| 1 An Introduction to Tax |
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Who Cares about Taxes and Why? |
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1-2 | (1) |
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1-4 | (1) |
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1-5 | (1) |
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Different Ways to Measure Tax Rates |
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1-5 | (1) |
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1-9 | (1) |
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Proportional Tax Rate Structure |
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1-9 | (1) |
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Progressive Tax Rate Structure |
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1-9 | (1) |
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Regressive Tax Rate Structure |
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1-10 | (1) |
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1-11 | (1) |
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1-11 | (1) |
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1-12 | (1) |
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Employment and Unemployment Taxes |
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1-12 | (1) |
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1-13 | (1) |
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1-13 | (1) |
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1-14 | (1) |
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1-14 | (1) |
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1-14 | (1) |
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1-15 | (1) |
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1-15 | (1) |
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1-16 | (1) |
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Evaluating Alternative Tax Systems |
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1-17 | (1) |
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1-18 | (1) |
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Static versus Dynamic Forecasting |
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1-18 | (1) |
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Income versus Substitution Effects |
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1-19 | (1) |
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1-20 | (1) |
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Horizontal versus Vertical Equity |
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1-21 | (1) |
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1-22 | (1) |
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1-22 | (1) |
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1-22 | (1) |
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Evaluating Tax Systems-The Trade-Off |
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1-23 | (1) |
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1-23 | (1) |
| 2 Tax Compliance, the IRS, and Tax Authorities |
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Taxpayer Filing Requirements |
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2-2 | (1) |
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Tax Return Due Date and Extensions |
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2-3 | (1) |
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2-3 | (1) |
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2-4 | (1) |
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2-5 | (1) |
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2-6 | (1) |
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2-9 | (1) |
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Legislative Sources: Congress and the Constitution |
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2-11 | (1) |
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2-11 | (1) |
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The Legislative Process for Tax Laws |
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2-12 | (1) |
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Basic Organization of the Code |
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2-13 | (1) |
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2-14 | (1) |
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Judicial Sources: The Courts |
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2-14 | (1) |
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Administrative Sources: The U.S. Treasury |
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2-15 | (1) |
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Regulations, Revenue Rulings, and Revenue Procedures |
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2-15 | (1) |
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2-16 | (1) |
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2-17 | (1) |
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2-17 | (1) |
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2-17 | (1) |
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Step 3: Locate Relevant Authorities |
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2-18 | (1) |
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Step 4: Analyze Tax Authorities |
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2-19 | (1) |
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Step 5: Document and Communicate the Results |
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2-21 | (1) |
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2-21 | (1) |
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2-21 | (1) |
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2-22 | (1) |
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2-22 | (1) |
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2-22 | (1) |
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2-22 | (1) |
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Research Question and Limitations |
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2-22 | (1) |
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2-22 | (1) |
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2-22 | (1) |
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2-22 | (1) |
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Tax Professional Responsibilities |
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2-23 | (1) |
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Taxpayer and Tax Practitioner Penalties |
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2-26 | (1) |
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2-28 | (1) |
| 3 Tax Planning Strategies and Related Limitations |
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Basic Tax Planning Overview |
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3-2 | (1) |
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3-2 | (1) |
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3-3 | (1) |
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The Timing Strategy When Tax Rates Are Constant |
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3-4 | (1) |
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The Timing Strategy When Tax Rates Change |
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3-7 | (1) |
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Limitations to Timing Strategies |
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3-10 | (1) |
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Income-Shifting Strategies |
