South Western Federal Taxation Individual Income Taxes 42nd edition by Hoffman, Young, Rabbe, Maloney, Mellen – Ebook PDF Instant Download/Delivery: 1305393309, 9781305393301
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ISBN 10: 1305393309
ISBN 13: 9781305393301
Author: Hoffman, Young, Rabbe, Maloney, Mellen
Gain an understanding of individual income tax concepts and ever-changing tax legislation with SOUTH-WESTERN FEDERAL TAXATION 2019: INDIVIDUAL INCOME TAXES, 42E. This reader-friendly presentation provides the most effective solution to help you master individual taxation. You examine the most current tax legislation for individual taxpayers at the time of publication. Clear examples, more summaries and meaningful tax scenarios clarify concepts and sharpen your critical-thinking, writing and research skills. The book’s framework effectively demonstrates how topics relate to one another and to the 1040 form. Each new book includes instant access to Intuit¬Æ ProConnect tax software, Checkpoint¬Æ (Student Edition) from Thomson Reuters, and CNOWv2 optional online homework solution. Trust this edition for the most thorough coverage of individual income taxation available today, including the Tax Cuts and Jobs Act of 2017.
South Western Federal Taxation Individual Income Taxes 42nd Table of contents:
Part 1. Introduction and Basic Tax Model
Chapter 1. An Introduction to Taxation and Understanding the Federal Tax Law
1-1. Approaching the Study of Taxation
1-1a. What Is Taxation?
1-1b. Taxation in Our Lives
1-1c. The Relevance of Taxation to Accounting and Finance Professionals
1-1d. How to Study Taxation
1-2. A Brief History of U.S. Taxation
1-2a. Early Periods
1-2b. Revenue Acts
1-2c. Historical Trends
1-3. Tax System Design
1-3a. Legal Foundation
1-3b. The Basic Tax Formula
1-3c. Tax Principles
1-4. Major Types of Taxes
1-4a. Property Taxes
1-4b. Transaction Taxes
1-4c. Taxes on Transfers at Death
1-4d. Gift Taxes
1-4e. Income Taxes
1-4f. Employment Taxes
1-4g. Other U.S. Taxes
1-4h. Proposed U.S. Taxes
1-5. Tax Administration
1-5a. Internal Revenue Service
1-5b. The Audit Process
1-5c. Statute of Limitations
1-5d. Interest and Penalties
1-5e. Tax Practice
1-6. Understanding the Federal Tax Law
1-6a. Revenue Needs
1-6b. Economic Considerations
1-6c. Social Considerations
1-6d. Equity Considerations
1-6e. Political Considerations
1-6f. Influence of the Internal Revenue Service
1-6g. Influence of the Courts
1-6h. Summary
Key Terms
Discussion Questions
Research Problems
Chapter 2. Working with the Tax Law
2-1. Tax Sources
2-1a. Statutory Sources of the Tax Law
2-1b. Administrative Sources of the Tax Law
2-1c. Judicial Sources of the Tax Law
2-1d. Other Sources of the Tax Law
2-2. Working with the Tax Law—Tax Research Tools
2-2a. Commercial Tax Services
2-2b. Using Electronic (Online) Tax Services
2-2c. Noncommercial Electronic (Online) Tax Services
2-3. Working with the Tax Law—Tax Research
2-3a. Identifying the Problem
2-3b. Refining the Problem
2-3c. Locating the Appropriate Tax Law Sources
2-3d. Assessing the Validity of Tax Law Sources
2-3e. Arriving at the Solution or at Alternative Solutions
2-3f. Communicating Tax Research
2-4. Working with the Tax Law—Tax Planning
2-4a. Nontax Considerations
2-4b. Components of Tax Planning
2-4c. Tax Avoidance and Tax Evasion
2-4d. Follow-Up Procedures
2-4e. Tax Planning
2-5. Taxation on the CPA Examination
2-5a. Preparation Blueprints
2-5b. Regulation Section
Key Terms
Discussion Questions
Problems
Research Problems
