Federal Income Taxation with Problems Supplement, 5th Edition 2004

, by McDaniel, Paul R.; McMahon, Martin J.; Simmons, Daniel L.; Abreu, Alice G.

Note: Supplemental materials are not guaranteed with Rental or Used book purchases.

ISBN: 9781587784354 | 1587784351
Cover: Hardcover
Copyright: 8/30/2004

Rent

(Recommended)

$96.61

Term

Due

Price

Semester

Aug 2

$96.61

Quarter

Jul 19

$91.78

Short Term

Jun 21

$86.95

*This item is part of an exclusive publisher rental program and requires an additional convenience fee. This fee will be reflected in the shopping cart.
Buy Used

Usually Ships in 2-4 Business Days

$98.49
Buy New

Usually Ships in 3-5 Business Days

$132.00

Federal Income Taxation, Fourth Edition, focuses on both the technical and policy issues associated with income taxation. It thoroughly integrates all relevant amendments to the Code enacted in Taxpayer Relief Act of 1997 and presents indepth coverage of selected advanced issues. The casebook is adaptable for use in a single course covering basis income taxation or a sequence of courses dealing with income taxation at either the J.D. level or LL.M. level.

Preface

iii

Acknowledgements

Instructor's Note

Table of Internal Revenue Code Sections

xlv

Table of Treasury Regulations

lxxiii

Table of Cases and Rulings

lxxxiii

PART I Introduction to Federal Income Taxation

(54)

Introduction

(54)

An Overview of Policy Issues and the Current Income Tax

(19)

Selection of a Tax---Goals and Criteria

(3)

Definitions of Income and Income vs. Consumption as the Tax Base

(1)

Goode, ``The Economic Definition of Income'' in Pechman (Ed.), Conprehensive Income Taxation

(3)

Cunningham, The Taxation of Capital Income and the Choice of Tax Base

(4)

The Structure of the Income Tax and Selected Policy Issues

(1)

Defining the Tax Base

(1)

General

(1)

Income From Property

(1)

Establishing the Rate Structure

(2)

Defining the Taxable Unit

(1)

Determining the Taxable Period and the Taxable Income for that Period

(1)

Other Key Concepts

(1)

Timing

(1)

Tax Expenditure Analysis

(1)

The Road to the Sixteenth Amendment

(5)

Introduction

(1)

The Early Years

(1)

The 1894 Income Tax---Legislative Victory and Judicial Defeat

(1)

The Sixteenth Amendment

(1)

Illustrative Material

(1)

The Federal Income Tax System

(30)

The Legislative Process

(2)

The Administrative Process

(1)

General Organization of the Internal Revenue Service

(1)

Administrative Interpretation of the Tax Laws

(5)

The Judicial Process

(1)

Original Jurisdiction

(1)

Appellate Jurisdiction

(1)

IRS Acquiescence and Nonacquiescence

(1)

A Brief Survey of Income Tax Procedure

(1)

Current Payment

(1)

Filing of Return and Final Payment

(1)

Investigation of Returns and Settlement Procedure

(2)

Tax Court Proceedings

(2)

Refund Procedure

(1)

Interest, Penalties, and Attorneys' Fees

(4)

Conclusion

(2)

The Tax Adviser

(1)

American Bar Association Formal Opinion 85--352

(3)

Report of the Special Task Force in Formal Opinion 85--352

(2)

Illustrative Material

(3)

PART II Gross Income

(304)

General Principles of Gross Income

(24)

Income

(9)

Increase in Net Worth

(1)

Commissioner v. Glenshaw Glass Co.

