CengageNOWv2 for Hoffman/Raabe/Young/Nellen/Maloney's South-Western Federal Taxation 2018: Corporations, Partnerships, Estates and Trusts, 41st Edition, [Instant Access], 1 term (6 months)

Now today's future and current professionals can master corporate tax concepts and today's ever-changing tax legislation with SOUTH-WESTERN FEDERAL TAXATION 2018: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS, 41E. This time-tested, trusted book offers today’s most effective solution for helping readers thoroughly grasp information critical to the tax preparer, such as C corporations, flow-through entities, taxes on financial statements, and tax planning. The 2018 edition reflects the latest tax legislation at the time of publication. Proven learning features with clear examples, summaries and meaningful tax scenarios help clarify concepts and sharpen the critical-thinking, writing, and research skills important for professionals. Trust SOUTH-WESTERN FEDERAL TAXATION 2018: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS, 41E for the most thorough coverage of taxation concepts today.Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version. Cover......Page 1 Title Page......Page 2 Copyright Page......Page 3 Preface......Page 4 The South-Western Federal Taxation Series......Page 19 Brief Contents......Page 24 Contents......Page 26 Part 1: Introduction......Page 36 Chapter 1: Understanding and Working with the Federal Tax Law......Page 37 The Big Picture: Importance of Tax Research......Page 38 Economic Considerations......Page 39 Social Considerations......Page 40 Equity Considerations......Page 41 Political Considerations......Page 45 Influence of the Internal Revenue Service......Page 46 Influence of the Courts......Page 48 WORKING WITH THE TAX LAW—TAX SOURCES......Page 50 Statutory Sources of the Tax Law......Page 51 Administrative Sources of the Tax Law......Page 54 Judicial Sources of the Tax Law......Page 57 Concept Summary: Federal Judicial System......Page 59 Concept Summary: Judicial Sources......Page 62 Other Sources of the Tax Law......Page 64 Commercial Tax Services......Page 65 Using Electronic (Online) Tax Services......Page 66 Noncommercial Electronic (Online) Tax Sources......Page 67 Identifying the Problem......Page 69 Assessing the Validity of Tax Law Sources......Page 71 Ethics & Equity: Choosing Cases for Appeal......Page 72 Arriving at the Solution or at Alternative Solutions......Page 73 Communicating Tax Research......Page 74 Components of Tax Planning......Page 75 TAXATION ON THE CPA EXAMINATION......Page 77 Regulation Section......Page 78 Part 2: Corporations......Page 88 Chapter 2: Corporations: Introduction and Operating Rules......Page 89 The Big Picture: A Half-Baked Idea?......Page 90 Partnerships......Page 91 Corporations......Page 92 Concept Summary: Tax Treatment of Business Forms Compared......Page 95 Limited Liability Companies......Page 96 An Overview of Corporate versus Individual Income Tax Treatment......Page 97 Accounting Periods and Methods......Page 99 Capital Gains and Losses......Page 100 Recapture of Depreciation......Page 101 Passive Activity Losses......Page 102 Charitable Contributions......Page 103 Net Operating Losses......Page 105 Deductions Available Only to Corporations......Page 106 Ethics & Equity: Pushing the Envelope on Year-End Planning......Page 108 Concept Summary: Income Taxation of Individuals andCorporations Compared......Page 110 Alternative Minimum Tax......Page 112 Tax Liability of Related Corporations......Page 113 Estimated Tax Payments......Page 114 Schedule M–1—Reconciliation of Income (Loss) per Bookswith Income per Return......Page 115 Concept Summary: Conceptual Diagram of Schedule M–1(Form 1120)......Page 116 Schedule M–2—Analysis of Unappropriated RetainedEarnings per