Chapter 3. Tax Formula and Tax Determination; An Overview of Property Transactions
3-1. Tax Formula
3-1a. Components of the Tax Formula
3-1b. Tax Formula—Correlation with Form 1040
3-2. Standard Deduction
3-2a. Basic and Additional Standard Deduction
3-2b. Individuals Not Eligible for the Standard Deduction
3-2c. Special Limitations on the Standard Deduction for Dependents
3-3. Exemptions
3-4. Dependents
3-4a. Qualifying Child
3-4b. Qualifying Relative
3-4c. Other Rules for Determining Dependents
3-4d. Comparison of Dependent Categories
3-4e. Child and Dependent Tax Credits
3-5. Filing Status and Filing Requirements
3-5a. Filing Status
3-5b. Filing Requirements
3-6. Tax Determination
3-6a. Tax Rates
3-6b. Computation of Net Taxes Payable or Refund Due
3-6c. Kiddie Tax—Unearned Income of Dependent Children
3-7. Tax Return Filing Procedures
3-7a. Selecting the Proper Form
3-7b. The E-File Approach
3-7c. When and Where to File
3-7d. Modes of Payment
3-8. Gains and Losses From Property Transactions—In General
3-9. Gains and Losses From Property Transactions—Capital Gains and Losses
3-9a. Definition of a Capital Asset
3-9b. Determination of Net Capital Gain
3-9c. Treatment of Net Capital Loss
3-9d. Taxation of Net Capital Gain
3-10. Tax Planning
3-10a. Maximizing the Use of the Standard Deduction
3-10b. Dependents
3-10c. Taking Advantage of Tax Rate Differentials
3-10d. Income of Certain Children
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Becker CPA Review Questions
Part 2. Gross Income
Chapter 4. Gross Income: Concepts and Inclusions
4-1. Gross Income—What Is It?
4-1a. Definition
4-1b. Recovery of Capital Doctrine
4-1c. Economic and Accounting Concepts
4-1d. Comparison of the Timing of Income Rules for Tax and Accounting
4-1e. Form of Receipt
4-2. Year of Inclusion
4-2a. Taxable Year
4-2b. Accounting Methods
4-2c. Special Rules Applicable to Cash Basis Taxpayers
4-2d. Exceptions Applicable to Accrual Basis Taxpayers
4-3. Income Sources
4-3a. Personal Services
4-3b. Income from Property
4-3c. Income Received by an Agent
4-3d. Income from Partnerships, S Corporations, Trusts, and Estates
4-3e. Income in Community Property States
4-4. Items Specifically Included in Gross Income
4-4a. Alimony and Separate Maintenance Payments
4-4b. Imputed Interest on Below-Market Loans
4-4c. Income from Annuities
4-4d. Prizes and Awards
4-4e. Group Term Life Insurance
4-4f. Unemployment Compensation
4-4g. Social Security Benefits
4-5. Tax Planning
4-5a. Tax Deferral
4-5b. Reporting Conflicts
4-5c. Shifting Income to Relatives
4-5d. Accounting for Community Property
4-5e. Alimony
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Becker CPA Review Questions
Chapter 5. Gross Income: Exclusions
5-1. Statutory Authority
5-2. Gifts and Inheritances
5-2a. Legislative Intent
5-2b. Employer Payments to Employees
5-2c. Employee Death Benefits
5-3. Life Insurance Proceeds
5-3a. General Rule
5-3b. Accelerated Death Benefits
5-3c. Transfer for Valuable Consideration
5-4. Scholarships
5-4a. General Information
5-4b. Timing Issues
5-5. Compensation for Injuries and Sickness
5-5a. Damages
5-5b. Wrongful Incarceration
5-5c. Workers’ Compensation
5-5d. Accident and Health Insurance Benefits
5-6. Employer-Sponsored Accident and Health Plans
5-6a. Medical Reimbursement Plans
5-6b. Long-Term Care Insurance Benefits
Meals and Lodging
5-7a. General Rules for the Exclusion
5-7b. Other Housing Exclusions
5-8. Employee Fringe Benefits
5-8a. Specific Benefits
5-8b. Cafeteria Plans
