Book description
The 2012 edition of this text has been completely updated for new legislation including the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the Small Business Jobs Act, The Patient Protection and Affordable Care Act, and the Health Care and Education Reconciliation Act of 2010. This text has been updated for all IRS pronouncements available as of the end of April 2011, including the automobile ceiling limits. With a condensed text to print schedule, this text can incorporate changes made by Congress and new IRS pronouncements that cannot be included in most other texts that are printed in early Spring. In addition, references to relevant legislation pending as of the date the text goes to print are included within the text.
Table of contents
- Cover Page
- Title Page
- Copyright
- Contents
- Contents
-
Preface
- Focus
- Comprehensive Yet Brief and Concise
- Tax Planning
- Key Concepts
- Setting the Stage—An Introductory Case
- Examples
- Key Cases
- Expanded Topics
- Summary
- Key Terms
- Test Yourself
- Problem Assignments
- Think Outside the Text
- Identify the Issues
- Develop Research Skills
- Develop Planning Skills
- Chapter Appendices
- Tax Research Appendix
- Sample Tax Returns
- Tax Return Problems
- Up-To-Date
- Organization
- Your Course Your Way
- Supplements
- Comments and Suggestions
- Acknowledgments
- About the Authors
- Dedication
-
part I: INTRODUCTION TO TAXATION AND ITS ENVIRONMENT
-
chapter 1: An Introduction to Taxation
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- AN INTRODUCTION TO TAXATION
- THE TAXING UNITS AND THE BASIC INCOME TAX MODELS
- CHOICE OF BUSINESS ENTITY
- OTHER TYPES OF TAXES
- TYPES OF TAX RATE SYSTEMS
- CHARACTERISTICS OF A GOOD TAX
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 2: The Tax Practice Environment
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- AN INTRODUCTION TO TAX PRACTICE
- TAXES AND CASH FLOW
- TAX PLANNING STRATEGIES
- SOURCES OF AUTHORITY
- TAX RESEARCH
- TAX COMPLIANCE
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
- APPENDIX 2A TAX RESEARCH
- PROBLEM ASSIGNMENTS
-
chapter 1: An Introduction to Taxation
-
part II: INCOME AND EXPENSE DETERMINATION
-
chapter 3: Determining Gross Income
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- WHAT IS INCOME?
- WHEN IS INCOME RECOGNIZED?
- WHO RECOGNIZES THE INCOME?
- SOURCES OF INCOME
- EXCLUSIONS
- JURISDICTIONAL ISSUES
- EXPANDED TOPICS—SPECIAL METHODS
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 4: Employee Compensation
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- EMPLOYEE COMPENSATION
- EMPLOYEE FRINGE BENEFITS
- EMPLOYEE STOCK AND STOCK OPTIONS
- DEFERRED COMPENSATION AND RETIREMENT PLANNING
- SELF-EMPLOYED INDIVIDUALS
- EXPANDED TOPICS—FOREIGN ASSIGNMENTS
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 5: Business Expenses
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- CRITERIA FOR DEDUCTIBILITY
- TIMING OF DEDUCTIONS
- COSTS OF STARTING A BUSINESS
- OPERATING EXPENSES
- LIMITED EXPENSE DEDUCTIONS
- EXPANDED TOPICS—BOOK/TAX DIFFERENCES
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 3: Determining Gross Income
-
part III: PROPERTY CONCEPTS AND TRANSACTIONS
-
chapter 6: Property Acquisitions And Cost Recovery Deductions
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- CAPITAL EXPENDITURES