(3)

Illustrative Material

(1)

Indirect Receipts

(1)

Old Colony Trust Company v. Commissioner

(2)

Illustrative Material

(2)

The Realization Requirement

(11)

Eisner v. Macomber

(4)

Helvering v. Bruun

(2)

Illustrative Material

(5)

Imputed Income

(4)

Marsh, The Taxation of Imputed Income

(2)

Illustrative Material

(2)

Compensation for Services

(39)

Noncash Transactions

(7)

Revenue Ruling 79--24

(1)

Illustrative Material

(1)

Rooney v. Commissioner

(3)

Illustrative Material

(3)

Deferred Compensation Arrangements

(5)

United States v. Drescher

(4)

Illustrative Material

(1)

Employee Fringe Benefits

(27)

Exclusions Based on Tax Policy and Administrative Convenience

(1)

General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984

(8)

Illustrative Material

101

(10)

Employee Benefits Excluded from Gross Income to Further Social Policy Goals

111

(1)

Illustrative Material

111

(7)

Gifts, Inheritances, and Similar Items

118

(36)

Gifts and Inheritances

118

(16)

Exclusion for Gifts and Inheritances

118

(1)

Illustrative Material

119

(1)

The Meaning of ``Gift'' or ``Inheritance''

119

(1)

Commissioner v. Duberstein

119

(9)

Illustrative Material

128

(6)

Life Insurance Death Benefits

134

(3)

Illustrative Material

134

(3)

Prizes

137

(2)

Illustrative Material

138

(1)

Scholarships

139

(7)

General Explanation of the Tax Reform Act of 1986

139

(4)

Illustrative Material

143

(3)

Governmental Subsidies and Related Items

146

(8)

Business Subsidies

146

(1)

Illustrative Material

147

(1)

Social Welfare Payments

148

(1)

Notice 99--3

148

(2)

Illustrative Material

150

(4)

Loans and Other Receipts Balanced by Offsetting Obligations

154

(30)

Loans

154

(5)

Milenbach, et al. v. Commissioner

154

(4)

Illustrative Material

158

(1)

Claim of Right Doctrine

159

(4)

North American Oil Consolidated v. Burnet

159

(2)

Illustrative Material

161

(2)

Illegal Income

163

(9)

James v. United States

163

(6)

Illustrative Material

169

(3)

Deposits

172

(7)

Commissioner v. Indianapolis Power & Light Co.

172

(5)

Illustrative Material

177

(2)

Conduit Situations

179

(5)

Revenue Ruling 68--512

179

(1)

Illustrative Material

180

(4)

Income From the Disposition of Property

184

(35)

Introduction

184

(2)

Realization of Gain or Loss

186

(15)

Mortgaging Property as a Disposition

186

(1)

Woodsam Associates, Inc. v. Commissioner

186

(2)

Illustrative Material

188

(1)

Realization As Material Change

189

(1)

Cottage Savings Association v. Commissioner

189

(8)

Illustrative Material

197

(4)

Determining the Amount of Gain

201

(18)

Sales of Property and Transfers of Property in Satisfaction of a Claim

201

(1)

International Freighting Corporation, Inc. v. Commissioner

201

(3)

Illustrative Material

204

(4)

Basis of Property Received in an Exchange

208

(1)

Philadelphia Park Amusement Co. v. United States

208

(3)

Illustrative Material

211

(3)

The Role of Debt in Amount Realized and Basis

214

(1)

Illustrative Material

215

(4)

The Relationship of Basis to Income Recognition

219

(25)

Gifts of Property: Transferred Basis

219

(4)

Taft. v. Bowers

219

(2)

Illustrative Material

221

(2)

Transfers at Death: Fair Market Value Basis

223

(6)

Illustrative Material

224

(5)

Gifts and Inheritances of Split Interests

229

(3)

Irwin v. Gavit

229

(2)

Illustrative Material

231

(1)

Income in Respect of a Decedent

232

(6)

Edward D. Rollert Residuary Trust v. Commissioner

233

(3)

Illustrative Material

236

(2)

Tax Policy Aspects of Gratuitous Transfers of Appreciated Property

238

(2)

U.S. Treasury Department Tax Reform Studies and Proposals

239

(1)

