Federal Taxation / Edition 1

Federal Taxation / Edition 1

by Eugene Willis, William Raabe, David Maloney, William Hoffman

Combining the number one Individuals text with the number one Corporations text, West Federal Taxation: Comprehensive Volume is a true winner. An edited version of the first two WFT textbooks, this book offers a thorough and balanced treatment of relevant tax codes and regulations as applied to individuals and corporations.See more details below


Combining the number one Individuals text with the number one Corporations text, West Federal Taxation: Comprehensive Volume is a true winner. An edited version of the first two WFT textbooks, this book offers a thorough and balanced treatment of relevant tax codes and regulations as applied to individuals and corporations.

Product Details

Cengage Learning
Publication date:
West Federal Taxation Series
Edition description:
Older Edition
Product dimensions:
8.88(w) x 11.14(h) x 2.00(d)

Related Subjects

Table of Contents

Chapter 1An Introduction to Taxation and Understanding the Federal Tax Law1
History of U.S. Taxation2
Criteria Used in the Selection of a Tax Structure4
The Tax Structure5
Major Types of Taxes6
Tax Administration19
Understanding the Federal Tax Law24
Problem Materials34
Chapter 2Tax Determination; Personal and Dependency Exemptions; An Overview of Property Transactions1
Tax Formula3
Personal and Dependency Exemptions10
Tax Determination16
Filing Considerations21
Gains and Losses from Property Transactions--In General28
Gains and Losses from Property Transactions--Capital Gains and Losses29
Tax Planning Considerations31
Problem Materials34
Chapter 3Gross Income: Concepts and Inclusions1
Gross Income--What Is It?3
Year of Inclusion7
Income Sources14
Items Specifically Included in Gross Income20
Tax Planning Considerations36
Problem Materials40
Chapter 4Gross Income: Exclusions1
Items Specifically Excluded from Gross Income2
Statutory Authority4
Gifts and Inheritances4
Life Insurance Proceeds6
Compensation for Injuries and Sickness11
Employer-Sponsored Accident and Health Plans14
Meals and Lodging16
Other Employee Fringe Benefits19
Foreign Earned Income25
Interest on Certain State and Local Government Obligations28
Educational Savings Bonds30
Qualified State Tuition Programs31
Tax Benefit Rule31
Income from Discharge of Indebtedness32
Tax Planning Considerations34
Problem Materials36
Chapter 5Deductions and Losses: In General1
Classification of Deductible Expenses2
Deductions and Losses--Timing of Expense Recognition7
Disallowance Possibilities11
Tax Planning Considerations29
Problem Materials33
Chapter 6Deductions and Losses: Certain Business Expenses and Losses1
Bad Debts3
Worthless Securities6
Losses of Individuals8
Research and Experimental Expenditures16
Net Operating Losses18
Tax Planning Considerations20
Problem Materials22
Chapter 7Depreciation, Cost Recovery, Amortization, and Depletion1
Accelerated Cost Recovery System (ACRS and MACRS)4
Tax Planning Considerations24
Problem Materials33
Chapter 8Deductions: Employee Expenses1
Employee versus Self-Employed2
Employee Expenses--In General4
Transportation Expenses4
Travel Expenses7
Moving Expenses11
Education Expenses13
Entertainment Expenses16
Other Employee Expenses20
Classification of Employee Expenses22
Limitations on Itemized Deductions25
Tax Planning Considerations26
Problem Materials29
Chapter 9Deductions and Losses: Certain Itemized Deductions1
General Classification of Expenses2
Medical Expenses2
Charitable Contributions19
Miscellaneous Itemized Deductions28
Other Miscellaneous Deductions29
Comprehensive Example of Schedule A29
Overall Limitation on Certain Itemized Deductions29
Tax Planning Considerations33
Problem Materials36
Chapter 10Passive Activity Losses1
The Tax Shelter Problem2
At-Risk Limits3
Passive Loss Limits6
Tax Planning Considerations26
Problem Materials28
Chapter 11Tax Credits1
Tax Policy Considerations3
Overview and Priority of Credits4
Specific Business-Related Tax Credit Provisions7
Other Tax Credits15
Tax Planning Considerations27
Problem Materials29
Chapter 12Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges1
Determination of Gain or Loss3
Basis Considerations8
General Concept of a Nontaxable Exchange24
Like-Kind Exchanges--[section] 103125
Involuntary Conversions--[section] 103331
Sale of a Residence--[section] 12138
