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▲APPENDIX D Statements on Responsibilities in Tax Practice1

▲APPENDIX A Tax Rate Schedules and Tax Tables1

▲PARTⅠCONCEPTUAL FOUNDATIONS OF THE TAXLAW1

APPENDIX D Statements on Responsiblities in Tax Practice1

▲APPENDIX B Tax Return Problem1

Glossary1

▲APPENDIX C Tax Forms1

APPENDIX A Tax Rate Schedules and Tax Tables1

APPENDIX B Tax Return Problem1

GLOSSARY1

PARTΙ CONCEPTUAL FOUNDATIONS OF THE TAX LAW1

Index1

APPENDIX C Tax Forms1

INDEX1

CHAPTER 1 Federal Income Taxation―An Overview2

▲CHAPTER 1 FEDERAL INCOME TAXATION―AN OVERVIEW2

Introduction3

Definition and Evaluation of a Tax3

Definition of a Tax3

Standards for Evaluating a Tax5

Tax Rates and Structures7

Tax Rate Definitions7

Tax Rate Structures8

Income Taxes11

Major Types of U.S. Taxes11

Employment Taxes12

Social Security Taxes13

Unemployment Taxes14

Sales Tax15

Property Taxes15

Other Taxes16

Excise Taxes16

Wealth Transfer Taxes16

Sources of Federal Income Tax Law18

Income19

Federal Income Tax Terminology19

Deductions21

Income Tax Rates21

Tax Prepayments23

Tax Credits24

Filing Returns24

The Audit and Appeal Process within the IRS25

Tax Return Selection Processes26

Types of Examinations26

Settlement Procedures27

Individual Income Tax Calculation27

Administrative Appeals27

Deductions for Adjusted Gross Income28

Deductions from Adjusted Gross Income29

Tax Planning31

Mechanics of Tax Planning31

Personal and Dependency Exemptions31

Timing Income and Deductions32

Income Shifting35

Tax Evasion and Tax Avoidance36

Ethical Considerations in Tax Practice37

Summary40

Key Terms40

Primary Tax Law Sources41

Discussion Questions42

Problems44

Discussion Cases48

Ethics Discussion Case49

Tax Planning Case49

CHAPTER 2 Income Tax Concepts50

▲CHAPTER 2 Income Tax Concepts50

Introduction51

Ability-to-Pay Concept52

General Concepts52

Administrative Convenience Concept53

Arm s-Length Transaction Concept54

Pay-as-You-Go Concept55

Entity Concept56

Accounting Concepts56

Assignment-of-Income Doctrine59

Annual Accounting Period Concept60

Accounting Method60

Tax Bencfit Rule61

Substance-over-Form Doctrine61

Income Concepts63

All-Inclusive Income Concept63

Capital Recovery Concept64

Legislative Grace Concept64

Claim-of-Right Doctrine65

Realization Concept65

Constructive Receipt Doctrine66

Comparing Claim of Right and Constructive Receipt67

Wherewithal-to-Pay Concept68

Legislative Grace Concept69

Deduction Concepts69

Business Purpose Concept70

Capital Recovery Concept72

Summary75

Key Terms75

Primary Tax Law Sources76

Discussion Questions77

Problems78

Discussion Case88

Tax Planning Case88

Ethics Discussion Case89

▲PARTⅡGROSS INCOME91

PARTⅡ CROSS INCOME91

▲CHAPTER 3 Income Sources92

CHAPTER 3 Income Sources92

Concept Review93

Introduction93

What Constitutes Income94

Income Is Derived from Labor and Capital95

Income as an Increase in Wealth96

What Constitutes Income Current View97

Common Income Sources98

Earned Income98

Unearned Income100

Rental and Royalty Income100

Annuities101

Calculation of Gain/Loss on Sa?e of Investments104

Income from Conduit Entitres104

Transfers from Others105

Prizes and Awards105

Social Security Benefits106

Unemployment Compensation106

Alimony Received110

Imputed Income111

Below Market-Rate Loans112

Payment of Expenses by Others115

Bargain Purchases116

Capital Gains and Losses―An Introduction116

Capital Gain-and-Loss Netting Procedure117

Tax Treatment of Capital Gains119

Tax Treatment of Capital Losses119

Capital Gains and Losses of Conduit Entities120

Effect of Accounting Method121

Cash Method121

Exceptions Applicable to the Cash Method122

Accrual Method123

Exceptions Applicable to the Accrual Method123

Hybrid Method124

Exceptions Applicable to All Methods125

Installment Sales125

Long-Term Construction Contracts125

Key Terms126

Summary126

