West Federal Taxation 2003 An Introduction to Business Entities

, by Smith, James E.; Raabe, William A.; Maloney, David M.

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ISBN: 9780324154580 | 0324154585
Cover: Hardcover
Copyright: 5/16/2002

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$360.98

Supplemental Materials

Preface

iii

Introduction to Taxation

(1)

The Structure of Taxes

(2)

Tax Rates

(1)

Tax Bases

(1)

Types of Taxes

(14)

Taxes on the Production and Sale of Goods

(1)

Tax in the News: When Temporary Becomes Permanent and a Luxury Becomes a Necessity!

(1)

International Implications: Why Is Gasoline Expensive? It Depends on Where You Live

(1)

Tax in the News: Internet Sales Often Go Untaxed

(1)

Employment Taxes

(2)

Death Taxes

(1)

Gift Taxes

(1)

Tax in the News: What are the Chances?

(2)

Property Taxes

(1)

Tax in the News: Property Taxes-It Matters Where You Live!

(1)

Taxes on Privileges and Rights

(1)

Tax Fact: What Is the U.S. Tax Burden?

(1)

Income Taxes

(3)

Income Taxation of Business Entities

(3)

Proprietorships

(1)

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

(1)

Corporations

(1)

Partnerships

(1)

S Corporations

(1)

Limited Liability Companies and Limited Liability Partnerships

(1)

Dealings Between Individuals and Entities

(1)

Tax Planning Fundamentals

(5)

Overview of Tax Planning

(1)

The Goal of Tax Planning

(1)

Determining the Tax Burden

(2)

Tax Minimization Strategies

(2)

Understanding the Federal Tax Law

(9)

Revenue Needs

(1)

Economic Considerations

(1)

Tax Fact: Who Pays the Federal Income Tax?

(1)

Social Considerations

(1)

Equity Considerations

(2)

Political Considerations

(1)

Influence of the Internal Revenue Service

(1)

Influence of the Courts

(1)

Tax Fact: The Costs of Complexity

(1)

Summary

(1)

Suggested Further Readings

(1)

Problem Materials

Working with the Tax Law

(1)

Tax Sources

(16)

Statutory Sources of the Tax Law

(1)

Tax Fact: Measuring Tax System Complexity

(4)

International Implications: Protection Against Double Taxation

(1)

Administrative Sources of the Tax Law

(5)

Judicial Sources of the Tax Law

(6)

Working with the Tax Law-Tax Research

(15)

Identifying the Problem

(1)

Refining the Problem

(1)

Locating the Appropriate Tax Law Sources

(1)

Assessing Tax Law Sources

(1)

Tax in the News: Internal Revenue Code: Interpretation Pitfalls

(3)

Arriving at the Solution or at Alternative Solutions

(1)

Communicating Tax Research

(1)

Follow-Up Procedures

(1)

Computer-Assisted Tax Research

(2)

Tax Fact: An Electronic IRS

(3)

Suggested Further Readings

(1)

Problem Materials

Gross Income

(1)

The Tax Formula

(2)

Components of the Tax Formula

(1)

Gross Income-What Is It?

(3)

Economic and Accounting Concepts of Income

(1)

Comparison of the Accounting and Tax Concepts of Income

(1)

Tax in the News: A Free Computer May Not Be Free

(1)

Form of Receipt

(1)

Year of Inclusion

(7)

Taxable Year

(1)

Accounting Methods

(2)

Planning Considerations: Cash Receipts Method

(1)

Tax in the News: Players' Back Wages Are Taxed in the Year of Receipt

(1)

Special Rules for Cash Basis Taxpayers

(1)

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

(1)

Tax in the News: Original Issue Discount Rules May Dampen Enthusiasm for Inflation-Adjusted Bonds

(1)

Special Rules for Accrual Basis Taxpayers

(1)

Planning Considerations: Prepaid Income

(1)

Income Sources

(4)

Personal Services

(1)

Income from Property

(1)

Tax Fact: How Much and What Type of Income?

