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ISBN 10: 8214340500
ISBN 13: 9798214340500
Author: Kevin Murphy
Master the concepts behind today’s federal taxation using the balanced, conceptual approach in Murphy/Higgins’ CONCEPTS IN FEDERAL TAXATION 2020. You examine the latest tax codes and most recent changes for the current tax year in a clear, straightforward approach that prepares you for success on the CPA Exam. You learn the unifying concepts behind the Internal Revenue Code rather than memorizing details of the Code. Concepts and applications appear in brief, comprehensible segments that are ideal for CPA Exam review. In addition, examples relate concepts to familiar business scenarios with more opportunities for practice than any other book of this kind.
3P EBK CONCEPTS FEDERAL TAXATION 2020 27th Table of contents:
Introduction
Part 1. Conceptual Foundations of the Tax Law
1. Federal Income Taxation—An Overview
1-1. Introduction
1-2. Definition and Evaluation of a Tax
1-2a. Definition of a Tax
1-2b. Standards for Evaluating a Tax
1-2c. Tax Rates and Structures
1-3. Major Types of U.S. Taxes
1-3a. Income Taxes
1-3b. Employment Taxes
1-3c. Sales Tax
1-3d. Property Taxes
1-3e. Other Taxes
1-4. Sources of Federal Income Tax Law
1-5. Federal Income Tax Terminology
1-5a. Income
1-5b. Deductions
1-5c. Income Tax Rates
1-5d. Tax Prepayments
1-5e. Tax Credits
1-5f. Filing Returns
1-6. The Audit and Appeal Process within the IRS
1-6a. Tax Return Selection Processes
1-6b. Types of Examinations
1-6c. Settlement Procedures
1-6d. Administrative Appeals
1-7. Individual Income Tax Calculation
1-7a. Deductions for Adjusted Gross Income
1-7b. Deductions from Adjusted Gross Income
1-7c. Personal and Dependency Exemptions
1-8. Tax Planning
1-8a. Mechanics of Tax Planning
1-8b. Tax Evasion and Tax Avoidance
1-9. Ethical Considerations in Tax Practice
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
2. Income Tax Concepts
2-1. Introduction
2-2. General Concepts
2-2a. Ability-to-Pay Concept
2-2b. Administrative Convenience Concept
2-2c. Arm’s-Length Transaction Concept
2-2d. Pay-as-You-Go Concept
2-3. Accounting Concepts
2-3a. Entity Concept
2-3b. Annual Accounting Period Concept
2-4. Income Concepts
2-4a. All-Inclusive Income Concept
2-4b. Legislative Grace Concept
2-4c. Capital Recovery Concept
2-4d. Realization Concept
2-4e. Wherewithal-to-Pay Concept
2-5. Deduction Concepts
2-5a. Legislative Grace Concept
2-5b. Business Purpose Concept
2-5c. Capital Recovery Concept
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Part 2. Gross Income
3. Income Sources
3-1. Introduction
3-2. What Constitutes Income
3-2a. Income Is Derived from Labor and Capital
3-2b. Income as an Increase in Wealth
3-2c. What Constitutes Income: Current View
3-3. Common Income Sources
3-3a. Earned Income
3-3b. Unearned Income
3-3c. Transfers from Others
3-3d. Imputed Income
3-4. Capital Gains and Losses—An Introduction
3-4a. Capital Gain-and-Loss Netting Procedure
3-4b. Tax Treatment of Capital Gains
3-4c. Tax Treatment of Dividends
3-4d. Tax Treatment of Capital Losses
3-4e. Capital Gains and Losses of Conduit Entities
3-5. Effect of Accounting Method
3-5a. Cash Method
3-5b. Accrual Method
3-5c. Hybrid Method
3-5d. Exceptions Applicable to All Methods
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
4. Income Exclusions
4-1. Introduction
4-2. Donative Items
4-2a. Gifts
4-2b. Inheritances
4-2c. Life Insurance Proceeds
4-2d. Scholarships
4-3. Employment-Related Exclusions
4-3a. Foreign-Earned Income
4-3b. Payments Made on Behalf of an Employee
4-3c. Employer Benefit Plans
4-4. Returns of Human Capital
4-4a. Workers’ Compensation
4-4b. Damage Payments for Personal Physical Injury or Physical Sickness
4-4c. Payments from Health and Accident Policies
4-5. Investment-Related Exclusions
4-5a. Municipal Bond Interest
4-5b. Stock Dividends
4-5c. Discharge of Indebtedness
4-5d. Improvements by a Lessee
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problems
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Part 3. Deductions
5. Introduction to Business Expenses
5-1. Introduction
5-2. Reporting Deductions
5-2a. Conduit Entity Reporting
5-3. Classification of Deductions
5-3a. Profit-Motivated Expenditures
5-3b. Trade or Business or Production-of-Income Expenses?
