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McGraw-Hill's Taxation of Individuals and Business Entities 2023 Edition 14th ed. [Kietas viršelis]

, (Univ of Texas at Austin), , (Brigham Young Univ Provo), (Texas A and M Univ Clg Station), ,
  • Formatas: Hardback, 1248 pages, aukštis x plotis x storis: 284x224x48 mm, weight: 2440 g
  • Išleidimo metai: 01-Apr-2022
  • Leidėjas: OM Books International
  • ISBN-10: 1265790299
  • ISBN-13: 9781265790295
Kitos knygos pagal šią temą:
McGraw-Hill's Taxation of Individuals and Business Entities 2023 Edition 14th ed.Didesnis paveikslėlis
  • Formatas: Hardback, 1248 pages, aukštis x plotis x storis: 284x224x48 mm, weight: 2440 g
  • Išleidimo metai: 01-Apr-2022
  • Leidėjas: OM Books International
  • ISBN-10: 1265790299
  • ISBN-13: 9781265790295
Kitos knygos pagal šią temą:
Pastovi nuoroda: https://www.kriso.lt/db/9781265790295.html
FULLY UPDATED FOR CURRENT TAX LAWS

The bold and innovative McGraw Hill Taxation series is now the most widely adopted code-based Tax title across the country. It's apparent why the clear, organized, and engaging delivery of content, paired with the most current and robust tax code updates, is used by more than 650 schools.

The breadth of the topical coverage, the storyline approach to presenting the material, the emphasis on the tax and non-tax
consequences of multiple parties involved in transactions, and the integration of financial and tax accounting topics make this book ideal for the modern tax curriculum. 

Story Line Approach: Each chapter begins with a story line that introduces a set of characters or a business entity facing specific tax-related situations. Examples related to the story line allow students to learn the code in context.

Integrated Examples: In addition to providing examples in-context, we provide "What if" scenarios within many examples to illustrate how variations in the facts might or might not change the answers.

More than 100 Videos: Guided Example hint videos provide students with on-demand walk-throughs of key Tax topics, offering narrated, animated, step-by-step solutions to algorithmic variants for select exercises similar to those assigned.

Conversational Writing Style, Superior Organization, and Real-World Focus
1 An Introduction to Tax
Who Cares about Taxes and Why?
2(2)
What Qualifies as a Tax?
4(1)
How to Calculate a Tax
5(1)
Different Ways to Measure Tax Rates
5(3)
Tax Rate Structures
8(1)
Proportional Tax Rate Structure
9(1)
Progressive Tax Rate Structure
9(1)
Regressive Tax Rate Structure
10(1)
Types of Taxes
11(1)
Federal Taxes
11(1)
Income Tax
12(1)
Employment and Unemployment Taxes
12(1)
Excise Taxes
13(1)
Transfer Taxes
13(1)
State and Local Taxes
14(1)
Income Taxes
14(1)
Sales and Use Taxes
14(1)
Property Taxes
15(1)
Excise Taxes
15(1)
Implicit Taxes
16(1)
Evaluating Alternative Tax Systems
17(1)
Sufficiency
18(1)
Static versus Dynamic Forecasting
18(1)
Income versus Substitution Effects
19(1)
Equity
20(1)
Horizontal versus Vertical Equity
21(1)
Certainty
22(1)
Convenience
22(1)
Economy
22(1)
Evaluating Tax Systems---The Trade-Offs
23(1)
Conclusion
23
2 Tax Compliance, the IRS, and Tax Authorities
Taxpayer Filing Requirements
2(1)
Tax Return Due Date and Extensions
3(1)
Statute of Limitations
3(1)
IRS Audit Selection
4(2)
Types of Audits
6(1)
After the Audit
6(3)
Tax Law Sources
9(2)
Legislative Sources: Congress and the Constitution
11(1)
Internal Revenue Code
11(1)
The Legislative Process for Tax Laws
12(1)
Basic Organization of the Code
13(1)
Tax Treaties
14(1)
Judicial Sources: The Courts
14(1)
Administrative Sources: The U.S. Treasury
15(1)
Regulations, Revenue Rulings, and Revenue Procedures
15(1)
Letter Rulings
16(1)
Tax Research
17(1)
Step 1 Understand Facts
17(1)
Step 2 Identify Issues
17(1)
Step 3 Locate Relevant Authorities
18(1)
Step 4 Analyze Tax Authorities
19(2)
Step 5 Document and Communicate the Results
21(1)
Facts
21(1)
Issues
21(1)