(1)

Tax Fact: Business Income and Loss

(1)

Income Received by an Agent

(1)

Planning Considerations: Techniques for Reducing Gross Income

(1)

Tax in the News: Deferring Income

(1)

Specific Items of Gross Income

(12)

Imputed Interest on Below-Market Loans

(1)

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

(2)

Tax Benefit Rule

(1)

Interest on Certain State and Local Government Obligations

(1)

Planning Considerations: State and Municipal Bonds

(1)

Improvements on Leased Property

(1)

Life Insurance Proceeds

(2)

Planning Considerations: Life Insurance

(1)

Income from Discharge of Indebtedness

(3)

Tax in the News: Employer-Financed Stock Purchase Leads to Tax Disaster

(1)

Gains and Losses from Property Transactions

(2)

Suggested Further Readings

(1)

Problem Materials

Business Deductions

(1)

Overview of Business Deductions

(2)

Ordinary and Necessary Requirement

(1)

Reasonableness Requirement

(1)

Planning Considerations: Unreasonable Compensation

(1)

Timing of Expense Recognition

(3)

Cash Method Requirements

(1)

Planning Considerations: Time Value of Tax Deductions

(1)

Accrual Method Requirements

(1)

Disallowance Possibilities

(7)

Public Policy Limitations

(1)

Political Contributions and Lobbying Activities

(1)

Excessive Executive Compensation

(1)

Disallowance of Deductions for Capital Expenditures

(1)

Investigation of a Business

(1)

Transactions between Related Parties

(2)

Lack of Adequate Substantiation

(1)

Expenses and Interest Related to Tax-Exempt Income

(1)

Charitable Contributions

(2)

Property Contributions

(2)

Limitations Imposed on Charitable Contribution Deductions

(1)

Research and Experimental Expenditures

(2)

Tax Fact: What Ten Percent Ceiling?

(1)

Expense Method

(1)

Deferral and Amortization Method

(1)

International Implications: Review of Government's Fiscal Incentive System

(1)

Other Expense Rules

(2)

Interest Expense

(1)

Taxes

(1)

Tax Fact: Cost Recovery by Any Other Name

(1)

Cost Recovery Allowances

(13)

Overview

(2)

Modified Accelerated Cost Recovery System (MACRS)

(1)

Eligible Property Under MACRS

(1)

Cost Recovery for Personal Property

(3)

Cost Recovery for Real Estate

(1)

The MACRS Straight-Line Election

(1)

Election to Expense Assets Under § 179

(1)

Tax in the News: Stimulating the Economy by Changing the Depreciation Rules

(1)

Business and Personal Use of Automobiles and Other Listed Property

(4)

Alternative Depreciation System (ADS)

(1)

Amortization

(1)

International Implications: Costs of Acquiring Chinese Companies

(1)

Planning Considerations: Structuring the Sale of a Business

(1)

Depletion

(4)

Intangible Drilling and Development Costs (IDC)

(1)

Depletion Methods

(2)

Tax in the News: Percentage Depletion

(1)

Planning Considerations: Switching Depletion Methods

(1)

Cost Recovery Tables

(4)

Suggested Further Readings

(1)

Problem Materials

Losses and Loss Limitations

(1)

Bad Debts

(4)

Tax Fact: Just How Good Is Your Credit?

