Individual Income Taxes 2002

Name: Individual Income Taxes 2002
Price: 80.24 USD
Availability: InStock
ISBN: 9780324109528

ISBN-10: 0324109520

ISBN-13: 9780324109528

Edition: 25th 2002

Authors: William H. Hoffman, James E. Smith, Eugene Willis

List price: $183.95

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Book details

List price: $183.95
Edition: 25th
Copyright year: 2002
Publisher: Cengage South-Western
Publication date: 4/4/2001
Binding: Hardcover
Pages: 1088
Size: 8.66" wide x 11.02" long
Weight: 5.038
Language: English

Dr. William H. Hoffman, Jr., earned B.A. and J.D. degrees from the University of Michigan and M.B.A. and Ph.D. degrees from The University of Texas. He is a licensed CPA and attorney in Texas. His teaching experience includes The University of Texas (1957-1961), Louisiana State University (1961-1967), and the University of Houston (1967-1999). Dr. Hoffman has addressed many tax institutes and conferences and has published extensively in academic and professional journals. His articles appear in THE JOURNAL OF TAXATION, THE TAX ADVISER, TAXES ? THE TAX MAGAZINE, THE JOURNAL OF ACCOUNTANCY, THE ACCOUNTING REVIEW, and TAXATION FOR ACCOUNTANTS.

Eugene Willis is the Arthur Andersen Alumni Professor of Accountancy at the University of Illinois, Urbana-Champaign. He joined the Illinois faculty in 1975 after receiving his Ph.D. from the University of Cincinnati. He has published articles in leading academic and professional journals, including The Accounting Review, The Journal of the American Taxation Association, The Journal of Accountancy, and The Journal of Taxation. Professor Willis is co-director of the National Tax Education Program, a continuing education program co-sponsored by the American Institute of CPAs and the University of Illinois.



Preface



Introduction and Basic Tax Model



An Introduction to Taxation and Understanding the Federal Tax Law


History of U.S. Taxation


Criteria Used in the Selection of a Tax Structure


The Tax Structure


Major Types of Taxes


Tax Administration


Understanding the Federal Tax Law


Problem Materials



Working with the Tax Law


Tax Sources


Working with the Tax Law--Tax Research


Working with the Tax Law--Tax Planning


Problem Materials



Tax Determination; Personal and Dependency Exemptions; An Overview of Property Transactions


Tax Formula


Personal and Dependency Exemptions


Tax Determination


Filing Considerations


Gains and Losses from Property Transactions--In General


Gains and Losses from Property Transactions--Capital Gains and Losses


Tax Planning Considerations


Problem Materials



Gross Income



Gross Income: Concepts and Inclusions


Gross Income--What Is It?


Year of Inclusion


Income Sources


Items Specifically Included in Gross Income


Tax Planning Considerations


Problem Materials



Gross Income: Exclusions


Items Specifically Excluded from Gross Income


Statutory Authority


Gifts and Inheritances


Life Insurance Proceeds


Scholarships


Compensation for Injuries and Sickness


Employer-Sponsored Accident and Health Plans


Meals and Lodging


Other Employee Fringe Benefits


Foreign Earned Income


Interest on Certain State and Local Government Obligations


Dividends


Educational Savings Bonds


Qualified State Tuition Programs


Tax Benefit Rule


Income from Discharge of Indebtedness


Tax Planning Considerations


Problem Materials



Deductions



Deductions and Losses: In General


Classification of Deductible Expenses


Deductions and Losses--Timing of Expense Recognition


Disallowance Possibilities


Tax Planning Considerations


Problem Materials



Deductions and Losses: Certain Business Expenses and Losses


Bad Debts


Worthless Securities


Losses of Individuals


Research and Experimental Expenditures


Net Operating Losses


Tax Planning Considerations


Problem Materials



Depreciation, Cost Recovery, Amortization, and Depletion


Overview


Accelerated Cost Recovery System (ACRS and MACRS)


Amortization


Depletion


Reporting Procedures


Tax Planning Considerations


Tables


Problem Materials



Deductions: Employee Expenses


Employee versus Self-Employed


Employee Expenses--In General


Transportation Expenses


Travel Expenses


Moving Expenses


Education Expenses


Entertainment Expenses


Other Employee Expenses


Classification of Employee Expenses


Limitations on Itemized Deductions


Tax Planning Considerations


Problem Materials



Deductions and Losses: Certain Itemized Deductions


General Classification of Expenses


Medical Expenses


Taxes


Interest


Charitable Contributions


Miscellaneous Itemized Deductions


Other Miscellaneous Deductions


Comprehensive Example of Schedule A


Overall Limitation on Certain Itemized Deductions


Tax Planning Considerations


Problem Materials



Passive Activity Losses


The Tax Shelter Problem


At-Risk Limits


Passive Loss Limits


Tax Planning Considerations


Problem Materials



Special Tax Computation Methods, Payment Procedures, and Tax Credits



Alternative Minimum Tax


Individual Alternative Minimum Tax


Corporate Alternative Minimum Tax


Tax Planning Considerations


Problem Materials



Tax Credits and Payment Procedures


Tax Policy Considerations


Overview and Priority of Credits


Specific Business-Related Tax Credit Provisions


Other Tax Credits


Payment Procedures


Tax Planning Considerations


Problem Materials



Property Transactions



Property Transactions: Determination of Gain or Loss and Basis Considerations


Determination of Gain or Loss


Basis Considerations


Tax Planning Considerations


Problem Materials



Property Transactions: Nontaxable Exchanges


General Concept of a Nontaxable Exchange


Like-Kind Exchanges--[section] 1031


Involuntary Conversions--[section] 1033


Sale of a Residence--[section] 121


Other Nonrecognition Provisions


Tax Planning Considerations


Problem Materials



Property Transactions: Capital Gains and Losses


General Considerations


Capital Assets


Sale or Exchange


Holding Period


Tax Treatment of Capital Gains and Losses of Noncorporate Taxpayers


Tax Treatment of Capital Gains and Losses of Corporate Taxpayers


Tax Planning Considerations


Problem Materials



Property Transactions: [section] 1231 and Recapture Provisions


Section 1231 Assets


Section 1245 Recapture


Section 1250 Recapture


Considerations Common to [section section] 1245 and 1250


Special Recapture Provisions


Reporting Procedures


Tax Planning Considerations


Problem Materials



Accounting Periods, Accounting Methods, and Deferred Compensation



Accounting Periods and Methods


Accounting Periods


Accounting Methods


Special Accounting Methods


Tax Planning Considerations


Problem Materials



Deferred Compensation


Qualified Pension, Profit Sharing, and Stock Bonus Plans


Retirement Plans for Self-Employed Individuals


Individual Retirement Accounts (IRAs)


Nonqualified Deferred Compensation Plans


Restricted Property Plans


Stock Options


Tax Planning Considerations


Problem Materials



Corporations and Partnerships



Corporations and Partnerships


What Is a Corporation?


Income Tax Considerations


Forming the Corporation


Operating the Corporation


Liquidating the Corporation


The S Election


Partnerships


Tax Planning Considerations


Problem Materials


Appendixes


Tax Rate Schedules and Tables


Tax Forms


Glossary of Tax Terms


Table of Code Sections Cited


Table of Regulations Cited


Table of Revenue Procedures and Revenue Rulings Cited


Citator Example


Comprehensive Tax Return Problems


Table of Cases Cited


Depreciation


Subject Index