Authorities
22(1)
Conclusion
22(1)
Analysis
22(1)
Client Letters
22(1)
Tax Professional Responsibilities
23(3)
Taxpayer and Tax Return Preparer Penalties
26(2)
Conclusion
28
3 Tax Planning Strategies and Related Limitations
Basic Tax Planning Overview
2(1)
Timing Strategies
2(1)
Present Value of Money
3(1)
The Timing Strategy When Tax Rates Are Constant
4(3)
The Timing Strategy When Tax Rates Change
7(3)
Limitations to Timing Strategies
10(1)
Income-Shifting Strategies
11(1)
Transactions between Family Members and Limitations
12(1)
Transactions between Owners and Their Businesses and Limitations
12(3)
Income Shifting across Jurisdictions and Limitations
15(1)
Conversion Strategies
15(3)
Limitations of Conversion Strategies
18(1)
Additional Limitations to Tax Planning Strategies: Judicially Based Doctrines
18(1)
Tax Avoidance versus Tax Evasion
19(2)
Conclusion
21
4 Individual Income Tax Overview, Dependents, and Filing Status
The Individual Income Tax Formula
2(1)
Gross Income
2(3)
Character of Income
5(3)
Deductions
8(1)
For AGI Deductions
9(1)
From AGI Deductions
9(2)
Income Tax Calculation
11(1)
Other Taxes
11(1)
Tax Credits
12(1)
Tax Prepayments
12(1)
Dependents of the Taxpayer
13(1)
Dependency Requirements
13(1)
Qualifying Child
13(2)
Qualifying Relative
15(4)
Filing Status
19(1)
Married Filing Jointly and Married Filing Separately
19(2)
Married Individuals Treated as Unmarried (Abandoned Spouse)
21(1)
Qualifying Widow or Widower (Surviving Spouse)
22(1)
Single
22(1)
Head of Household
22(3)
Summary of Income Tax Formula
25(3)
Conclusion
28
5 Gross Income and Exclusions
Realization and Recognition of Income
2(1)
What Is Included in Gross Income?
2(1)
Economic Benefit
3(1)
Realization Principle
3(1)
Recognition
4(1)
Other Income Concepts
4(1)
Form of Receipt
4(1)
Return of Capital Principle
4(1)
Recovery of Amounts Previously Deducted
5(1)
When Do Taxpayers Recognize Income?
6(1)
Accounting Methods
7(1)
Constructive Receipt
7(1)
Claim of Right
7(1)
Who Recognizes the Income?
8(1)
Assignment of Income
8(1)
Community Property Systems
8(2)
Types of Income
10(1)
Income from Services
10(1)
Income from Property
10(1)
Annuities
11(2)
Property Dispositions
13(1)
Other Sources of Gross Income
14(1)
Income from Flow-Through Entities
14(1)
Alimony
14(2)
Prizes, Awards, and Gambling Winnings
16(1)
Social Security Benefits
17(2)
Imputed Income
19(1)
Discharge of Indebtedness
20(1)
Exclusion Provisions
21(1)
Common Exclusions
21(1)
Municipal Bond Interest
21(1)
Gains on the Sale of Personal Residence
22(1)
Fringe Benefits
23(2)
Education-Related Exclusions
25(1)
Scholarships
25(1)
Other Educational Subsidies
25(1)
U.S. Series EE Bonds
26(1)
Exclusions That Mitigate Double Taxation
26(1)
Gifts and Inheritances
27(1)
Life Insurance Proceeds
27(1)
Foreign-Earned Income
28(1)
Sickness and Injury-Related Exclusions
29(1)
Workers' Compensation
29(1)
Payments Associated with Personal Injury
29(1)
Health Care Reimbursement
30(1)
Disability Insurance
30(1)
Deferral Provisions
31(1)
Income Summary
31(1)
Conclusion
32
6 Individual Deductions
Deductions for AGI
2(1)
Deductions Directly Related to Business Activities
2(1)
Trade or Business Expenses
3(2)
Rental and Royalty Expenses
5(1)
Losses on Dispositions
6(1)
Flow-Through Entities
6(1)
Excess Business Loss Limitation
6(1)
Deductions Indirectly Related to Business Activities
7(1)
Moving Expenses
7(1)
Health Insurance Deduction by Self-Employed Taxpayers
7(1)
Self-Employment Tax Deduction
8(1)
Deductions for Individual Retirement Accounts (IRAs)
8(1)
Deductions for Health Savings Accounts
8(1)
Penalty for Early Withdrawal of Savings
9(1)
Deductions Subsidizing Specific Activities
10(1)
Deduction for Interest on Qualified Education Loans
10(1)
Summary: Deductions for AGI
11(3)
Deductions from AGI: Itemized Deductions
14(1)
Medical Expenses
14(1)
Transportation and Travel for Medical Purposes
15(1)
Hospitals and Long-Term Care Facilities
15(1)