(1)

Specific Charge-Off Method

(1)

Tax in the News: Unpaid Debts Are Taxable Income

(1)

Business versus Nonbusiness Bad Debts

(1)

Loans between Related Parties

(1)

Worthless Securities

(2)

Tax Fact: Nerves of Steel in the Face of a Market Adjustment: An Update

(1)

Small Business Stock

(1)

Planning Considerations: Maximizing the Benefits of % 1244

(1)

Casualty and Theft Losses

(5)

Definition of Casualty

(1)

Definition of Theft

(1)

Planning Considerations: Documentation of Related-Taxpayer Loans, Casualty Losses, and Theft Losses

(1)

When to Deduct Casualty Losses

(1)

Measuring the Amount of Loss

(1)

Tax in the News: A Destroyed Baseball Card Is Really a Loss

(1)

Casualty and Theft Losses of Individuals

(1)

Net Operating Losses

(3)

Introduction

(1)

Tax Fact: The Utility of the NOL Deduction

(1)

Tax in the News: Examining Rhode Island's Tax Structure

(1)

Carryback and Carryover Periods

(1)

The Tax Shelter Problem

(2)

Tax in the News: The Attack on Corporate Tax Shelters: While Some Debate, Others Act

(1)

At-Risk Limitations

(2)

Passive Loss Limits

(16)

Classification and Impact of Passive Income and Loss

(1)

Tax Fact: The Declining Interest in Limited Partnerships

(3)

Taxpayers Subject to the Passive Loss Rules

(1)

Activity Defined

(1)

Material Participation

(4)

Rental Activities

(1)

Interaction of At-Risk and Passive Activity Limits

(1)

Special Rules for Real Estate

(1)

Tax in the News: Tax Breaks Make the Difference

(2)

Disposition of Passive Activities

(1)

Planning Considerations: Utilizing Passive Losses

(1)

Suggested Further Readings

(1)

Problem Materials

Accounting Periods and Methods

(1)

Accounting Periods

(6)

In General

(1)

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

(3)

Choosing a Tax Year

(1)

Changes in the Accounting Period

(1)

Taxable Periods of Less than One Year

(1)

Tax Fact: Free to Choose?

(1)

Tax Year Relief

(1)

Change of Accounting Methods

(4)

Tax in the News: Tax Rate Reductions Create Tax Planning Opportunities

(1)

Tax in the News: A Strict Definition of ``Services'' Cost American Express a Bundle

(1)

Correction of an Error

(1)

Change from an Incorrect Method

(1)

Net Adjustments Due to Change in Accounting Method

(1)

Installment Method

(7)

In General

(2)

Planning Considerations: The Installment Method

(1)

Contingent Sales Prices

(1)

Imputed Interest

(1)

Related-Party Sales

(2)

Disposition of Installment Note

(1)

Planning Considerations: Terminating the Installment Method

(1)

Interest on Deferred Taxes

(1)

Electing Out of the Installment Method

(1)

Long-Term Contracts

(3)

Completed Contract Method

(1)

Tax in the News: IRS Changes Its Position That the Cash Method Does Not Clearly Reflect the Income of Small Contractors

(1)

Percentage of Completion Method

(1)

Inventories

(6)

International Implications: A Tax Advantage from Moving Abroad

(1)

Determining Inventory Cost

(2)

Tax in the News: A Slight Change in Inventory Causes a Dramatic Change in Income

(1)

The LIFO Election

(1)

Planning Considerations: LIFO Inventory

(1)

Suggested Further Readings

(1)

Problem Materials

Property Transactions: Basis, Gain and Loss, and Nontaxable Exchanges

(1)

Determination of Gain or Loss

(5)

Realized Gain or Loss

(1)

Recognized Gain or Loss

(3)

Nonrecognition of Gain or Loss

(1)

Recovery of Capital Doctrine

(1)

Basis Considerations

(11)

Determination of Cost Basis

(1)

Tax in the News: Mutual Fund Cost: The Complexity

(2)

Gift Basis

(1)

Planning Considerations: Gift Planning

(2)

Property Acquired from a Decedent

(1)

Tax in the News: Effect of 2001 Tax Legislation on the Basis of Inherited Property: Bad News/Good News!