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3-11 | (1) |
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Transactions between Family Members and Limitations |
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3-11 | (1) |
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Transactions between Owners and Their Businesses and Limitations |
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3-12 | (1) |
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Income Shifting across Jurisdictions and Limitations |
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3-15 | (1) |
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3-16 | (1) |
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Limitations of Conversion Strategies |
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3-19 | (1) |
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Additional Limitations to Tax Planning Strategies: Judicial Doctrines |
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3-19 | (1) |
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Tax Avoidance versus Tax Evasion |
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3-20 | (1) |
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3-21 | (1) |
| 4 Individual Income Tax Overview, Exemptions, and Filing Status |
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The Individual Income Tax Formula |
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4-2 | (1) |
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4-2 | (1) |
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4-5 | (1) |
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4-7 | (1) |
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4-7 | (1) |
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4-8 | (1) |
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4-10 | (1) |
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4-10 | (1) |
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4-11 | (1) |
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4-11 | (1) |
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Personal and Dependency Exemptions |
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4-12 | (1) |
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4-12 | (1) |
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4-12 | (1) |
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4-15 | (1) |
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4-19 | (1) |
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Married Filing Jointly and Married Filing Separately |
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4-19 | (1) |
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Qualifying Widow or Widower (Surviving Spouse) |
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4-20 | (1) |
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4-21 | (1) |
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4-21 | (1) |
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Married Individuals Treated as Unmarried (Abandoned Spouse) |
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4-23 | (1) |
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Summary of Income Tax Formula |
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4-24 | (1) |
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4-27 | (1) |
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Appendix A: Dependency Exemption Flowchart (Part I and Part II) |
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4-27 | (1) |
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Appendix B: Qualifying Person for Head of Household Filing Status Flowchart |
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4-29 | (1) |
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Appendix C: Determination of Filing Status Flowchart |
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4-30 | (1) |
| 5 Gross Income and Exclusions |
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Realization and Recognition of Income |
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5-2 | (1) |
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What Is Included in Gross Income? |
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5-2 | (1) |
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5-3 | (1) |
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5-3 | (1) |
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5-4 | (1) |
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5-4 | (1) |
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5-4 | (1) |
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Return of Capital Principle |
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5-4 | (1) |
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Recovery of Amounts Previously Deducted |
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5-5 | (1) |
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When Do Taxpayers Recognize Income? |
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5-6 | (1) |
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5-6 | (1) |
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5-7 | (1) |
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5-7 | (1) |
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Who Recognizes the Income? |
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5-8 | (1) |
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5-8 | (1) |
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Community Property Systems |
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5-8 | (1) |
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5-9 | (1) |
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5-10 | (1) |
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5-10 | (1) |
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5-11 | (1) |
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5-13 | (1) |
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Other Sources of Gross Income |
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5-14 | (1) |
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Income from Flow-Through Entities |
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5-14 | (1) |
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5-14 | (1) |
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Prizes, Awards, and Gambling Winnings |
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5-16 | (1) |
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5-17 | (1) |
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5-19 | (1) |
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Discharge of Indebtedness |
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5-20 | (1) |
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5-21 | (1) |
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5-21 | (1) |
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5-21 | (1) |
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Gains on the Sale of Personal Residence |
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5-22 | (1) |
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5-23 | (1) |
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Education-Related Exclusions |
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5-25 | (1) |
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5-25 | (1) |
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Other Educational Subsidies |
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5-25 | (1) |
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5-26 | (1) |