Medical Expense Deduction Limitation
16(1)
Taxes
16(2)
Interest
18(1)
Charitable Contributions
19(1)
Contributions of Money
19(1)
Contributions of Property Other Than Money
20(2)
Charitable Contribution Deduction Limitations
22(2)
Special 2021 from AGI Charitable Contribution Deduction for Taxpayers Not Itemizing Deductions
24(1)
Casualty and Theft Losses on Personal-Use Assets
25(1)
Other Itemized Deductions
25(1)
Summary of Itemized Deductions
25(2)
The Standard Deduction
27(1)
Standard Deduction
27(2)
Bunching Itemized Deductions
29(1)
Deduction for Qualified Business Income
29(1)
Deduction for Qualified Business Income
29(3)
Limitations
32(1)
Taxable Income Summary
33(1)
Conclusion
34
7 Investments
Investments Overview
2(1)
Portfolio Income: Interest and Dividends
2(1)
Interest
3(1)
Corporate and U.S. Treasury Bonds
3(1)
U.S. Savings Bonds
4(2)
Dividends
6(1)
Portfolio Income: Capital Gains and Losses
7(3)
Types of Capital Gains and Losses
10(1)
25 Percent Gains
11(1)
28 Percent Gains
12(1)
Netting Process for Gains and Losses
13(4)
Calculating Tax Liability on Net Capital Gains
17(6)
Limits for Capital Loss Deductions
23(1)
Losses on the Sale of Personal-Use Assets
23(1)
Capital Losses on Sales to Related Persons
23(1)
Wash Sales
23(2)
Balancing Tax Planning Strategies for Capital Assets with Other Goals
25(1)
Portfolio Income Summary
26(1)
Investment Interest Expense and Net Investment Income Tax
26(2)
Net Investment Income Tax
28(1)
Passive Activity Income and Losses
29(1)
Passive Activity Definition
30(1)
Income and Loss Categories
31(2)
Rental Real Estate Exception to the Passive Activity Loss Rules
33(1)
Net Investment Income Tax on Net Passive Income
33(1)
Conclusion
34
8 Individual Income Tax Computation and Tax Credits
Regular Federal Income Tax Computation
2(1)
Tax Rate Schedules
2(1)
Marriage Penalty or Benefit
3(1)
Exceptions to the Basic Tax Computation
3(1)
Preferential Tax Rates for Capital Gains and Dividends
4(1)
Kiddie Tax
5(2)
Alternative Minimum Tax
7(1)
Alternative Minimum Tax Formula
7(1)
Alternative Minimum Taxable Income
8(3)
AMT Exemption
11(1)
Tentative Minimum Tax and AMT Computation
12(1)
Additional Taxes
13(1)
Net Investment Income Tax
13(1)
Employment and Self-Employment Taxes
14(1)
Employee FICA Taxes Payable
14(2)
Self-Employment Taxes
16(5)
Employee vs. Self-Employed (Independent Contractor)
21(2)
Tax Credits
23(1)
Nonrefundable Personal Credits
24(1)
Child Tax Credit
24(1)
Additional Child Tax Credit for 2021 Only
25(1)
Child and Dependent Care Credit
26(2)
Education Credits
28(2)
Refundable Personal Credits
30(1)
Earned Income Credit
30(2)
Special Tax Credit For 2021
32(1)
Other Refundable Personal Credits
33(1)
Business Tax Credits
33(1)
Foreign Tax Credit
33(1)
Tax Credit Summary
34(1)
Credit Application Sequence
35(1)
Taxpayer Prepayments and Filing Requirements
36(1)
Prepayments
36(1)
Underpayment Penalties
36(2)
Filing Requirements
38(1)
Lore Filing Penalty
39(1)
Late Payment Penalty
39(1)
Tax Summary
39(1)
Conclusion
40
9 Business Income, Deductions, and Accounting Methods
Business Gross Income
2(1)
Gross Receipts Test for Determining Small Businesses
2(1)
Business Deductions
3(1)
Ordinary and Necessary
4(1)
Reasonable in Amount
5(1)
Limitations on Business Deductions
6(1)
Expenditures against Public Policy
6(1)
Political Contributions and Lobbying Costs
6(1)
Capital Expenditures
7(1)
Expenses Associated with the Production of Tax-Exempt Income
7(1)
Personal Expenditures
7(1)
Mixed-Motive Expenditures
8(1)
Travel and Transportation
9(2)
Property Use
11(1)
Record Keeping and Other Requirements
12(1)
Limitation on Business Interest Deductions
12(1)
Calculating the Interest Limitation
12(1)
Losses on Dispositions of Business Property
13(1)
Business Casualty Losses
13(1)
Accounting Periods
14(1)
Accounting Methods
15(1)
Financial and Tax Accounting Methods
15(1)
Overall Accounting Method
16(1)
Cash Method
16(1)
Accrual Method
17(1)
Accrual Income
18(1)
