CHAPTER 1
AN INTRODUCTION TO TAXATION
- History of Taxation in the United States
- Types of Tax Rate Structures
- Other Types of Taxes
- Criteria for a Tax Structure
- Objectives of the Federal Income Tax law
- Entities in the Federal Income Tax System
- Enactment of a Tax Law
- Administration of the Tax Law and Tax Practice Issues
- Components of a Tax Practice
- Computer Applications In Tax Practice
CHAPTER 2
DETERMINATION OF TAX
- Formula for Individual Income Tax
- Deductions from Adjusted Gross Income
- Determining the Amount of Tax
- Business Income and Business Entities
- Treatment of Capital Gains and Losses
- Tax Planning Considerations
- Compliance and Procedural Considerations
- Problem Materials
CHAPTER 3
GROSS INCOME: INCLUSIONS
- Economic and Accounting Concepts of Income
- Tax Concept of Income
- To Whom Is Income Taxable?
- When Is Income Taxable?
- Items of Gross Income: Sec. 61(a)
- Other Items of Gross Income
CHAPTER 4
GROSS INCOME: EXCLUSIONS
- Items That Are Not Income
- Major Statutory Exclusions
- Tax Planning Considerations
CHAPTER 5
PROPERTY TRANSACTIONS: CAPITAL GAINS AND LOSSES
- Determination of Gain or Loss
- Basis Considerations
- Definition of a Capital Asset
- Tax Treatment for Capital Gains and Losses of Noncorporate Taxpayers
- Tax Treatment of Capital Gains And Losses: Corporate Taxpayers
- Sale or Exchange
- Holding Period
- Justification for Preferential Treatment of Net Capital Gains
CHAPTER 6
DEDUCTlONS AND LOSSES
- Classifying Deductions as for Versus From Adjusted Gross Income
- Criteria for Deducting Business and Investment Expenses
- General Restrictions on the Deductibility of Expenses Proper Substantiation Requirement
- When an Expense Is Deductible
- Special Disallowance Rules
CHAPTER 7
ITEMIZED DEDUCTIONS
- Medical Expenses
- Taxes
- Interest
- Charitable Contributions
- Casualty and Theft Losses
- Miscellaneous Itemized Deductions
- Reduction of Certain Itemized Deductions
CHAPTER 8
LOSSES AND BAD DEBTS
- Transactions That May Result in Losses
- Classifying the Loss on the Taxpayer’s Tax Return
- Passive Losses
- Casualty and Theft Losses
- Casualty Defined
- Bad Debts
- Net Operating Losses
CHAPTER 9
EMPLOYEE EXPENSES AND DEFERRED COMPENSATION
- Classification and Limitations of Employee Expenses
- Travel Expenses
- Transportation Expenses
- Entertainment Expenses
- Reimbursed Employee Business Expenses
- Moving Expenses
- Education Expenses
- Office in Home Expenses
- Deferred Compensation
- Qualified Pension and Profit-Sharing Plans
- Nonqualified Plans
- Employee Stock Options
- Plans for Self-Employed Individuals
- Traditional IRA
- Roth IRA
- Coverdell Education Savings Account
- Health Savings Accounts
- Simplified Employee Pensions
- Simple Retirement Plans
CHAPTER 10
DEPRECIATION, COST RECOVERY, AMORTIZATION, AND DEPLETION
- Depreciation and Cost Recovery
- Amortization
- Depletion, Intangible Drilling and Development Costs
CHAPTER 11
ACCOUNTING PERIODS AND METHODS
- Accounting Periods
- Overall Accounting Methods
- Inventories
- Special Accounting Methods
- Imputed Interest
- Imputed Interest Computation
- Change in Accounting Methods
CHAPTER 12
PROPERTY TRANSACTIONS: NONTAXABLE EXCHANGES
- Like-Kind Exchanges
- Involuntary Conversions
- Sale of Principal Residence
- Involuntary Conversion of a Principal Residence
CHAPTER 13
PROPERTY TRANSACTIONS: SECTION 1231 AND RECAPTURE
- History of Sec. 1231
- Overview of Basic Tax Treatment for Sec. 1231
- Section 1231 Property
- Involuntary Conversions
- Procedure for Sec. 1231 Treatment
- Recapture Provisions of Sec. 1245
- Recapture Provisions of Sec. 1250
- Additional Recapture for Corporations
- Recapture Provisions—Other Applications
- Section 179 Expensing Election
- Conservation and Land Clearing Expenditures
- Intangible Drilling Costs and Depletion
CHAPTER 14
SPECIAL TAX COMPUTATION METHODS, TAX CREDITS, AND PAYMENT OF TAX
- Alternative Minimum Tax
- Self-Employment Tax
- Overview of Tax Credits
- Child Tax Credit
- Child and Dependent Care Credit
- Tax Credit for the Elderly and Disabled
- Adoption Credit
- American Opportunity Tax Credit
- Lifetime Learning Credit
- Residential Energy Credits
- Alternative Motor Vehicle Credit
- Miscellaneous Credits
- Foreign Tax Credit
- General Business Credits
- Refundable Credits
- Earned Income Credit
- Homebuyer Tax Credit (HTC)
- Payment of Taxes
- Withholding of Taxes
- Estimated Tax Payments
Tables and Forms
Tax Table and Rate Schedules
Tax Research Working Paper File
Completed Tax Forms
MACRS and ACRS Tables
Statements on Responsibilities in Tax Practice (SRTPs)
Comparison of Tax Attrributes for C Corporations, Partnerships, and S Corporations
Credit for State Death Taxes
Actuarial Tables
