Essentials of Taxation 2016: Individuals and Business Entities (South Western Federal Taxation)

Clearly introduce today's most important tax concepts and ever-changing tax legislation with Raabe/Maloney/Young/Smith/Nellen's SOUTH-WESTERN FEDERAL TAXATION 2016: ESSENTIALS OF TAXATION: INDIVIDUALS AND BUSINESS ENTITIES, 19E. Renowned for its understandable, time-tested presentation, this book remains the most effective solution for helping students thoroughly grasp taxation concepts and applications. Students will now benefit from even more coverage of tax planning. The 2016 edition reflects the latest tax legislation. Online updates highlight relevant tax law changes as they take effect to ensure your course remains current. New and proven learning features, such as additional "Big Picture" examples, memorable tax scenarios and "What If?" case variations, help clarify concepts while sharpening students' critical-thinking, writing skills, and online research skills. In addition to comprehensive instructor support, each new book includes H&R Block® software, and the professional tax research tool, Checkpoint® (Student Edition) from Thomson Reuters. CengageNOW online homework solution and MindTap® Reader are also available. Trust SOUTH-WESTERN FEDERAL TAXATION 2016: ESSENTIALS OF TAXATION: INDIVIDUALS AND BUSINESS ENTITIES, 19E for the most effective tax coverage to guide your students. Preface 5 Brief Contents 23 Contents 25 Part 1: The World of Taxation 35 Ch 1: Introduction to Taxation 36 1-1 The Structure of Taxes 38 1-2 Types of Taxes 40 1-3 Income Taxation of Business Entities 51 1-4 Tax Planning Fundamentals 54 1-5 Understanding the Federal Tax Law 63 1-6 Summary 69 Ch 2: Working with the Tax Law 76 2-1 Tax Law Sources 78 2-2 Working with the Tax Law-Tax Research 94 2-3 Tax Research on the CPA Examination 104 Ch 3: Taxes on the Financial Statements 116 3-1 Book-Tax Differences 118 3-2 Income Taxes in the Financial Statements 124 3-3 Benchmarking 146 Part 2: Structure of the Federal Income Tax 161 Ch 4: Gross Income 162 4-1 The Tax Formula 164 4-2 Gross Income-What is It? 165 4-3 Year of Inclusion 168 4-4 Income Sources 176 4-5 Specific Items of Gross Income 180 Ch 5: Business Deductions 206 5-1 Overview of Business Deductions 208 5-2 Timing of Expense Recognition 210 5-3 Disallowance Possibilities 212 5-4 Charitable Contributions 220 5-5 Research and Experimental Expenditures 223 5-6 Other Expense Rules 224 5-7 Cost Recovery Allowances 228 5-8 Amortization 243 5-9 Depletion 243 5-10 Cost Recovery Tables 246 Ch 6: Losses and Loss Limitations 264 6-1 Bad Debts 266 6-2 Worthless Securities 269 6-3 Casualty and Theft Losses 270 6-4 Net Operating Losses 275 6-5 The Tax Shelter Problem 277 6-6 At-Risk Limitations 278 6-7 Passive Loss Limits 280 Part 3: Property Transactions 309 Ch 7: Property Transactions: Basis, Gain and Loss, and Nontaxable Exchanges 310 7-1 Determination of Gain or Loss 312 7-2 Basis Considerations 318 7-3 General Concept of a Nontaxable Exchange 328 7-4 Like-Kind Exchanges-S 1031 329 7-5 Involuntary Conversions-S 1033 334 7-6 Other Nonrecognition Provisions 339 Ch 8: Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions 354 8-1 General Scheme of Taxation 356 8-2 Capital Assets 356 8-3 Sale or Exchange 360 8-4 Holding Period 367 8-5 Tax Treatment of Capital Gains and Losses of Noncorporate Taxpayers 370 8-6 Tax Treatment of Capital Gains and Losses of Corporate Taxpayers 376 8-7 Section 1231 