Books......Page 117 Schedule M–3—Net Income (Loss) Reconciliation forCorporations with Total Assets of $10 Million or More......Page 118 Form 1120 Illustrated......Page 120 Corporate versus Noncorporate Forms of Business Organization......Page 128 Operating the Corporation......Page 129 Refocus on the Big Picture: Cooked to Perfection......Page 131 Chapter 3: Corporations: Special Situations......Page 149 The Big Picture: Dealing with the DPAD and the AMT......Page 150 DOMESTIC PRODUCTION ACTIVITIES DEDUCTION......Page 151 Components of the Deduction......Page 152 Domestic Production Gross Receipts......Page 153 Adjustments in Arriving at QPAI......Page 156 Collateral Problems......Page 157 ALTERNATIVE MINIMUM TAX......Page 159 Small Corporation Exemption......Page 161 An Overview of Corporate Adjustments and Preferences......Page 162 AMT Adjustments......Page 163 Concept Summary: An Overview of Corporate AMTAdjustments and Preferences......Page 164 AMT Preferences......Page 169 Computing Alternative Minimum Taxable Income......Page 171 Adjusted Current Earnings (ACE)......Page 172 Concept Summary: How Various Transactions Affect ACEand E & P......Page 174 Form 4626 Illustrated......Page 175 Minimum Tax Credit and Form 8827 Illustrated......Page 176 PENALTY TAXES ON CORPORATE ACCUMULATIONS......Page 179 Accumulated Earnings Tax (§§ 531–537)......Page 180 Personal Holding Company Tax (§§ 541–547)......Page 181 Alternative Minimum Tax......Page 182 Selected MACRS Cost Recovery Tables......Page 183 Refocus on the Big Picture: Dealing with the DPAD and the AMT......Page 184 Chapter 4: Corporations: Organization and Capital Structure......Page 197 The Big Picture: The Vehicle for Business Growth Is theCorporate Form......Page 198 Section 351 Rationale and General Rules......Page 199 Global Tax Issues: Choice of Organizational Form WhenOperating Overseas......Page 200 Property Defined......Page 202 Control of the Corporation......Page 203 Assumption of Liabilities—§ 357......Page 207 Basis Determination and Related Issues......Page 209 Concept Summary: Tax Consequences of Liability Assumption......Page 210 Concept Summary: Tax Consequences to the Shareholders andCorporation: With and Without the Application of § 351(Based on the Facts of Example 22)......Page 212 Global Tax Issues: Does § 351 Cover the Incorporation ofa Foreign Business?......Page 214 Capital Contributions......Page 215 Debt in the Capital Structure......Page 216 Stock and Security Losses......Page 218 Business versus Nonbusiness Bad Debts......Page 219 Section 1244 Stock......Page 220 GAIN FROM QUALIFIED SMALL BUSINESS STOCK......Page 221 Working with § 351......Page 222 Selecting Assets to Transfer......Page 223 Debt in the Capital Structure......Page 224 Investor Losses......Page 225 Refocus on the Big Picture: The Vehicle for BusinessGrowth Is the Corporate Form......Page 226 Chapter 5: Corporations: Earnings & Profits and Dividend Distributions......Page 239 The Big Picture: Taxing Corporate Distributions......Page 240 CORPORATE DISTRIBUTIONS—OVERVIEW......Page 241 Computation of E & P......Page 242 Summary of E & P Adjustments......Page 245 Concept Summary: E & P Adjustments......Page 246 Allocating E & P to Distributions......Page 247 Concept Summary: Allocating E & P to Distributions......Page 248 Rationale for Reduced Tax Rates on Dividends......Page 251 Qualified Dividends......Page 252 Property Dividends......Page 253 Constructive Dividends......Page 255 Stock Dividends and Stock Rights......Page 258 Corporate Distributions......Page 260 Planning for Qualified Dividends......Page 262 Constructive Dividends......Page 263 Refocus on the Big Picture: Taxing Corporate Distributions......Page 265 Chapter 6: Corporations: Redemptions and Liquidations......Page 279 The Big Picture: Family Corporations and Stock Redemptions......Page 280 STOCK REDEMPTIONS—IN GENERAL......Page 281 STOCK REDEMPTIONS—SALE OR EXCHANGETREATMENT......Page 282 Concept Summary: Tax Consequences of Stock Redemptions toShareholders......Page 283 Stock Attribution Rules......Page 284 Not Essentially Equivalent Redemptions......Page 285 Disproportionate Redemptions......Page 286 Complete Termination Redemptions......Page 287 Partial Liquidations......Page 288 Redemptions to Pay Death Taxes......Page 289 STOCK REDEMPTIONS—EFFECT ON THE CORPORATION......Page 290 STOCK REDEMPTIONS—PREFERRED STOCKBAILOUTS......Page 291 Section 306 Stock......Page 292 Liquidating and Nonliquidating Distributions Compared......Page 293 The General Rule......Page 294 Antistuffing Rules......Page 295 Concept Summary: Summary of Antistuffing Loss Disallowance Rules......Page 298 Ethics & Equity: Transferee Liability for Tax Deficiency of LiquidatedCorporation......Page 299 Minority Shareholder Interests......Page 300 Basis of Property Received by the Parent Corporation—The General Rule......Page 301 Basis of Property Received by the Parent Corporation—§ 338 Election......Page 302 Concept Summary: Summary of Liquidation Rules......Page 303 Stock Redemptions......Page 304 Parent-Subsidiary Liquidations......Page 306 Refocus on the Big Picture: A Family Attribution Waiver Is aValuable Tool in Succession Planning......Page 307 Chapter 7: Corporations: Reorganizations......Page 321 The Big Picture: Structuring Acquisitions......Page 322 Summary of the Different Types of Reorganizations......Page 323 Concept Summary: Gain and Basis Rules for Nontaxable Exchanges......Page 324 Concept Summary: Basis to Acquiring Corporation of PropertyReceived......Page 326 Type A......Page 327 Type B......Page 329 Type C......Page 331 Type D......Page 333 Type E......Page 335 Concept Summary: Summary of Type A Through Type DReorganizations: Advantages and Disadvantages......Page 337 Type G......Page 338 Continuity of Business Enterprise......Page 339 TAX ATTRIBUTE CARRYOVERS......Page 340 Net Operating Loss Carryovers......Page 341 Earnings and Profits......Page 343 Other Carryovers......Page 344 Assessing the Possible Benefits of Restructuring Options......Page 345 Concept Summary: Comprehensive Summary of CorporateReorganizations......Page 346 Refocus on the Big Picture: Structuring Acquisitions......Page 348 Chapter 8: Consolidated Tax Returns......Page 361 The Big Picture: A Corporation Contemplates a Merger......Page 362 Motivations to Consolidate......Page 363 Source and Philosophy of Consolidated Return Rules......Page 364 ASSESSING CONSOLIDATED RETURN STATUS......Page 365 Financial Disclosure Insights: GAAP and Tax Treatment ofConsolidations......Page 366 Concept Summary: The Consolidated Return Election......Page 367 Affiliated versus Controlled Group......Page 368 Compliance Requirements......Page 371 STOCK BASIS OF SUBSIDIARY......Page 375 COMPUTING CONSOLIDATED TAXABLE INCOME......Page 376 Computational Procedure......Page 377 Typical Intercompany Transactions......Page 378 Global Tax Issues: Consolidated Returns and NOLs......Page 380 Computation of Group Items......Page 384 The Matching Rule......Page 386 Choosing Consolidated Return Partners......Page 388 Documentation Requirements......Page 389 Refocus on the Big Picture: Should the Affiliated Group Filea Consolidated Return?......Page 390 Chapter 9: Taxation of International Transactions......Page 401 The Big Picture: Going International......Page 402 OVERVIEW OF INTERNATIONAL TAXATION......Page 404 Global Tax Issues: Tax Reform Can Make Strange Bedfellows......Page 405 TAX TREATIES......Page 406 U.S.