(1)

Planning Considerations: Property from a Decedent

(1)

Disallowed Losses

(2)

Planning Considerations: Avoiding Wash Sales

(1)

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

(1)

Summary of Basis Adjustments

(1)

General Concept of a Nontaxable Exchange

(2)

Like-Kind Exchanges-§ 1031

(6)

Planning Considerations: Like-Kind Exchanges

(1)

Like-Kind Property

(2)

Exchange Requirement

(1)

Boot

(1)

Basis and Holding Period of Property Received

(2)

Involuntary Conversions-§ 1033

(4)

Planning Considerations: Recognizing Involuntary Conversion Gains

(1)

Involuntary Conversion Defined

(1)

Replacement Property

(1)

Tax in the News: Taking Private Property for Private Use

(1)

Time Limitation on Replacement

(1)

Other Nonrecognition Provisions

(2)

Transfer of Assets to Business Entity-§§ 351 and 721

(1)

Exchange of Stock for Property-§ 1032

(1)

Certain Exchanges of Insurance Policies-§ 1035

(1)

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

(1)

Rollovers into Specialized Small Business Investment Companies-§ 1044

(1)

Sale of a Principal Residence-§ 121

(1)

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

(1)

Suggested Further Readings

(1)

Problem Materials

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

(1)

General Considerations

(1)

Rationale for Separate Reporting of Capital Gains and Losses

(1)

General Scheme of Taxation

(1)

Capital Assets

(4)

Definition of a Capital Asset

(2)

Tax in the News: An Artist's Dilemma

(1)

Statutory Expansions

(1)

Sale or Exchange

(6)

Worthless Securities and § 1244 Stock

(1)

Retirement of Corporate Obligations

(1)

Options

(2)

Patents

(1)

Franchises, Trademarks, and Trade Names

(1)

Lease Cancellation Payments

(1)

Tax in the News: Losses from Day Trading

(1)

Holding Period

(3)

Special Holding Period Rules

(1)

International Implications: Trading ADRS on U.S. Stock Exchanges

(1)

Short Sales

(1)

Tax Treatment of Capital Gains and Losses of Noncorporate Taxpayers

(8)

Capital Gains

(1)

Planning Considerations: Timing Capital Gains

(1)

Tax Fact: Beneficial Tax Treatment for Capital Gains

(1)

Planning Considerations: Gifts of Appreciated Securities

(1)

Capital Losses

(2)

Tax Fact: Detrimental Tax Treatment for Capital Losses

(1)

Planning Considerations: Matching Gains with Losses

(1)

International Implications: Capital Gain Treatment and Foreign Stock

(1)

Small Business Stock

(1)

Tax Treatment of Capital Gains and Losses of Corporate Taxpayers

(1)

International Implications: Capital Gain Treatment in the United States and Other Countries

(1)

Section 1231 Assets

(6)

Relationship to Capital Assets

(1)

Property Included

(1)

Property Excluded

(1)

Casualty or Theft and Nonpersonal-Use Capital Assets

(1)

Tax in the News: Sale of ``Campus'' Land Yields Potential Long-Term Capital Gain

(1)

General Procedure for § 1231 Computation

(4)

Section 1245 Recapture

(3)

Section 1245 Property

(1)

Tax in the News: Gain from a Terrorist Attack

(1)

Observations on § 1245

(1)

Planning Considerations: Depreciation Recapture and § 179

(1)

Section 1250 Recapture

(5)

Computing Recapture on Nonresidential Real Property

(1)

Computing Recapture on Residential Rental Housing

(1)

Unrecaptured § 1250 Gains

(2)

Planning Considerations: Selling Depreciable Real Estate

(1)

Additional Recapture for Corporations

(1)

Exceptions to §§ 1245 and 1250

(2)

Gifts

(1)

Death

(1)

Charitable Transfers

(1)

Certain Nontaxable Transactions

(1)

International Implications: Exchange for Foreign Property Yields Recognized Recapture Gain

(1)

Like-Kind Exchanges and Involuntary Conversions

(1)

Reporting Procedures

(1)