Nonshareholder Contributions to Capital

240

(4)

Illustrative Material

240

(4)

Taxation of Periodic Income From Capital

244

(47)

Introduction

244

(8)

Illustrative Material

244

(8)

Tax Deferred and Tax-Exempt Investment Accounts

252

(8)

Illustrative Material

253

(4)

Eugene Steuerle, Back-loaded IRAs: Head Taxes Replace Income and Consumption Taxes

257

(3)

Special Treatment of Corporate Dividends

260

(2)

Jobs and Growth Tax Relief Reconciliation Act of 2003, Report of the Committee on Ways and Means, House of Representatives

260

(1)

Illustrative Material

261

(1)

Tax-Exempt Interest on State and Local Bonds

262

(8)

General Explanation of the Tax Reform Act of 1986

266

(2)

Illustrative Material

268

(2)

Treatment of the Owner of Annuity and Life Insurance Contracts

270

(13)

Annuities

271

(2)

Illustrative Material

273

(5)

Life Insurance

278

(2)

Illustrative Material

280

(3)

Exclusion of Gains From the Sale of a Principal Residence

283

(8)

Illustrative Material

284

(7)

Damage Awards and Settlements and Insurance Recoveries

291

(19)

Damages Received on Account of Property and Lost Profits

291

(7)

Clark v. Commissioner

291

(1)

Raytheon Production Corp. v. Commissioner

292

(4)

Illustrative Material

296

(2)

Damage Awards for Personal Injury

298

(9)

General Explanation of Tax Legislation Enacted in the 105th Congress

300

(2)

Illustrative Material

302

(5)

Insurance Recoveries

307

(3)

Compensation for Personal Injuries or Sickness

307

(1)

Worker's Compensation

307

(1)

Accident and Health Insurance

308

(1)

Insurance Payments for Living Expenses

309

(1)

Income From the Cancellation of Indebtedness

310

(23)

General Principles

310

(5)

United States v. Kirby Lumber Company

310

(1)

Illustrative Material

311

(4)

Statutory Codification of Cancellation of Indebtedness Rules

315

(5)

Illustrative Material

316

(4)

The Disputed Debt, or Contested Liability Doctrine

320

(10)

Preslar v. Commissioner

320

(7)

Illustrative Material

327

(3)

Cancellation of Indebtedness as a Medium of Payment

330

(3)

Illustrative Material

331

(2)

Tax Expenditures

333

(26)

The Concept of Tax Expenditures

333

(23)

Introduction

333

(1)

Identifying Tax Expenditures

334

(2)

The Tax Expenditure Budget

336

(1)

Estimates of Federal Tax Expenditures for Fiscal Years 2004--2008

336

(9)

Illustrative Material

345

(11)

Application of Tax Expenditure Analysis

356

(3)

Illustrative Material

356

(3)

PART III Business Deductions and Credits

359

(224)

Ordinary and Necessary Business and Profit--Seeking Expenses

359

(44)

The Relevance of ``Trade or Business'' Versus ``Profit--Seeking'' Expenses

360

(3)

Illustrative Material

362

(1)

The ``Ordinary and Necessary'' Limitation

363

(10)

The Supreme Court Decisions

363

(1)

Welch v. Helvering

363

(2)

Illustrative Material

365

(1)

The ``Ordinary and Necessary'' Limitation in the Lower Courts

366

(1)

Friedman v. Delaney

366

(3)

Illustrative Material

369

(4)

The Limitation of ``Unreasonable'' Compensation

373

(8)

Exacto Spring Corporation v. Commissioner

373

(4)

Illustrative Material

377

(4)

Expenses Related to Tax--Exempt Income

381

(5)

Revenue Ruling 83--3

381

(3)

Illustrative Material

384

(2)

``Public Policy'' Limitations: Tax Penalties

386

(17)

Bribes, Fines, and Penalties

387

(1)