All-Events Test for Income
18(1)
Taxation of Advance Payments of Income (Unearned Income)
18(1)
Inventories
19(1)
Uniform Capitalization
20(1)
Inventory Cost-Flow Methods
21(1)
Accrual Deductions
22(1)
Economic Performance
23(4)
Bad Debt Expense
27(1)
Limitations on Accruals
27(1)
Comparison of Accrual and Cash Methods
28(1)
Adopting an Accounting Method
29(1)
Changing Accounting Methods
30(2)
Tax Consequences of Changing Accounting Methods
32(1)
Conclusion
33
10 Property Acquisition and Cost Recovery
Cost Recovery and Tax Basis for Cost Recovery
2(1)
Basis for Cost Recovery
3(3)
Depreciation
6(1)
Personal Property Depreciation
7(1)
Depreciation Method
7(1)
Depreciation Recovery Period
8(1)
Depreciation Conventions
9(1)
Calculating Depreciation for Personal Property
10(1)
Applying the Half-Year Convention
11(2)
Applying the Mid-Quarter Convention
13(1)
Real Property
14(1)
Applicable Method
15(1)
Applicable Convention
15(1)
Depreciation Tables
15(2)
Special Rules Relating to Cost Recovery
17(1)
Immediate Expensing (§179)
17(4)
Bonus Depreciation
21(1)
Listed Property
22(3)
Luxury Automobiles
25(4)
Depreciation for the Alternative Minimum Tax
29(1)
Depreciation Summary
29(2)
Amortization
31(1)
Section 197 Intangibles
31(1)
Organizational Expenditures and Start-Up Costs
32(3)
Research and Experimentation Expenditures
35(1)
Patents and Copyrights
36(1)
Amortizable Intangible Asset Summary
36(1)
Depletion
37(3)
Conclusion
40
11 Property Dispositions
Dispositions
2(1)
Amount Realized
2(1)
Determination of Adjusted Basis
3(1)
Gifts
3(1)
Inherited Property
3(1)
Property Converted from Personal Use to Business Use
3(2)
Realized Gain or Loss on Disposition
5(1)
Recognized Gain or Loss on Disposition
6(1)
Character of Gain or Loss
7(1)
Ordinary Assets
7(1)
Capital Assets
8(1)
Section 1231 Assets
8(2)
Depreciation Recapture
10(1)
Section 1245 Property
10(1)
Scenario 1 Gain Created Solely through Cost Recovery Deductions
11(1)
Scenario 2 Gain Due to Both Cost Recovery Deductions and Asset Appreciation
12(1)
Scenario 3 Asset Sold at a Loss
12(2)
Section 1250 Depreciation Recapture for Real Property
14(1)
Other Provisions Affecting the Rate at Which Gains Are Taxed
15(1)
Unrecaptured §1250 Gain for Individuals
15(1)
Characterizing Gains on the Sale of Depreciable Property to Related Persons
16(1)
Calculating Net §1231 Gains or Losses
17(1)
Section 1231 Look-Back Rule
17(3)
Gain or Loss Summary
20(4)
Tax-Deferred Transactions
24(1)
Like-Kind Exchanges
24(1)
Definition of Like-Kind Property
24(1)
Property Use
25(1)
Timing Requirements for a Like-Kind Exchange
25(1)
Tax Consequences When Like-Kind Property Is Exchanged Solely for Like-Kind Property
26(1)
Tax Consequences of Transfers Involving Like-Kind and Non-Like-Kind Property (Boot)
27(2)
Reporting Like-Kind Exchanges
29(1)
Involuntary Conversions
29(2)
Installment Sales
31(2)
Gains Ineligible for Installment Reporting
33(1)
Other Tax-Deferred Provisions
34(1)
Related-Person Loss Disallowance Rules
34(1)
Conclusion
35
12 Compensation
Salary and Wages
2(1)
Employee Considerations for Salary and Wages
2(1)
Tax Withholding
2(1)
Employer Considerations for Salary and Wages
2(1)
Deductibility of Salary and Wage Payments
2(5)
Equity-Based Compensation
7(2)
Stock Options
9(1)
Employee Tax Considerations for Stock Options
10(4)
Employer Tax Considerations for Stock Options
14(2)
Restricted Stock
16(1)
Employee Tax Considerations for Restricted Stock
17(2)
Employer Tax Considerations for Restricted Stock
19(1)
Qualified Equity Grants
20(1)
Equity-Based Compensation Summary
20(1)
Fringe Benefits
21(1)
Taxable Fringe Benefits
21(1)
Employee Considerations for Taxable Fringe Benefits
22(2)
Employer Considerations for Taxable Fringe Benefits
24(1)
Nontaxable Fringe Benefits
25(1)
Group-Term Life Insurance
26(1)
Health and Accident Insurance and Benefits
27(1)
Meals and Lodging for the Convenience of the Employer
27(1)
Employee Educational Assistance
28(1)