Planning Considerations: Timing of Recapture

(1)

Summary

(1)

Suggested Further Readings

(1)

Problem Materials

Corporations: Organization, Capital Structure, and Operating Rules

(1)

An Introduction to Corporate Tax

(5)

International Implications: Choice of Organizational Form When Operating Overseas

(1)

Tax Fact: The Surprisingly Low Average Corporate Tax Rate

(1)

Comparison of Corporations and Other Forms of Doing Business

(1)

Nontax Considerations

(1)

Limited Liability Companies

(1)

Entity Classification

(1)

Planning Considerations: Consolidated Groups May Utilize Check-the-Box Regulations

(1)

Organization of and Transfers to Controlled Corporations

(14)

In General

(2)

Transfer of Property

(1)

Stock

(1)

Control of the Corporation

(2)

Planning Considerations: Utilizing § 351

(2)

International Implications: Does § 351 Cover the Incorporation of a Foreign Business?

(1)

Assumption of Liabilities-§ 357

(3)

Planning Considerations: Avoiding § 351

(1)

Basis Determination and Other Issues

(2)

Recapture Considerations

(1)

Planning Considerations: Other Considerations When Incorporating a Business

(1)

Capital Structure of a Corporation

(3)

Capital Contributions

(1)

Debt in the Capital Structure

(2)

Corporate Operations

(8)

Deductions Available Only to Corporations

(3)

Planning Considerations: Organizational Expenditures

(1)

Determining the Corporate Income Tax Liability

(1)

Tax Liability of Related Corporations

(1)

Controlled Groups

(3)

Tax Fact: Sources of Federal Government Revenues

(1)

Procedural Matters

(3)

Filing Requirements for Corporations

(1)

Estimated Tax Payments

(1)

Reconciliation of Taxable Income and Financial Net Income

(2)

Summary

(1)

Suggested Further Readings

(1)

Problem Materials

Corporations: Earnings & Profits and Dividend Distributions

(1)

Taxable Dividends-In General

(1)

Tax in the News: The Case for Dividends

(1)

Earnings and Profits (E & P)-§ 312

(8)

Computation of E & P

(3)

Summary of E & P Adjustments

(1)

Allocating E & P to Distributions

(4)

Planning Considerations: Corporate Distributions

(1)

Property Dividends

(5)

Property Dividends-Effect on the Shareholder

(1)

Tax Fact: The Downward Trajectory of Dividends

(1)

Tax in the News: The Story of Disappearing Dividends

(1)

Property Dividends-Effect on the Corporation

(2)

Constructive Dividends

(5)

Types of Constructive Dividends

(1)

Tax Fact: Executive Compensation: Amount and Composition

(1)

Tax in the News: Hard Work Pays Off!

(1)

Tax Treatment of Constructive Dividends

(1)

Planning Considerations: Constructive Dividends

(2)

Stock Dividends

(1)

Tax Fact: Stock Split Trends

(1)

Stock Redemptions

(2)

Tax in the News: Stock Redemptions, Divorce, and Tax Avoidance

(1)

Restrictions on Corporate Accumulations

(1)

Suggested Further Readings

(1)

Problem Materials

Partnerships and Limited Liability Entities

(1)

Overview of Partnership Taxation

(8)

Tax Fact: Partnership Power

(1)

Forms of Doing Business-Federal Tax Consequences

(2)

What Is a Partnership?

(1)

Partnership Taxation and Reporting

(1)

Tax Fact: Look at All the LLCS

(2)

Partner's Ownership Interest in a Partnership

(2)

Formation of a Partnership: Tax Effects

(6)

Gain or Loss on Contributions to the Partnership

(1)

Exceptions to Nonrecognition

(1)

Tax Issues Related to Contributed Property

(2)

Inside and Outside Bases

(1)

Tax Accounting Elections

(1)

Initial Costs of a Partnership

(1)

Operations of the Partnership

(13)

Reporting Operating Results

(2)

Tax Fact: What Do Partnerships Do?