Tank Truck Rentals, Inc. v. Commissioner

387

(2)

Illustrative Material

389

(6)

Lobbying Activities

395

(1)

Cammarano v. United States

395

(1)

Illustrative Material

396

(4)

Other Tax Penalties

400

(1)

Illustrative Material

400

(3)

Deductible Profit-Seeking Expenses Versus Nondeductible Capital Expenditures

403

(48)

Expenditures to Acquire Property

405

(12)

Encyclopaedia Britannica, Inc. v. Commissioner

405

(3)

Illustrative Material

408

(9)

Expenditures With Benefit Beyond the Taxable Year and Intangible Assets

417

(12)

INDOPCO, Inc. v. Commissioner

417

(4)

Illustrative Material

421

(8)

Business Investigation, Start-Up and Expansion Costs

429

(9)

Senate Finance Committee Report, Miscellaneous Revenue Act of 1980

431

(2)

Illustrative Material

433

(5)

Improvement Versus Repair or Replacement

438

(13)

Midland Empire Packing Company v. Commissioner

438

(3)

Mt. Morris Drive--In Theatre Co. v. Commissioner

441

(2)

Mt. Morris Drive--In Theatre Company v. Commissioner

443

(1)

Illustrative Material

444

(7)

Cost Recovery Mechanisms

451

(50)

Depreciation

453

(33)

Accelerated Cost Recovery System

453

(1)

Simon v. Commissioner

453

(7)

Illustrative Material

460

(14)

Election to Expense Certain Depreciable Business Assets

474

(1)

Illustrative Material

474

(1)

The Financial Impact of Accelerated Cost Recovery

475

(5)

Illustrative Material

480

(6)

Statutory Amortization of Intangible Assets

486

(6)

Revenue Reconciliation Act of 1993, Report of the Committee on Ways and Means, House of Representatives

486

(3)

Illustrative Material

489

(3)

Expensing and Amortization Provisions

492

(3)

Illustrative Material

492

(3)

Capital Recovery for Natural Resources

495

(6)

Illustrative Material

496

(5)

Transactional Losses

501

(32)

Business or Profit Seeking Losses

502

(14)

Miller v. Commissioner

504

(2)

Illustrative Material

506

(10)

Loss Disallowance Rules

516

(8)

Sales to Related Persons: Section 267

517

(1)

Illustrative Material

518

(2)

Wash Sales

520

(1)

Tax Straddles

521

(1)

Public Policy Limitation

522

(2)

Bad Debts

524

(9)

Illustrative Material

525

(8)

Interest as a Profit-Seeking Expense

533

(33)

What Is Interest?

533

(10)

Albertson's, Inc. v. Commissioner

533

(4)

Illustrative Material

537

(6)

Allocation of Interest

543

(5)

Illustrative Material

544

(4)

Limitations on the Interest Deduction

548

(18)

Investment Interest Limitation

548

(1)

General Explanation of the Tax Reform Act of 1986

549

(2)

Illustrative Material

551

(2)

Capitalization of Interest

553

(1)

Illustrative Material

554

(1)

Interest on Loans to Acquire or Carry Tax Exempt Bonds

555

(1)

Revenue Procedure 72--18

555

(4)

Illustrative Material

559

(2)

Interest Incurred in Connection with Insurance Contracts

561

(1)

Judicial Limitations on the Deductibility of Interest in Tax Motivated Transactions

562

(4)

Business Tax Credits

566

(17)

Introduction

566

(1)

General Business Credit

567

(13)

Illustrative Material

568

(12)

Other Business Credits

580

(3)

PART IV Dual Purpose Expenses

583

(100)

Determining When a Taxpayer is Engaging in a Business or Profit-Seeking Activity

583

(27)

Is There a Profit--Seeking Motive?

