Federal Income Tax: Examples and Explanations,9780735524026

Federal Income Tax: Examples and Explanations

by ; ;
Edition: 3rd
ISBN13: 9780735524026
ISBN10: 0735524025
Format: Paperback
Pub. Date: 2002-07-01
Publisher(s): Wolters Kluwer
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List Price: $39.85

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Summary

This comprehensive study guide explores and explains Federal Income Tax law to help students achieve a thorough understanding of this essential area. Highly regarded by instructors and successfully used by thousands of students, Federal Income Taxation: Examples & Explanations enters its Third Edition with a reputation for quality and effectivneess. the book earned its loyal users through: the Examples & Explanations style, combining clear text with examples, explanations, and questions to test student understanding of the material comprehensive coverage of all important topics in Federal Income Tax Taxation inclusion of numerous policy questions throughout text skillful organization that facilitates successful use alongside any of the leading casebooks breaking complex subjects into discrete questions for easier understanding offering sample exams -- with answers illustrating concepts through charts, figures, and graphics New material in the Third Edition includes: coverage of the Economic Growth and Tax Relief Reconcilation Act of 2001 changes in the tax law since 1999 coverage of Tax Shelters new examples and explanations new sample exams

Table of Contents

An Introductory Note to Students xiii
Acknowledgments xv
Introduction
1(32)
Introduction to Terminology and Structure
2(11)
Time Value of Money and the Value of Deferring Tax
13(5)
Tax Administration and Litigation
18(6)
Tax Legislation
24(2)
Tax Research
26(7)
Some Characteristics of Gross Income
33(92)
The Haig-Simons Definition of Income
34(1)
Noncash Compensation: Fringe Benefits
35(26)
Employer-Provided Meals and Lodging
35(8)
Employer-Provided Insurance and Health, Accident, and Death Benefits
43(3)
The Section 132 Exclusion for Miscellaneous Fringe Benefits
46(15)
Imputed Income
61(4)
Windfalls, Gifts, Scholarships, Prizes, and Transfer Payments
65(13)
Windfalls
65(1)
Gifts and Bequests
66(9)
Scholarships, Prizes, and Awards
75(2)
Transfer Payments
77(1)
Selected Recovery of Capital Issues: Partial Sales, Annuities, Insurance Policies, Life Estates, and Remainder Interests
78(17)
Partial Sales
79(2)
Annuities
81(8)
Life Insurance
89(3)
Gambling Winnings and Losses
92(1)
Life Estates and Remainder Interests
93(2)
Annual Accounting
95(6)
Personal Injury Recoveries
101(11)
Transactions Involving Loans and Income from Discharge of Indebtedness
112(9)
Tax-Exempt Bonds
121(1)
Gain from the Sale of a Personal Residence
122(3)
Problems of Timing
125(72)
Gains and Losses from Investment in Property
126(16)
Realization of Gains and Losses
126(2)
Recognition of Gains and Losses
128(1)
Like-Kind Exchanges
128(10)
Other Nonrecognition Rules
138(4)
Transfers Incident to Marriage and Divorce
142(9)
Installment Sale and Open Transaction Reporting
151(6)
Original Issue Discount
157(9)
The Cash Method of Accounting
166(7)
Section 83 Transfers
173(10)
The Accrual Method of Accounting
183(7)
Alternative Tax Bases: Consumption Tax and Value Added Tax
190(7)
Personal Deductions, Exemptions, and Credits
197(54)
Introduction
197(8)
Casualty Losses
205(10)
Extraordinary Medical Expenses
215(10)
Charitable Contributions
225(15)
Personal Interest
240(7)
Taxes
247(4)
Deductions for the Costs of Earning Income
251(120)
The Statutory Framework
252(2)
Current Expenses versus Capital Expenditures
254(9)
Repair and Maintenance Expenses
263(3)
Inventory Accounting
266(12)
Rent Payments versus Installment Purchase
278(4)
Goodwill and Other Intangible Assets
282(3)
``Ordinary and Necessary'' Expenses
285(7)
The Scope of ``Ordinary and Necessary''
285(2)
Reasonable Compensation
287(3)
Costs Associated with Illegal or Unethical Activities
290(2)
Depreciation and the Accelerated Cost Recovery System
292(19)
Depletion Deductions
311(2)
Tax Shelters
313(58)
The Characteristics of Tax Shelters
313(2)
The Judicial Response to Tax Shelters
315(9)
The Congressional Response to Tax Shelters
324(1)
The Investment Interest Limitation of §163(d)
324(5)
The Passive Loss Rules of §469
329(13)
The At-Risk Rules of §465
342(7)
The Limitations of §§264 and 265
349(3)
The Accuracy-Related Penalties of §6662
352(1)
Sale and Leaseback Transactions
352(8)
Alternative Minimum Tax
360(2)
Additional Review Examples
362(3)
Corporate Tax Shelters
365(6)
Mixed Personal and Business Expenditures
371(62)
Controlling the Abuse of Business Deductions
372(23)
Hobby Losses
372(8)
Rental of a Dwelling Used by the Taxpayer
380(8)
Home Offices, Computers, and Automobiles
388(7)
Travel and Entertainment Expenses
395(9)
Child Care Expenses
404(5)
Commuting Expenses
409(4)
Clothing Expenses
413(2)
Legal Expenses
415(3)
Educational Expenses
418(15)
Income Shifting
433(32)
Income from Services and Property
433(13)
Trusts
446(4)
Grantor Trusts
450(5)
Family Partnerships
455(4)
Below-Market Loans
459(6)
Capital Gains and Losses
465(46)
The Tax Treatment of Capital Gains and Losses
465(10)
Policy Rationale for the Treatment of Capital Gain and Loss
475(3)
The Definition of ``Capital Asset''
478(14)
Section 1231 and Depreciation Recapture
492(6)
Substitutes for Ordinary Income
498(7)
The Sale of a Business
505(5)
Connected Current and Prior Transactions
510(1)
Exam Appendix 511(92)
Table of Cases 603(4)
Table of Internal Revenue Code Sections 607(10)
Table of Treasury Regulations 617(2)
Table of Other Administrative Pronouncements 619(2)
Topical Index 621

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