thomas R. Pope
THOMAS R. POPE is an Associate Professor of Accounting at the University of Kentucky. He received a B.S. from the University of Louisville and a M.S. and DBA in business administration from the University of Kentucky. He teaches partnership and S corporation taxation, tax research and policy, and introductory taxation and has won outstanding teaching awards at the university, college, and school of accountancy levels. He has published articles in The Tax Adviser, Taxes, The Accounting Review, and a number of other journals.Pope's extensive professional experience includes eight years with Big Five accounting firms. Five of those years were with Ernst & Whinney (now part of Ernst & Young), including two years where he earned a position with their National Tax Department in Washington, D.C. He subsequently held the position of Senior Manager in charge of the Tax Department in Lexington, Kentucky. Pope has also been a leader and speaker at professional tax conferences all over the United States and is active as a tax consultant.KENNETH E. ANDERSON is a Distinguished Professor of Taxation at the University of Tennessee. He earned a B.B.A. from the University of Wisconsin-Milwaukee and subsequently attained the level of tax manager with Arthur Young & Company (now part of Ernst & Young). He then earned a Ph.D. from Indiana University. He teaches introductory taxation, corporate taxation, partnership taxation, tax research and tax strategy, and has twice won the Beta Alpha Psi Outstanding Educator Award (1994 and 1995). Anderson has published articles The Accounting Review, The Journal of the American Taxation Association, The Journal of Accountancy, and a number of other journals. In addition, he is on the editorial board of Advances in Taxation.JOHN L. KRAMER is the Arthur Andersen Professor of Accounting at the Fisher School of Accounting at the University of Florida. He is a recipient of a Teaching Improvement Program award given by the University of Florida in 1994. He holds a Ph.D. in Business Administration, a M.B.A. from the University of Michigan (Ann Arbor), and a B.B.A. from the University of Michigan (Dearborn). He is a past-president of the American Taxation Association and the Florida Association of Accounting Educators, as well as a past editor of The Journal of the American Taxation Association. Kramer has taught for the American Institute of CPAs, American Tax Institute of Europe, and a number of national and regional accounting firms. He is a frequent speaker at academic and professional conferences, as well as having served as an expert witness in a number of court cases. He has published more than 50 articles in The Accounting Review, The Journal of the American Taxation Association, The Tax Adviser, The Journal of Taxation and other academic and professional journals.