584

(14)

Peacock v. Commissioner

584

(7)

Illustrative Material

591

(7)

Business Use of Residence

598

(12)

Hamacher v. Commissioner

598

(4)

Illustrative Material

602

(8)

Expenses Involving Both Personal and Business Purposes

610

(49)

General Principles

610

(7)

Moss v. Commissioner

611

(3)

Illustrative Material

614

(3)

Travel and Related Expenses

617

(17)

Commissioner v. Flowers

617

(2)

Hantzis v. Commissioner

619

(6)

Illustrative Material

625

(9)

Business Meals and Entertainment

634

(13)

Churchill Downs, Inc. v. Commissioner

634

(4)

Illustrative Material

638

(9)

Statutory Limitations on Deductions for Certain Property

647

(4)

General Explanation of the Revenue Provisions of the Tax Reform Act of 1984

647

(1)

Illustrative Material

648

(3)

Clothing

651

(5)

Pevsner v. Commissioner

651

(4)

Illustrative Material

655

(1)

Child and Dependent Care

656

(3)

Smith v. Commissioner

656

(1)

Illustrative Material

657

(2)

Expenditures Involving Both Personal and Capital Aspects

659

(24)

Legal Expenses

659

(12)

United States v. Gilmore

659

(6)

Illustrative Material

665

(6)

Expenses for Education and Seeking Employment

671

(12)

Wassenaar v. Commissioner

671

(3)

Illustrative Material

674

(9)

PART V Deductions and Credits for Personal Living Expenses

683

(104)

Itemized Personal Deductions

683

(68)

Introduction---The Adjusted Gross Income Concept and Itemized Deductions

683

(2)

Illustrative Material

684

(1)

Medical Expenses

685

(13)

Revenue Ruling 99--28

686

(1)

Rev. Rul. 2002--19

687

(2)

Illustrative Material

689

(9)

Charitable Contributions

698

(27)

Hernandez v. Commissioner

699

(9)

Illustrative Material

708

(17)

State and Local Taxes

725

(3)

Illustrative Material

726

(2)

Qualified Home Mortgage Interest

728

(10)

General Explanation of the Tax Reform Act of 1986

728

(1)

Illustrative Material

729

(9)

Casualty Losses

738

(10)

Chamales v. Commissioner

738

(5)

Illustrative Material

743

(5)

Limitations on Itemized Deductions

748

(3)

Standard Deduction, Personal and Dependency Exemptions, and Personal Credits

751

(16)

Personal Exemptions and the Standard Deduction

751

(6)

The Standard Deduction

752

(1)

Illustrative Material

752

(1)

Personal Exemptions

753

(1)

Illustrative Material

754

(3)

Personal Credits

757

(10)

Credits for Basic Living Expenses

757

(1)

Earned Income Credit

757

(1)

Illustrative Material

758

(2)

The Child Credit

760

(1)

Tax Credits for Personal Costs

761

(1)

Illustrative Material

762

(5)

Tax Expenditures for Education

767

(20)

Overview of Present Law and Economic Analysis Relating to Tax and Savings Incentives for Education

767

(10)

Illustrative Material

777

(10)

PART VI Timing of Income and Deductions

787

(142)

Tax Accounting Methods

787

(79)

General Principles

787

(8)

Tax Accounting Methods in General---Cash and Accrual Methods

787

(3)

The Function of Tax Accounting

790

(1)

The Accounting Method Standard: Clear Reflection of Income

791

(2)

Differences Between Tax Accounting and Financial Accounting

793

(2)

The Cash Method

795

(18)

Income Items

795

(1)

Revenue Ruling 92--69

796

(2)

Pulsifer v. Commissioner

798

(1)

Illustrative Material

799

(5)

Deduction Items

804

(1)

Constructive Payment and the Equivalence of Cash---Has an Item Been ``Paid''

804

(1)

Illustrative Material

805

(2)

Advance Payments---When Must Deduction of an Item Be Deferred Even Though Actually Paid

807

(1)

