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For over 20 years the Pratt & Kulsrud Taxation series has provided educators, students, and professionals alike with an engaging and clear presentation and examples of tax law. The series has consistently held to the principle that the key to learning taxation is an understanding of the underlying purpose for each and every rule. For this reason, the authors and editors have made a concerted effort to provide the background, both a conceptual and historical foundation, which they feel is essential to understanding. This edition continues the tradition of excellence with timely updates reflecting the latest in tax laws, integration of TurboTaxÂ®, and rich online resources for instructors. To offer maximum flexibility in your course, the text not only focuses on Federal income taxation of individuals, but also covers additional topics such as the income taxation of regular corporations and shareholders, Federal estate and gift taxation, and the income taxation of estates, trusts, and beneficiaries and the major aspects of family tax planning.
PART I: INTRODUCTION TO THE FEDERAL TAX SYSTEM 1. An Overview of Federal Taxation 2. Tax Practice and Research 3. Taxable Entities, Tax Formula, Introduction to Property Transactions Personal and Dependency Exemptions; Filing Status; Determination of 4. Tax for an Individual; Filing Requirements PART II: GROSS INCOME 5. Gross Income 6. Gross Income: Inclusions and Exclusions PART III: DEDUCTIONS AND LOSSES 7. Overview of Deductions and Losses 8. Employee Business Expenses 9. Capital Recovery: Depreciation, Amortization, and Depletion 10. Certain Business Deductions and Losses 11. Itemized Deductions 12. Deductions for Certain Investment Expenses and Losses PART IV: ALTERNATIVE MINIMUM TAX AND TAX CREDITS 13. The Alternative Minimum Tax and Tax Credits PART V: PROPERTY TRANSACTIONS 14. Property Transactions: Basis Determination and Recognition of Gain or Loss 15. Nontaxable Exchanges 16. Property Transactions: Capital Gains and Losses 17. Property Transactions: Disposition of Trade or Business Property PART VI: EMPLOYEE COMPENSATION AND TAXATION OF BUSINESS FORMS 18. Employee Compensation and Retirement Plans PART VII: CORPORATE TAXATION 19. Corporations: Formation and Operation 20. Corporate Distributions, Redemptions, and Liquidations 21. Taxation of Corporate Accumulations PART VIII: FLOW-THROUGH ENTITIES 22. Taxation of Partnerships and Partners 23. S Corporations PART IX: FAMILY TAX PLANNING 24. The Federal Transfer Taxes 25. Income Taxation of Estates and Trusts 26. Family Tax Planning APPENDIX A. Tax Rate Schedules and Tables B. Tax Forms