5-8c. Flexible Spending Plans
5-8d. General Classes of Excluded Benefits
5-9. Foreign Earned Income
5-10. Interest on Certain State and Local Government Obligations
5-11. Corporate Distributions to Shareholders
5-11a. General Information
5-11b. Stock Dividends
5-12. Educational Savings Bonds
5-13. Education Savings Programs (§ 529 and § 530 Plans)
5-13a. Qualified Tuition Program
5-13b. Coverdell Education Savings Account
5-14. Qualified Able Programs (§ 529A Plans)
Tax Benefit Rule
5-16. Income from Discharge of Indebtedness
5-17. Tax Planning
5-17a. Life Insurance
5-17b. Employee Fringe Benefits
5-17c. Investment Income
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Becker CPA Review Questions
Part 3. Deductions
Chapter 6. Deductions and Losses: In General
6-1. Classification Of Deductible Expenses
6-1a. Classifying Deductions
6-1b. Authority for Deductions
6-1c. Deduction Criteria for § 162 and § 212
6-1d. Personal Expenses
6-1e. Business and Nonbusiness Losses
6-1f. Deduction for Qualified Business Income
6-1g. Reporting Procedures
6-2. Deductions and Losses—Timing of Expense Recognition
6-2a. Importance of Taxpayer’s Method of Accounting
6-2b. Cash Method Requirements
6-2c. Accrual Method Requirements
6-2d. Prepaid Expenses—The “12-Month Rule”
6-2e. Time Value of Tax Deductions
6-3. Disallowance Possibilities
6-3a. Public Policy Limitation
6-3b. Political Contributions and Lobbying Activities
6-3c. Excessive Executive Compensation
6-3d. Investigation of a Business
6-3e. Hobby Losses
6-3f. Rental of Vacation Homes
6-3g. Expenditures Incurred for Taxpayer’s Benefit or Taxpayer’s Obligation
6-3h. Disallowance of Personal Expenditures
6-3i. Disallowance of Deductions for Capital Expenditures
6-3j. Transactions between Related Parties
6-3k. Substantiation Requirements
6-3l. Expenses and Interest Relating to Tax-Exempt Income
6-3m. Other Disallowances
6-4. Tax Planning
6-4a. Vacation Homes
6-4b. Hobby Losses
6-4c. Do Deduction Limits Affect Executive Compensation?
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Becker CPA Review Questions
Chapter 7. Deductions and Losses: Certain Business Expenses and Losses
7-1. Bad Debts
7-1a. Specific Charge-Off Method
7-1b. Business versus Nonbusiness Bad Debts
7-1c. Loans between Related Parties
7-2. Worthless Securities and Small Business Stock Losses
7-2a. Worthless Securities
7-2b. Small Business Stock (§ 1244 Stock) Losses
7-3. Losses of Individuals
7-3a. Events That Are Not Casualties
7-3b. Theft Losses
7-3c. When to Deduct Casualty Losses
7-3d. Measuring the Amount of Loss
7-3e. Personal Casualty Gains and Losses
7-3f. Statutory Framework for Deducting Losses of Individuals
7-4. Research and Experimental Expenditures
7-4a. Expense Method
7-4b. Deferral and Amortization Method
7-5. Excess Business Losses
7-5a. Excess Business Loss Defined
7-5b. Losses from Partnerships or S Corporations
7-5c. Other Rules
7-6. Net Operating Losses
7-6a. General Rules
7-6b. Computation of the Net Operating Loss
7-6c. Computation of Taxable Income for Year to Which Net Operating Loss Is Carried
7-6d. Calculation of the Remaining Net Operating Loss
7-7. Tax Planning
7-7a. Small Business Stock (§ 1244 Stock) Losses
7-7b. Casualty Losses
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Chapter 8. Depreciation, Cost Recovery, Amortization, and Depletion
8-1. Depreciation and Cost Recovery
8-1a. Nature of Property
8-1b. Placed in Service Requirement
8-1c. Cost Recovery Allowed or Allowable
8-1d. Cost Recovery Basis for Personal Use Assets Converted to Business or Income-Producing Use
