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Taxation for Decision Makers, 2012 Edition

Name: Taxation for Decision Makers, 2012 Edition
ISBN: 9781118091555

by Shirley Dennis-Escoffier, Karen A. Fortin

July 2011

Intermediate to advanced

672 pages

27h 39m

English

Wiley

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Cover Page
Title Page
Copyright
Contents
Contents
Preface
FocusComprehensive Yet Brief and ConciseTax PlanningKey ConceptsSetting the Stage—An Introductory CaseExamplesKey CasesExpanded TopicsSummaryKey TermsTest YourselfProblem AssignmentsThink Outside the TextIdentify the IssuesDevelop Research SkillsDevelop Planning SkillsChapter AppendicesTax Research AppendixSample Tax ReturnsTax Return ProblemsUp-To-DateOrganizationYour Course Your WaySupplementsComments and SuggestionsAcknowledgments
About the Authors
Dedication
part I: INTRODUCTION TO TAXATION AND ITS ENVIRONMENT
chapter 1: An Introduction to Taxation
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEAN INTRODUCTION TO TAXATIONTHE TAXING UNITS AND THE BASIC INCOME TAX MODELSCHOICE OF BUSINESS ENTITYOTHER TYPES OF TAXESTYPES OF TAX RATE SYSTEMSCHARACTERISTICS OF A GOOD TAXREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF

chapter 2: The Tax Practice Environment
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEAN INTRODUCTION TO TAX PRACTICETAXES AND CASH FLOWTAX PLANNING STRATEGIESSOURCES OF AUTHORITYTAX RESEARCHTAX COMPLIANCEREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELFAPPENDIX 2A TAX RESEARCHPROBLEM ASSIGNMENTS
part II: INCOME AND EXPENSE DETERMINATION
chapter 3: Determining Gross Income
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEWHAT IS INCOME?WHEN IS INCOME RECOGNIZED?WHO RECOGNIZES THE INCOME?SOURCES OF INCOMEEXCLUSIONSJURISDICTIONAL ISSUESEXPANDED TOPICS—SPECIAL METHODSREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF
chapter 4: Employee Compensation
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEEMPLOYEE COMPENSATIONEMPLOYEE FRINGE BENEFITSEMPLOYEE STOCK AND STOCK OPTIONSDEFERRED COMPENSATION AND RETIREMENT PLANNINGSELF-EMPLOYED INDIVIDUALSEXPANDED TOPICS—FOREIGN ASSIGNMENTSREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF
chapter 5: Business Expenses
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASECRITERIA FOR DEDUCTIBILITYTIMING OF DEDUCTIONSCOSTS OF STARTING A BUSINESSOPERATING EXPENSESLIMITED EXPENSE DEDUCTIONSEXPANDED TOPICS—BOOK/TAX DIFFERENCESREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF
part III: PROPERTY CONCEPTS AND TRANSACTIONS
chapter 6: Property Acquisitions And Cost Recovery Deductions
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASECAPITAL EXPENDITURESBASIS OF PROPERTYCASH FLOW AND AFTER-TAX COSTMACRSPROVISIONS LIMITING DEPRECIATIONDEPLETIONAMORTIZATIONREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF
chapter 7: Property Dispositions
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEDETERMINING GAIN OR LOSS ON DISPOSITIONSDISPOSITION OF SECTION 1231 PROPERTYDISPOSITION OF CAPITAL ASSETSDISPOSITION OF ORDINARY INCOME PROPERTYMIXED-USE PROPERTYSPECIAL RULES FOR SMALL BUSINESS STOCKSALE OF PRINCIPAL RESIDENCE—SECTION 121LOSSES ON RELATED PARTY SALESEXPANDED TOPICS—INDIVIDUAL CAPITAL GAINS TAX RATESREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF
chapter 8: Tax-Deferred Exchanges
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEBASICS OF TAX-DEFERRED EXCHANGESLIKE-KIND EXCHANGES—SECTION 1031OTHER TAX-DEFERRED EXCHANGESINVOLUNTARY CONVERSIONSASSET TRANSFERS TO BUSINESSESCORPORATE REORGANIZATIONSREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELFAppendix 8A REORGANIZATIONSPROBLEM ASSIGNMENTS
part IV: BUSINESS TAXATION
chapter 9: Taxation of Corporations
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEINTRODUCTION TO CORPORATIONSTAXATION OF C CORPORATIONSCONSOLIDATED RETURNSCORPORATE DISTRIBUTIONSISSUES FOR CLOSELY HELD CORPORATIONSEXPANDED TOPICS—EARNINGS AND PROFITSREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELFAPPENDIX 9A EXEMPT ORGANIZATIONSPROBLEM ASSIGNMENTSAPPENDIX 9B MULTISTATE ISSUESPROBLEM ASSIGNMENTS
chapter 10: Sole Proprietorships and Flow-Through Entities
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEINTRODUCTION TO FLOW-THROUGH BUSINESS ENTITIESTHE SOLE PROPRIETORSHIPPARTNERSHIPSS CORPORATION CHARACTERISTICSTHE U.S. PRODUCTION ACTIVITIES DEDUCTIONCOMPARISON OF TOTAL TAX BURDEN BY ENTITYEXPANDED TOPICS—THE PASSIVE DEDUCTION LIMITATIONSREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF
part V: TAXATION OF INDIVIDUALS
chapter 11: Income Taxation of Individuals
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASETHE INDIVIDUAL TAX MODELPERSONAL AND DEPENDENCY EXEMPTIONSFILING STATUSSTANDARD DEDUCTIONITEMIZED DEDUCTIONSNET OPERATING LOSSCOMPUTING THE TAXTAX CREDITSPAYMENT OF INCOME TAXEXPANDED TOPICS—ADDITIONAL TAXESREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF
chapter 12: Wealth Transfer Taxes
CHAPTER OUTLINEKEY CONCEPTSSETTING THE STAGE—AN INTRODUCTORY CASEOVERVIEW OF WEALTH TRANSFER TAXATIONTHE FEDERAL GIFT TAXTAX CONSEQUENCES FOR DONEESTHE TAXABLE ESTATETRANSFER TAX PLANNINGFIDUCIARY INCOME TAX ISSUESEXPANDED TOPICS—THE TAX CALCULATIONSREVISITING THE INTRODUCTORY CASESUMMARYKEY TERMSTEST YOURSELFPROBLEM ASSIGNMENTSANSWERS TO TEST YOURSELF
APPENDIX A: TAX RESEARCH USING RIA CHECKPOINT ®
APPENDIX B: PRESENT VALUE AND FUTURE VALUE TABLES
APPENDIX C: SAMPLE FILLED-IN TAX RETURNS
INFORMATION FOR CORPORATE TAX RETURNINFORMATION FOR PARTNERSHIP TAX RETURNINFORMATION FOR S CORPORATION TAX RETURNINFORMATION FOR INDIVIDUAL TAX RETURN WITH SOLE PROPRIETORSHIP
APPENDIX D: TAX RETURN PROBLEMS
CORPORATE TAX RETURN PROBLEMPARTNERSHIP TAX RETURN PROBLEMS CORPORATION TAX RETURN PROBLEMSIMPLE INDIVIDUAL TAX RETURN PROBLEMINDIVIDUAL TAX RETURN PROBLEMINDIVIDUAL TAX RETURN PROBLEM
Index

Content preview from Taxation for Decision Makers, 2012 Edition

chapter 12 Wealth Transfer Taxes

CHAPTER OUTLINE

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

Answers to Test Yourself

The federal transfer tax system consists of the gift tax, the estate tax, and a third lesser-known tax called the generation-skipping transfer tax. Transfer taxes are assessed on the transferor of the property. The recipient receives the property free of taxes.

A number of provisions exclude all or a portion of gifts and inheritances from transfer taxation. They include the annual gift exclusion (currently $13,000 per donee), a lifetime exclusion (currently $5 million), the charitable contribution deduction, and the unlimited marital deduction. By the wise use of these exclusions, most individuals can transfer their wealth without paying transfer taxes.

One of the major dilemmas facing very wealthy individuals is whether to make lifetime gifts or hold property until their death. Making lifetime gifts removes both income and appreciation subsequently realized on the transferred assets from the donor's estate and transfers the taxation of income to the donee. If, however, the heirs receive appreciated assets as testamentary transfers, the assets normally take their fair market values as bases; thus, ...

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Taxation for Decision Makers, 2012 Edition

by Shirley Dennis-Escoffier, Karen A. Fortin

chapter 12

Wealth Transfer Taxes

CHAPTER OUTLINE

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