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U.S. Master Tax Guide / Edition 97

U.S. Master Tax Guide / Edition 97

by CCH

ISBN-10: 0808035649

ISBN-13: 9780808035640

Pub. Date: 11/28/2013

Publisher: C C H, Incorporated

The tax professional's favorite quick reference-meticulously researched to cover today's federal tax laws. The 97th edition reflects all pertinent federal taxation changes that affect 2013 returns and provide fast and reliable answers to tax questions affecting individuals and business income tax. What's new this year! Updated credits checklist, forms checklist and


The tax professional's favorite quick reference-meticulously researched to cover today's federal tax laws. The 97th edition reflects all pertinent federal taxation changes that affect 2013 returns and provide fast and reliable answers to tax questions affecting individuals and business income tax. What's new this year! Updated credits checklist, forms checklist and tables of information returns, CCH's Principal Analyst Mark Luscombe's "Looking Ahead-Potential Tax", Changes to watch for on 2013 returns, Enhanced coverage of-The net investment income tax and the additional Medicare tax for high-income taxpayers, Foreign Bank Account Reporting (FBAR) and foreign financial asset reporting (FATCA) requirements, The individual and employer mandates under the Affordable Care Act (ACA)

Product Details

C C H, Incorporated
Publication date:
Edition description:
Older Edition
Product dimensions:
5.97(w) x 9.04(h) x 1.61(d)