Primary Tax Law Sources127

Discussion Questions129

Problems130

Discussion Cases140

Tax Planning Case141

Ethics Discussion Case142

CHAPTER 4 Income Exclusions143

▲CHAPTER 4 Income Exclusions143

Concept Review144

Introduction144

Donative ltems145

Gifts146

Inheritances147

Life Insurance Proceeds147

Scholarships149

Certain Death Benefits149

Payments Made on Behalf of an Employee150

Employment-Related Exclusions150

Foreign Earned Income150

Payments to Qualified Pension Plans151

Group Term Life Insurance152

Health and Accident Insurance Premiums153

Meals and Lodging Prouided by the Employer154

General Fringe Benefits155

Employer Benefit Plans156

Other Benefits Paid by an Employer156

Medical Savings Accounts158

Returns of Human Capital158

Damage Payments for Personal Physical Injury or Phydsical Sickness159

WorkersCompensation159

Payments from Health and Accident Policies160

Investment-Related Exclusions162

Municipal Bond Interest162

Stock Dividends163

Discharge of Indebtedness164

Improvements by a Lessee166

Summary166

Key Terms168

Primary Tax Law Sources168

Discussion Questions170

Problems171

Integrative Problems179

Tax Planning Case181

Discussion Case181

Ethics Discussion Case182

PART Ⅲ DEDUCTIONS183

▲PART Ⅲ DEDUCTIONS183

CHAPTER 5 Introduction to Business Expenses184

▲CHAPTER 5 Introduction to Business Expenses184

Introduction185

Concept Review185

Reporting Deductions187

Conduit Entity Reporting189

Profit-Motivated Expenditures191

Classification of Deductions191

Trade or Business Expenses192

Trade or Business of Production-of-Income Expenses?192

Expenses for the Production of Income194

Rental Aclivity195

Personal Expenditures196

Mixed Business and Personal Expenditures197

Mixed-Use Assets197

Mixed-Use Expenditures198

Tests for Deductibility198

Ordinary Expense199

Ordinary,Necessary,and Reasonable in Amount199

Reasonable in Amount200

Necessary Expense200

Not a Personal Expense201

Not a Capital Expenditure202

Start-up Costs203

Repair-and-Maintenance Expense203

Not Frustrate Public Policy204

Expenses of an Illegal Business205

Lobbying Expenses and Other Political Activities206

Not Related to Tax-Exempt Income207

Expenditure Must Be for Taxpaver s Benefit207

Hobby Expenses208

Limited Mixed-Use Expenses208

Vacation Home Expenses210

Home Office Expenses213

Timing of Deductions―Effect of Accounting Method215

Cash Method215

Accrual Method217

Financial and Taxable Income Differences221

Related Party Accrued Expenses221

Summary223

Key Terms224

Primary Tax Law Sources224

Discussion Questions226

Problems227

Comprehensive Problem240

Discussion Cases241

Tax Planning Case242

Ethics Discussion Case243

CHAPTER 6 Business Expenses244

▲CHAPTER 6 Business Expenses244

Concept Review245

Introduction245

Entertainment,Auto,Travel,Gift,and Education Expenses246

Business Expenses246

Meals and Entertainment247

Auto Expenses250

Travel Expenses252

Business Gifts254

Substantiation Requirements255

Education Expenses255

Compensation of Employees256

Bad Debts257

Other Business Expenses260

Insurance Expense260

Taxes261

Individual Deductions for Adjusted Gross Income263

Legal Fees263

Reimbursed Employee Business Expenses264

Accountable Reimbursement Plans265

Nonaccountable Reimbursement Plans265

Deductions for Self-Employed Taxpayers268

Retirement Plan Contribution Deductions269

Individual Retirement Accounts269

Moving Expenses271

Primary Tax Law Sources272

Summary272

Key Terms272

Discussion Questions274

Problems275

Integrative Problem283

Discussion Cases285

Tax Planning Case286

Ethics Discussion Case286

CHAPTER 7 Losses Deductions and Limitations287

▲CHAPTER 7 Losses―Deductions and Limitations287

Introduction288

Concept Review288

Net Operating Losses290

Annual Losses290

Tax-Shelter Losses:An Overview293

The At-Risk Rules294

Passive Activity Losses296

Passive Activity Definition297