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Exclusions That Mitigate Double Taxation |
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5-26 | (1) |
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5-26 | (1) |
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5-27 | (1) |
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5-28 | (1) |
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Sickness and Injury-Related Exclusions |
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5-29 | (1) |
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5-29 | (1) |
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Payments Associated with Personal Injury |
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5-29 | (1) |
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Health Care Reimbursement |
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5-30 | (1) |
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5-30 | (1) |
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5-31 | (1) |
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5-31 | (1) |
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5-32 | (1) |
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Appendix: 2016 Social Security Worksheet from Form 1040 |
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5-33 | (1) |
| 6 Individual Deductions |
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6-2 | (1) |
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Deductions Directly Related to Business Activities |
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6-2 | (1) |
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Trade or Business Expenses |
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6-4 | (1) |
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Rental and Royalty Expenses |
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6-5 | (1) |
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6-6 | (1) |
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6-6 | (1) |
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Deductions Indirectly Related to Business Activities |
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6-6 | (1) |
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6-6 | (1) |
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Health Insurance Deduction by Self- Employed Taxpayers |
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6-8 | (1) |
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Self-Employment Tax Deduction |
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6-9 | (1) |
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Penalty for Early Withdrawal of Savings |
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6-9 | (1) |
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Deductions Subsidizing Specific Activities |
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6-9 | (1) |
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Deduction for Interest on Qualified Education Loans |
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6-10 | (1) |
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Deduction for Qualified Education Expenses |
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6-11 | (1) |
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Summary: Deductions for AGI |
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6-12 | (1) |
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Deductions from AGI: Itemized Deductions |
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6-13 | (1) |
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6-13 | (1) |
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Transportation and Travel for Medical Purposes |
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6-15 | (1) |
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Hospitals and Long-Term Care Facilities |
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6-15 | (1) |
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Medical Expense Deduction Limitation |
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6-15 | (1) |
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6-16 | (1) |
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6-17 | (1) |
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6-18 | (1) |
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6-19 | (1) |
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Contributions of Property Other Than Money |
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6-20 | (1) |
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Charitable Contribution Deduction Limitations |
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6-21 | (1) |
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Casualty and Theft Losses on Personal-Use Assets |
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6-23 | (1) |
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6-24 | (1) |
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Casualty Loss Deduction Floor Limitations |
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6-24 | (1) |
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Miscellaneous Itemized Deductions Subject to AGI Floor |
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6-26 | (1) |
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Employee Business Expenses |
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6-26 | (1) |
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6-28 | (1) |
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6-29 | (1) |
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6-29 | (1) |
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Limitation on Miscellaneous Itemized Deductions (2 Percent of AGI Floor) |
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6-31 | (1) |
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Miscellaneous Itemized Deductions Not Subject to AGI Floor |
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6-31 | (1) |
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Phase-Out of Itemized Deductions |
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6-32 | (1) |
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Summary of Itemized Deductions |
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6-32 | (1) |
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The Standard Deduction and Exemptions |
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6-34 | (1) |
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6-34 | (1) |
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Bunching Itemized Deductions |
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6-36 | (1) |
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Deduction for Personal and Dependency Exemptions |
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6-36 | (1) |
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6-37 | (1) |
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6-38 | (1) |
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Appendix A: Calculation of Itemized Deduction Phase-Out for 2017 |
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6-38 | (1) |
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Appendix B: Personal Exemption Phase-Out Computation for 2017 |
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6-39 | (1) |
| 7 Investments |
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7-2 | (1) |
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Portfolio Income: Interest and Dividends |
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7-2 | (1) |
