Income Tax Fundamentals 2003 / Edition 1

Income Tax Fundamentals 2003 / Edition 1

by Gerald E. Whittenburg, Martha Altus Buller
     
 

Designed for an introductory course on individual taxation, this volume presents the skills needed to prepare federal income tax returns. Chapters concentrate on topics like gross income and exclusions, business expenses and retirement plans, self-employed and employee expenses, itemized deductions, credits and special taxes, accounting periods and depreciation,… See more details below

Overview

Designed for an introductory course on individual taxation, this volume presents the skills needed to prepare federal income tax returns. Chapters concentrate on topics like gross income and exclusions, business expenses and retirement plans, self-employed and employee expenses, itemized deductions, credits and special taxes, accounting periods and depreciation, capital gains, withholding and payroll taxes, partnership taxation, the corporate income tax, and tax administration and planning. Appendices include tax rate schedules, an earned income tax table, withholding tables, extra tax forms, and additional comprehensive tax forms. The material is presented in textbook/workbook form. No training in accounting is required. Whittenburg teaches at San Diego State University; Altus-Buller's credentials are not noted. Annotation (c)2003 Book News, Inc., Portland, OR

Product Details

ISBN-13:
9780324154870
Publisher:
Cengage South-Western
Publication date:
12/28/2002
Edition description:
Older Edition
Pages:
800
Product dimensions:
8.84(w) x 10.36(h) x 1.20(d)

Related Subjects

Meet the Author

Table of Contents

Prefaceix
As We Go to Pressxi
How to Use this Textxii
Chapter 1The Individual Income Tax Return
1.1History and Objectives of the Tax System1
1.2Reporting and Taxable Entities2
1.3The Tax Formula for Individuals6
1.4Who Must File and Where to File8
1.5Filing Status and Tax Computation11
1.6Personal and Dependency Exemptions16
1.7The Standard Deduction21
1.8Limitation on Total Itemized Deductions22
1.9Gains and Losses24
1.10Tax and the Internet26
Questions and Problems27
Chapter 2Gross Income and Exclusions
2.1The Nature of Gross Income1
2.2Interest and Dividend Income4
2.3Alimony5
2.4Prizes and Awards10
2.5Annuities10
2.6Life Insurance14
2.7Gifts and Inheritances15
2.8Scholarships16
2.9Accident and Health Insurance17
2.10Meals and Lodging18
2.11Municipal Bond Interest18
2.12Social Security Benefits19
2.13Unemployment Compensation21
2.14Employee Fringe Benefits21
Questions and Problems23
Chapter 3Business Expenses and Retirement Plans
3.1Rental Income and Expenses1
3.2Passive Loss Limitations4
3.3Bad Debts8
3.4Inventories11
3.5Net Operating Losses13
3.6Individual Retirement Accounts14
3.7Keogh (H.R. 10) Plans18
3.8Qualified Retirement Plans Including Section 401(k) Plans18
3.9Rollovers21
3.10Simple Plans23
Questions and Problems25
Chapter 4Self-Employed and Employee Expenses
4.1Classification of Deductions1
4.2Travel Expenses2
4.3Transportation5
4.4Office in the Home8
4.5Entertainment12
4.6Educational Expenses13
4.7Dues, Subscriptions, and Publications15
4.8Special Clothing and Uniforms15
4.9Business Gifts16
4.10Schedule C17
Questions and Problems21
Chapter 5Itemized Deductions and Other Incentives
5.1Medical Expenses1
5.2Taxes5
5.3Interest8
5.4Contributions11
5.5Casualty and Theft Losses15
5.6Miscellaneous Deductions17
5.7Moving Expenses21
5.8Hobby Losses22
5.9Educational Incentives25
Questions and Problems29
Chapter 6Credits and Special Taxes
6.1Tax Credit for the Elderly and Disabled1
6.2Child Tax Credit2
6.3Earned Income Credit5
6.4Child and Dependent Care Credit7
6.5Education Tax Credits9
6.6Foreign Tax Credit13
6.7Work Credits14
6.8Disabled Access Credit15
6.9Adoption Expenses16
6.10The Individual Alternative Minimum Tax (AMT)19
6.11Unearned Income of Minor Children24
6.12Community Property28
Questions and Problems32
Chapter 7Accounting Periods and Methods and Depreciation
7.1Accounting Periods1
7.2Accounting Methods4
7.3Depreciation6
7.4Modified Accelerated Cost Recovery System (MACRS)8
7.5Election to Expense13
7.6Listed Property17
7.7Limitation on Depreciation of Luxury Automobiles18
7.8Intangibles20
7.9Related Parties ([section]267)21
Questions and Problems23
Chapter 8Capital Gains and Losses
8.1What Is a Capital Asset?1
8.2Holding Period2
8.3Calculation of Gain or Loss3
8.4Net Capital Gains6
8.5Net Capital Losses9
8.6Section 1231 Gains and Losses11
8.7Depreciation Recapture12
8.8Capital Gains and Casualty Gains and Losses19
8.9Installment Sales21
8.10Like-Kind Exchanges25
8.11Involuntary Conversions27
8.12Sale of a Personal Residence28
Questions and Problems29
Chapter 9Withholding, Estimated Payments, and Payroll Taxes
9.1Withholding Methods1
9.2Estimated Payments8
9.3The FICA Tax9
9.4Federal Tax Deposit System11
9.5Employer Reporting Requirements12
9.6Self-Employment Tax17
9.7The FUTA Tax18
9.8The Nanny Tax20
Questions and Problems29
Chapter 10Partnership Taxation
10.1Nature of Partnership Taxation1
10.2Partnership Formation2
10.3Partnership Income Reporting4
10.4Current Distributions and Guaranteed Payments5
10.5Tax Years6
10.6Transactions between Partners and the Partnership13
10.7The At-Risk Rule14
10.8Limited Liability Companies15
Questions and Problems16
Chapter 11The Corporate Income Tax
11.1Corporate Tax Rates1
11.2Corporate Capital Gains and Losses2
11.3Special Deductions and Limitations3
11.4Schedule M-15
11.5Filing Requirements and Estimated Tax6
11.6S Corporations8
11.7Corporate Formation12
11.8Corporate Accumulations20
11.9The Corporate Alternative Minimum Tax21
Questions and Problems22
Chapter 12Tax Administration and Tax Planning
12.1The Internal Revenue Service1
12.2The Audit Process3
12.3Interest and Penalties4
12.4Statute of Limitations10
12.5Preparers, Proof, and Privilege11
12.6Electronic Filing (e-Filing)14
12.7The Taxpayer Bill of Rights17
12.8Tax Planning17
Questions and Problems23
Appendixes
Appendix ATax Rate Schedules and Tax Tables1
Appendix BEarned Income Credit Table1
Appendix CWithholding Tables1
Appendix DExtra Tax Forms1
Appendix EAdditional Comprehensive Tax Return Problems1
Glossary of Tax Terms1
Solutions to Chapter Problems1
Index1

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