(1)

Planning Considerations: Drafting the Partnership Agreement

(1)

Partnership Allocations

(2)

Basis of a Partnership Interest

(2)

Partner's Basis, Gain, and Loss

(3)

Loss Limitations

(1)

Planning Considerations: Make Your Own Tax Shelter

(1)

Tax Fact: Whose Money Are We Losing?

(1)

Planning Considerations: Formation and Operation of a Partnership

(1)

Transactions between Partner and Partnership

(3)

Guaranteed Payments

(1)

Other Transactions between a Partner and a Partnership

(2)

Partners as Employees

(1)

Planning Considerations: Transactions between Partners and Partnerships

(1)

Limited Liability Entities

(4)

Limited Liability Companies

(2)

International Implications: Partnerships Around the World-and Beyond

(1)

Limited Liability Partnerships

(1)

Summary

(1)

Suggested Further Readings

(1)

Problem Materials

S Corporations

(1)

An Overview of S Corporations

(3)

Tax Fact: The Business of S Corporations

(2)

Planning Considerations: When to Elect S Corporation Status

(1)

Qualifying for S Corporation Status

(6)

Definition of a Small Business Corporation

(1)

Tax in the News: S Corporation Elections Continue to Grow

(1)

Planning Considerations: Beating the 75-Shareholder Limit

(1)

Making the Election

(1)

Shareholder Consent

(1)

Planning Considerations: Making a Proper Election

(1)

Loss of the Election

(2)

Planning Considerations: Preserving the S Election

(1)

Operational Rules

(20)

Computation of Taxable Income

(2)

Tax Fact: A ``Small'' Business Corporation

(1)

Allocation of Income and Loss

(2)

Planning Considerations: Salary Structure

(1)

Tax Treatment of Distributions to Shareholders

(4)

Planning Considerations: The Accumulated Adjustments Account

(1)

Tax Treatment of Property Distributions by the Corporation

(2)

Shareholder's Basis

(2)

Planning Considerations: Working with Suspended Losses

(1)

Treatment of Losses

(1)

Planning Considerations: Loss Considerations

(1)

Tax on Pre-Election Built-in Gain

(2)

Planning Considerations: Managing the Built-in Gains Tax

(1)

Passive Investment Income Penalty Tax

(1)

Tax Fact: No Double Taxation?

(1)

Other Operational Rules

(1)

Tax Fact: The S Corporation Economy

(1)

Summary

(1)

Suggested Further Readings

(1)

Problem Materials

Business Tax Credits and Corporate Alternative Minimum Tax

(1)

Tax Policy and Tax Credits

(1)

Tax Fact: Where Have All the Credits Gone?

(1)

Specific Business-Related Tax Credit Provisions

(12)

General Business Credit

(1)

Tax in the News: A Credit That Went Up in Smoke

(2)

Tax in the News: What Behavior Should Tax Credits Include?

(1)

Tax Credit for Rehabilitation Expenditures

(1)

Work Opportunity Tax Credit

(1)

Welfare-to-Work Credit

(1)

Research Activities Credit

(2)

Disabled Access Credit

(1)

Credit for Small Employer Pension Plan Startup Costs

(1)

Credit for Employer-Provided Child Care

(1)

Foreign Tax Credit

(2)

Corporate Alternative Minimum Tax

(16)

Tax Fact: The Reach of the AMT

(1)

The AMT Formula

(1)

Tax in the News: Small Corporations Overpaying AMT

(1)

Tax Preferences

(1)

AMT Adjustments

(1)

Tax in the News: Municipal Bonds and the AMT

(5)

Planning Considerations: Avoiding Preferences and Adjustments

(1)

Adjusted Current Earnings (ACE)

(3)

Computing Alternative Minimum Taxable Income

(1)

Planning Considerations: Optimum Use of the AMT and Regular Corporate Income Tax Rate Difference

(1)

AMT Rate and Exemption

(1)

Planning Considerations: Controlling the Timing of Preferences and Adjustments

(1)

Minimum Tax Credit

(2)

Other Aspects of the AMT

(1)

Planning Considerations: The Subchapter S Option

(1)

The Individual Alternative Minimum Tax

(1)

Tax in the News: Agreement between Democrats and Republicans: Is It Possible?