5-3c. Rental Activity
5-3d. Personal Expenditures
5-3e. Mixed Business and Personal Expenditures
5-4. Tests for Deductibility
5-4a. Ordinary, Necessary, and Reasonable in Amount
5-4b. Not a Personal Expense
5-4c. Not a Capital Expenditure
5-4d. Not Frustrate Public Policy
5-4e. Not Related to Tax-Exempt Income
5-4f. Expenditure Must Be for Taxpayer’s Benefit
5-5. Limited Mixed-Use Expenses
5-5a. Hobby Expenses
5-5b. Vacation Home Expenses
5-5c. Home Office Expenses
5-6. Timing of Deductions—Effect of Accounting Method
5-6a. Cash Method
5-6b. Accrual Method
5-6c. Related Party Accrued Expenses
5-6d. Financial and Taxable Income Differences
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Comprehensive Problem
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
6. Business Expenses
6-1. Introduction
6-2. Business Expenses
6-2a. Meal, Auto, Travel, Gift, and Education Expenses
6-2b. Compensation of Employees
6-2c. Bad Debts
6-2d. Other Business Expenses
6-2e. Qualified Business Income (QBI) Deduction
6-3. Individual Deductions for Adjusted Gross Income
6-3a. Reimbursed Employee Business Expenses
6-3b. Deductions for Self-Employed Taxpayers
6-3c. Retirement Plan Contribution Deductions
6-3d. Interest on Education Loans
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problem
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
7. Losses—Deductions and Limitations
7-1. Introduction
7-2. Annual Losses
7-3. Net Operating Losses
7-4. Tax-Shelter Losses: An Overview
7-4a. The At-Risk Rules
7-4b. Passive Activity Losses
7-5. Transaction Losses
7-5a. Trade or Business Losses
7-5b. Investment-Related Losses
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Comprehensive Problem
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
8. Taxation of Individuals
8-1. Introduction
8-2. Filing Status
8-2a. Married, Filing Jointly
8-2b. Married, Filing Separately
8-2c. Single
8-2d. Head of Household
8-3. Deductions from Adjusted Gross Income
8-3a. Standard Deduction
8-3b. Itemized Deductions
8-4. Standard Deduction Restrictions on Dependents
8-4a. Qualifying Child Tests
8-5. Calculating Tax Liability
8-5a. Tax on Unearned Income of a Minor Child
8-5b. Income Tax Credits
8-6. Filing Requirements
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problems
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Appendix to Chapter 8.
Part 4. Property Transactions
9. Acquisitions of Property
9-1. Introduction
9-2. Classes of Property
9-3. The Property Investment Cycle
9-3a. Adjusted Basis
9-3b. Basis in Conduit Entities
9-3c. Property Dispositions
9-4. Initial Basis
9-5. Purchase of Assets
9-5a. Determining the Amount Invested
9-5b. Basis of a Bargain Purchase
9-5c. Purchase of Multiple Assets
9-5d. Purchase of a Business
9-5e. Constructed Assets
9-6. Specially Valued Property Acquisitions
9-7. Basis of Property Acquired by Gift
9-7a. General Rule for Gift Basis
9-7b. Split Basis Rule for Loss Property
9-7c. Holding Period
9-8. Basis of Property Acquired by Inheritance
9-8a. Primary Valuation Date
9-8b. Alternate Valuation Date
9-8c. Distribution Date
9-8d. Other Considerations
9-9. Personal Use Property Converted to Business Use
9-9a. General Rule for Basis
9-9b. Split Basis Rule
9-10. Basis in Securities
9-10a. Stock Dividends
9-10b. Wash Sale Stock Basis
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problem
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
10. Cost Recovery on Property: Depreciation, Depletion, and Amortization
10-1. Introduction
10-2. Capital Recovery from Depreciation or Cost Recovery
10-3. Section 179 Election to Expense Assets
10-3a. Qualified Taxpayers
10-3b. Qualified Property
10-3c. Limitations on Deduction
10-4. Modified Accelerated Cost Recovery System (MACRS)
10-4a. Property Subject to MACRS
10-4b. Basis Subject to Cost Recovery
10-4c. MACRS Recovery Period
10-4d. MACRS Conventions
10-4e. Depreciation Method Alternatives
10-4f. Using MACRS Percentage Tables
10-4g. MACRS Straight-Line Election
10-4h. Alternative Depreciation System (ADS)
10-4i. Limitations on Listed Property
10-5. Depletion
10-5a. Depletion Methods
10-5b. Cost Depletion
10-5c. Percentage Depletion
10-6. Intangible Assets
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problems
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Appendix to Chapter 10.
