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eBook Details:
Full title: South-Western Federal Taxation 2021: Individual Income Taxes, 44th Edition
Edition: 44th
Copyright year: 2021
Publisher: Cengage Learning
Author: James C. Young; Annette Nellen; William A. Raabe
ISBN: 9780357359327, 9780357359792
Format: PDF
Description of South-Western Federal Taxation 2021: Individual Income Taxes, 44th Edition:
Gain a thorough understanding of today’s individual income tax concepts and current tax law with SOUTH-WESTERN FEDERAL TAXATION 2021: INDIVIDUAL INCOME TAXES, 44E. This reader-friendly presentation emphasizes the latest tax law affecting individual taxpayers, including the most recent tax changes and reforms. Complete coverage of the Tax Cuts and Jobs Act of 2017 offers related guidance from the Treasury Department. This book’s distinctive “”Framework 1040″” demonstrates both how topics relate to one another and to the Form 1040. Clear examples, frequent summaries and memorable tax scenarios further clarify concepts and help you sharpen critical-thinking, writing and research skills. Learn how taxes impact you personally with the most thorough coverage of individual income taxation today. You can even use this edition to prepare for the C.P.A. exam or Enrolled Agent exam or to begin study for a career in tax accounting, financial reporting or auditing.Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Table of Contents of South-Western Federal Taxation 2021: Individual Income Taxes, 44th Edition PDF ebook:
PrefaceBrief ContentsContentsPart 1: Introduction and Basic Tax ModelChapter 1: An Introduction to Taxation and Understanding the Federal Tax LawThe Big Picture: Family and Taxes-A Typical YearApproaching the Study of TaxationA Brief History of U.S. TaxationConcept Summary: Individuals and TaxesTax System DesignMajor Types of TaxesEthics & Equity: Making Good Use of Out-of-State RelativesConcept Summary: Overview of Taxes in the United StatesGlobal Tax Issues: VAT in USA?Tax AdministrationGlobal Tax Issues: Outsourcing of Tax Return PreparationUnderstanding the Federal Tax LawRefocus on the Big Picture: Family and Taxes-A Typical YearChapter 2: Working with the Tax LawThe Big Picture: Importance of Tax ResearchTax SourcesEthics & Equity: Reporting Tax FraudConcept Summary: Federal Judicial System: Trial CourtsConcept Summary: Judicial SourcesWorking with the Tax Law-Tax Research ToolsWorking with the Tax Law-Tax ResearchFinancial Disclosure Insights: Where Does GAAP Come From?Working with the Tax Law-Tax PlanningTaxation on the CPA ExaminationChapter 3: Tax Formula and Tax Determination; An Overview of Property TransactionsThe Big Picture: A Divided HouseholdTax FormulaConcept Summary: Tax Formula for Individuals (Components Integrated into the Text)Standard DeductionExemptionsDependentsConcept Summary: Tiebreaker Rules for Claiming Qualified ChildConcept Summary: Tests for DependentsEthics & Equity: Whose Qualifying Child Is He?Filing Status and Filing RequirementsGlobal Tax Issues: Filing a Joint ReturnEthics & Equity: Abandoned Spouse?Tax DeterminationTax Return Filing ProceduresGains and Losses from Property Transactions-In GeneralGains and Losses from Property Transactions-Capital Gains and LossesTax PlanningRefocus on the Big Picture: A Divided HouseholdPart 2: Gross IncomeChapter 4: Gross Income: Concepts and InclusionsThe Big Picture: Calculation of Gross IncomeGlobal Tax Issues: From “All Sources” Is a Broad DefinitionGross IncomeTiming of Income RecognitionEthics & Equity: Should the Tax Treatment of Government Bonds and Corporate Bonds Be Different?General Sources of Income and to Whom they are TaxedConcept Summary: Taxation of Income and DistributionsItems Specifically Included in Gross IncomeConcept Summary: Tax Treatment of Payments and Transfers