Other Nonrecognition Provisions43
Tax Planning Considerations45
Problem Materials51
Chapter 13Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions1
General Considerations2
Capital Assets4
Sale or Exchange9
Holding Period16
Tax Treatment of Capital Gains and Losses of Noncorporate Taxpayers21
Tax Treatment of Capital Gains and Losses of Corporate Taxpayers28
Section 1231 Assets29
Section 1245 Recapture39
Section 1250 Recapture42
Considerations Common to [section] 1245 and 125047
Special Recapture Provisions49
Reporting Procedures51
Tax Planning Considerations51
Problem Materials56
Chapter 14Alternative Minimum Tax1
Individual Alternative Minimum Tax3
Corporate Alternative Minimum Tax28
Tax Planning Considerations32
Problem Materials34
Chapter 15Accounting Periods and Methods1
Accounting Periods2
Accounting Methods10
Special Accounting Methods18
Tax Planning Considerations30
Problem Materials32
Chapter 16Corporations: Introduction, Operating Rules, and Related Corporations1
Tax Treatment of Various Business Forms2
An Introduction to the Income Taxation of Corporations8
Determining the Corporate Income Tax Liability18
Procedural Matters24
Tax Planning Considerations26
Problem Materials31
Chapter 17Corporations: Organization and Capital Structure1
Organization of and Transfers to Controlled Corporations2
Capital Structure of a Corporation15
Investor Losses18
Gain from Qualified Small Business Stock21
Tax Planning Considerations22
Problem Materials26
Chapter 18Corporations: Distributions Not in Complete Liquidation1
Taxable Dividends--In General3
Earnings and Profits (E & P)3
Property Dividends--In General11
Constructive Dividends13
Stock Dividends and Stock Rights17
Stock Redemptions20
Other Corporate Distributions28
Tax Planning Considerations29
Problem Materials33
Chapter 19Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations1
Liquidations--In General2
Liquidations--Effect on the Distributing Corporation4
Liquidations--Effect on the Shareholder8
Liquidations--Parent-Subsidiary Situations9
Corporate Reorganizations13
Tax Planning Considerations20
Problem Materials22
Chapter 20Partnerships1
Overview of Partnership Taxation2
Formation of a Partnership: Tax Effects9
Operations of the Partnership20
Transactions between Partners and Partnerships36
Distributions from the Partnership39
Sale of a Partnership Interest48
Tax Planning Considerations50
Problem Materials57
Chapter 21S Corporations1
Qualifying for S Corporation Status5
Operational Rules13
Tax Planning Considerations33
Problem Materials41
Chapter 22Exempt Entities1
General Considerations2
Types of Exempt Organizations3
Requirements for Exempt Status5
Tax Consequences of Exempt Status: General6
Private Foundations10
Unrelated Business Income Tax14
Reporting Requirements25
Tax Planning Considerations27
Problem Materials30
Chapter 23Multistate Corporate Taxation1
Overview of Corporate State Income Taxation4
Allocation and Apportionment of Income9
The Unitary Theory21
Taxation of S Corporations24
Other State and Local Taxes27
Tax Planning Considerations27
Problem Materials33
Chapter 24Taxation of International Transactions1
Overview of International Taxation2
Tax Treaties3
Sourcing of Income and Deducations4
Foreign Currency Transactions11
U.S. Persons with Foreign Income14
U.S. Taxation of Nonresident Aliens and Foreign Corporations30
Tax Planning Considerations38
Problem Materials40
Chapter 25Tax Administration and Practice1
Tax Administration2
Tax Practice22
Tax Planning Consideration28
Problem Materials32
Chapter 26The Federal Gift and Estate Taxes1
Transfer Taxes--In General2
The Federal Gift Tax9
The Federal Estate Tax16
The Generation-Skipping Transfer Tax35
Tax Planning Considerations36
Problem Materials40
Chapter 27Income Taxation of Trusts and Estates1
An Overview of Subchapter J2
Nature of Trust and Estate Taxation6
Taxable Income of Trusts and Estates9
Taxation of Beneficiaries21
Tax Planning Considerations26
Problem Materials30
Chapter 28Working with the Tax Law1
Tax Sources2
Working with the Tax Law--Tax Research21
Working with the Tax Law--Tax Planning29
Problem Materials40
Tax Rate Schedules and Tables1
Tax Forms1
Glossary of Key Terms1
Table of Code Sections Cited1
Table of Regulations Cited14
Table of Revenue Procedures and Revenue Rulings Cited18
Comprehensive Tax Return Problems1
Subject Index1

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