Dependent-Care Benefits
28(1)
No-Additional-Cost Services
28(1)
Qualified Employee Discounts
29(1)
Working Condition Fringe Benefits
30(1)
De Minimis Fringe Benefits
30(1)
Qualified Transportation Fringe Benefits
30(1)
Cafeteria Plans and Flexible Spending Accounts
31(1)
Employee and Employer Considerations for Nontaxable Fringe Benefits
31(1)
Tax Planning with Fringe Benefits
31(2)
Fringe Benefits Summary
33(1)
Conclusion
34
13 Retirement Savings and Deferred Compensation
Employer-Provided Qualified Plans
3(1)
Defined Benefit Plans
3(1)
Vesting
4(1)
Distributions
5(1)
Nontax Considerations
5(1)
Defined Contribution Plans
6(1)
Employer Matching
7(1)
Contribution Limits
7(1)
Vesting
8(1)
After-Tax Cost of Contributions to Traditional (non-Roth) Defined Contribution Plans
9(1)
Distributions from Traditional Defined Contribution Plans
10(2)
After-Tax Rates of Return for Traditional Defined Contribution Plans
12(1)
Roth 401(k) Plans
12(3)
Comparing Traditional Defined Contribution Plans and Roth 401 (k) Plans
15(1)
Nonqualified Deferred Compensation Plans
16(1)
Nonqualified Plans versus Qualified Defined Contribution Plans
16(1)
Employee Considerations
17(2)
Employer Considerations
19(1)
Individually Managed Qualified Retirement Plans
20(1)
Individual Retirement Accounts
20(1)
Traditional IRAs
20(1)
Deductible Contributions
20(3)
Nondeductible Contributions
23(1)
Distributions
23(1)
Roth IRAs
24(1)
Contributions
24(1)
Distributions
25(1)
Converting a Traditional IRA to a Roth IRA
26(2)
Comparing Traditional and Roth IRAs
28(1)
Self-Employed Retirement Accounts
29(1)
Simplified Employee Pension (SEP) IRA
30(1)
Nontax Considerations
31(1)
Individual 401(k) Plans
31(1)
Nontax Considerations
31(2)
Saver's Credit
33(1)
Conclusion
34
14 Tax Consequences of Home Ownership
Is a Dwelling Unit a Principal Residence, Residence, or Nonresidence?
2(2)
Personal Use of the Home
4(1)
Exclusion of Gain on Sale of Personal Residence
4(1)
Requirements
5(3)
Home Mortgage Interest Deduction
8(1)
Acquisition Indebtedness
9(1)
Limitation on Acquisition Indebtedness
10(3)
Mortgage Insurance
13(1)
Points
13(2)
Real Property Taxes
15(1)
Rental Use of the Home
16(1)
Residence with Minimal Rental Use
17(1)
Residence with Significant Rental Use (Vacation Home)
18(1)
Deducting Rental Expenses of Vacation Home
19(5)
Nonresidence (Rental Property)
24(1)
Losses on Rental Property
24(2)
Business Use of the Home
26(2)
Direct versus Indirect Expenses
28(1)
Limitations on Deductibility of Expenses
29(3)
Conclusion
32
15 Business Entities Overview
Business Entity Legal Classification and Nontax Characteristics
2(1)
Legal Classification
2(1)
Nontax Characteristics
2(1)
Responsibility for Liabilities
3(1)
Rights, Responsibilities, and Legal Arrangements among Owners
3(2)
Business Entity Tax Classification
5(2)
Business Entity Tax Characteristics
7(1)
Taxation of Business Entity Income
7(1)
The Taxation of Flow-Through Entity Business Income
8(10)
Overall Tax Rate of C Corporation Income
18(4)
Owner Compensation
22(4)
Deductibility of Entity Losses
26(5)
Other Tax Characteristics
31(1)
Converting to Other Business Entity Types
31(4)
Conclusion
35
16 Corporate Operations
Corporate Taxable Income Formula
2(1)
Accounting Periods and Methods
2(1)
Computing Corporate Taxable Income
3(1)
Book-Tax Differences
3(1)
Common Permanent Book-Tax Differences
4(1)
Common Temporary Book-Tax Differences
5(5)
Corporate-Specific Deductions and Associated Book-Tax Differences
10(1)
Stock Options
10(3)
Net Capital Losses
13(1)
Net Operating Losses
14(2)
Charitable Contributions
16(3)
Dividends-Received Deduction
19(3)
Taxable Income Summary
22(1)
Corporate Income Tax Liability
23(1)
Compliance
23(3)
Consolidated Tax Returns
26(1)
Corporate Tax Return Due Dates and Estimated Taxes
26(4)
Conclusion
30
17 Accounting for Income Taxes
Accounting for Income Taxes and the Income Tax Provision Process
2(1)
Why Is Accounting for Income Taxes So Complex?