8-2. Modified Accelerated Cost Recovery System (MACRS): General Rules
8-2a. Personalty: Recovery Periods and Methods
8-2b. Realty: Recovery Periods and Methods
8-3. Modified Accelerated Cost Recovery System (MACRS): Special Rules
8-3a. Election to Expense Assets (§ 179)
8-3b. Additional First-Year Depreciation (Bonus Depreciation)
8-3c. Using § 179 and Bonus Depreciation Effectively
8-3d. Business and Personal Use of Automobiles and Other Listed Property
8-3e. Alternative Depreciation System (ADS)
8-4. Reporting Procedures
8-5. Amortization
8-6. Depletion
8-6a. Intangible Drilling and Development Costs (IDCs)
8-6b. Depletion Methods
8-7. Tax Planning
8-7a. Cost Recovery
8-7b. Amortization
8-7c. Cost Recovery Tables
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Becker CPA Review Questions
Chapter 9. Deductions: Employee and Self-Employed-Related Expenses
9-1. Employee Versus Independent Contractor
9-2. Employee and Self-Employed-Related Expenses—In General
9-3. Transportation Expenses
9-3a. Qualified Expenses
9-3b. Computation of Automobile Expenses
9-4. Travel Expenses
9-4a. Definition of Travel Expenses
9-4b. Away-from-Home Requirement
9-4c. Restrictions on Travel Expenses
9-4d. Combined Business and Pleasure Travel
9-5. Education Expenses
9-5a. General Requirements
9-5b. Legal Requirements to Keep a Job
9-5c. Maintaining or Improving Existing Skills
9-5d. What Expenses Are Allowed?
9-5e. Deduction for Qualified Tuition and Related Expenses
9-5f. Other Provisions Dealing with Education
9-6. Other Business Expenses
9-6a. Office in the Home
9-6b. Moving Expenses
9-6c. Entertainment and Meal Expenses
9-6d. Miscellaneous Employee Expenses
9-7. The Deduction for Qualified Business Income
9-7a. General Rule
9-7b. The Overall Limitation: Modified Taxable Income
9-7c. What Is Qualified Business Income?
9-7d. What Is a Qualified Trade or Business?
9-7e. Limitations on the QBI Deduction
9-7f. Limitation Based on Wages and Capital Investment
9-7g. Limitation for “Specified Services” Businesses
9-7h. Other Items
9-8. Contributions to Retirement Accounts
9-8a. Employee IRAs
9-8b. Self-Employed Keogh (H.R. 10) Plans
9-9. Classification of Employee Expenses
9-9a. Accountable Plans
9-9b. Nonaccountable Plans
9-10. Limitations on Itemized Deductions
9-10a. Miscellaneous Itemized Deductions Subject to the 2%-of-AGI Floor
9-10b. Miscellaneous Itemized Deductions Not Subject to the 2%-of-AGI Floor
9-11. Tax Planning
9-11a. Employment Status
9-11b. Implications of Misclassifying Workers
9-11c. Transportation and Travel Expenses
9-11d. Education Expenses
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Becker CPA Review Questions
Chapter 10. Deductions and Losses: Certain Itemized Deductions
10-1. Medical Expenses
10-1a. Medical Expenses Defined
10-1b. Capital Expenditures for Medical Purposes
10-1c. Medical Expenses Incurred for Spouse and Dependents
10-1d. Transportation, Meal, and Lodging Expenses for Medical Treatment
10-1e. Amounts Paid for Medical Insurance Premiums
10-1f. Year of Deduction
10-1g. Reimbursements
10-1h. Health Savings Accounts
10-1i. Affordable Care Act Provisions
10-2. Taxes
10-2a. Deductibility as a Tax
10-2b. Property Taxes
10-2c. State and Local Income Taxes and Sales Taxes
10-3. Interest
10-3a. Allowed and Disallowed Items
10-3b. Restrictions on Deductibility and Timing Considerations
10-3c. Classification of Interest Expense
10-4. Charitable Contributions
10-4a. Criteria for a Gift