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7-3 | (1) |
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Corporate and U.S. Treasury Bonds |
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7-3 | (1) |
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7-4 | (1) |
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7-6 | (1) |
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Portfolio Income: Capital Gains and Losses |
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7-7 | (1) |
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Types of Capital Gains and Losses |
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7-10 | (1) |
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7-10 | (1) |
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7-10 | (1) |
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Netting Process for Gains and Losses |
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7-12 | (1) |
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Calculating Tax Liability on Net Capital Gains |
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7-16 | (1) |
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Limitations on Capital Losses |
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7-21 | (1) |
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Losses on the Sale of Personal-Use Assets |
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7-21 | (1) |
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Capital Losses on Sales to Related Parties |
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7-22 | (1) |
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7-22 | (1) |
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Balancing Tax Planning Strategies for Capital Assets with Other Goals |
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7-23 | (1) |
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7-25 | (1) |
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Portfolio Investment Expenses |
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7-25 | (1) |
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7-25 | (1) |
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Investment Interest Expense |
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7-26 | (1) |
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7-27 | (1) |
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Net Investment Income Tax |
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7-29 | (1) |
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Passive Activity Income and Losses |
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7-29 | (1) |
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Passive Activity Definition |
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7-30 | (1) |
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Income and Loss Categories |
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7-31 | (1) |
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Rental Real Estate Exception to the Passive Activity Loss Rules |
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7-33 | (1) |
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Net Investment Income Tax on Net Passive Income |
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7-34 | (1) |
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7-34 | (1) |
| 8 Individual Income Tax Computation and Tax Credits |
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Regular Federal Income Tax Computation |
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8-2 | (1) |
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8-2 | (1) |
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Marriage Penalty or Benefit |
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8-3 | (1) |
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Exceptions to the Basic Tax Computation |
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8-3 | (1) |
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Preferential Tax Rates for Capital Gains and Dividends |
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8-4 | (1) |
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Net Investment Income Tax |
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8-5 | (1) |
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8-6 | (1) |
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8-8 | (1) |
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Alternative Minimum Tax Formula |
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8-9 | (1) |
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Alternative Minimum Taxable Income (AMTI) |
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8-9 | (1) |
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8-12 | (1) |
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Tentative Minimum Tax and AMT Computation |
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8-13 | (1) |
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General AMT Planning Strategies |
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8-14 | (1) |
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Employment and Self-Employment Taxes |
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8-14 | (1) |
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Employee FICA Taxes Payable |
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8-15 | (1) |
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8-17 | (1) |
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Employee vs. Self-Employed (Independent Contractor) |
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8-22 | (1) |
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Employee vs. Independent Contractor Comparison |
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8-22 | (1) |
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8-24 | (1) |
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Nonrefundable Personal Credits |
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8-25 | (1) |
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8-25 | (1) |
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Child and Dependent Care Credit |
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8-26 | (1) |
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8-28 | (1) |
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Refundable Personal Credits |
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8-31 | (1) |
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8-31 | (1) |
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Other Refundable Personal Credits |
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8-32 | (1) |
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8-33 | (1) |
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8-33 | (1) |
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8-34 | (1) |
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Credit Application Sequence |
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8-34 | (1) |
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Taxpayer Prepayments and Filing Requirements |
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8-35 | (1) |
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8-36 | (1) |
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8-36 | (1) |
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8-38 | (1) |
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8-38 | (1) |
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8-39 | (1) |
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8-39 | (1) |
