Income Tax Fundamentals (with TaxCut Tax Prep Software) / Edition 26

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Trust the number one tax preparation text to introduce your students to individual income tax preparation using a proven forms approach in a hands-on workbook format. As the market-leading tax preparation text for 26 years, Whittenburg/Altus-Buller's INCOME TAX FUNDAMENTALS, 2008 EDITION, Twenty-Sixth Edition, provides a concise, yet complete, practical introduction to the most important areas of the tax law for your students. Easy-to-digest sections of tax information throughout this edition incorporate numerous real examples using actual tax forms. New features in this edition present intriguing, and even humorous, actual tax situations to maintain student interest. Strategically placed self-check problems provide immediate feedback before students proceed to the next section. Strong end-of-chapter reinforcement, including online interactive quizzes, further prepares students for future exams and career success. Up-to-the-minute tax information, revised each year to reflect the current tax law, ensures you are presenting the latest information, while New Law Alerts sections detail the effects of the latest tax laws. With the help of INCOME TAX FUNDAMENTALS' comprehensive support package and complete proven presentation, your students leave your course with the knowledge and skills to handle the challenges today's tax preparers frequently face.

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Product Details

  • ISBN-13: 9780324380385
  • Publisher: Cengage Learning
  • Publication date: 12/11/2007
  • Series: Income Tax Fundamentals Series
  • Edition description: REV
  • Edition number: 26
  • Pages: 768
  • Product dimensions: 8.30 (w) x 10.80 (h) x 1.40 (d)

Meet the Author

Gerald E. Whittenburg is a professor of accounting and taxation at San Diego State University. He received his Ph.D. from the University of Houston. Dr. Whittenburg's professional designations include Certified Public Accountant (CPA) and Enrolled Agent (EA). Professor Whittenburg's research interests have focused on corporate and individual taxation, as well as the tax research process. His articles on these and other topics have appeared in such journals as the ACCOUNTING REVIEW, ADVANCES IN TAXATION, ACCOUNTING EDUCATION: AN INTERNATIONAL JOURNAL, DECISION SCIENCES JOURNAL OF INNOVATIVE EDUCATION, JOURNAL OF TAXATION, TAXES, MANAGEMENT ACCOUNTING, PRACTICAL TAX STRATEGIES, JOURNAL OF TAXATION OF INVESTMENTS, VALUATION STRATEGIES, JOURNAL OF SMALL BUSINESS STRATEGY, JOURNAL OF TAXATION OF FINANCIAL INSTITUTIONS, THE TAX ADVISER, TAX NOTES, REAL ESTATE ACCOUNTING AND TAXATION, and JOURNAL OF ACCOUNTING EDUCATION. Dr. Whittenburg has authored several tax textbooks, including INCOME TAX FUNDAMENTALS and FEDERAL TAX RESEARCH. Dr. Whittenburg was a visiting scholar at the University of Adelaide (Australia ) in 1999 and 2005 and the University of South Australia in 2009 and 2010. In 2003, he received a Fulbright Senior Specialist grant at the Academy of Tax Services of Ukraine. While in Ukraine, he lectured students and conferred with the faculty and staff on income taxation in the United States.

Martha Altus-Buller is a CPA with her own tax practice in San Diego, California. She attended Reed College in Portland, Oregon for two years, holds a BA in Mathematics from the University of California at San Diego and a MS in Accounting from San Diego State University. She won a Sells award for scoring among the top in the country on the May 1983 CPA exam. Her practical experience includes work as a tax manager for Arthur Young, now Ernst & Young, one of the (then) Big 8 accounting firms, and more than two decades of full-time practice in tax accounting.