- BASIS OF PROPERTY
- CASH FLOW AND AFTER-TAX COST
- MACRS
- PROVISIONS LIMITING DEPRECIATION
- DEPLETION
- AMORTIZATION
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 7: Property Dispositions
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- DETERMINING GAIN OR LOSS ON DISPOSITIONS
- DISPOSITION OF SECTION 1231 PROPERTY
- DISPOSITION OF CAPITAL ASSETS
- DISPOSITION OF ORDINARY INCOME PROPERTY
- MIXED-USE PROPERTY
- SPECIAL RULES FOR SMALL BUSINESS STOCK
- SALE OF PRINCIPAL RESIDENCE—SECTION 121
- LOSSES ON RELATED PARTY SALES
- EXPANDED TOPICS—INDIVIDUAL CAPITAL GAINS TAX RATES
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 8: Tax-Deferred Exchanges
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- BASICS OF TAX-DEFERRED EXCHANGES
- LIKE-KIND EXCHANGES—SECTION 1031
- OTHER TAX-DEFERRED EXCHANGES
- INVOLUNTARY CONVERSIONS
- ASSET TRANSFERS TO BUSINESSES
- CORPORATE REORGANIZATIONS
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
- Appendix 8A REORGANIZATIONS
- PROBLEM ASSIGNMENTS
-
chapter 6: Property Acquisitions And Cost Recovery Deductions
-
part IV: BUSINESS TAXATION
-
chapter 9: Taxation of Corporations
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- INTRODUCTION TO CORPORATIONS
- TAXATION OF C CORPORATIONS
- CONSOLIDATED RETURNS
- CORPORATE DISTRIBUTIONS
- ISSUES FOR CLOSELY HELD CORPORATIONS
- EXPANDED TOPICS—EARNINGS AND PROFITS
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
- APPENDIX 9A EXEMPT ORGANIZATIONS
- PROBLEM ASSIGNMENTS
- APPENDIX 9B MULTISTATE ISSUES
- PROBLEM ASSIGNMENTS
-
chapter 10: Sole Proprietorships and Flow-Through Entities
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- INTRODUCTION TO FLOW-THROUGH BUSINESS ENTITIES
- THE SOLE PROPRIETORSHIP
- PARTNERSHIPS
- S CORPORATION CHARACTERISTICS
- THE U.S. PRODUCTION ACTIVITIES DEDUCTION
- COMPARISON OF TOTAL TAX BURDEN BY ENTITY
- EXPANDED TOPICS—THE PASSIVE DEDUCTION LIMITATIONS
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 9: Taxation of Corporations
-
part V: TAXATION OF INDIVIDUALS
-
chapter 11: Income Taxation of Individuals
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- THE INDIVIDUAL TAX MODEL
- PERSONAL AND DEPENDENCY EXEMPTIONS
- FILING STATUS
- STANDARD DEDUCTION
- ITEMIZED DEDUCTIONS
- NET OPERATING LOSS
- COMPUTING THE TAX
- TAX CREDITS
- PAYMENT OF INCOME TAX
- EXPANDED TOPICS—ADDITIONAL TAXES
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 12: Wealth Transfer Taxes
- CHAPTER OUTLINE
- KEY CONCEPTS
- SETTING THE STAGE—AN INTRODUCTORY CASE
- OVERVIEW OF WEALTH TRANSFER TAXATION
- THE FEDERAL GIFT TAX
- TAX CONSEQUENCES FOR DONEES
- THE TAXABLE ESTATE
- TRANSFER TAX PLANNING
- FIDUCIARY INCOME TAX ISSUES
- EXPANDED TOPICS—THE TAX CALCULATIONS
- REVISITING THE INTRODUCTORY CASE
- SUMMARY
- KEY TERMS
- TEST YOURSELF
- PROBLEM ASSIGNMENTS
- ANSWERS TO TEST YOURSELF
-
chapter 11: Income Taxation of Individuals
- APPENDIX A: TAX RESEARCH USING RIA CHECKPOINT ®
- APPENDIX B: PRESENT VALUE AND FUTURE VALUE TABLES
- APPENDIX C: SAMPLE FILLED-IN TAX RETURNS
- APPENDIX D: TAX RETURN PROBLEMS
- Index
Product information
- Title: Taxation for Decision Makers, 2012 Edition
- Author(s):
- Release date: July 2011
- Publisher(s): Wiley
- ISBN: 9781118091555
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