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Preface | |
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Tax Research | |
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Overview of Tax Research | |
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Steps in the Tax Research Process | |
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Importance of the Facts to the Tax Consequences | |
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The Sources of Tax Law | |
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Tax Services | |
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Citators | |
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Computers as a Research Tool | |
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Statements on Responsibilities in Tax Practice | |
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Sample Work Papers and Client Letter | |
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Problem Materials | |
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Corporate Formations and Capital Structure | |
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Organization Forms Available | |
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Tax Definition of Common Business Entity Forms | |
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Legal Requirements for Forming a Corporation | |
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Tax Considerations in Forming a Corporation | |
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Deferring Gain Or Loss Upon Incorporation | |
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Choice of Capital Structure | |
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Worthlessness of Stock or Debt Obligations | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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The Corporate Income Tax | |
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Corporate Elections | |
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General Formula For Determining the Corporate Tax Liability | |
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Computing a Corporation's Taxable Income | |
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Computing a Corporation's Income Tax Liability | |
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Controlled Groups of Corporations | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Corporate Nonliquidating Distributions | |
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Nonliquidating Distributions in General | |
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Earnings and Profits (EandP) | |
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Nonliquidating Property Distributions | |
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Stock Dividends and Stock Rights | |
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Stock Redemptions | |
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Preferred Stock Bailouts | |
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Stock Redemptions By Related Corporations | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Other Corporate Tax Levies | |
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The Corporate Alternative Minimum Tax | |
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Personal Holding Company Tax | |
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Accumulated Earnings Tax | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Corporate Liquidating Distributions | |
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Overview of Corporate Liquidations | |
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General Liquidation Rules | |
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Liquidation of a Controlled Subsidiary Corporation | |
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Special Shareholder Reporting Issues | |
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Special Corporate Reporting Issues | |
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Recognition of Gain or Loss When Property Is Distributed In Retirement of Debt | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Corporate Acquisitions and Reorganizations | |
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Taxable Acquisition Transactions | |
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Comparison of Taxable and Tax-Free Acquisitions | |
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Types of Reorganizations | |
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Tax Consequences of Reorganizations | |
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Acquisitive Reorganizations | |
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Divisive Reorganizations | |
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Other Reorganization Transactions | |
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Judicial Restrictions on the Use of Corporate Reorganizations | |
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Tax Attributes | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Consolidated Tax Returns | |
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Source of the Consolidated Tax Return Rules | |
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Definition of an Affiliated Group | |
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Should a Consolidated Return Be Filed? | |
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Consolidated Taxable Income | |
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Computation of the Affiliated Group's Tax Liability | |
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Intercompany Transactions | |
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Dividends Received by Group Members | |
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Consolidated Charitable Contributions Deduction | |
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Net Operating Losses (Nols) | |
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Consolidated Capital Gains and Losses | |
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Stock Basis Adjustments | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Partnership Formation and Operation | |
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Definition of a Partnership | |
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Overview of Taxation of Partnership Income | |
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Tax Implications of Formation of a Partnership | |
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Partnership Elections | |
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Partnership Reporting of Income | |
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Partner Reporting of Income | |
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Basis for Partnership Interest | |
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Special Loss Limitations | |
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Transactions Between a Partner and the Partnership | |
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Family Partnerships | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Special Partnership Issues | |
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Nonliquidating Distributions | |
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Nonliquidating Distributions with Sec. 751 | |
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Terminating an Interest in a Partnership | |
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Special Forms of Partnerships | |
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Tax Planning Considerations | |
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Problem Materials | |
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S Corporations | |
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Should an S Election Be Made? | |
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S Corporation Requirements | |
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Election of S Corporation Status | |
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S Corporation Operations | |
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Taxation of the Shareholder | |
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Basis Adjustments | |
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S Corporation Distributions | |
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Other Rules | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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The Gift Tax | |
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Concept of Transfer Taxes | |
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The Unified Transfer Tax System | |
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Gift Tax Formula | |
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Transfers Subject to the Gift Tax | |
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Exclusions | |
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Gift Tax Deductions | |
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The Gift-Splitting Election | |
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Computation of the Gift Tax Liability | |
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Comprehensive Illustration | |
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Basis Considerations for a Lifetime Giving Plan | |
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Below-Market Loans: Gift And Income Tax Consequences | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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The Estate Tax | |
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Estate Tax Formula | |
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The Gross Estate: Valuation | |
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The Gross Estate: Inclusions | |
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Deductions | |
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Computation of Tax Liability | |
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Comprehensive Illustration | |
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Liquidity Concerns | |
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Generation-Skipping Transfer Tax | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Income Taxation of Trusts and Estates | |
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Basic Concepts | |
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Principles of Fiduciary Accounting | |
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Formula for Taxable Income and Tax Liability | |
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Distributable Net Income | |
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Determining a Simple Trust's Taxable Income | |
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Comprehensive Illustration: Determining a Simple Trust's Taxable Income | |
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Determining Taxable Income for Complex Trusts and Estates | |
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Comprehensive Illustration: Determining a Complex Trust's Taxable Income | |
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Income in Respect of a Decedent | |
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Grantor Trust Provisions | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Administrative Procedures | |
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Role of the Internal Revenue Service | |
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Audits of Tax Returns | |
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Requests for Rulings | |
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Due Dates and Penalties | |
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Estimated Taxes | |
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Other More Severe Penalties | |
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Statute of Limitations | |
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Liability for Tax | |
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Tax Practice Issues | |
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Problem Materials | |
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U.S. Taxation of Foreign-Related Transactions | |
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Jurisdiction to Tax | |
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Taxation of U.S. Citizens and Resident Aliens | |
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Taxation of Nonresident Aliens | |
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Taxation of U.S. People Doing Business Abroad | |
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Tax Planning Considerations | |
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Compliance and Procedural Considerations | |
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Problem Materials | |
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Appendices | |
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Tax Research Working Paper File | |
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Completed Tax Forms | |
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MARCS and ACRS Tables | |
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Glossary | |
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Statements on Responsibilities in Tax Practice (SRTPs) | |
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Comparison of Tax Attributes for C Corporations, Partnerships, and S Corporations | |
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Credit for State Death Taxes | |
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Acturial Tables | |
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Index of Code Sections | |
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Index of Treasury Regulations | |
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Index of Government Promulgations | |
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Index of Court Cases | |
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Subject Index | |