-Source Income......Page 407 Allocation and Apportionment of Deductions......Page 410 Transfer Pricing......Page 411 Ethics & Equity: The Costs of Good Tax Planning......Page 412 FOREIGN CURRENCY TRANSACTIONS......Page 414 Foreign Taxes......Page 415 Export Property......Page 416 Cross-Border Asset Transfers......Page 417 Tax Havens......Page 418 Global Tax Issues: Boom in Cross-Border Mergers butNo Inversions......Page 419 Ethics & Equity: Exporting U.S. Jobs or Improving U.S.Competitiveness?......Page 420 Concept Summary: Subpart F Income and a CFC......Page 422 Foreign Tax Credit......Page 424 Financial Disclosure Insights: Overseas Operations andBook-Tax Differences......Page 428 Concept Summary: The Foreign Tax Credit......Page 429 Nonresident Alien Individuals......Page 430 Foreign Corporations......Page 432 Expatriation to Avoid U.S. Taxation......Page 433 The Foreign Tax Credit Limitation and Sourcing Provisions......Page 434 Transferring Intangible Assets Offshore......Page 436 Refocus on the Big Picture: Going International......Page 437 Part 3: Flow-Through Entities......Page 450 Chapter 10: Partnerships: Formation, Operation, and Basis......Page 451 The Big Picture: Why Use a Partnership, Anyway?......Page 452 What Is a Partnership?......Page 453 Key Concepts in Taxation of Partnership Income......Page 455 Contributions to the Partnership......Page 458 Exceptions to the General Rule of § 721......Page 459 Other Issues Related to Contributed Property......Page 461 Tax Accounting Elections......Page 463 Initial Costs of a Partnership......Page 464 Method of Accounting......Page 465 Taxable Year of the Partnership......Page 466 Measuring and Reporting Partnership Income......Page 468 Global Tax Issues: Withholding Requirements fornon-U.S. Partners......Page 475 Partner Allocations and Reporting......Page 476 Concept Summary: Tax Reporting of Partnership Items......Page 479 Partner’s Basis......Page 481 Partner’s Capital Account......Page 485 Loss Limitations......Page 486 Self-Employment and Net Investment Income Tax......Page 488 Choosing Partnership Taxation......Page 490 Formation and Operation of a Partnership......Page 491 Drafting the Partnership Agreement......Page 492 Refocus on the Big Picture: Why Use a Partnership, Anyway?......Page 493 Chapter 11: Partnerships: Distributions, Transfer of Interests, and Terminations......Page 511 The Big Picture: The Life Cycle of a Partnership......Page 512 Distributions in General......Page 513 Proportionate Current Distributions......Page 514 Proportionate Liquidating Distributions......Page 517 Concept Summary: Proportionate Current Distributions(General Rules)......Page 518 Property Distributions with Special Tax Treatment......Page 520 Concept Summary: Proportionate Liquidating DistributionsWhen the Partnership Also Liquidates (General Rules)......Page 521 Disproportionate Distributions......Page 522 SECTION 736—LIQUIDATING DISTRIBUTIONS TORETIRING OR DECEASED PARTNERS......Page 523 Property Payments......Page 524 Income Payments......Page 525 Concept Summary: Liquidating Distributions of Cash When thePartnership Continues......Page 527 General Rules......Page 528 Effect of Hot Assets......Page 529 Concept Summary: Sale of a Partnership Interest......Page 531 Death of a Partner......Page 532 Gifts......Page 533 SECTION 754—OPTIONAL ADJUSTMENTS TOPROPERTY BASIS......Page 534 Adjustment: Sale or Exchange of an Interest......Page 535 Adjustment: Partnership Distributions......Page 536 TERMINATION OF A PARTNERSHIP......Page 538 Family Partnerships......Page 539 Global Tax Issues: A Partnership Isn’t Always aPartnership—Complications in the Global Arena......Page 540 Limited Liability Partnerships......Page 541 Planning Partnership Distributions......Page 542 Comparing Sales to Liquidations......Page 543 Other Partnership Issues......Page 544 Refocus on the Big Picture: The Life Cycle of a Partnership......Page 545 Chapter 12: S Corporations......Page 561 The Big Picture: Deductibility of Losses and the Choiceof Business Entity......Page 562 Concept Summary: Making an S Election......Page 563 Definition of a Small Business Corporation......Page 564 Shareholder Consent......Page 567 Loss of the Election......Page 568 Computation of Taxable Income......Page 570 Allocation of Income and Loss......Page 573 Tax Treatment of Distributions to Shareholders......Page 574 Concept Summary: Classification Procedures for Distributionsfrom an S Corporation......Page 575 Tax Treatment of Noncash Property Distributions bythe Corporation......Page 578 Concept Summary: Consequences of Noncash Distributions......Page 579 Shareholder’s Basis in S Stock......Page 580 Treatment of Losses......Page 582 Tax on Pre-Election Built-In Gain......Page 584 Other Operational Rules......Page 585 Making a Proper Election......Page 587 Planning for the Operation of the Corporation......Page 588 Refocus on the Big Picture: Using a Flow-Through Entityto Achieve Deductibility of Losses......Page 590 Part 4: Advanced Tax PracticeConsiderations......Page 604 Chapter 13: Comparative Forms of Doing Business......Page 605 The Big Picture: Selection of a Tax Entity Form......Page 606 NONTAX FACTORS......Page 607 Limited Liability......Page 608 Overall Effect on Entity and Owners......Page 609 Alternative Minimum Tax......Page 611 State Taxation......Page 612 Favorable Treatment of Certain Fringe Benefits......Page 613 Minimizing Double Taxation......Page 614 CONDUIT VERSUS ENTITY TREATMENT......Page 616 Effect on Recognition at Time of Contribution to the Entity......Page 617 Effect on Results of Operations......Page 618 Effect on Recognition at Time of Distribution......Page 619 Effect of At-Risk Rules......Page 620 Effect of Special Allocations......Page 621 Self-Employment Tax......Page 622 Net Investment Income Tax (NIIT)......Page 623 DISPOSITION OF A BUSINESS OR AN OWNERSHIPINTEREST......Page 624 Sole Proprietorship......Page 625 Partnership and Limited Liability Company......Page 626 C Corporation......Page 627 C Corporation......Page 628 OVERALL COMPARISON OF FORMS OF DOINGBUSINESS......Page 629 Concept Summary: Tax Attributes of Different Forms of Business(Assume That Partners and Shareholders Are All Individuals)......Page 630 TAX PLANNING......Page 633 Refocus on the Big Picture: Selection of a Tax Entity Form......Page 634 Chapter 14: Taxes on the Financial Statements......Page 649 The Big Picture: Taxes on the Financial Statements......Page 650 Different Reporting Entities......Page 651 Different Taxes......Page 652 Different Methods......Page 653 Tax Return Disclosures......Page 654 Financial Disclosure Insights: Supersized Goodwill......Page 655 Concept Summary: Income AmountsBook versus Tax......Page 656 GAAP Principles......Page 657 Global Tax Issues: Accounting for Income Taxes in InternationalStandards......Page 658 Financial Disclosure Insights: The Book-Tax Income Gap......Page 659 Valuation Allowance......Page 661 Global Tax Issues: Tax Losses and the Deferred Tax Asset......Page 662 Tax Disclosures in the Financial Statements......Page 663 Concept Summary: Steps in Determining the BookTax Expense......Page 664 Special Issues......Page 666 Financial Disclosure Insights: Corporate Tax Rate Cuts:Be Careful What You Wish For......Page 667 Concept Summary: Disclosures Under ASC 740-10 (FIN 48)......Page 668 Summary......Page 670 Global Tax Issues: Cash Stashed Overseas......Page 671 Refining the Analysis......Page 672 Sustaining the Tax Rate......Page 673 Concept Summary: Benchmarking Analysis......Page 674 Releasing Valuation Allowances......Page 675 Reducing Effective Tax Rates with ASC 740-30 (APB 23)......Page 676 Refocus on the Big Picture: Taxes on the FinancialStatements......Page 677 