11. Property Dispositions
11-1. Introduction
11-2. Realized Gain or Loss
11-2a. Amount Realized
11-2b. Effect of Debt Assumptions
11-3. Character of Gain or Loss
11-4. Capital Gains and Losses
11-4a. Capital Asset Definition
11-4b. Long-Term versus Short-Term Classification
11-4c. Capital Gain-and-Loss Netting Procedure
11-4d. Capital Gains and Losses—Planning Strategies
11-5. Section 1231 Gains and Losses
11-5a. Definition of Section 1231 Property
11-5b. Section 1231 Netting Procedure
11-6. Depreciation Recapture
11-6a. Section 1245 Recapture Rule
11-6b. Section 1250 Recapture Rule
11-6c. Section 1245 and Section 1250 Properties
11-6d. Unrecaptured Section 1250 Gain
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problems
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
12. Nonrecognition Transactions
12-1. Introduction
12-2. Rationale for Nonrecognition
12-3. Commonalities of Nonrecognition Transactions
12-4. Like-Kind Exchanges
12-4a. Exchange Requirement
12-4b. Like-Kind Property Requirements
12-4c. Effect of Boot
12-4d. Related Party Exchanges
12-4e. Carryover of Tax Attributes
12-5. Involuntary Conversions
12-5a. Treatment of Involuntary Conversion Gains and Losses
12-5b. Qualified Replacement Property
12-6. Sale of a Principal Residence
12-6a. Requirements for Exclusion
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Comprehensive Problem
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Part 5. Income Tax Entities
13. Choice of Business Entity—General Tax and Nontax Factors/Formation
13-1. Introduction
13-2. Nontax Factors
13-2a. Sole Proprietorship
13-2b. Partnership
13-2c. Corporation
13-2d. S Corporation
13-2e. Limited Liability Company
13-2f. Limited Liability Partnership
13-2g. Planning Commentary
13-3. General Income Tax Factors
13-3a. Incidence of Income Taxation
13-3b. Double Taxation
13-3c. Employee versus Owner
13-3d. Fringe Benefits
13-3e. Social Security Taxes
13-3f. Planning Commentary
13-4. Formation
13-4a. Transfers to an Entity
13-4b. Basis Considerations
13-4c. Organizational Costs
13-4d. Accounting Periods
13-4e. Accounting Methods
13-4f. Planning Commentary
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
14. Choice of Business Entity—Operations and Distributions
14-1. Introduction
14-2. Operations
14-2a. Sole Proprietorship
14-2b. Partnership
14-2c. Corporation
14-2d. S Corporation
14-2e. Planning Commentary
14-3. Entity Distributions
14-3a. Sole Proprietorship
14-3b. Partnership
14-3c. Corporation
14-3d. S Corporation
14-3e. Planning Commentary
14-4. Tax Planning
14-4a. Income Splitting
14-4b. Children as Employees
14-4c. Family Entities
14-4d. Planning Commentary
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
15. Choice of Business Entity—Other Considerations
15-1. Introduction
15-2. Compensation Plans
15-2a. Qualified and Nonqualified Pension Plans
15-2b. Other Pension Plans
15-2c. Distributions
15-2d. Penalties
15-2e. Planning Commentary
15-2f. Stock Options
15-2g. Reasonableness of Compensation
15-2h. Planning Commentary
15-3. Other Tax Liability Considerations
15-3a. Income Tax Credits
15-3b. The Alternative Minimum Tax
15-3c. Basic Alternative Minimum Tax Computation
15-3d. Planning Commentary
15-4. International Tax Aspects
15-4a. Taxpayers Subject to U.S. Taxation
15-4b. Tax Treaties
15-4c. Organizational Structure of Foreign Operations
15-4d. Taxation of Nonresident Aliens and Foreign Corporations
Chapter Summary
Key Terms
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Part 6. Tax Research
16. Tax Research
16-1. Introduction
16-2. Primary Sources of Federal Income Tax Law
16-2a. Legislative Sources
16-2b. Administrative Sources
16-2c. Judicial Sources
16-2d. Citations to Primary Authorities
16-3. Secondary Sources of Federal Income Tax Law
16-3a. Tax Services
16-3b. Computer-Assisted Tax Research
16-3c. Citators
16-3d. Tax Periodicals
16-4. Tax Research
16-4a. Tax Compliance versus Tax Planning
16-4b. Step 1: Establish the Facts and Determine the Issues
16-4c. Step 2: Locate the Relevant Authorities
16-4d. Step 3: Assess the Importance of the Authorities
16-4e. Step 4: Reach Conclusions, Make Recommendations, and Communicate the Results
16-5. Comprehensive Research Example
16-5a. Step 1: Establish the Facts and Determine the Issues
16-5b. Step 2: Locate the Relevant Authorities
16-5c. Step 3: Assess the Importance of the Authorities
16-5d. Step 4: Reach Conclusions, Make Recommendations, and Communicate the Results
16-6. Research Memorandum
Chapter Summary
Key Terms
Discussion Questions
Problems
Research Cases
Appendix A. Tax Return Problem
Appendix B. Tax Rate Schedules and Tax Tables
Appendix C. Tax Forms
Appendix D. How to Decode the Code
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