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Table of Contents

Preface     viii
As We Go To Press     xi
How to Use This Text     xii
The Individual Income Tax Return
History and Objectives of the Tax System     1
Reporting and Taxable Entities     2
The Tax Formula for Individuals     5
Who Must File and Where to File     7
Filing Status and Tax Computation     9
Personal and Dependency Exemptions     13
The Standard Deduction     18
Limitation on Total Itemized Deductions     20
A Brief Overview of Capital Gains and Losses     21
Tax and the Internet     23
Electronic Filing (e-Filing)     24
Questions and Problems     25
Gross Income and Exclusions
The Nature of Gross Income     1
Interest and Dividend Income     4
Alimony     6
Prizes and Awards     10
Annuities     11
Life Insurance     14
Gifts and Inheritances     15
Scholarships     15
Accident and Health Insurance     16
Meals and Lodging     16
Municipal Bond interest     17
Social Security Benefits     18
Unemployment Compensation     19
Employee Fringe Benefits     20
Questions and Problems     22
Business Expenses and Retirement Plans
Rental Income and Expenses     1
Passive Loss Limitations     4
Bad Debts     8
Inventories     8
Net Operating Losses     12
Individual Retirement Accounts     14
Keogh (H.R. 10) Plans and Simplified employee pensions     17
Qualified Retirement Plans Including Section 401 (k) Plans     18
Rollovers     21
Simple Plans     23
Questions and Problems     25
Self-Employed and Employee Expenses
Classification of Deductions     1
Travel Expenses     2
Transportation     5
Office in the Home     8
Entertainment     11
Educational Expenses     12
Dues, Subscriptions, and Publications     15
Special Clothing and Uniforms     15
Business Gifts     16
Schedule C     17
Questions and Problems     19
Itemized Deductions and Other Incentives
Medical Expenses     1
Taxes     4
Interest     7
Contributions      10
Casualty and Theft Losses     14
Miscellaneous Deductions     16
Moving Expenses     20
Hobby Losses     21
Educational Incentives     22
Questions and Problems     28
Credits and Special Taxes
Child Tax Credit     1
Earned Income Credit     2
Child and Dependent Care Credit     4
Education Tax Credits     5
Foreign Tax Credit     9
Adoption Expenses     10
Temporary Energy Credits-2006 and 2007     12
The Individual Alternative Minimum Tax (AMT)     14
Unearned Income of Minor Children     19
Community Property     24
Questions and Problems     28
Accounting Periods and Methods and Depreciation
Accounting Periods     1
Accounting Methods     4
Depreciation     6
Modified Accelerated Cost Recovery System (MACRS)     7
Election to Expense     13
Listed Property     14
Limitation on Depreciation of Luxury Automobiles     18
Intangibles     20
Related Parties (Section 267)     21
Questions and Problems     23
Capital Gains and Losses
What Is a Capital Asset?     1
Holding Period     2
Calculation of Gain or Loss     3
Net Capital Gains     6
Net Capital Losses     8
Section 1231 Gains and Losses     10
Depreciation Recapture     10
Capital Gains and Casualty Gains and Losses     18
Installment Sales     21
Like-Kind Exchanges     25
Involuntary Conversions     27
Sale of a Personal Residence     28
Questions and Problems     31
Withholding, Estimated Payments, and Payroll Taxes
Withholding Methods     1
Estimated Payments     8
The FICA Tax     9
Federal Tax Deposit System     11
Employer Reporting Requirements     12
Self-Employment Tax     17
The FUTA Tax     19
The Nanny Tax     20
Questions and Problems     29
Partnership Taxation
Nature of Partnership Taxation     1
Partnership Formation     2
Partnership Income Reporting     4
Current Distributions and Guaranteed Payments     5
Tax Years     6
Transactions between Partners and the Partnership     13
The At-Risk Rule     14
Limited Liability Companies     15
Questions and Problems     16
The Corporate Income Tax
Corporate Tax Rates     1
Corporate Capital Gains and Losses     2
Special Deductions and Limitations     3
Schedule M-1     5
Filing Requirements and Estimated Tax     6
S Corporations     8
Corporate Formation     12
Corporate Accumulations     20
The Corporate Alternative Minimum Tax     20
Questions and Problems     22
Tax Administration and Tax Planning
The Internal Revenue Service     1
The Audit Process     4
Interest and Penalties     8
Statute of Limitations     11
Preparers, Proof, and Privilege     12
The Taxpayer Bill of Rights     14
Tax Planning     15
Questions and Problems     20
Tax Rate Schedules and Tax Tables     A-1
Earned Income Credit Table     B-1
Withholding Tables     C-1
Additional Comprehensive Tax Return Problems     D-1
Glossary of Tax Terms     G-1
Solutions to Self-Study Problems     S-1
Index      I-1
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  • Anonymous

    Posted May 2, 2008

    An Excellent Income Tax Text!!!

    This is an excellent text. I have used it for an online class where I rarely had to call the teacher for clarification. I also used it during the tax preparation season while assisting taxpayers and it was a great reference. I also find it very handy and very informative. The tips given in the tax break boxes and the columns regarding ¿Would You Believe?¿ are very interesting and are good learning points. The examples coupled with the self-study problems really cement the practical application aspect of the text.

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