3(1)
Objectives of ASC 740
3(2)
The Income Tax Provision Process
5(2)
Calculating a Company's Income Tax Provision
7(1)
Step 1 Identify All Permanent and Temporary Differences and Tax Carryover Amounts and Calculate the Current Income Tax Provision (ASC 740 objective 1)
7(1)
Permanent Differences
7(2)
Temporary Differences and Tax Carryover Amounts
9(1)
Calculate the Current Income Tax Expense or (Benefit) (ASC 740 Objective 1)
10(2)
Step 2 Determine the Ending Balances in the Balance Sheet Deferred Tax Asset and Liability Accounts (ASC 740 Objective 2)
12(1)
Identifying Taxable and Deductible Temporary Differences
12(1)
Taxable Temporary Difference
12(1)
Deductible Temporary Difference
13(4)
Step 3 Calculate the Deferred Income Tax Provision and the Total Income Tax Provision
17(1)
Deferred Income Tax Provision
17(1)
Total Income Tax Provision
18(1)
Journal Entries
19(1)
Determining Whether a Valuation Allowance Is Needed
20(1)
Step 4 Evaluate the Need for a Valuation Allowance for Gross Deferred Tax Assets
20(1)
Determining the Need for a Valuation Allowance
20(1)
Future Reversals of Existing Taxable Temporary Differences
20(1)
Taxable Income in Prior Carryback Year(s)
21(1)
Expected Future Taxable Income Exclusive of Reversing Temporary Differences and Carryovers
21(1)
Tax Planning Strategies
21(1)
Negative Evidence That a Valuation Allowance Is Needed
21(1)
Valuation Allowance Journal Entries
21(3)
Accounting for Uncertainty in Income Tax Positions
24(1)
Step 5 Evaluate the Need for an Uncertain Tax Benefit Reserve
24(1)
Application of ASC Topic 740 to Uncertain Tax Positions
25(1)
Step 1 Recognition
25(1)
Step 2 Measurement
25(1)
Uncertain Tax Benefit Reserve Journal Entries
26(1)
Subsequent Events
27(1)
Interest and Penalties
28(1)
Disclosures of Uncertain Tax Positions
28(1)
Schedule UTP (Uncertain Tax Position) Statement
29(1)
Financial Statement Disclosure and Computing a Corporation's Effective Tax Rate
29(1)
Balance Sheet Classification
29(1)
Income Tax Footnote Disclosure
29(2)
Computation and Reconciliation of the Income Tax Provision with a Company's Hypothetical Tax Provision (Effective Tax Rate Reconciliation)
31(1)
Importance of a Corporation's Effective Tax Rate
32(1)
Interim Period Effective Tax Rates
33(1)
FASB Projects Related to Accounting for Income Taxes
33(1)
Conclusion
33
18 Corporate Taxation: Nonliquidating Distributions
Taxation of Property Distributions
2(1)
Determining the Dividend Amount from Earnings and Profits
2(1)
Overview
2(1)
Dividends Defined
2(2)
Computing Earnings and Profits
4(1)
Nontaxable Income Included in Current E&P
4(1)
Deductible Expenses That Do Not Reduce Current E&P
5(1)
Nondeductible Expenses That Reduce Current E&P
5(1)
Items Requiring Separate Accounting Methods for E&P Purposes
5(3)
Ordering of E&P Distributions
8(1)
Positive Current E&P and Positive Accumulated E&P
8(2)
Positive Current E&P and Negative Accumulated E&P
10(1)
Negative Current E&P and Positive Accumulated E&P
10(1)
Negative Current E&P and Negative Accumulated E&P
11(1)
Distributions of Noncash Property to Shareholders
12(1)
Effect of Noncash Property Distributions on Taxable Income
13(1)
Liabilities
13(1)
Effect of Noncash Property Distributions on E&P
14(2)
Stock Distributions
16(1)
Tax Consequences to Shareholders Receiving a Stock Distribution
16(1)
Nontaxable Stock Distributions
16(1)
Taxable Stock Distributions
17(1)
Stock Redemptions
17(1)
The Form of a Stock Redemption
18(1)
Redemptions That Reduce a Shareholder's Ownership Interest
19(1)
Redemptions That Are Substantially Disproportionate
19(3)
Complete Redemption of the Stock Owned by a Shareholder
22(1)
Redemptions That Are Not Essentially Equivalent to a Dividend
23(2)
Tax Consequences to the Distributing Corporation
25(1)
Partial Liquidations
25(1)
Conclusion
26
19 Corporate Formation, Reorganization, and Liquidation
Review of the Taxation of Property Dispositions
2(1)
Tax-Deferred Transfers of Property to a Corporation
3(1)
Transactions Subject to Tax Deferral
4(1)
Meeting the Section 351 Tax Deferral Requirements
4(1)
Section 351 Applies Only to the Transfer of Property to the Corporation
4(1)