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8-41 | (1) |
| 9 Business Income, Deductions, and Accounting Methods |
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9-2 | (1) |
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9-2 | (1) |
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9-3 | (1) |
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9-4 | (1) |
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Limitations on Business Deductions |
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9-5 | (1) |
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Expenditures against Public Policy |
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9-5 | (1) |
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Political Contributions and Lobbying Costs |
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9-5 | (1) |
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9-6 | (1) |
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Expenses Associated with the Production of Tax-Exempt Income |
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9-6 | (1) |
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9-7 | (1) |
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Mixed-Motive Expenditures |
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9-8 | (1) |
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9-8 | (1) |
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Travel and Transportation |
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9-9 | (1) |
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9-11 | (1) |
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Record Keeping and Other Requirements |
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9-11 | (1) |
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Specific Business Deductions |
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9-12 | (1) |
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Domestic Production Activities Deduction |
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9-12 | (1) |
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Losses on Dispositions of Business Property |
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9-13 | (1) |
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9-14 | (1) |
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9-15 | (1) |
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9-16 | (1) |
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Financial and Tax Accounting Methods |
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9-17 | (1) |
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Overall Accounting Method |
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9-17 | (1) |
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9-17 | (1) |
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9-18 | (1) |
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9-19 | (1) |
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All-Events Test for Income |
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9-19 | (1) |
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Taxation of Advance Payments of Income (Unearned Income) |
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9-19 | (1) |
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9-20 | (1) |
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Advance Payment for Goods |
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9-20 | (1) |
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9-21 | (1) |
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9-21 | (1) |
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Inventory Cost-Flow Methods |
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9-22 | (1) |
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9-24 | (1) |
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All-Events Test for Deductions |
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9-24 | (1) |
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9-24 | (1) |
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9-27 | (1) |
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Limitations on Accruals to Related Parties |
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9-28 | (1) |
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Comparison of Accrual and Cash Methods |
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9-29 | (1) |
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Adopting an Accounting Method |
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9-30 | (1) |
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Changing Accounting Methods |
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9-33 | (1) |
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Tax Consequences of Changing Accounting Methods |
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9-33 | (1) |
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9-34 | (1) |
| 10 Property Acquisition and Cost Recovery |
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Cost Recovery and Basis for Cost Recovery |
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10-2 | (1) |
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10-3 | (1) |
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10-6 | (1) |
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Personal Property Depreciation |
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10-7 | (1) |
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10-7 | (1) |
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Depreciation Recovery Period |
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10-8 | (1) |
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10-9 | (1) |
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Calculating Depreciation for Personal Property |
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10-9 | (1) |
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Applying the Half-Year Convention |
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10-10 | (1) |
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Applying the Mid-Quarter Convention |
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10-13 | (1) |
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10-16 | (1) |
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10-17 | (1) |
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10-17 | (1) |
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10-17 | (1) |
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Special Rules Relating to Cost Recovery |
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10-18 | (1) |
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10-18 | (1) |
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10-24 | (1) |
|
|
|
10-26 | (1) |
|
Depreciation for the Alternative Minimum Tax |
|
|
10-29 | (1) |
|
|
|
10-29 | (1) |
|
|
|
10-31 | (1) |
|
|
|
10-31 | (1) |
|
Organizational Expenditures and Start-Up Costs |
|
|
10-32 | (1) |
|
Research and Experimentation Expenditures |
|
|
10-35 | (1) |
|
|
|
10-35 | (1) |
|
Amortizable Intangible Asset Summary |
|
|
10-36 | (1) |
|
|
|
10-37 | (1) |
|
|
|
10-39 | (1) |
|
|
|
10-40 | (1) |
| 11 Property Dispositions |
|
|
|
|
11-2 | (1) |
|
|
|
11-2 | (1) |
|
Determination of Adjusted Basis |
|
|
11-3 | (1) |
|
|
|
11-3 | (1) |
|
|
|
11-3 | (1) |
|
Property Converted from Personal Use to Business Use |
|
|
11-3 | (1) |
|
Realized Gain or Loss on Disposition |
|
|
11-5 | (1) |
|
Recognized Gain or Loss on Disposition |
|
|
11-6 | (1) |
|
