Prentice Hall Federal Taxation 2003: Comprehensive and Tax Analyst Onedisc Tax Research Program

Prentice Hall Federal Taxation 2003: Comprehensive and Tax Analyst Onedisc Tax Research Program

by Thomas R. Pope, John L. Kramer, Kenneth E. Anderson, Kenneth E. Anderson

About the Author:

D. Dale Bandy is the C.G. Avery Professor of Accounting in the School of Accounting at the University of Central Florida. He received a B.S. from the University of Tulsa, an M.B.A. from the University of Arkansas, and a Ph.D. from the University of Texas at Austin. He helped to establish the Master of Science in

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About the Author:

D. Dale Bandy is the C.G. Avery Professor of Accounting in the School of Accounting at the University of Central Florida. He received a B.S. from the University of Tulsa, an M.B.A. from the University of Arkansas, and a Ph.D. from the University of Texas at Austin. He helped to establish the Master of Science in Taxation programs at the University of Central Florida and California State University, Fullerton, where he previously taught. In 1985, he was selected by the California Society of Certified Public Accountants as the Accounting Educator of the year.

Professor Bandy has published 8 books and more than 30 articles in accounting and taxation. His articles have appeared in Journal o f Taxation, The Journal of Accountancy, Advances in Taxation, The Tax Adviser, CPA Journal, Management Accounting and a number of other journals.

N. Allen Ford is the Larry D. Homer/KPMG Peat Marwick Distinguished Teaching Professor of Professional Accounting at the University of Kansas. He received an undergraduate degree from Centenary College in Shreveport, Louisiana, and both the M.B.A. and Ph.D. in Business from the University of Arkansas. He has published more than 30 articles related to taxation, financial accounting, and accounting education in journals such as The Accounting Review, The Journal of the American Taxation Association, and The Journal of Taxation. He served as president of the American Taxation Association in 1979-80.

Professor Ford has received numerous teaching awards, at the college and university levels. In 1993, he received the Byron T. ShutzAward for Distinguished Teaching in Economics and Business. In 1996 he received the Ray N. Sommerfeld Outstanding Tax Educator Award, which is jointly sponsored by the American Taxation Association and Ernst & Young.

Anna C. Fowler is the John Arch White Professor in the Department of Accounting at the University of Texas at Austin. She received her B.S. in accounting from the University of Alabama and her M.B.A. and Ph.D. from the University of Texas at Austin. Active in the American Taxation Association, she has served on the editorial board of its journal and has held many positions, including president, within the organization. She is also active with the American Institute of CPAs and currently serves on the Executive committee of its Tax Division. Currently, Professor Fowler is a member of the Board of Trustees of the Educational Foundation of the Texas Society of CPAs. She has published a number of articles, most of which have dealt with estate planning or real estate transaction issues. She also is a frequent speaker before professional organizations on estate planning topics.

Robert L. Gardner is the Robert J. Smith Professor of Accounting and the Associate Director of the School of Accountancy and Information Systems at Brigham Young University. He received a B.S. and M.B.A. from the University of Utah and a Ph.D. from the University of Texas at Austin. He has authored or coauthored two books and over 25 articles, and has received several teaching awards. Professor Gardner has served on the Board of Trustees of the American Taxation Association and served as President of the ATA in 1999-2000. He actively consults with several national CPA firms in their continuing education programs.

Richard J. Joseph is a Senior Lecturer in Taxation at The University of Texas at Austin McCombs School of Business. He also is Director of the Master of Professional Accounting Program and the Professional Program in Accounting. A graduate magna cum laude of Harvard College (B.A.), Oxford University (M.Litt.), and The University of Texas School of Law (J.D.), Mr. Joseph has taught individual, corporate, international, and interstate taxation, tax research methods, tax issues in business management, and the fundamentals of financial and managerial accounting. A former Adjunct Professor at the University of Texas at Arlington, he also has taught contract, corporate, securities, agency, and partnership law. Before embarking on his academic career, Mr. Joseph worked as an investment banker at Lehman Brothers, securities trader at Bear Stearns, and as a mergers and acquisitions lawyer for the Bass Group. He has published articles on tax equity, the consumption and flat taxes, and the theory of contract formation.

Susan L. Nordhauser is a Professor at the University of Texas at San Antonio. She received a B.A. from Cornell University, an M.S. from Purdue University, and a Ph.D. from the University of Texas at Austin. She has published many articles on taxation in journals including The Journal of the American Taxation Association, The Accounting Review, The Tax Adviser, and The National Tax Journal. Professor Nordhauser is the recipient of the 1992 Ernst & Young Tax Literature Award. She has served on the editorial board of several academic tax journals.