Table of Contents

Tax Tables-Features

Overview 1

Tax Rates 11

Checklists 55

Special Tax Tables 83

Chapter 1 Individuals

Filing of Tax Returns 101

Computation of Tax Liability 123

Personal and Dependency Exemptions 133

Filing Status 152

Tax Treatment of Decedent's Final Return 178

Chapter 2 Corporations

Corporate Formation 201

Return and Payment of Tax 211

Computation of Tax liability 219

Estimated Tax 241

Accumulated Earnings Tax 251

Personal Service Corporations 273

Personal Holding Companies 275

Controlled Corporate Groups 289

Consolidated Returns 295

Chapter 3 S Corporations

S Corporations Status 301

Taxation of Shareholders 309

Tax Treatment of Distributions 323

Taxation of Corporation 335

Returns and Tax Year 351

Chapter 4 Partnerships

Choice of Entity 401

Publicly Traded Partnerships 403

Partnership-Level Issues 404

Partnership Loss Deductions 425

Partner's Distributive Share of Partnerships Items 428

Sale and Liquidation of Partner's Interest 434

Partnership Contributions, Distributions, and Basis 443

Family Partnerships 474

Organization, Syndication, Start-Up Costs 477

Electing Large Partnerships 482

Chapter 5 Trusts-Estates

Estates and Trusts as Taxable Entities 501

Fiduciary Return and Payment of Tax 510

Taxation of Estates and Trusts 514

Income Distribution Deduction 542

Taxation of Beneficiaries 554

Grantor Trusts 571

Other Special Trusts 590

Chapter 6 Exempt Organizations

Overview 601

Code Sec. 501(c)(3) Organizations 602

Private Foundations 631

Unrelated Business Taxable Income 655

Taxable Income from Debt-Financed Property 687

Other Tax-Exempt Organizations 692

Chapter 7 Income

What Is "Income" 701

Ownership of Income 704

Salaries, Wages, and Benefits 713

Interest 724

Dividends 733

Dividends: Distribution in Redemption of Stock 742

Dividends: Earnings and Profits 747

Business Income 759

Rents and Royalties 762

Farming Income 767

Alimony Payments 771

Other Income 785

Shareholder's or Employee's Bargain Purchase 789

Creditor's Financial Income 793

Below-Market Interest Loans 795

Recoveries 799

Chapter 8 Exclusions from Income

Nontaxable Income 801

Life Insurance 803

Certain Death Benefits 813

Annuity 817

Bequest or Gift 847

Certain Benefits or Awards 851

Reimbursed living Expenses 877

Scholarship or Fellowship Grant 879

Government Cost-Sharing Payments 881

Small Business Stock 882

Foster Care Payments 883

Cancellation of Debt 885

Military Exemptions 891

Benefits for Volunteer Emergency Responders 896A

COBRA Premium Assistance 896B

Disaster Relief Payments 897

Coverdell Education Savings Accounts 898

Qualified Tuition Programs 899

Other Income 899A

Chapter 9 Business Expenses

Trade or Business Expenses 901

Compensation Paid 906

Entertainment, Meal, and Gift Expenses 910

Taxes 920

Charitable Contributions 927

Interest 937

Employee's Expenses 941

Transportation and Car Expenses 945

Traveling Expenses Away from Home 949

Home Office and Vacation Home Expenses 961

Other Business Expenses 968

Domestic Production Activities 980A

Expenses of Professional Persons 981

Farmer's Expenses 982

Landlord or Tenant Expenses 986

Mining Company's Expenses 987

Uniform Capitalization Rules 990

Incentives for Economically Distressed Communities 999A

Chapter 10 Nonbusiness Expenses

Deductions, Generally 1001

Adjusted Gross Income 1005

Floor on Miscellaneous Itemized Deductions 1011

Phaseout of Itemized Deductions 1014

Medical Expenses 1015

Taxes, Generally 1021

Real Property Taxes 1028

Interest 1043

Prepaid Interest 1055

Charitable Contributions 1058

Moving Expense 1073

Dues, Education, and Other Expenses 1080

Production of Income 1085

Chapter 11 Losses

Deduction of Losses 1101

Casualty and Theft Losses 1124

Bad Debts 1145

Net Operating Losses 1173

Hobby Losses 1195

Chapter 12 Depreciation, Amortization and Depletion DEPRECIATION

Allowance for Depreciation 1201

Basis for Depreciation 1203

Section 179 Expense Election 1208

Limitations on Automobiles and Other Listed Property 1211

Depreciation Methods 1216

Leased Property 1234

Modified Accelerated Cost Recovery System (MACRS) 1236

Accelerated Cost Recovery System (ACRS) 1252

Class Life ADR System 1282

Deductions for Refiners 1285

Deduction for Energy Efficiency Improvements 1286


Allowance for Amortization 1287


What is Depletion? 1289

Mineral Production Payments 1291

Percentage Depletion 1294

Chapter 13 Tax Credits

Nonrefundable Credits 1301

Limitation on Nonrefundable Credits 1315

Refundable Credits 1321

Health Care Credits 1331

Energy Credits 1341

Alternative Motor Vehicle Credit 1345

Foreign Tax Credit 1361

General Business Credits 1365

Tax Credit Bonds 1371

Miscellaneous Credits 1391