Character of Gain or Loss |
|
|
11-6 | (1) |
|
|
|
11-7 | (1) |
|
|
|
11-7 | (1) |
|
|
|
11-8 | (1) |
|
|
|
11-9 | (1) |
|
|
|
11-10 | (1) |
|
Scenario 1: Gain Created Solely through Cost Recovery Deductions |
|
|
11-11 | (1) |
|
Scenario 2: Gain Due to Both Cost Recovery Deductions and Asset Appreciation |
|
|
11-11 | (1) |
|
Scenario 3: Asset Sold at a Loss |
|
|
11-12 | (1) |
|
§1250 Depreciation Recapture for Real Property |
|
|
11-13 | (1) |
|
Other Provisions Affecting the Rate at Which Gains Are Taxed |
|
|
11-14 | (1) |
|
Unrecaptured §1250 Gain for Individuals |
|
|
11-14 | (1) |
|
Characterizing Gains on the Sale of Depreciable Property to Related Persons |
|
|
11-16 | (1) |
|
Calculating Net §1231 Gains or Losses |
|
|
11-16 | (1) |
|
|
|
11-18 | (1) |
|
|
|
11-20 | (1) |
|
Nonrecognition Transactions |
|
|
11-20 | (1) |
|
|
|
11-20 | (1) |
|
Definition of Like-Kind Property |
|
|
11-24 | (1) |
|
|
|
11-24 | (1) |
|
|
|
11-24 | (1) |
|
Property Ineligible for Like-Kind Treatment |
|
|
11-25 | (1) |
|
|
|
11-25 | (1) |
|
Timing Requirements for a Like-Kind Exchange |
|
|
11-25 | (1) |
|
Tax Consequences When Like-Kind Property Is Exchanged Solely for Like-Kind Property |
|
|
11-27 | (1) |
|
Tax Consequences of Transfers Involving Like- Kind and Non-Like-Kind Property (Boot) |
|
|
11-27 | (1) |
|
Reporting Like-Kind Exchanges |
|
|
11-29 | (1) |
|
|
|
11-29 | (1) |
|
|
|
11-32 | (1) |
|
Gains Ineligible for Installment Reporting |
|
|
11-34 | (1) |
|
Other Nonrecognition Provisions |
|
|
11-34 | (1) |
|
Related-Person Loss Disallowance Rules |
|
|
11-35 | (1) |
|
|
|
11-36 | (1) |
| 12 Compensation |
|
|
|
|
12-2 | (1) |
|
Employee Considerations for Salary and Wages |
|
|
12-2 | (1) |
|
|
|
12-2 | (1) |
|
Employer Considerations for Salary and Wages |
|
|
12-2 | (1) |
|
Deductibility of Salary Payments |
|
|
12-3 | (1) |
|
Equity-Based Compensation |
|
|
12-7 | (1) |
|
|
|
12-8 | (1) |
|
Employee Considerations for Stock Options |
|
|
12-10 | (1) |
|
Employer Considerations for Stock Options |
|
|
12-13 | (1) |
|
|
|
12-15 | (1) |
|
Employee Considerations for Restricted Stock |
|
|
12-16 | (1) |
|
Employer Considerations for Restricted Stock |
|
|
12-18 | (1) |
|
Equity-Based Compensation Summary |
|
|
12-19 | (1) |
|
|
|
12-19 | (1) |
|
|
|
12-20 | (1) |
|
Employee Considerations for Taxable Fringe Benefits |
|
|
12-20 | (1) |
|
Employer Considerations for Taxable Fringe Benefits |
|
|
12-22 | (1) |
|
Nontaxable Fringe Benefits |
|
|
12-24 | (1) |
|
Group-Term Life Insurances |
|
|
12-24 | (1) |
|
Health and Accident Insurance and Benefits |
|
|
12-25 | (1) |
|
Meals and Lodging for the Convenience of the Employer |
|
|
12-25 | (1) |
|
Employee Educational Assistance |
|
|
12-26 | (1) |
|
|
|
12-26 | (1) |
|
No-Additional-Cost Services |
|
|
12-26 | (1) |
|
Qualified Employee Discounts |
|
|
12-27 | (1) |
|
Working Condition Fringe Benefits |
|
|
12-28 | (1) |
|
De Minimis Fringe Benefits |
|
|
12-28 | (1) |
|
Qualified Transportation Fringe Benefits |
|
|
12-28 | (1) |
|
Qualified Moving Expense Reimbursement |
|
|
12-28 | (1) |
|
Cafeteria Plans and Flexible Spending Accounts (FSAs) |
|
|
12-29 | (1) |
|
Employee and Employer Considerations for Nontaxable Fringe Benefits |
|
|
12-29 | (1) |
|
Tax Planning with Fringe Benefits |
|
|
12-30 | (1) |
|
|
|
12-31 | (1) |
|
|
|
12-33 | (1) |
| 13 Retirement Savings and Deferred Compensation |
|
|
Employer-Provided Qualified Plans |
|
|
13-3 | (1) |
|
|
|
13-3 | (1) |
|
|
|
13-4 | (1) |
|
|
|
13-5 | (1) |
|
|
|
13-5 | (1) |
|
Defined Contribution Plans |
|
|
13-6 | (1) |
|
|
|
13-6 | (1) |
|
|
|
13-7 | (1) |
|
|
|
13-7 | (1) |
|
After-Tax Cost of Contributions to Traditional (non-Roth) Defined Contribution Plans |
|
|
13-8 | (1) |
|
Distributions from Traditional Defined Contribution Plans |
|
|
13-9 | (1) |
|
After-Tax Rates of Return for Traditional Defined Contribution Plans |
|
|
13-11 | (1) |
|
|
|
13-11 | (1) |
|
Comparing Traditional Defined Contribution Plans and Roth 401(k) Plans |
|
|
13-14 | (1) |
|
Nonqualified Deferred Compensation Plans |
|
|
13-15 | (1) |
|
Nonqualified Plans versus Qualified Defined Contribution Plans |
|
|
13-15 | (1) |
|
|
|
13-16 | (1) |
|
|
|
13-18 | (1) |
|
Individually Managed Qualified Retirement Plans |
|
|
13-19 | (1) |
|
Individual Retirement Accounts |
|
|
13-19 | (1) |
|
|
|
13-20 | (1) |
|
|
|
13-20 | (1) |
|
Nondeductible Contributions |
|
|
13-22 | (1) |
|
|
|
13-23 | (1) |
|
|
|
13-23 | (1) |
|
|
|
13-23 | (1) |
|
|
|
13-24 | (1) |
|
Rollover from Traditional to Roth IRA |
|
|
13-25 | (1) |
|
Comparing Traditional and Roth IRAs |
|
|
13-26 | (1) |
|
Self-Employed Retirement Accounts |
|
|
13-27 | (1) |
|
Simplified Employee Pension (SEP) IRA |
|
|
13-27 | (1) |
|
|
|
13-28 | (1) |
|
|
|
13-28 | (1) |
|
|
|
13-30 | (1) |
|
|
|
13-30 | (1) |
|
|
|
13-31 | (1) |
|
Appendix A: Traditional IRA Deduction Limitations |
|
|
13-32 | (1) |
|
Appendix B: Roth IRA Contribution Limits |
|
|
13-34 | (1) |
| 14 Tax Consequences of Home Ownership |
|
|
|
|
14-3 | (1) |
|
Exclusion of Gain on Sale of Personal Residence |
|
|
14-4 | (1) |
|
|
|
14-5 | (1) |
|
Exclusion of Gain from Debt Forgiveness on Foreclosure of Home Mortgage |
|
|
14-8 | (1) |
|
Interest Expense on Home-Related Debt |
|
|
14-8 | (1) |
|
Limitations on Home-Related Debt |
|
|
14-9 | (1) |
|
|
|
14-13 | (1) |
|
|
|
14-13 | (1) |
|
|
|
14-15 | (1) |
|
|
|
14-17 | (1) |
|
Residence with Minimal Rental Use |
|
|
14-17 | (1) |
|
Residence with Significant Rental Use (Vacation Home) |
|
|
14-18 | (1) |
|
Nonresidence (Rental Property) |
|
|
14-21 | (1) |
|
Losses on Rental Property |
|
|
14-23 | (1) |
|
|
|
14-25 | (1) |
|
Direct versus Indirect Expenses |
|
|
14-27 | (1) |
|
Limitations on Deductibility of Expenses |
|
|
14-28 | (1) |
|
|
|
14-30 | (1) |
|
Appendix A: Sample Settlement Statement for the Jeffersons |
|
|
14-32 | (1) |
|
Appendix B: Flowchart of Tax Rules Relating to Home Used for Rental Purposes |
|
|
14-34 | (1) |
| 15 Entities Overview |
|
|
Entity Legal Classification and Nontax Characteristics |
|
|
15-2 | (1) |
|
|
|
15-2 | (1) |
|
|
|
15-2 | (1) |
|
Responsibility for Liabilities |
|
|
15-3 | (1) |
|
Rights, Responsibilities, and Legal Arrangements among Owners |
|
|
15-3 | (1) |
|
Entity Tax Classification |
|
|
15-5 | (1) |
|
Entity Tax Characteristics |
|
|
15-7 | (1) |
|
|
|
15-8 | (1) |
|
After-Tax Earnings Distributed |
|
|
15-8 | (1) |
|
Some or All After-Tax Earnings Retained |
|
|
15-11 | (1) |
|
Mitigating the Double Tax |
|
|
15-12 | (1) |
|
Deductibility of Entity Losses |
|
|
15-14 | (1) |
|
Other Tax Characteristics |
|
|
15-15 | (1) |
|
Converting to Other Entity Types |
|
|
15-15 | (1) |
|
|
|
15-20 | (1) |
| 16 Corporate Operations |
|
|
Corporate Taxable Income Formula |
|
|
16-2 | (1) |
|
Accounting Periods and Methods |
|
|
16-2 | (1) |
|
Computing Corporate Regular Taxable Income |
|
|
16-3 | (1) |
|
|
|
16-3 | (1) |
|
Common Permanent Book-Tax Differences |
|
|
16-4 | (1) |
|
Common Temporary Book-Tax Differences |
|
|
16-6 | (1) |
|
Corporate-Specific Deductions and Associated Book-Tax Differences |
|
|
16-9 | (1) |
|
|
|
16-9 | (1) |
|
|
|
16-12 | (1) |
|
|
|
16-13 | (1) |
|
|
|
16-15 | (1) |
|
Dividends Received Deduction |
|
|
16-18 | (1) |
|
|
|
16-22 | (1) |
|
|
|
16-22 | (1) |
|
|
|
16-24 | (1) |
|
|
|
16-25 | (1) |
|
|
|
16-29 | (1) |
|
Corporate Tax Return Due Dates and Estimated Taxes |
|
|
16-29 | (1) |
|
Corporate Alternative Minimum Tax |
|
|
16-33 | (1) |
|
|
|
16-33 | (1) |
|
|
|
16-34 | (1) |
|
|
|
16-34 | (1) |
|
Gain or Loss on Disposition of Depreciable Assets |