Michael S. Schadewald is an Associate Professor of Accounting and Director of the Deloitte & Touche Center for Multistate Taxation at the University of Wisconsin-Milwaukee. He holds a Ph.D. from the University of Minnesota, an M.S. from the University of Wisconsin-Milwaukee, and a B.B.A. from the University of Wisconsin-Whitewater. He has co-authored a book on international taxation and has published over 30 articles in a number of accounting and tax journals, including The Journal of the American Taxation Association, The Accounting Review, Contemporary Accounting Research, and The Journal of Taxation. He serves on the editorial boards of The Journal of the American Taxation Association, International Tax Journal, Issues in Accounting Education, and Journal of Accounting Education. He has been awarded numerous research grants and fellowships by Big-Five accounting firms and has worked in the Milwaukee office of Arthur Young (now part of Ernst & Young) prior to entering academics.

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Prentice Hall
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Table of Contents

(NOTE: I = Individual; C = Corporate; Most chapters conclude with Tax Planning Considerations, Compliance and Procedural Considerations, and Problem Materials.)
I-1. An Introduction to Taxation
History of Taxation in the United States. Types of Tax Rate Structures. Types of Taxes. Criteria for a Tax Structure. Objectives of the Federal Income Tax Law. Tax Law Sources. Enactment of a Tax Law. Administration of the Tax Law and Tax Practice Issues. Components of a Tax Practice. Computer Applications in Tax Practice

I-2. Determination of Tax
Formula for Individual Income Tax. Deductions from Adjusted Gross Income. Determining the Amount of Tax. Corporate Tax Formula and Rates. Treatment of Capital Gains and Losses

I-3. Gross Income—Inclusions
Economic and Accounting Concepts of Income. Tax Concept of Income. to Whom Is Income Taxable? When Is Income Taxable? Items of Gross Income—Sec. 61(a). Other Items of Gross Income

I-4. Gross Income—Exclusions
Items That Are Not Income. Major Statutory Exclusions

I-5. Property Transactions—Capital Gains and Losses
Determination of Gain or Loss. Basis Considerations. Definition of a Capital Asset. Tax Treatment for Capital Gains and Losses of Noncorporate Taxpayers. Sale or Exchange. Holding Period. Preferential Treatment for Net Capital Gains

I-6. Deductions and Losses
General Restrictions on the Deductibility of Expenses. Proper Substantiation Requirement. When an Expense Is Deductible. Special Disallowance Rules

I-7. Itemized Deductions
Medical Expenses. Taxes. Interest. Charitable Contributions. Casualty and Theft Losses. Miscellaneous Itemized Deductions. Reduction of Certain Itemized Deductions

I-8. Losses and Bad Debts
Transactions That May Result in Losses. Classifying the Loss on the Taxpayer's Tax Return. Passive Losses. Casualty and Theft Losses. Bad Debts. Net Operating Losses

I-9. Employee Expenses and Deferred Compensation
Classification of Employee Expenses. Travel Expenses. Transportation Expenses. Entertainment Expenses. Reimbursed Employee Business Expenses. Moving Expenses. Education Expenses. Office in Home Expenses. Deferred Compensation

I-10. Depreciation, Cost Recovery, Amortization, and Depletion

I-11. Accounting Periods and Methods
Accounting Periods. Overall Accounting Methods. Inventories. Special Accounting Methods. Imputed Interest. Change in Accounting Methods

I-12. Property Transactions—Nontaxable Exchanges
Like-Kind Exchanges. Involuntary Conversions. Sale of Principal Residence

I-13. Property Transactions—Sec. 1231 and Recapture
History of Sec. 1231. Overview of Basic Tax Treatment for Sec. 1231. Section 1231 Property. Involuntary Conversions. Procedure for Sec. 1231 Treatment. Recapture Provisions of Sec. 1245. Recapture Provisions of Sec. 1250. Additional Recapture for Corporations. Recapture Provisions—Other Applications

I-14. Special Tax Computation Methods, Tax Credits, and Payment of Tax
Alternative Minimum Tax. Self-Employment Tax. Overview of Tax Credits. Personal Tax Credits. Miscellaneous Credits. General Business Credits. Refundable Credits. Payment of Taxes