Chapter 14 Alternative Minimum Tax

Calculating Alternative Minimum Tax 1401

AMT Tax Preference Items and Adjustments 1425

Credits Against Minimum Tax 1470

Chapter 15 Tax Accounting

Accounting Period 1501

Accounting Method 1515

Timing of Income and Expenses 1533

Long-Term Contracts 1551

Inventories 1553

Allocation and Reconstruction of Income 1573

Chapter 16 Basis for Gain or Loss

Computing Gain or Loss 1601

Property Acquired by Purchase 1611

Property Acquired by Gift or Bequest 1630

Property Acquired by Exchange 1648

Other Acquired Property 1678

Valuation Rules 1695

Chapter 17 Sales and Exchanges-Capital Gains

Sales and Exchanges

Sales and Exchanges of Property 1701

Gain or Loss from Sale of Residence 1705

Involuntary Conversion 1713

Transactions Between Related Persons 1717

Tax-Free Exchanges 1719

Capital Gains

Treatment of Capital Gain or Loss 1735

Section 1231 1747

Capital Loss Limitation, Carryover, Carryback 1752

Subdivision of Real Estate 1762

Patents and Royalties 1767

Franchise Grant and Sale 1774

Disposition of Depreciable Property 1779

Farmers' Recaptures 1797

Chapter 18 Installment Sales-Deferred Payments

Installment Sales

Installment Method 1801

Computation of Income 1813

Related-Party Sales 1833

Repossessions of Property 1838

Dispositions of Installment Obligations 1846

Corporate Liquidations 1856

Deferred Payments

Imputed Interest 1859

Treatment of Interest 1883

Chapter 19 Securities Transactions

Taxation of Securities Transactions 1901

Gains and Losses on Small Business Stock 1905

Worthless Securities 1916

Options 1919

Wash Sales 1935

Short Sales 1944

Commodities and Related Instruments 1947

Corporate Bonds and Other Debt Instruments 1950

Accounting Issues 1973

Chapter 20 Tax Shelters-At-Risk Rules-Passive Losses

Tax Shelters

Reportable Transactions 2001

Tax Shelter Penalties 2006

Farming Operations 2028

Accounting Methods 2040

At-Risk Rules

At-Risk Limits on Losses 2045

Passive Activity Losses

Passive Activity Limits on Losses and Credits 2053

Rental Activities 2062

Disposition of Interest in Passive Activity 2076

Tax-Exempt Use Property 2080

Chapter 21 Retirement and Benefits


Retirement Plans - Overview 2101

Defined Contribution Plans - Types 2105

Defined Contribution Plans - Requirements 2114

Defined Benefit Plans - Types 2135

Defined Benefit Plans - Requirements 2140

Hybrid Plans 2150

Individual Retirement Accounts (IRAs) 2152

Other Plans 2160

Plan Terminations 2165

Voluntary Compliance 2171

Nonqualified Plans 2175


Fringe Benefits Under Code Sec. 132 2188

Health and Welfare Benefits 2190

Work/Life Benefits 2192A

Cafeteria Plans and FSAs 2195

Consumer-Driven Health Plans 2197A

Chapter 22 Corporate Acquisitions-Reorganizations-Liquidations

Corporate Division 2201

Corporate Reorganization 2205

Corporate Liquidation 2253

Carryforwards 2277

Chapter 23 Special Corporate Status

Mutual Funds 2301

Real Estate Investment Trusts 2326

Real Estate Mortgage Investment Conduits 2343

Insurance Companies 2370

Other Special Entities 2383

Chapter 24 Foreign Income and Transactions

Overview 2401

U.S. Citizens and Residents Living Abroad 2402

Nonresident Aliens and Foreign Corporations 2425

Reporting Foreign Assets of U.S. Taxpayers 2465

Foreign Tax Credit or Deduction 2475

U.S. Shareholders of Foreign Corporations 2487

Other Foreign Tax Rules 2495

Chapter 25 Returns-Payment of Tax

Filing 2501

Payment of Tax 2525

Deadlines 2549

Information Returns and Payment at Source 2565

Chapter 26 Withholding-Estimated Tax


Withholding on Wages 2601

Computation of Withholding on Wages 2612

Withholding on Non-Wage Payments 2642

FICA&FUTA Taxes 2648

Return and Payment by Employer 2650

Self-Employment Tax 2664

Estimated Tax

Payment of Estimated Taxes 2682

Chapter 27 Examination of Returns-Collection of Tax

Organization of IRS 2701

Examination 2708

Assessment and Collection of Tax 2711

Liens and Levies 2751

Mitigation of Effect of Statute of Limitations 2756

Refunds and Credits 2759

The Courts 2776

Chapter 28 Penalties-Interest

Failure to File Returns or Pay Tax 2801

Document and Information Return Penalties 2814

Underpayments of Tax-Interest 2838

Underpayments of Tax-Penalties 2854

Underpayments of Estimated Tax 2875

Erroneous Tax Refund Claims 2891

Unauthorized Return Disclosures or Inspections 2892

Failure to Notify Health Plan of Ineligibility for COBRA Premium Assistance 2897

Criminal Penalties 2898

Chapter 29 Estate, Gift and Generation-Skipping Transfer Tax

Transfer Tax System 2901

Gift Tax 2903

Estate Tax 2912

Generation-Skipping Transfer Tax 2942

Transfer Tax on Gifts and Bequests from Expatriates 2948

Topical Index 939

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