10-4b. Qualified Organizations
10-4c. Time of Deduction
10-4d. Record-Keeping and Valuation Requirements
10-4e. Limitations on Charitable Contribution Deduction
10-5. Other Itemized Deductions
10-6. Comprehensive Example of Schedule A
10-7. Tax Planning
10-7a. Maximizing the Medical Deduction
10-7b. Timing of Payments to Maximize Deductions
10-7c. Ensuring the Charitable Contribution Deduction
10-7d. Planning to Avoid Nondeductible Treatment
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Becker CPA Review Questions
Chapter 11. Investor Losses
11-1. The Tax Shelter Problem
11-2. At-Risk Limits
11-3. Passive Activity Loss Limits
11-3a. Classification and Impact of Passive Activity Income and Losses
11-3b. Taxpayers Subject to the Passive Activity Loss Rules
11-3c. Rules for Determining Passive Activities
11-3d. Interaction of the At-Risk and Passive Activity Loss Limits
11-3e. Special Passive Activity Rules for Real Estate Activities
11-3f. Dispositions of Passive Interests
11-4. Investment Interest Limitation
11-4a. Limitation Imposed
11-4b. Computation of Allowable Deduction
11-5. Other Investment Losses
11-6. Tax Planning
11-6a. Using Passive Activity Losses
11-6b. Planning with the Investment Interest Limitation
11-6c. Effect of the Additional Tax on Net Investment Income
Key Terms
Discussion Questions
Computational Exercises
Problems
Research Problems
Becker CPA Review Questions
Part 4. Special Tax Computation Methods, Payment Procedures, and Tax Credits
Chapter 12. Alternative Minimum Tax
12-1. Individual Alternative Minimum Tax
12-1a. Alternative Minimum Taxable Income (AMTI)
12-1b. AMT Formula: Other Components
12-1c. AMT Adjustments
12-1d. AMT Preferences
12-1e. Illustration of the AMT Computation
12-1f. AMT Credit
12-2. Corporate Alternative Minimum Tax
12-3. Tax Planning
12-3a. Avoiding Preferences and Adjustments
12-3b. Controlling the Timing of Preferences and Adjustments
12-3c. Other AMT Tax Planning Strategies
Key Terms
Discussion Questions
Computational Exercises
Problems
Cumulative Problems
Research Problems
Becker CPA Review Questions
Chapter 13. Tax Credits and Payment Procedures
13-1. Tax Policy Considerations
13-2. Overview and Priority Of Credits
13-2a. Refundable versus Nonrefundable Credits
13-2b. General Business Credit
13-2c. Treatment of Unused General Business Credits
13-3. Specific Business-Related Tax Credits
13-3a. Tax Credit for Rehabilitation Expenditures
13-3b. Work Opportunity Tax Credit
13-3c. Research Activities Credit
13-3d. Low-Income Housing Credit
13-3e. Disabled Access Credit
13-3f. Credit for Small Employer Pension Plan Startup Costs
13-3g. Credit for Employer-Provided Child Care
13-3h. Credit for Employer-Provided Family and Medical Leave
13-4. Other Tax Credits
13-4a. Earned Income Credit
13-4b. Tax Credit for Elderly or Disabled Taxpayers
13-4c. Adoption Expenses Credit
13-4d. Child and Dependent Tax Credits
13-4e. Credit for Child and Dependent Care Expenses
13-4f. Education Tax Credits
13-4g. Energy Credits
13-4h. Credit for Certain Retirement Plan Contributions
13-5. Payment Procedures
13-5a. Employers
13-5b. Self-Employed Taxpayers
Affordable Care Act Provisions
Premium Tax Credit
13-5c. Additional Medicare Taxes on High-Income Individuals
13.7. Tax Planning
13-7a. Credit for Child and Dependent Care Expenses
13-7b. Adjustments to Increase Withholding
13-7c. Adjustments to Avoid Overwithholding
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Tags: Hoffman, Young, Rabbe, Maloney, Mellen, South Western, Income Taxes