Chapter 15: Exempt Entities......Page 689 The Big Picture: Effect of a For-Profit Business on aTax-Exempt Entity......Page 690 Serving the Common Good......Page 692 TAXES ON EXEMPT ENTITIES......Page 694 Ethics & Equity: For the Good of the People......Page 695 Feeder Organizations......Page 697 Tax Consequences of Private Foundation Status......Page 698 Concept Summary: Exempt Organizations: Classification......Page 700 Taxes Imposed on Private Foundations......Page 701 UNRELATED BUSINESS INCOME TAX......Page 702 Unrelated Trade or Business......Page 703 Unrelated Business Taxable Income......Page 706 Concept Summary: Unrelated Business Income Tax......Page 708 Obtaining Exempt Organization Status......Page 709 Annual Filing Requirements......Page 710 Maintaining Exempt Status......Page 711 Unrelated Business Income Tax......Page 712 Refocus on the Big Picture: Effect of a For-Profit Businesson a Tax-Exempt Entity......Page 713 Chapter 16: Multistate Corporate Taxation......Page 725 The Big Picture: Making a Multistate Location Decision......Page 726 OVERVIEW OF CORPORATE STATE INCOMETAXATION......Page 727 State Modifications......Page 728 Nexus beyond P.L. 86–272......Page 731 ALLOCATION AND APPORTIONMENT OF INCOME......Page 733 Apportionable Income......Page 734 Apportionment Factors: Elements and Planning......Page 736 Concept Summary: Apportionable Income......Page 737 The Sales Factor......Page 738 The Payroll Factor......Page 739 The Property Factor......Page 741 Financial Disclosure Insights: State/Local Taxes and theTax Expense......Page 742 THE UNITARY THEORY......Page 743 Tax Effects of the Unitary Theory......Page 744 Global Tax Issues: Water’s Edge Is Not a Day at the Beach......Page 745 Consolidated and Combined Returns......Page 746 State Tax Filing Requirements......Page 747 State and Local Sales and Use Taxes......Page 748 Other Taxes......Page 750 Selecting the Optimal State in Which to Operate......Page 752 Restructuring Corporate Entities......Page 753 Subjecting the Corporation’s Income to Apportionment......Page 755 Planning with Apportionment Factors......Page 756 Sales/Use Tax Compliance......Page 757 Refocus on the Big Picture: Making a Multistate Location Decision......Page 758 Chapter 17: Tax Practice and Ethics......Page 771 The Big Picture: A Tax Adviser’s Dilemma......Page 772 TAX ADMINISTRATION......Page 773 Organizational Structure of the IRS......Page 774 IRS Procedure—Other Issuances......Page 775 Administrative Powers of the IRS......Page 776 The Audit Process......Page 777 Ethics & Equity: Can the IRS Pretend to Be Your Friend?......Page 778 The Taxpayer Appeal Process......Page 780 Offers in Compromise and Closing Agreements......Page 781 Ethics & Equity: Our Taxing System of Self-Assessment......Page 782 Interest......Page 783 Taxpayer Penalties......Page 784 Ethics & Equity: First-Time Tax Violators Can Get Off with Justa Warning......Page 789 Statute of Limitations......Page 792 The Tax Professional......Page 793 Ethics & Equity: Who Cheats and Why?......Page 794 IRS Rules Governing Tax Practice......Page 795 Preparer Penalties......Page 796 AICPA Statements on Standards for Tax Services......Page 798 Strategies in Seeking an Administrative Ruling......Page 801 Considerations in Handling an IRS Audit......Page 802 Statute of Limitations......Page 803 Penalties......Page 804 Refocus on the Big Picture: A Tax Adviser’s Dilemma......Page 805 Part 5: Family Tax Planning......Page 818 Chapter 18: The Federal Gift and Estate Taxes......Page 819 The Big Picture: An Eventful and Final Year......Page 820 Nature of the Taxes......Page 821 Global Tax Issues: U.S. Transfer Taxes and NRAs......Page 822 Concept Summary: Formula for the Federal Estate Tax......Page 823 Valuation for Federal Transfer Tax Purposes......Page 