|
|
16-35 | (1) |
|
|
|
16-35 | (1) |
|
AMT NOL Deduction (ATNOLD) |
|
|
16-37 | (1) |
|
Alternative Minimum Taxable Income (AMTI) |
|
|
16-37 | (1) |
|
|
|
16-38 | (1) |
|
|
|
16-38 | (1) |
|
|
|
16-39 | (1) |
| 17 Accounting for Income Taxes |
|
|
Objectives of Accounting for Income Taxes and the Income Tax Provision Process |
|
|
17-2 | (1) |
|
Why Is Accounting for Income Taxes So Complex? |
|
|
17-3 | (1) |
|
|
|
17-4 | (1) |
|
The Income Tax Provision Process |
|
|
17-6 | (1) |
|
Calculating the Current and Deferred Income Tax Expense or Benefit Components of a Company's Income Tax Provision |
|
|
17-6 | (1) |
|
Step 1: Adjust Pretax Net Income for All Permanent Differences |
|
|
17-6 | (1) |
|
Step 2: Identify All Temporary Differences and Tax Carryforward Amounts |
|
|
17-8 | (1) |
|
Revenues or Gains That Are Taxable after They Are Recognized in Financial Income |
|
|
17-8 | (1) |
|
Expenses or Losses That Are Deductible after They Are Recognized in Financial Income |
|
|
17-8 | (1) |
|
Revenues or Gains That Are Taxable before They Are Recognized in Financial Income |
|
|
17-9 | (1) |
|
Expenses or Losses That Are Deductible before They Are Recognized in Financial Income |
|
|
17-9 | (1) |
|
Identifying Taxable and Deductible Temporary Differences |
|
|
17-9 | (1) |
|
Taxable Temporary Difference |
|
|
17-9 | (1) |
|
Deductible Temporary Difference |
|
|
17-9 | (1) |
|
Step 3: Compute the Current Income Tax Expense or Benefit |
|
|
17-11 | (1) |
|
Step 4: Determine the Ending Balances in the Balance Sheet Deferred Tax Asset and Liability Accounts |
|
|
17-12 | (1) |
|
Determining Whether a Valuation Allowance Is Needed |
|
|
17-18 | (1) |
|
Step 5: Evaluate the Need for a Valuation Allowance for Gross Deferred Tax Assets |
|
|
17-18 | (1) |
|
Determining the Need for a Valuation Allowance |
|
|
17-18 | (1) |
|
Future Reversals of Existing Taxable Temporary Differences |
|
|
17-18 | (1) |
|
Taxable Income in Prior Carryback Year(s) |
|
|
17-19 | (1) |
|
Expected Future Taxable Income Exclusive of Reversing Temporary Differences and Carryforwards |
|
|
17-19 | (1) |
|
|
|
17-19 | (1) |
|
Negative Evidence That a Valuation Allowance Is Needed |
|
|
17-19 | (1) |
|
Step 6: Calculate the Deferred Income Tax Expense or Benefit |
|
|
17-22 | (1) |
|
Accounting for Uncertainty in Income Tax Positions |
|
|
17-23 | (1) |
|
Application of ASC 740 to Uncertain Tax Positions |
|
|
17-24 | (1) |
|
|
|
17-24 | (1) |
|
|
|
17-24 | (1) |
|
|
|
17-26 | (1) |
|
|
|
17-26 | (1) |
|
Disclosures of Uncertain Tax Positions |
|
|
17-27 | (1) |
|
Schedule UTP (Uncertain Tax Position) Statement |
|
|
17-27 | (1) |
|
Financial Statement Disclosure and the Computation of a Corporation's Effective Tax Rate |
|
|
17-28 | (1) |
|
Balance Sheet Classification |
|
|
17-28 | (1) |
|
Income Tax Footnote Disclosure |
|
|
17-28 | (1) |
|
Computation and Reconciliation of the Income Tax Provision with a Company's Hypothetical Tax Provision |
|
|
17-30 | (1) |
|
Importance of a Corporation's Effective Tax Rate |
|
|
17-31 | (1) |
|
Interim Period Effective Tax Rates |
|
|
17-32 | (1) |
|
FASB Projects Related to Accounting for Income Taxes |
|
|
17-32 | (1) |
|
|
|
17-32 | (1) |
| 18 Corporate Taxation: Nonliquidating Distributions |
|
|
Taxation of Property Distributions |
|
|
18-2 | (1) |
|
Determining the Dividend Amount from Earnings and Profits |
|
|
18-3 | (1) |
|
|
|
18-3 | (1) |
|
|
|
18-3 | (1) |
|
Computing Earnings and Profits |
|
|
18-4 | (1) |
|
Nontaxable Income Included in Current E&P |
|
|
18-4 | (1) |
|
Deductible Expenses That Do Not Reduce Current E&P |
|
|
18-5 | (1) |
|
Nondeductible Expenses That Reduce Current E&P |
|
|
18-5 | (1) |
|
Items Requiring Separate Accounting Methods for E&P Purposes |
|
|
18-5 | (1) |
|
Ordering of E&P Distributions |
|
|
18-8 | (1) |
|
Positive Current E&P and Positive Accumulated E&P |
|
|
18-8 | (1) |
|
Positive Current E&P and Negative Accumulated E&P |
|
|
18-8 | (1) |
|
Negative Current E&P and Positive Accumulated E&P |
|
|
18-9 | (1) |
|
Negative Current E&P and Negative Accumulated E&P |
|
|
18-10 | (1) |
|
Distributions of Noncash Property to Shareholders |
|
|
18-11 | (1) |
|
The Tax Consequences to a Corporation Paying Noncash Property as a Dividend |
|
|
18-12 | (1) |
|
|
|
18-12 | (1) |
|
Effect of Noncash Property Distributions on E&P |
|
|
18-13 | (1) |
|
|
|
18-15 | (1) |
|
The Motivation to Pay Dividends |
|
|
18-17 | (1) |
|
|
|
18-17 | (1) |
|
Tax Consequences to Shareholders Receiving a Stock Distribution |
|
|
18-18 | (1) |
|
Nontaxable Stock Distributions |
|
|
18-18 | (1) |
|
Taxable Stock Distributions |
|
|
18-18 | (1) |
|
|
|
18-19 | (1) |
|
The Form of a Stock Redemption |
|
|
18-20 | (1) |
|
Redemptions That Reduce a Shareholder's Ownership Interest |
|
|
18-21 | (1) |
|
Redemptions That Are Substantially Disproportionate |
|
|
18-21 | (1) |
|
Complete Redemption of the Stock Owned by a Shareholder |
|
|
18-24 | (1) |
|
Redemptions That Are Not Essentially Equivalent to a Dividend |
|
|
18-25 | (1) |
|
Tax Consequences to the Distributing Corporation |
|
|
18-26 | (1) |
|
Trends in Stock Redemptions by Publicly Traded Corporations |
|
|
18-27 | (1) |
|
|
|
18-28 | (1) |
|
|
|
18-29 | (1) |
| 19 Corporate Formation, Reorganization, and Liquidation |
|
|
Review the Taxation of Property Dispositions |
|
|
19-2 | (1) |
|
Tax-Deferred Transfers of Property to a Corporation |
|
|
19-4 | (1) |
|
Transactions Subject to Tax Deferral |
|
|
19-5 | (1) |
|
Meeting the Section 351 Tax Deferral Requirements |
|
|
19-5 | (1) |
|
Section 351 Applies Only to the Transfer of Property to the Corporation |
|
|
19-5 | (1) |
|
The Property Transferred to the Corporation Must Be Exchanged for Stock of the Corporation |
|
|
19-6 | (1) |
|
The Transferor(s) of Property to the Corporation Must Be in Control, in the Aggregate, of the Corporation Immediately after the Transfer |
|
|
19-6 | (1) |
|
Tax Consequences to Shareholders |
|
|
19-9 | (1) |
|
Tax Consequences When a Shareholder Receives Boot |
|
|
19-10 | (1) |
|
Assumption of Shareholder Liabilities by the Corporation |
|
|
19-12 | (1) |
|
Tax-Avoidance Transactions |
|
|
19-12 | (1) |
|
Liabilities in Excess of Basis |
|
|
19-12 | (1) |
|
Tax Consequences to the Transferee Corporation |
|
|
19-14 | (1) |
|
Other Issues Related to Incorporating an Ongoing Business |
|
|
19-17 | (1) |
|
Depreciable Assets Transferred to a Corporation |
|
|
19-17 | (1) |
|
|
|
19-18 | (1) |
|
|
|
19-18 | (1) |
|
Taxable and Tax-Deferred Corporate Acquisitions |
|
|
19-20 | (1) |
|
The Acquisition Tax Model |
|
|
19-21 | (1) |
|
Tax Consequences to a Corporate Acquisition |
|
|
19-22 | (1) |
|
|
|
19-23 | (1) |
|
Tax-Deferred Acquisitions |
|
|
19-26 | (1) |
|
Judicial Principles That Underlie All Tax-Deferred Reorganizations |
|
|
19-26 | (1) |
|
Continuity of Interest (COI) |
|
|
19-26 | (1) |
|
Continuity of Business Enterprise (COBS) |
|
|
19-26 | (1) |
|
|
|
19-27 | (1) |
|
Type A Asset Acquisitions |
|
|
19-27 | (1) |
|
Forward Triangular Type A Merger |
|
|
19-29 | (1) |
|
Reverse Triangular Type A Merger |
|
|
19-29 | (1) |
|
Type B Stock-for-Stock Reorganizations |
|
|
19-30 | (1) |
|
Complete Liquidation of a Corporation |
|
|
19-33 | (1) |
|
Tax Consequences to the Shareholders in a Complete Liquidation |
|
|
19-34 | (1) |
|
Tax Consequences to the Liquidating Corporation in a Complete Liquidation |
|
|
19-35 | (1) |
|
Taxable Liquidating Distributions |
|
|
19-35 | (1) |
|
Nontaxable Liquidating Distributions |
|
|
19-38 | (1) |
|
|
|
19-39 | (1) |