Commissioner v. Boylston Market Association

808

(1)

Illustrative Material

809

(4)

The Accrual Method

813

(43)

Income Items

813

(1)

Inclusion Prior to Receipt---The Concept of Accrual

813

(1)

Charles Schwab Corporation v. Commissioner

814

(6)

Illustrative Material

820

(5)

Advance Receipts---May Inclusion of an Actual Receipt Be Deferred

825

(1)

Schlude v. Commissioner

825

(5)

Illustrative Material

830

(5)

Deduction Items

835

(1)

The Historic All Events Test

836

(1)

Mooney Aircraft, Inc. v. United States

836

(4)

Illustrative Material

840

(4)

The Economic Performance Requirement

844

(1)

General Explanation of the Tax Reform Act of 1984

845

(6)

Illustrative Material

851

(4)

Long-Term Contracts

855

(1)

Inventory Accounting

856

(6)

Illustrative Material

858

(4)

Changes in Method of Accounting or Method of Reporting Income

862

(4)

Illustrative Material

863

(3)

The Annual Accounting Concept

866

(28)

Transactional Problems

866

(21)

General Principles

866

(1)

Burnet v. Sanford & Brooks Co.

866

(2)

Illustrative Material

868

(1)

Initial Deduction Followed by Later Recovery: The Tax Benefit Doctrine

869

(1)

Hillsboro National Bank v. Commissioner

870

(4)

Illustrative Material

874

(3)

Initial Inclusion in Income Followed by Later Repayment

877

(1)

Illustrative Material

878

(3)

Related Procedural Doctrines

881

(1)

The Judicial Doctrines of Estoppel and Recoupment

881

(1)

Mitigation of the Statute of Litigations

882

(3)

Res Judicata and Collateral Estoppel

885

(1)

Policy Issues

886

(1)

Net Operating Loss Carryover and Carryback

887

(7)

Illustrative Material

889

(5)

Deferred Compensation Arrangements

894

(35)

Unfunded Deferred Compensation Contracts

894

(8)

Revenue Ruling 60--31

894

(5)

Illustrative Material

899

(3)

Transfers of Property for Services

902

(21)

The Situation Before Section 83

902

(1)

Commissioner v. Lo Bue

903

(3)

Illustrative Material

906

(1)

Section 83

907

(1)

General Explanation of the Tax Reform Act of 1969

907

(1)

Alves v. Commissioner

908

(4)

Illustrative Material

912

(8)

Incentive Stock Options

920

(1)

Summary of H.R. 4242, The Economic Recovery Tax Act of 1981

921

(1)

Illustrative Material

922

(1)

Qualified Pension Plans

923

(6)

Simplification of Present--Law Tax Rules Relating to Qualified Pension Plans (S. 1364, The Employee Benefits Simplification and Expansion Act of 1991, and S. 318)

923

(4)

Illustrative Material

927

(2)

PART VII The Taxable Unit

929

(104)

Shifting Income Among Taxable Units

929

(39)

Income From Personal Services

930

(8)

Lucas v. Earl

930

(1)

Illustrative Material

931

(7)

Income From Property

938

(18)

Blair v. Commissioner

938

(2)

Helvering v. Horst

940

(4)

Harrison v. Schaffner

944

(2)

Illustrative Material

946

(10)

Property that is the Product of Personal Efforts

956

(5)

Helvering v. Eubank

956

(2)

Revenue Ruling 54--599

958

(1)

Illustrative Material

958

(3)

Below--Market and Interest--Free Loans

961

(7)

General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984

961

(4)

Illustrative Material

965

(3)

Taxation of Families

968

(35)

The Married Couple as the Unit of Taxation

968

(14)

Druker v. Commissioner

968

(5)

Mueller v. Commissioner

973

(3)

Illustrative Material

976

(6)

Taxation of Children as Part of the Family Unit

982

(2)