Types of Income300

General Rule for Passive Activities301

Taxpayers Subject to the Limits301

Dispositions of Passive Activities302

Exceptions for Rental Real Estate305

Transaction Losses307

Trade or Business Losses308

Business Casualty and Theft Losses308

Capital Losses312

Investment-Related Losses312

Specially Treated Inoestment Losses313

Personal Use Losses316

Summary318

Key Terms319

Primary Tax Law Sources319

Discussion Questions320

Problem3321

Comprehensive Problem330

Tax Planning Case331

Ethics Discussion Case331

Discussion Cases331

CHAPTER 8 Taxation of Individuals332

▲CHAPTER 8 Taxation of Individuals332

Introduction333

Concept Review333

Personal and Dependency Exemptions334

Gross Income Test335

Support Test335

Relationship or Member of Household Test336

Citizen or Residency Test337

Joint Return Test337

Filing Status337

Married,Filing Jointly337

Married,Filing Separately338

Single338

Head of Household339

Deductions from Adjusted Gross Income340

Standard Deduction340

Itemized Deductions341

Medical Expenses341

Taxes343

Interest Expense345

Charitable Contributions347

Miscellaneous Itemized Deductions349

Itemized Deductions and Exemptions―Reductions by High-:Income Taxpayers351

Exemption and Standard Deduction Restrictions on Dependents353

Calculating Tax Liability353

Tax on Unearned Income of a Minor Child354

Income Tax Credits355

Earned Income Credit355

Dependency Requirements355

Adoption Tax Credit357

Child-and Dcpendent-Care Credit359

Filing Requirements361

Summary361

Primary Tax Law Sources362

Key Terms362

Discussion Questions364

Problems365

Integrative Problems374

Discussion Cases378

Tax Planning Case379

Ethics Discussion Case380

1996 Earned Income Credit Table381

PARTⅣPROPERTY TRANSACTIONS387

▲PART Ⅳ PROPERTY TRANSACTIONS387

CHAPTER 9 Acquisitions of Property388

▲CHAPTER 9 Acquisitions of Property388

Concept Review389

Introduction389

Classes of Property390

The Property Investment Cycle391

Adjusted Basis392

Increases in Basis393

Decreases in Basis394

Basis in Conduit Entities396

Property Dispositions397

Determining the Amount Invested399

Initial Basis399

Purchase of Assets399

Purchase of Multiple Assets401

Basis of a Bargain Purchase401

Purchase of the Assets of a Business402

Purchase of a Business402

Constructed Assets404

Purchase of Corporate Stock404

Basis of Property Acquired by Gift405

Specially Valued Property Acquisitions405

General Rule for Gift Basis406

Split Basis Rule for Loss Property407

Holding Period408

Basis of Property Acquired by Inheritance408

Primary Valuation Date408

Special Sales Price Basis408

Alternate Valuation Date409

Distribution Date409

Other Considerations410

Property Acquired from a Spouse411

Personal Use Property Converted to Business Use412

General Rule for Basis412

Split Basis Rule413

Stock Dividends414

Basis in Securities414

Taxable Stock Dividends415

Wash Sale Stock Basis416

Summary417

Key Terms420

Primary Tax Law Sources420

Discussion Questions421

Problems422

Integrative Problem430

Discussion Cases431

Ethics Discussion Case432

Tax Planning Case432

CHAPTER 10 Cost Recovery on Property:Depreciation,Depletion and Amortization433

▲CHAPTER 10 Cost Recovery on Property:Depreciation,Depletion,and Amortization433

Introduction434

Concept Review434

Capital Recovery from Depreciation or Cost Recovery436

Election to Expense Assets438

Qualified Taxpayers438

Limitations on Deduction439

Annual Deduction Limit439

Qualified Property439

Annual Investment Limit441

Active Trade or Business Income Limit441

Modified Accelerated Cost Recovery(MACRS)442

Property Subject to MACRS443

Basis Subject to Cost Recovery444

MACRS Recovery Period445

MACRS Conventions448

Mid-quarter Convention450

Depreciation Method Alternatives452

Using MACRS Percentage Tables454

MACRS Straight-line Election456

Alternative Depreciation System(ADS)456