Assets 377 8-8 Section 1245 Recapture 383 8-9 Section 1250 Recapture 385 8-10 Exceptions to SS 1245 and 1250 388 8-11 Reporting Procedures 390 Part 4: Taxation of Individuals 403 Ch 9: Individuals as the Taxpayer 404 9-1 The Individual Tax Formula 406 9-2 Standard Deduction 410 9-3 Personal Exemptions 412 9-4 Dependency Exemptions 413 9-5 Tax Determination-Filing Considerations 420 9-6 Tax Determination-Computation Procedures 425 9-7 Tax Return Filing Procedures 430 Ch 10: Individuals: Income, Deductions, and Credits 444 10-1 Overview of Income Provisions Applicable to Individuals 446 10-2 Specific Inclusions Applicable to Individuals 446 10-3 Specific Exclusions Applicable to Individuals 450 10-4 Itemized Deductions 455 10-5 Individual Tax Credits 472 10-6 Affordable Care Act Provisions 477 Ch 11: Individuals as Employees and Proprietors 496 11-1 Employee versus Self-Employed 498 11-2 Exclusions Available to Employees 500 11-3 Employee Expenses 514 11-4 Individuals as Proprietors 534 11-5 Hobby Losses 541 Part 5: Business Entities 561 Ch 12: Corporations: Organization, Capital Structure, and Operating Rules 562 12-1 An Introduction to Corporate Tax 564 12-2 Organization of and Transfers to Controlled Corporations 569 12-3 Capital Structure of a Corporation 586 12-4 Corporate Operations 590 12-5 Procedural Matters 597 Ch 13: Corporations: Earnings & Profits and Distributions 614 13-1 Corporate Distributions-Overview 616 13-2 Earnings and Profits (E & P) 616 13-3 Noncash Dividends 626 13-4 Constructive Dividends 629 13-5 Stock Dividends 634 13-6 Stock Redemptions 636 13-7 Corporate Liquidations 637 13-8 Restrictions on Corporate Accumulations 639 Ch 14: Partnerships and Limited Liability Entities 654 14-1 Overview of Partnership Taxation 656 14-2 Formation of a Partnership: Tax Effects 662 14-3 Operations of the Partnership 669 14-4 Transactions between Partner and Partnership 682 14-5 Limited Liability Companies 686 14-6 Summary 688 Ch 15: S Corporations 702 15-1 An Overview of S Corporations 704 15-2 Qualifying for S Corporation Status 706 15-3 Operational Rules 712 15-4 Entity-Level Taxes 727 15-5 Summary 731 Part 6: Special Business Topics 743 Ch 16: Multijurisdictional Taxation 744 16-1 The Multijurisdictional Taxpayer 746 16-2 U.S. Taxation of Multinational Transactions 746 16-3 Crossing State Lines: State and Local Income Taxation in the United States 764 16-4 Common Challenges 773 Ch 17: Business Tax Credits and Corporate Alternative Minimum Tax 786 17-1 Business-Related Tax Credit Provisions 788 17-2 Corporate Alternative Minimum Tax 800 17-3 Individual Alternative Minimum Tax 815 Ch 18: Comparative Forms of Doing Business 826 18-1 Forms of Doing Business 828 18-2 Nontax Factors Affecting the Choice of Business Form 828 18-3 Single versus Double Taxation 831 18-4 Minimizing Double Taxation 835 18-5 Conduit versus Entity Treatment 838 18-6 Disposition of a Business or an Ownership Interest 844 18-7 Conversion to Other Entity Types 849 18-8 Overall Comparison of Business Forms 850 Appendixes 868 Appendix A: Tax Rate Schedules and Tables 868 Appendix B: Tax Forms 892 Appendix C: Glossary 927 Appendix D-1: Table of Code Sections Cited 960 Appendix D-2: Table of Regulations Cited 966 Appendix D-3: Table of Revenue Procedures and Revenue Rulings Cited 968 Appendix E: Table of Cases Cited 969 Appendix F: Present Value and Future Value Tables 971 Appendix G: Tax Formulas 974 Index 976 WCN:,02-200-203 WCN: 02-200-203