General Explanation of the Tax Reform Act of 1986

982

(1)

Illustrative Material

983

(1)

Tax Aspects of Divorce and Separation

984

(17)

Property Settlements

986

(1)

Balding v. Commissioner

986

(2)

Illustrative Material

988

(6)

Alimony and Child Support

994

(1)

General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984

994

(2)

Illustrative Material

996

(5)

Unitary Treatment of Related Persons

1001

(2)

Taxation of the Income of Trusts

1003

(30)

Grantor Trusts

1003

(17)

Historical Background

1004

(1)

Helvering v. Clifford

1004

(3)

Illustrative Material

1007

(1)

Statutory Framework

1007

(3)

Illustrative Material

1010

(10)

The Taxation of Non--Grantor Trusts

1020

(13)

Tax Treatment of Simple Trusts

1021

(1)

Introduction

1022

(1)

The Statutory Pattern

1023

(3)

Illustrative Material

1026

(1)

Tax Treatment of Complex Trusts: Allocation Among Several Beneficiaries

1027

(3)

Illustrative Material

1030

(3)

PART VIII Deferred Recognition of Gain From Property

1033

(82)

Like--Kind Exchanges

1033

(27)

Like--Kind Exchanges In General

1034

(14)

Technical Rules

1034

(1)

Illustrative Material

1035

(13)

Multiparty and Deferred Exchanges

1048

(12)

Braker v. Commissioner

1048

(5)

Illustrative Material

1053

(7)

Involuntary Conversions and other Deferred Recognition Transactions

1060

(19)

Involuntary Conversions

1060

(15)

Willamette Industries, Inc. v. Commissioner

1061

(6)

Illustrative Material

1067

(8)

Miscellaneous Nonrecognition Provisions

1075

(4)

Illustrative Material

1076

(3)

Deferred Payment Sales

1079

(17)

Nonstatutory Deferred Reporting of Gains

1079

(3)

Burnet v. Logan

1079

(2)

Illustrative Material

1081

(1)

Installment Reporting Under Section 453

1082

(14)

Illustrative Material

1083

(13)

Interest on Discount Obligations

1096

(19)

Introduction

1096

(2)

Original Issue Discount

1098

(14)

Tax Reform Act of 1984 General Explanation of the Revenue Provisions

1098

(5)

Illustrative Material

1103

(9)

Bond Premium

1112

(3)

Illustrative Material

1112

(3)

PART IX Characterization of Gains and Losses

1115

(112)

Capital Gains and Losses

1115

(92)

Special Treatment of Capital Gains and Losses

1115

(19)

Illustrative Material

1120

(14)

Definition of ``Capital Asset''

1134

(47)

The Statutory Exclusions

1136

(1)

Investment Assets Versus Ordinary Business Assets

1136

(2)

Suburban Realty Co. v. United States

1138

(10)

Illustrative Material

1148

(8)

Section 1221(a)(2): Real Property and Depreciable Property Held for Use in the Taxpayers Trade or Business

1156

(1)

Section 1221(a)(3): Investment Profits Versus Rewards for Personal Services

1157

(1)

Illustrative Material

1158

(4)

Section 1221(a)(4): Accounts Receivable

1162

(1)

Section 1221(a)(5): Government Documents

1162

(1)

Section 1221(a)(6): Dealer--Held Commodities Derivative Financial Instruments

1162

(1)

Section 1221(a)(7): Hedging Transactions

1163

(1)

Illustrative Material

1163

(2)

Section 1221(a)(8): Non--Inventory Supplies

1165

(1)

Judicial Limitations on Capital Asset Classification

1166

(1)

Substitute for Ordinary Income

1166

(1)

Hort v. Commissioner

1167

(2)

Commissioner v. P.G. Lake, Inc.