| 20 Forming and Operating Partnerships |
|
|
Flow-Through Entities Overview |
|
|
20-2 | (1) |
|
Aggregate and Entity Concepts |
|
|
20-2 | (1) |
|
Partnership Formations and Acquisitions of Partnership Interests |
|
|
20-3 | (1) |
|
Acquiring Partnership Interests When Partnerships Are Formed |
|
|
20-3 | (1) |
|
Contributions of Property |
|
|
20-3 | (1) |
|
|
|
20-9 | (1) |
|
Organization, Start-Up, and Syndication Costs |
|
|
20-12 | (1) |
|
Acquisitions of Partnership Interests |
|
|
20-13 | (1) |
|
Partnership Accounting: Tax Elections, Accounting Periods, and Accounting Methods |
|
|
20-13 | (1) |
|
|
|
20-14 | (1) |
|
|
|
20-14 | (1) |
|
|
|
20-14 | (1) |
|
|
|
20-16 | (1) |
|
Reporting the Results of Partnership Operations |
|
|
20-17 | (1) |
|
Ordinary Business Income (Loss) and Separately Stated Items |
|
|
20-17 | (1) |
|
|
|
20-19 | (1) |
|
|
|
20-20 | (1) |
|
Net Investment Income Tax |
|
|
20-22 | (1) |
|
Allocating Partners' Shares of Income and Loss |
|
|
20-22 | (1) |
|
Partnership Compliance Issues |
|
|
20-23 | (1) |
|
Partner's Adjusted Tax Basis in Partnership Interest |
|
|
20-27 | (1) |
|
Cash Distributions in Operating Partnerships |
|
|
20-29 | (1) |
|
|
|
20-29 | (1) |
|
|
|
20-29 | (1) |
|
|
|
20-30 | (1) |
|
Passive Activity Loss Limitation |
|
|
20-31 | (1) |
|
|
|
20-32 | (1) |
|
|
|
20-33 | (1) |
|
|
|
20-34 | (1) |
| 21 Dispositions of Partnership Interests and Partnership Distributions |
|
|
Basics of Sales of Partnership Interests |
|
|
21-2 | (1) |
|
|
|
21-3 | (1) |
|
|
|
21-3 | (1) |
|
Buyer and Partnership Issues |
|
|
21-7 | (1) |
|
|
|
21-8 | (1) |
|
Basics of Partnership Distributions |
|
|
21-9 | (1) |
|
|
|
21-9 | (1) |
|
Operating Distributions of Money Only |
|
|
21-9 | (1) |
|
Operating Distributions That Include Property Other Than Money |
|
|
21-10 | (1) |
|
Liquidating Distributions |
|
|
21-12 | (1) |
|
Gain or Loss Recognition in Liquidating Distributions |
|
|
21-13 | (1) |
|
Basis in Distributed Property |
|
|
21-13 | (1) |
|
Partner's Outside Basis Is Greater Than Inside Basis of Distributed Assets |
|
|
21-14 | (1) |
|
Partner's Outside Basis Is Less Than Inside Basis of Distributed Assets |
|
|
21-17 | (1) |
|
Character and Holding Period of Distributed Assets |
|
|
21-21 | (1) |
|
Disproportionate Distributions |
|
|
21-24 | (1) |
|
Special Basis Adjustments |
|
|
21-26 | (1) |
|
Special Basis Adjustments for Dispositions |
|
|
21-27 | (1) |
|
Special Basis Adjustments for Distributions |
|
|
21-28 | (1) |
|
|
|
21-29 | (1) |
| 22 S Corporations |
|
|
|
|
22-2 | (1) |
|
S Corporation Qualification Requirements |
|
|
22-2 | (1) |
|
|
|
22-3 | (1) |
|
S Corporation Terminations |
|
|
22-5 | (1) |
|
|
|
22-5 | (1) |
|
|
|
22-5 | (1) |
|
Failure to Meet Requirements |
|
|
22-5 | (1) |
|
Excess of Passive Investment Income |
|
|
22-6 | (1) |
|
|
|
22-6 | (1) |
|
S Corporation Reelections |
|
|
22-7 | (1) |
|
|
|
22-8 | (1) |
|
Accounting Methods and Periods |
|
|
22-8 | (1) |
|
Income and Loss Allocations |
|
|
22-8 | (1) |
|
|
|
22-9 | (1) |
|
|
|
22-11 | (1) |
|
|
|
22-11 | (1) |
|
|
|
22-12 | (1) |
|
|
|
22-13 | (1) |
|
|
|
22-13 | (1) |
|
|
|
22-14 | (1) |
|
Post-Termination Transition Period Loss Limitation |
|
|
22-14 | (1) |
|
Passive Activity Loss Limitation |
|
|
22-15 | (1) |
|
|
|
22-15 | (1) |
|
3.8 Percent Net Investment Income Tax |
|
|
22-16 | (1) |
|
|
|
22-16 | (1) |
|
|
|
22-17 | (1) |
|
|
|
22-17 | (1) |
|
S Corporation with No C Corporation Accumulated Earnings and Profits |
|
|
22-17 | (1) |
|
S Corporations with C Corporation Accumulated Earnings and Profits |
|
|
22-18 | (1) |
|
|
|
22-20 | (1) |
|
Post-Termination Transition Period Distributions |
|
|
22-21 | (1) |
|
Liquidating Distributions |
|
|
22-21 | (1) |
|
S Corporation Taxes and Filing Requirements |
|
|
22-22 | (1) |
|
|
|
22-22 | (1) |
|
Excess Net Passive Income Tax |
|
|
22-24 | (1) |
|
|
|
22-26 | (1) |
|
|
|
22-28 | (1) |
|
|
|
22-28 | (1) |
|
Comparing C and S Corporations and Partnerships |
|
|
22-30 | (1) |
|
|
|
22-31 | (1) |
| 23 State and Local Taxes |
|
|
|
|
23-2 | (1) |
|
|
|
23-5 | (1) |
|
|
|
23-5 | (1) |
|
Sales and Use Tax Liability |
|
|
23-7 | (1) |
|
|
|
23-9 | (1) |
|
|
|
23-10 | (1) |
|
|
|
23-10 | (1) |
|
Income Tax Nexus for Other Business Types or Nonincome-Based Taxes |
|
|
23-13 | (1) |
|
Economic Income Tax Nexus |
|
|
23-13 | (1) |
|
Entities Included on Income Tax Return |
|
|
23-15 | (1) |
|
|
|
23-15 | (1) |
|
|
|
23-15 | (1) |
|
|
|
23-16 | (1) |
|
Dividing State Tax Base among States |
|
|
23-18 | (1) |
|
|
|
23-19 | (1) |
|
|
|
23-24 | (1) |
|
State Income Tax Liability |
|
|
23-24 | (1) |
|
Non (Net) Income-Based Taxes |
|
|
23-25 | (1) |
|
|
|
23-25 | (1) |
| 24 The U.S. Taxation of Multinational Transactions |
|
|
The U.S. Framework for Taxing Multinational Transactions |
|
|
24-2 | (1) |
|
U.S. Taxation of a Nonresident |
|
|
24-3 | (1) |
|
Definition of a Resident for U.S. Tax Purposes |
|
|
24-4 | (1) |
|
Overview of the U.S. Foreign Tax Credit System |
|
|
24-5 | (1) |
|
U.S. Source Rules for Gross Income and Deductions |
|
|
24-6 | (1) |
|
|
|
24-7 | (1) |
|
|
|
24-7 | (1) |
|
|
|
24-8 | (1) |
|
Compensation for Services |
|
|
24-8 | (1) |
|
|
|
24-10 | (1) |
|
Gain or Loss from Sale of Real Property |
|
|
24-10 | (1) |
|
Gain or Loss from Sale of Purchased Personal Property |
|
|
24-10 | (1) |
|
Inventory Produced within the United States and Sold Outside the United States (§863 Sales) |
|
|
24-11 | (1) |
|
Source of Deduction Rules |
|
|
24-12 | (1) |
|
General Principles of Allocation and Apportionment |
|
|
24-12 | (1) |
|
Special Apportionment Rules |
|
|
24-13 | (1) |
|
|
|
24-15 | (1) |
|
|
|
24-20 | (1) |
|
FTC Limitation Categories of Taxable Income |
|
|
24-20 | (1) |
|
|
|
24-20 | (1) |
|
|
|
24-20 | (1) |
|
|
|
24-21 | (1) |
|
|
|
24-22 | (1) |
|
|
|
24-22 | (1) |
|
Indirect (Deemed Paid) Taxes |
|
|
24-22 | (1) |
|
Planning for International Operations |
|
|
24-25 | (1) |
|
Check-the-Box Hybrid Entities |
|
|
24-26 | (1) |
|
|
|
24-27 | (1) |
|
Definition of a Controlled Foreign Corporation |
|
|
24-28 | (1) |
|
Definition of Subpart F Income |
|
|
24-29 | (1) |
|
Planning to Avoid Subpart F Income |
|
|
24-31 | (1) |
|
|
|
24-33 | (1) |
|
|
|
24-33 | (1) |
| 25 Transfer Taxes and Wealth Planning |
|
|
Introduction to Federal Transfer Taxes |
|
|
25-2 | (1) |
|
|
|
25-2 | (1) |
|
Common Features of Integrated Transfer Taxes |
|
|
25-2 | (1) |
|
|
|
25-4 | (1) |
|
Transfers Subject to Gift Tax |
|
|
25-5 | (1) |
|
|
|
25-6 | (1) |
|
|
|
25-8 | (1) |
|
|
|
25-9 | (1) |
|
|
|
25-10 | (1) |
|
|
|
25-10 | (1) |
|
|
|
25-12 | (1) |
|
Computation of the Gift Tax |
|
|
25-12 | (1) |
|
Tax on Current Taxable Gifts |
|
|
25-13 | (1) |
|
|
|
25-14 | (1) |
|
|
|
25-17 | (1) |
|
|
|
25-17 | (1) |
|
|
|
25-18 | (1) |
|
|
|
25-21 | (1) |
|
|
|
25-22 | (1) |
|
|
|
25-22 | (1) |
|
Administrative Expenses, Debts, Losses, and State Death Taxes |
|
|
25-23 | (1) |
|
Marital and Charitable Deductions |
|
|
25-23 | (1) |
|
Computation of the Estate Tax |
|
|
25-25 | (1) |
|
|
|
25-25 | (1) |
|
|
|
25-26 | (1) |
|
|
|
25-29 | (1) |
|
The Generation-Skipping Tax |
|
|
25-29 | (1) |
|
Income Tax Considerations |
|
|
25-29 | (1) |
|
Transfer Tax Planning Techniques |
|
|
25-30 | (1) |
|
|
|
25-30 | (1) |
|
|
|
25-31 | (1) |
|
|
|
25-32 | (1) |
|
|
|
25-33 | |
| Appendix A Tax Forms |
|
A-1 | |
| Appendix B Tax Terms Glossary |
|
B | |
| Appendix C Comprehensive Tax Return Problems |
|
C | |
| Appendix D Tax Rates |
|
D | |
| Code Index |
|
CI | |
| Subject Index |
|
SI-1 | |