Limitations on Listed Property457

Listed Property in General457

Limitation on Passenger Autos459

Adequate Record Keeping459

Depletion Methods460

Depletion460

Cost Depletion461

Percentage Depletion462

Intangible Assets463

Summary464

Key Terms466

Discussion Questions467

Primary Tax Law Sources467

Problems468

Integrative Problems475

Discussion Cases476

Ethics Discussion Case477

Tax Planning Cases477

APPENDIX TO CHAPTER 10 MACRS Class Lives and MACRS Depreciation Schedules478

CHAPTER 11 Property Dispositions493

▲CHAPTER 11 Property Dispositions493

Introduction494

Concept Review494

Realized Gain or Loss496

Amount Realized497

Effect of Debt Assumptions499

Capital Gains and Losses500

Character of Gain or Loss500

Long-Term versus Short-Term Classification501

Capital Asset Definition501

Capital Gain-and-Loss Netting Procedure502

Capital Gain Exclusion on Qualified Small Business Stock506

Net Capital Loss Position507

Net Capital Gain Position507

Capital Gains and Losses―Planning Strategies507

Short Sales508

Basis of Securities Sold510

Worthless Securities510

Section 1231 Gains and Losses511

Definition of Section 1231 Property512

Section 1231 Netting Procedure512

Disposition of Rental Activities515

Depreciation Recapture516

Section 1245 Recapture Rule517

Section 1250 Recapture Rule518

Installmenl Sales of Depreciable Assets519

Section 1245 and Section 1250 Properties520

Summary522

Primary Tax Law Sources523

Key Terms523

Discussion Questions524

Problems525

Integrative Problem536

Comprehensive Problems537

Tax Planning Cases538

Discussion Cases538

Ethics Discussion Case540

CHAPTER 12 Nonrecognition Transactions541

▲CHAPTER 12 Nonrecognition Transactions541

Introduction542

Concept Review542

Commonalities of Nonrecognition Transactions543

Rationales for Nonrecognition543

Exchange Requirement548

Life-Kind Exchanges548

Life-Kind Property Requirements549

Receipt of Boot553

Effect of Boot553

Related Party Exchanges556

Carryover of Tax Attributes557

Involuntary Conversions558

Treatment of Involuntary Conversion Gains and Losses559

Qualified Replacement Property561

Principal Residence562

Sale of a Principal Residence562

Replacement Period563

Deferral of Gain564

Gain Exclusion Requirements566

Sale of a Principal Residence―Taxpayers Older Than 55566

One-Time Exclusion of Gain567

Interaction of Deferral and Exclusion Provisions568

Summary569

Key Terms570

Discussion Questions571

Primary Tax Law Sources571

Problems572

Comprehensive Problem580

Tax Planning Cases581

Discussion Cases581

Ethics Discussion Case582

APPENDIX TO CHAPTER 12 Selected SIC Product Classes583

▲PART Ⅴ INCOME TAX ENTITIES587

PARTⅤINCOME TAX ENTITIES587

▲CHAPTER 13 Choice of Business Entity―Part1588

CHAPTER 13 Choice of Business Entity―PartⅠ588

Concept Review589

Introduction589

Nontax Factors590

Sole Proprietorship591

Partnership592

Corporation593

S Corporation594

Limited Liability Company595

Limited Liability Partnership596

General Income Tax Factors597

Incidence of Income Taxation597

Planning Commentary597

Sole Proprietorship598

Partnership599

Corporation600

S Corporation602

Personal Service Corporation602

Double Taxation603

Employee versus Owner604

Planning Commentary606

Formation606

Transfers to an Entity607

Partnership607

Sole Proprietorship607

Corporation608

Basis Consicerations608

Sole Proprietorship609

Partnership609

Partnership Debt Effects610

Recourse and Nonrecourse Loans610

Corporation612

Organizational Costs613

Corporation Debt Effects613

Accounting Periods614

Partnership615

S Corporation616

Accounting Methods617

Partnership618

Corporation618

S Corporation619

Operations619

Sole Proprietorship619

Planning Commentary619

Investment Income and Expenses621

Section 1231 Gains and Losses621

Passive Activity Items621

Charitable Contributions621

Personal Expenses621

Capital Gains and Losses621