1169

(2)

McAllister v. Commissioner

1171

(2)

Illustrative Material

1173

(4)

Other Contractual Arrangements

1177

(2)

Illustrative Material

1179

(2)

Sale or Exchange Requirement

1181

(8)

Termination of Taxpayer's Interest Without a ``Transfer''---The Creditor's Situation

1182

(1)

Taxpayer Relief Act of 1997, Report of the Committee on Ways and Means, House of Representatives

1182

(4)

Illustrative Material

1186

(2)

Satisfaction of a Claim---The Debtor's Situation

1188

(1)

Holding Period Requirement

1189

(3)

Illustrative Material

1190

(2)

Special Statutory Treatment of Particular Gains and Losses

1192

(5)

Illustrative Material

1193

(4)

Transactional Problems of Capital Gains and Losses

1197

(10)

Transaction Related to a Previous Capital Transaction

1198

(1)

Arrowsmith v. Commissioner

1198

(2)

Illustrative Material

1200

(7)

Sales of Assets Held for Use in a Trade or Business

1207

(20)

Section 1231 Property

1207

(10)

Illustrative Material

1211

(6)

Sale of an Entire Business

1217

(10)

Williams v. McGowan

1217

(1)

Illustrative Material

1218

(9)

PART X Tax Motivated Transactions

1227

(122)

Transactions Involving Leased Property: Has a Sale or Other Disposition Occurred?

1227

(28)

Estate of Starr v. Commissioner

1228

(2)

Alstores Realty Corp. v. Commissioner

1230

(3)

Frank Lyon Co. v. United States

1233

(13)

Illustrative Material

1246

(9)

Nonrecourse Debt and Leveraged Tax Shelters

1255

(30)

Acquisition and Disposition of Property Subject to Nonrecourse Debt

1255

(18)

Commissioner v. Tufts

1259

(8)

Illustrative Material

1267

(6)

Tax Shelters

1273

(5)

Illustrative Material

1274

(4)

The Valuation of Property Subject to Debt

1278

(7)

Estate of Franklin v. Commissioner

1278

(3)

Illustrative Material

1281

(4)

Statutory Limitations on Leveraged Tax Shelters

1285

(24)

The At-Risk Limitation

1285

(9)

Senate Finance Committee Report, Tax Reform Act of 1976

1285

(2)

Illustrative Material

1287

(7)

Passive Activity Loss Limitation

1294

(15)

Senate Finance Committee Report, Tax Reform Act of 1986

1295

(3)

Illustrative Material

1298

(11)

Economic Substance Doctrine

1309

(40)

Tax Avoidance versus Business Purpose

1309

(32)

In re CM Holdings, Inc.

1309

(8)

Compaq Computer Corp. v. Commissioner

1317

(9)

Illustrative Material

1326

(3)

Conference Report, Jobs and Growth Tax Relief Reconciliation Act of 2003

1329

(12)

Tax Shelter Disclosure and Reporting Requirements

1341

(8)

Illustrative Material

1342

(7)

PART XI Alternative Minimum Tax

1349

(16)

Alternative Minimum Tax for Individuals

1349

(16)

Structure of the AMT

1350

(6)

Study of the General State of the Federal Tax System and Recommendations for Simplification, Pursuant to Section 8022 of the Internal Revenue Code of 1986, Vol. II

1350

(2)

Illustrative Material

1352

(4)

Current Operation of the AMT

1356

(4)

Klaassen v. Commissioner

1356

(3)

Illustrative Material

1359

(1)

The Growth of the AMT---From Class Tax to Mass Tax

1360

(5)

Study of the General State of the Federal Tax System and Recommendations for Simplification, Pursuant to Section 8022 of the Internal Revenue Code of 1986, Vol. II

1360

(3)

Illustrative Material

1363

(2)

Index

1365

Please wait while the item is added to your bag...

FREE SHIPPING

Amazon no longer offers textbook rentals. We do!

Federal Income Taxation with Problems Supplement, 5th Edition 2004

Summary

Table of Contents

Supplemental Materials