Pursuant to Divorce Agreements and DecreesConcept Summary: Effect of Certain Below-Market Loans on the Lender and BorrowerConcept Summary: Exceptions to the Imputed Interest Rules for Below-Market LoansEthics & Equity: Taxing “Made-Up” IncomeTax PlanningRefocus on the Big Picture: Calculation of Gross IncomeChapter 5: Gross Income: ExclusionsThe Big Picture: ExclusionsStatutory AuthorityGifts and InheritancesLife Insurance ProceedsEthics & Equity: Should the Terminally Ill Pay Social Security Taxes?ScholarshipsCompensation for Injuries and SicknessEthics & Equity: Tax Treatment of Damages Not Related to Physical Personal InjuryConcept Summary: Taxation of DamagesEthics & Equity: Classifying the Amount of the ClaimEmployer-Sponsored Accident and Health PlansMeals and LodgingEmployee Fringe BenefitsEthics & Equity: Fringe BenefitsForeign Earned IncomeConcept Summary: Employee Fringe BenefitsGlobal Tax Issues: Benefits of the Earned Income Exclusion Are QuestionedInterest on Certain State and Local Government ObligationsCorporate Distributions to ShareholdersEducational Savings BondsEducation Savings Programs (§ 529 and § 530 Plans)Qualified able Programs (§ 529A Plans)Tax Benefit RuleIncome from Discharge of IndebtednessTax PlanningRefocus on the Big Picture: ExclusionsPart 3: DeductionsChapter 6: Deductions and Losses: In GeneralThe Big Picture: Calculation of Deductible ExpensesClassification of Deductible ExpensesDeductions and Losses-Timing of Expense RecognitionDisallowance PossibilitiesGlobal Tax Issues: Overseas Gun Sales Result in Large FinesEthics & Equity: State Allowed Marijuana Activity: Do Regular Business Deduction Rules Apply (or ThoConcept Summary: Costs of Investigating a BusinessConcept Summary: Common Questions from the IRS Concerning Hobbies/Businesses with LossesConcept Summary: Vacation/Rental HomeEthics & Equity: Personal or Business Expenses?Tax PlanningConcept Summary: Classification of ExpensesRefocus on the Big Picture: Calculation of Deductible Business Expenses and Tax PlanningChapter 7: Deductions and Losses: Certain Business Expenses and LossesThe Big Picture: LossesBad DebtsConcept Summary: The Tax Treatment of Bad Debts Using the Specific Charge-Off MethodConcept Summary: Bad Debt DeductionsWorthless Securities and Small Business Stock LossesLosses of IndividualsEthics & Equity: Is Policy Cancellation an Escape Hatch?Concept Summary: Casualty Gains and LossesConcept Summary: Statutory Framework for Deducting Losses of IndividualsResearch and Experimental ExpendituresExcess Business LossesNet Operating LossesConcept Summary: Computation of Net Operating LossTax PlanningRefocus on the Big Picture: LossesChapter 8: Depreciation, Cost Recovery, Amortization, and DepletionThe Big Picture: Calculating Cost Recovery DeductionsDepreciation and Cost RecoveryModified Accelerated Cost Recovery-System (Macrs): General RulesConcept Summary: MACRS: Class Lives, Methods, and ConventionsFinancial Disclosure Insights: Tax and Book DepreciationConcept Summary: MACRS Conventions (by Property Type)Concept Summary: Straight-Line Cost Recovery under MACRS (Personalty vs. Realty)Modified Accelerated Cost Recovery-System (Macrs): Special RulesEthics & Equity: Section 179 LimitationConcept Summary: Using § 179 and Bonus Depreciation in 2020Reporting ProceduresAmortizationDepletionTax PlanningRefocus on the Big Picture: Calculating Cost Recovery DeductionsChapter 9: Deductions: Employee and Self-Employed-Related ExpensesThe Big Picture: The First JobEmployee Versus Independent ContractorConcept Summary: Employee versus Independent ContractorSelf-Employed and Employee-Related Expenses-In GeneralTransportation ExpensesTravel ExpensesEducation ExpensesConcept Summary: Conditions for Deducting Regular Education ExpensesConcept Summary: Tax Consequences of Provisions