Tax Credits622

Net Operating Losses622

Partnership623

Income Reporting623

Net Operating Losses624

Transactions between Partners and Partnerships626

Basis Considerations627

Corporation629

Capital Gains and Losses630

Depreciation Recapture630

Dividends-Received Deduction631

Passive Activity Losses633

Charitable Contributions634

Tax Credits636

Basis Considerations636

Net Operating Losses636

S Corporation637

Dividends-Received Deduction637

Corporate Depreciation Recapture637

Net Operating Losses638

Basis Considerations638

Planning Commentary640

Summary643

Key Terms644

Primary Tax Law Sources644

Discussion Questions646

Problems648

Discussion Cases658

Tax Planning Cases658

Ethics Discussion Case659

▲CHAPTER 14 Choice of Business Entity―PartⅡ660

CHAPTER 14 Choice of Business Entity―PartⅡ660

Concept Review661

Introduction661

Qualified and Nonqualified.Pension Plans662

Compensation Plans662

Keogh Plan666

Other Pension Plans666

Individual Retirement Accounts668

Simplified Employee Pension Plan669

Savings Incentive Match Plan for Employees670

Distributions671

Penalties673

Planning Commentary674

Nonqualified Stock Options676

Stock Options676

Incentive Stock Options681

Reasonableness of Compensation682

Fringe Benefits684

Planning Commentary686

Other Tax Liability Considerations687

Social Security Taxes687

Investment Tax Credit690

Income Tax Credits690

Foreign Tax Credit691

Research and Experimental Credit692

Rehabilitation Tax Credit693

Reporting of Tax Credits695

General Business Credit695

The Alternative Minimum Tax696

Basic Alternative Minimum Tax Computation697

Alternative Minimum Tax Adjustments698

Alternative Minimum Tax Preferences702

Alternative Minimum Tax Exemptions703

Alternative Minimum Tax Credits703

Alternative Minimum Tax Credit against the Regular Tax704

Tax Planning and the Alternative Minimum Tax705

Accumulated Earnings Tax706

Penalty Taxes on Corporations706

Personal Holding Company Tax707

Planning Commentary708

Sole Proprietorship709

Entity Distributions709

Partnership710

Corporation712

S Corporation714

Planning Commentary716

Tax Planning718

Children as Employees719

Income Splitting719

Family Entities721

Planning Commentary722

Summary723

Key Terms725

Primary Tax Law Sources726

Discussion Questions728

Problems730

Discussion Cases739

Ethics Discussion Case740

Tax Planning740

PARTⅥ TAX RESEARCH741

▲CHAPTER 15 Tax Research742

Legislative Sources743

The U.S. Constitution743

Primary Sources of Federal Income Tax Law743

▲PART Ⅵ TAX RESEARCH743

Introduction743

CHAPTER 15 Tax Research744

Internal Revenue Code of 1986745

Tax Treaties749

Administrative Sources749

Treasury Regulations749

Acquiescence and Nonacquiescence750

Revenue Rulings and Procedures750

Other Pronouncements751

Judicial Sources751

Trial Courts752

Appellate Courts753

Citations to Primary Authorities753

Commitlee Reports753

Supreme Court753

Code and Regulations754

Other IRS Pronouncements755

Court Decisions755

Secondary Sources of Federal Income Tax Law756

Tax Services756

Citators757

Tax Periodicals758

Computer Assisted Tax Research758

Tax Research760

Step1:Establish the Facts and Determine the Issues760

Tax Compliance versus Tax Planning760

Step2:Locate the Relevant Authorities761

Step3:Assess the Importance of the Authorities761

Code and Regulations761

Pronouncements762

Court Decisions762

Step4:Reach Conclusions, Make Recommendations, and Communicate the Results763

Comprehensive Research Example763

Step1:Establish the Facts and Determine the Issues763

Step2:Locate the Relevant Authorities763

The Code764

Step3:Assess the Importance of the Authorities764

Regulations765

Summary766

Court Decision766

Step4:Reach Conclusions,Make Recommendations, and Communicate the Rseults766

Primary Tax Law Sources767

Key Terms767

Discussion Questions768

Problems769

Research Cases770