C-1. Tax Research
Overview of Tax Research. Steps in the Tax Research Process. Importance of the Facts to the Tax Consequences. The Sources of Tax Law. Tax Services. Citators. Computers as a Research Tool. Statements on Responsibilities in Tax Practice. Sample Work Papers and Client Letter

C-2. Corporate Formations and Capital Structure
Organization Forms Available. Check-the-Box Regulations. Legal Requirements for Forming a Corporation. Tax Considerations in Forming a Corporation. Section 351: Deferring Gain or Loss Upon Incorporation. Choice of Capital Structure. Worthlessness of Stock or Debt Obligations

C-3. The Corporate Income Tax
Corporate Elections. Computing a Corporation's Taxable Income. Computing a Corporation's Tax Liability. Controlled Groups of Corporations

C-4. Corporate Nonliquidating Distributions
Nonliquidating Distributions in General. Earnings and Profits (E&P). Nonliquidating Property Distributions. Stock Dividends and Stock Rights. Stock Redemptions. Preferred Stock Bailouts. Stock Redemptions by Related Corporations

C-5. Other Corporate Tax Levies
Tax Corporate Alternative Minimum Tax. Personal Holding Company Tax. Accumulated Earnings Tax

C-6. Corporate Liquidating Distributions
Overview of Corporate Liquidations. General Liquidation Rules. Liquidation of a Controlled Subsidiary Corporation. Special Shareholder Reporting Issues. Special Corporate Reporting Issues. Recognition of Gain or Loss When Property Is Distributed in Retirement of Debt

C-7. Corporate Acquisitions and Reorganizations
Taxable Acquisition Transactions. Comparison of Taxable and Tax-Free Acquisitions. Types of Reorganizations. Tax Consequences of Reorganizations. Acquisitive Reorganizations. Divisive Reorganizations. Other Reorganization Transactions. Judicial Restrictions on the Use of Corporate Reorganizations. Tax Attributes

C-8. Consolidated Tax Returns
Source of the Consolidated Tax Return Rules. Definition of an Affiliated Group. Should a Consolidated Return be Filed? Consolidated Taxable Income. Intercompany Transactions. Dividends Received by Group Members. Consolidated Charitable Contributions Deduction. Net Operating Losses (NOLs). Consolidated Capital Gains and Losses. Computation of the Affiliated Group's Tax Liability. Consolidated Tax Credits, Stock Basis Adjustments

C-9. Partnership Formation and Operation
Definition of a Partnership. Overview of Taxation of Partnership Income. Tax Implications of Formation of a Partnership. Partnership Elections. Partnership Reporting of Income. Partner Reporting of Income. Basis for Partnership Interest. Special Loss Limitations. Transactions between a Partner and the Partnership. Family Partnerships

C-10. Special Partnership Issues
Nonliquidating Distributions. Nonliquidating Distributions With Sec. 751. Terminating an Interest in a Partnership. Optional Basis Adjustments. Special Forms of Partnerships

C-11. S Corporations
Should an S Election Be Made? S Corporation Requirements. Election of S Corporation Status. S Corporation Operations. Taxation of the Shareholder. Basis Adjustments. S Corporation Distributions. Other Rules

C-12. The Gift Tax
Concept of Transfer Taxes. The Unified Transfer Tax System. Gift Tax Formula. Transfers Subject to the Gift Tax. Exclusions. Gift Tax Deductions. The Gift-Splitting Election. Computation of the Gift Tax Liability. Comprehensive Illustration. Basis Considerations for a Lifetime Giving Plan. Below Market Loans: Gift and Income Tax Consequences

C-13. The Estate Tax
Estate Tax Formula. The Gross Estate: Valuation. The Gross Estate: Inclusions. Deductions. Computation of Tax Liability. Comprehensive Illustration. Liquidity Concerns. Generation Skipping- Transfer Tax

C-14. Income Taxation of Trusts and Estates
Basic Concepts. Principles of Fiduciary Accounting. Formula for Taxable Income and Tax Liability. Distributable Net Income. Determining a Simple Trust's Taxable Income. Comprehensive Illustration: Determining a Simple Trust's Taxable Income. Determining Taxable Income for Complex Trusts and Estates. Comprehensive Illustration: Determining a Complex Trust's Taxable Income. Income in Respect of a Decedent. Grantor Trust Provisions

C-15. Administrative Procedures
Role of the Internal Revenue Service. Audits of Tax Returns. Requests for Rulings. Due Dates. Failure-to-File and Failure-to-Pay Penalties. Estimated Taxes. Other More Severe Penalties. Statute of Limitations. Liability for Tax


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