824 Key Property Concepts......Page 825 General Considerations......Page 826 Ethics & Equity: It’s the Thought That Counts......Page 827 Transfers Subject to the Gift Tax......Page 828 Annual Exclusion......Page 829 Computing the Federal Gift Tax......Page 830 Procedural Matters......Page 831 THE FEDERAL ESTATE TAX......Page 832 Gross Estate......Page 833 Taxable Estate......Page 838 Estate Tax Credits......Page 842 THE GENERATION-SKIPPING TRANSFER TAX......Page 844 TAX PLANNING......Page 845 Refocus on the Big Picture: An Eventful and Final Year......Page 846 Chapter 19: Family Tax Planning......Page 861 The Big Picture: Lifetime Giving—the Good and the Bad......Page 862 Valuation in General......Page 863 Valuation of Specific Assets......Page 864 Ethics & Equity: One Way to Handle Loans to Troublesome In-Laws......Page 865 Real Estate and the Special Use Valuation Method......Page 866 Valuation Problems with a Closely Held Business......Page 867 Basis of Property Acquired by Gift......Page 871 Basis of Property Acquired by Death......Page 872 GIFT PLANNING......Page 874 Minimizing Estate Taxes......Page 875 Income Tax Considerations......Page 876 Proper Handling of Estate Tax Deductions......Page 878 Providing Estate Liquidity......Page 881 Concept Summary: Estate and Gift Tax Planning......Page 883 Refocus on the Big Picture: Lifetime Giving—The Goodand the Bad......Page 884 Chapter 20: Income Taxation of Trusts and Estates......Page 893 The Big Picture: Setting Up a Trust to Protect a Family......Page 894 What Is a Trust?......Page 895 NATURE OF TRUST AND ESTATE TAXATION......Page 898 Tax Rates and Personal Exemption......Page 899 Alternative Minimum Tax......Page 900 Entity Accounting Income......Page 901 Gross Income......Page 904 Ordinary Deductions......Page 906 Charitable Contributions......Page 908 Deduction for Distributions to Beneficiaries......Page 909 Concept Summary: Uses of the DNI Amount......Page 910 Tax Credits......Page 912 Distributions by Estates and Complex Trusts......Page 913 Character of Income......Page 915 GRANTOR TRUSTS......Page 916 Powers Retained by the Grantor......Page 917 A Trust or an Estate as an Income-Shifting Device......Page 918 Income Tax Planning for Estates......Page 919 Deductibility of Fiduciary Expenses......Page 920 Duties of an Executor......Page 921 Refocus on the Big Picture: Setting Up a Trust to Protecta Family......Page 922 Appendix A: Tax Rate Schedules and Tables......Page 934 Appendix B: Tax Forms......Page 942 Appendix C: Glossary......Page 982 Appendix D-1: Table of Code Sections Cited......Page 1014 Appendix D-2: Table of Regulations Cited......Page 1023 Appendix D-3: Table of Revenue Procedures and Revenue Rulings Cited......Page 1026 Appendix E: Table of Cases Cited......Page 1028 Appendix F: Present Value and Future Value Tables......Page 1032 Appendix G: Tax Formulas......Page 1036 Index......Page 1041 Please check the ISBN that your instructor provided. If the ISBN-13 does not match this product (9781337390040) or its Printed Access Card equivalent (9781337390057) this may not be the correct product. In some cases, you may also require a course code from your Instructor.

Discover the tools you need to be successful. You'll find a variety of tools in CengageNOWv2, all combined in one easy-to-use resource designed to improve your grades. Some resources help you prepare for class and succeed on homework, while others show you specific areas where you can improve. This access code entitles you to 1 course enrollment, which includes the duration of your course plus 14 days.

Instructor Assigned: Please be aware that the product you are purchasing is usable only if assigned by your instructor. If your instructor has not assigned this product, you should not continue with your purchase.