Dealing with EducationOther Business ExpensesEthics & Equity: Your Turn or Mine?The Deduction for Qualified Business IncomeConcept Summary: An Overview of the 2020 Qualified Business Income DeductionContributions to Retirement AccountsClassification of Employee ExpensesLimitations on Itemized DeductionsTax PlanningRefocus on the Big Picture: The First JobChapter 10: Deductions and Losses: Certain Itemized DeductionsThe Big Picture: Impact of Itemized Deductions on Major PurchasesMedical ExpensesTaxesInterestConcept Summary: Deductibility of Personal, Student Loan, Mortgage, and Investment InterestCharitable ContributionsEthics & Equity: An Indirect Route to a Contribution DeductionConcept Summary: Documentation and Substantiation Requirements for Charitable ContributionsGlobal Tax Issues: Choose the Charity WiselyConcept Summary: Determining the Deduction for Contributions of Appreciated Property by IndividualsChapter 11: Investor LossesThe Big Picture: Investor Loss Limitations Affect the Viability of Certain Investment OpportunitiesThe Tax Shelter ProblemAt-Risk LimitsConcept Summary: Calculation of At-Risk AmountPassive Activity Loss LimitsConcept Summary: Tests to Determine Material ParticipationConcept Summary: Treatment of Losses Subject to the At-Risk and Passive Activity Loss LimitationsEthics & Equity: Punching the Time Clock at Year-EndInvestment Interest LimitationConcept Summary: Passive Activity Loss Rules: Key Issues and AnswersOther Investment LossesConcept Summary: Common Investment Loss Limitation RulesTax PlanningRefocus on the Big Picture: Investor Loss Limitations Can Significantly Affect Investment ReturnsPart 4: Special Tax Computation Methods, Tax Credits, and Payment ProceduresChapter 12: Alternative Minimum TaxThe Big Picture: The Presence or Absence of the AMTThe AMT Calculation GenerallyEthics & Equity: Who Will Pay the AMT?AMT Adjustments and PreferencesGlobal Tax Issues: A Global Minimum TaxConcept Summary: Summary of AMT Adjustment ProvisionsEthics & Equity: Incentive Stock Options and the AMTAMT CreditConcept Summary: Summary of AMT Preference ProvisionsTax PlanningConcept Summary: AMT Adjustments and Preferences for IndividualsRefocus on the Big Picture: The Presence or Absence of the AMTChapter 13: Tax Credits and Payment ProceduresThe Big Picture: Education Tax CreditsTax Policy ConsiderationsOverview and Priority of CreditsSpecific Business-Related Tax CreditsOther Tax CreditsEthics & Equity: Is This the Right Way to Use the Credit for Child and Dependent Care Expenses?Concept Summary: Tax CreditsPayment ProceduresAffordable Care Act ProvisionsTax PlanningRefocus on the Big Picture: Education Tax CreditsPart 5: Property TransactionsChapter 14: Property Transactions: Determination of Gain or Loss and Basis ConsiderationsThe Big Picture: Proposed Sale of a House and Other Property TransactionsDetermination of Gain or LossConcept Summary: Realized Gain or LossConcept Summary: Realized and Recognized Gain or LossBasis ConsiderationsConcept Summary: Wash Sale RulesEthics & Equity: Washing a Loss Using an IRAConcept Summary: Adjustments to BasisTax PlanningRefocus on the Big Picture: Proposed Sale of a House and Other Property TransactionsChapter 15: Property Transactions: Nontaxable ExchangesThe Big Picture: Alternative Uses of PropertyNontaxable ExchangesLike-Kind Exchanges-§ 1031Concept Summary: Delayed § 1031 ExchangeInvoluntary Conversions-§ 1033Concept Summary: Involuntary Conversions: Replacement Property TestsSale of a Residence-§ 121Tax PlanningRefocus on the Big Picture: Alternative Uses of PropertyChapter 16: Property Transactions: Capital Gains and LossesThe Big Picture: Managing Capital Asset TransactionsGeneral Scheme of TaxationCapital AssetsEthics & Equity: Sculpture as a Capital AssetSale or ExchangeConcept Summary: Options: Consequences to the Grantor and GranteeConcept Summary: Franchises: Consequences to the Franchisor and FranchiseeHolding PeriodConcept Summary: Short Sales of SecuritiesTax Treatment of Capital Gains and Losses of Noncorporate TaxpayersConcept Summary: Income Layers for Alternative Tax on Capital Gain ComputationConcept Summary: Final Results of the Capital Gain and Loss Netting Process and How They Are TaxedTax Treatment of Capital Gains and Losses of Corporate TaxpayersGlobal Tax Issues: Capital Gain Treatment in the United States and Other CountriesTax PlanningRefocus on the Big Picture: Managing Capital Asset TransactionsChapter 17: Property Transactions: § 1231 and Recapture ProvisionsThe Big Picture: Depreciation RecaptureSection 1231 AssetsConcept Summary: Section 1231 Netting ProcedureSection 1245 RecaptureSection 1250 RecaptureConcept Summary: Comparison of § 1245 and § 1250 Depreciation RecaptureEthics & Equity: The Sale of a “Cost-Segregated” BuildingConsiderations Common to §§ 1245 and 1250Concept Summary: Depreciation Recapture and § 1231 Netting ProcedureGlobal Tax Issues: Depreciation Recapture in Other CountriesSpecial Recapture ProvisionsReporting ProceduresEthics & Equity: Incorrect Depreciation and Recognized GainTax PlanningRefocus on the Big Picture: Depreciation RecapturePart 6: Accounting Periods, Accounting Methods, and Deferred CompensationChapter 18: Accounting Periods and MethodsThe Big Picture: Accounting Period and MethodAccounting PeriodsEthics & Equity: Who Benefits from the Change in Tax Year?Ethics & Equity: Special Tax ReliefAccounting MethodsConcept Summary: Accruals Under the Economic Performance TestFinancial Disclosure Insights: Tax Deferrals from ReservesEthics & Equity: Change in Accounting MethodSpecial Accounting MethodsConcept Summary: Interest on Installment SalesInventoriesEthics & Equity: Preserving the LIFO ReserveTax PlanningRefocus on the Big Picture: Accounting Period and MethodChapter 19: Deferred CompensationThe Big Picture: A Taxpayer Who SavesQualified Pension, Profit Sharing, Stock Bonus, and Cash Balance PlansConcept Summary: Defined Benefit Plan and Defined Contribution Plan ComparedEthics & Equity: Uneven Compensation Playing FieldRetirement Plans for Self-Employed IndividualsConcept Summary: Keogh Plan and SEP ComparedIndividual Retirement Accounts (IRAs)Concept Summary: Comparison of IRAsNonqualified Deferred Compensation PlansEthics & Equity: The “Jock Tax” Is SpreadingStock OptionsFinancial Disclosure Insights: Accounting for Share-Based CompensationFinancial Disclosure Insights: Accounting for Executive CompensationTax PlanningConcept Summary: Section 401(k) Plan and IRA ComparedConcept Summary: Incentive Stock Options and Nonqualified Stock Options ComparedRefocus on the Big Picture: A Taxpayer Who SavesPart 7: Corporations and PartnershipsChapter 20: Corporations and PartnershipsThe Big Picture: Choice of Business EntityChoice of EntityConcept Summary: Nontax Characteristics of Business EntitiesCorporationsConcept Summary: Summary of Income Tax Consequences: Individuals versus C CorporationsForming the CorporationEthics & Equity: Selective IncorporationDistributions to ShareholdersThe S ElectionEthics & Equity: Income Tax Basis That Does Not Change?PartnershipsConcept Summary: A Comparison of Some of the Tax Attributes of S and C CorporationsTax PlanningRefocus on the Big Picture: Choice of Business EntityAppendix A: Tax Rate Schedules and TablesAppendix B: Tax FormsAppendix C: GlossaryAppendix D-1: Table of Code Sections CitedAppendix D-2: Table of Regulations CitedAppendix D-3: Table of Revenue Procedures and Revenue Rulings CitedAppendix E: Practice Set Assignments-Comprehensive Tax Return ProblemsAppendix F: Table of Cases CitedAppendix G: Tax FormulasAppendix H: Present Value and Future Value TablesIndex