(1)

Suggested Further Readings

(1)

Problem Materials

Comparative Forms of Doing Business

(1)

Tax in the News: Should You Check That Box?

(1)

Forms of Doing Business

(3)

Principal Forms

(1)

Tax in the News: Professional Service Firms and Organizational Form

(1)

Limited Liability Companies

(1)

Tax Fact: Revenue Relevance of Corporate versus Individual Taxpayers

(1)

Nontax Factors

(5)

Capital Formation

(1)

Limited Liability

(2)

Other Factors

(1)

Single versus Double Taxation

(1)

Overall Impact on Entity and Owners

(1)

Tax in the News: Do Income Taxes Influence Business and Nonbusiness Decisions?

(1)

Alternative Minimum Tax

(1)

Planning Considerations: Planning for the AMT

(1)

State Taxation

(1)

Minimizing Double Taxation

(5)

Making Deductible Distributions

(1)

Tax in the News: Who Pays Corporate AMT?

(1)

Not Making Distributions

(1)

Return of Capital Distributions

(1)

Electing S Corporation Status

(1)

Tax Fact: Number of Income Tax Returns Filed by Different Types of Taxpayers (in Millions)

(1)

Conduit versus Entity Treatment

(5)

Effect on Recognition at Time of Contribution to the Entity

(1)

Effect on Basis of Ownership Interest

(1)

Effect on Results of Operations

(2)

Effect on Recognition at Time of Distribution

(1)

Effect on Passive Activity Losses

(1)

Effect of At-Risk Rules

(1)

Tax Fact: Partnership Income Tax Returns: Profits versus Losses

(1)

Effect of Special Allocations

(1)

Disposition of a Business or an Ownership Interest

(3)

Sole Proprietorships

(1)

Partnerships and Limited Liability Entities

(1)

C Corporations

(1)

Planning Considerations: Selling Stock or Assets

(1)

S Corporations

(1)

Overall Comparison of Forms of Doing Business

(7)

Planning Considerations: Choosing a Business Form: Case Study

(1)

Suggested Further Readings

(1)

Problem Materials

Introduction to the Taxation of Individuals

(1)

The Individual Tax Formula

(7)

Tax Fact: The Government's Interest in Our Work

(1)

Components of the Tax Formula

(3)

International Implications: Citizenship Is Not Tax-Free

(2)

Application of the Tax Formula

(1)

Special Limitations for Individuals Who Can Be Claimed as Dependents

(1)

Personal and Dependency Exemptions

(6)

Personal Exemptions

(1)

Dependency Exemptions

(2)

Planning Considerations: Multiple Support Agreements and the Medical Expense Deduction

(2)

Planning Considerations: Problems with a Joint Return

Phaseout of Exemptions

(11)

Tax in the News: How to Subtly Pluck the Chicken

(1)

Tax Determination

(5)

Tax Table Method

(1)

Tax Rate Schedule Method

(1)

Tax Fact: The Tightening Tax Squeeze

(1)

Planning Considerations: Shifting Income and Deductions across Time

(1)

Computation of Net Taxes Payable or Refund Due

(1)

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

(2)

Planning Considerations: Income of Minor Children

(1)

Filing Considerations

(6)

Filing Requirements

(1)

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

(1)

Tax Fact: What Tax Form Is Right for You?