The Property Transferred to the Corporation Must Be Exchanged for Stock of the Corporation
5(1)
The Transferors) of Property to the Corporation Must Be in Control of the Corporation, in the Aggregate, Immediately after the Transfer
5(2)
Tax Consequences When a Shareholder Receives No Boot
7(2)
Tax Consequences When a Shareholder Receives Boot
9(2)
Assumption of Shareholder Liabilities by the Corporation
11(1)
Tax-Avoidance Transactions
11(1)
Liabilities in Excess of Basis
11(2)
Tax Consequences to the Transferee Corporation
13(4)
Other Issues Related to Incorporating an Ongoing Business
17(1)
Depreciable Assets Transferred to a Corporation
17(1)
Contributions to Capital
18(1)
Section 1244 Stock
19(1)
Taxable and Tax-Deferred Corporate Acquisitions
19(1)
The Acquisition Tax Model
20(2)
Tax Consequences to a Corporate Acquisition
22(1)
Taxable Acquisitions
22(3)
Tax-Deferred Acquisitions
25(1)
Judicial Doctrines That Underlie All Tax-Deferred Reorganizations
25(1)
Continuity of Interest
25(1)
Continuity of Business Enterprise
25(1)
Business Purpose Test
25(1)
Type A Asset Acquisitions
26(2)
Forward Triangular Merger
28(1)
Reverse Triangular Merger
29(1)
Type B Stock-for-Stock Reorganizations
29(3)
Complete Liquidation of a Corporation
32(1)
Tax Consequences to the Shareholders in a Complete Liquidation
33(1)
Tax Consequences to the Liquidating Corporation in a Complete Liquidation
34(1)
Taxable Liquidating Distributions
34(3)
Tax Deferred Liquidating Distributions
37(1)
Conclusion
37
20 Forming and Operating Partnerships
Flow-Through Entities Overview
2(1)
Aggregate and Entity Concepts
3(1)
Partnership Formations and Acquisitions of Partnership Interests
3(1)
Acquiring Partnership Interests When Partnerships Are Formed
3(1)
Contributions of Property
3(6)
Contribution of Services
9(3)
Organizational Expenditures, Start-Up Costs, and Syndication Costs
12(1)
Acquisitions of Partnership Interests after Formation
13(1)
Partnership Accounting: Tax Elections, Accounting Periods, and Accounting Methods
13(1)
Tax Elections
14(1)
Accounting Periods
14(1)
Required Year-Ends
14(2)
Accounting Methods
16(1)
Reporting the Results of Partnership Operations
17(1)
Ordinary Business Income (Loss) and Separately Stated Items
17(2)
Guaranteed Payments
19(1)
Self-Employment Tax
20(2)
Limitation on Business Interest Expense
22(1)
Deduction for Qualified Business Income
22(1)
Net Investment Income Tax
23(1)
Allocating Partners' Shares of Income and Loss
23(1)
Partnership Compliance Issues
24(4)
Adjusting a Partner's Tax Basis in Partnership Interest
28(2)
Cash Distributions in Operating Partnerships
30(1)
Loss Limitations
30(1)
Tax-Basis Limitation
30(1)
At-Risk Amount Limitation
31(1)
Passive Activity Loss Limitation
32(1)
Passive Activity Defined
32(1)
Income and Loss Baskets
33(2)
Excess Business Loss Limitation
35(1)
Conclusion
36
21 Dispositions of Partnership Interests and Partnership Distributions
Basics of Sales of Partnership Interests
2(1)
Seller Issues
2(1)
Hot Assets
3(4)
Buyer and Partnership Issues
7(1)
Varying Interest Rule
8(1)
Basics of Partnership Distributions
9(1)
Operating Distributions
9(1)
Operating Distributions of Money Only
9(1)
Operating Distributions That Include Property Other Than Money
10(2)
Liquidating Distributions
12(1)
Gain or Loss Recognition in Liquidating Distributions
13(1)
Basis in Distributed Property
13(1)
Partner's Outside Basis in an Interest Is Greater Than Inside Bases of Distributed Assets
14(3)
Partner's Outside Basis in an Interest Is Less Than Inside Bases of Distributed Assets
17(4)
Character and Holding Period of Distributed Assets
21(3)
Disproportionate Distributions
24(2)
Special Basis Adjustments
26(1)
Special Basis Adjustments for Dispositions
27(2)
Special Basis Adjustments for Distributions
29(1)
Conclusion
30
22 S Corporations
S Corporation Elections
2(1)
Formations
2(1)
S Corporation Qualification Requirements
2(1)
S Corporation Election
3(2)
S Corporation Terminations
5(1)
Voluntary Terminations
5(1)
Involuntary Terminations
6(1)
Failure to Meet Requirements
6(1)
Excess of Passive Investment Income
6(1)
Short Tax Years
7(1)
S Corporation Reelections