(1)

Tax in the News: Increase in E-Filings Is Lower Than Expected

(1)

Filing Status

(2)

International Implications: Filing a Joint Return

(1)

Overview of Income Provisions Applicable to Individuals

(1)

Specific Inclusions Applicable to Individuals

(3)

Alimony and Separate Maintenance Payments

(2)

Prizes and Awards

(1)

Unemployment Compensation

(1)

Social Security Benefits

(1)

Specific Exclusions Applicable to Individuals

(5)

Gifts and Inheritances

(1)

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

(1)

Scholarships

(1)

Damages

(1)

Workers' Compensation

(1)

Accident and Health Insurance Benefits

(1)

Educational Savings Bonds

(1)

Itemized Deductions

(18)

Medical Expenses

(2)

Tax in the News: Average Itemized Deductions

(1)

Taxes

(2)

International Implications: Deductibility of Foreign Taxes

(1)

Planning Considerations: Timing the Payment of Deductible Taxes

(1)

Interest

(4)

Tax in the News: Charitable Contributions by the President and Vice President

(1)

Charitable Contributions

(2)

International Implications: Choose the Charity Wisely

(3)

Miscellaneous Itemized Deductions Subject to Two Percent Floor

(1)

Other Miscellaneous Deductions

(1)

Overall Limitation on Certain Itemized Deductions

Planning Considerations: Effective Utilization of Itemized Deductions

(2)

Individual Tax Credits

(6)

Adoption Expenses Credit

(1)

Child Tax Credit

(1)

Credit for Child and Dependent Care Expenses

(1)

Education Tax Credits

(1)

Earned Income Credit

(2)

Suggested Further Readings

(1)

Problem Materials

Individuals as Employees and Proprietors

Employee versus Self-Employed

Factors Considered in Classification

Planning Considerations: Self-Employed Individuals

Exclusions Available to Employees

Advantages of Qualified Fringe Benefits

Employer-Sponsored Accident and Health Plans

Medical Reimbursement Plans

Long-Term Care Benefits

Tax in the News: Medical Savings Accounts: Questions and Answers

Meals and Lodging Furnished for the Convenience of the Employer

Group Term Life Insurance

Qualified Tuition Reduction Plans

Other Specific Employee Fringe Benefits

Cafeteria Plans

Tax in the News: Employees Lose Some Under ``Use or Lose Plans''

Flexible Spending Plans

General Classes of Excluded Benefits

Taxable Fringe Benefits

Employee Expenses

Transportation Expenses

Travel Expenses

Planning Considerations: Transportation and Travel Expenses

Moving Expenses

International Implications: Expatriates and the Moving Expense Deduction

Planning Considerations: Moving Expenses

Education Expenses

Planning Considerations: Education Expenses

A Limited Deduction Approach

Entertainment Expenses

Tax in the News: How Permanent Is the Cutback Adjustment?

Planning Considerations: Entertainment Expenses

Other Employee Expenses

Tax in the News: A New Reason for Working at Home?

Classification of Employee Expenses

Planning Considerations: Unreimbursed Employee Business Expenses

Contributions to Individual Retirement Accounts

Tax Fact: The Vacillating Popularity of IRAs

Individuals as Proprietors

The Proprietorship as a Business Entity

Income of a Proprietorship

Deductions Related to a Proprietorship

Retirement Plans for Self-Employed Individuals

Tax Fact: Increasing Popularity of Keogh Plans

Planning Considerations: Important Dates Related to IRAs and Keogh Plans

Planning Considerations: Factors Affecting Retirement Plan Choices

Accounting Periods and Methods

Estimated Tax Payments

Hobby Losses

General Rules

Presumptive Rule of § 183

Determining the Amount of the Deduction

Suggested Further Readings

Problem Materials

APPENDIXES

Tax Rate Schedules and Tables

Tax Forms

Glossary of Key Terms

Table of Code Sections Cited

Table of Regulations Cited

Table of Revenue Procedures and Revenue Rulings Cited

Table of Cases Cited

Present Value and Future Value Tables

Subject Index

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