8(1)
Operating Issues
8(1)
Accounting Methods and Periods
8(1)
Income and Loss Allocations
9(1)
Separately Stated Items
10(2)
Shareholder's Basis
12(1)
Initial Basis
12(1)
Annual Basis Adjustments
13(1)
Loss Limitations
14(1)
Tax-Basis Limitation
14(1)
At-Risk Amount Limitation
15(1)
Post-Termination Transition Period Loss Limitation
15(1)
Passive Activity Loss Limitation
16(1)
Excess Business Loss Limitation
17(1)
Self-Employment Income
17(1)
Net Investment Income Tax
18(1)
Fringe Benefits
18(1)
Distributions
19(1)
Operating Distributions
19(1)
S Corporation with No C Corporation Accumulated Earnings and Profits
19(1)
S Corporation with C Corporation Accumulated Earnings and Profits
20(2)
Property Distributions
22(1)
Post-Termination Transition Period Distributions
22(1)
Liquidating Distributions
23(1)
S Corporation Taxes and Filing Requirements
24(1)
Built-in Gains Tax
24(2)
Excess Net Passive Income Tax
26(1)
LIFO Recapture Tax
27(1)
Estimated Taxes
28(1)
Filing Requirements
28(2)
Comparing C and S Corporations and Partnerships
30(2)
Conclusion
32
23 State and Local Taxes
State and Local Taxes
2(3)
Sales and Use Taxes
5(1)
Sales Tax Nexus
5(2)
Sales Tax Liability
7(2)
Income Taxes
9(1)
Income Tax Nexus
10(1)
Economic Presence
11(1)
Protection under Public Law 86-272
11(4)
Entities Included on Income Tax Return
15(1)
Separate Tax Returns
15(1)
Unitary Tax Returns
15(1)
State Taxable Income
16(2)
Dividing State Tax Base among States
18(1)
Business Income
18(6)
Nonbusiness Income
24(1)
State Income Tax Liability
24(1)
Nonincome-Based Taxes
25(1)
Conclusion
26
24 The U.S. Taxation of Multinational Transactions
The U.S. Framework for Taxing Multinational Transactions
2(1)
U.S. Taxation of a Nonresident
3(1)
Definition of a Resident for U.S. Tax Purposes
4(1)
Overview of the U.S. Foreign Tax Credit System
5(1)
U.S. Source Rules for Gross Income and Deductions
6(1)
Source-of-Income Rules
7(1)
Interest
7(1)
Dividends
8(1)
Compensation for Services
8(1)
Rents and Royalties
9(1)
Gain or Loss from Sale of Real Property
10(1)
Gain or Loss from Sale of Purchased Personal Property
10(1)
Gain or Loss from Sale of Manufactured Inventory
11(1)
Source-of-Deduction Rules
11(1)
General Principles of Allocation and Apportionment
11(1)
Special Apportionment Rules
12(4)
Operating Abroad through a Foreign Corporation
16(1)
Foreign-Derived Intangible Income
17(1)
Treaties
17(3)
Foreign Tax Credits
20(1)
FTC Limitation Categories of Taxable Income
20(1)
Passive Category Income
20(1)
General Category Income
20(1)
Foreign Branch Income
20(1)
GILTI Income
20(1)
Creditable Foreign Taxes
21(1)
Direct Taxes
21(1)
In Lieu of Taxes
21(1)
Planning for International Operations
22(1)
Check-the-Box Hybrid Entities
22(2)
U.S. Anti-Deferral Rules
24(1)
Definition of a Controlled Foreign Corporation
25(1)
Definition of Subpart F Income
26(2)
Planning to Avoid Subpart F Income
28(1)
Global Intangible Low-Taxed Income
29(1)
Base Erosion and Profit-Shifting Initiatives around the World
30(1)
Conclusion
31
25 Transfer Taxes and Wealth Planning Introduction to Federal Transfer Taxes
2(32)
Beginnings
2(1)
Common Features of Integrated Transfer Taxes
2(2)
The Federal Gift Tax
4(1)
Transfers Subject to Gift Tax
5(2)
Valuation
7(2)
The Annual Exclusion
9(1)
Taxable Gifts
10(1)
Gift-Splitting Election
10(1)
Marital Deduction
10(2)
Charitable Deduction
12(1)
Computation of the Gift Tax
12(1)
Tax on Current Taxable Gifts
13(1)
Applicable Credit
14(3)
The Federal Estate Tax
17(1)
The Gross Estate
17(2)
Specific Inclusions
19(2)
Valuation
21(1)
Gross Estate Summary
22(1)
The Taxable Estate
23(1)
Administrative Expenses, Debts, Losses, and State Death Taxes
23(1)
Marital and Charitable Deductions
24(1)
Computation of the Estate Tax
25(1)
Adjusted Taxable Gifts
25(2)
Applicable Credit
27(3)
Wealth Planning Concepts
30(1)
The Generation-Skipping Tax
30(1)
Income Tax Considerations
30(1)
Transfer Tax Planning Techniques
31(1)
Serial Gifts
31(1)
Step-Up in Tax Basis
31(2)
Integrated Wealth Plans
33(1)
Conclusion 34
Appendix A Tax Forms
Appendix B Tax Terms Glossary 1(1)
Appendix C Tax Rates 1(1)
Code Index 1(1)
Subject Index 1