Description
South Western Essentials of Taxation Individuals and Business Entities 2018 21e Raabe Young Nellen EBOOK PDF Instant Download
- Preface
- Brief Contents
- Contents
- Part 1: The World of Taxation
- Chapter 1: Introduction to Taxation
- The Big Picture: A Typical Tax Year For a Modern Family
- The Structure of Tax Systems
- Tax Rates
- Tax Fact: Carrying the Tax Burden
- Tax Bases
- Incidence of Taxation
- Types of Taxes
- Taxes on the Production and Sale of Goods
- Global Tax Issues: Why Is Gasoline Expensive? It Depends on Where You Live
- Employment Taxes
- Taxes At Death
- Gift Tax
- Property Taxes
- Tax Fact: A Profile of Tax Collections
- Taxes on Privileges and Rights
- Income Taxes
- Tax Fact: What Is the U.S. Tax Burden?
- Bridge Discipline: Bridge to Political Science and Sociology
- Concept Summary: Overview of Taxes in the United States
- Financial Disclosure Insights: What Do You Mean By “income” Anyway?
- Income Taxation of Business Entities
- Proprietorships
- C Corporations
- Partnerships
- S Corporations
- Limited Liability Companies and Limited Liability Partnerships
- Dealings Between Individuals and Their Business Entities
- Financial Disclosure Insights: Book-Tax Differences
- Tax Planning Fundamentals
- Overview of Tax Planning and Ethics
- A General Framework For Income Tax Planning
- Tax Minimization Strategies Related to Income
- Tax Minimization Strategies Related to Deductions
- Tax Fact: The Rewards of Tax Planning
- Tax Minimization Strategies Related to Tax Rates
- Tax Fact: The U.S. Federal Income Tax
- Tax Minimization Strategies Related to Credits
- Thinking Outside the Framework
- Bridge Discipline: Bridge to Political Science, Economics, Sociology
- Understanding the Federal Tax Law
- Revenue Needs
- Economic Considerations
- Global Tax Issues: Outsourcing of Tax Return Preparation
- Social Considerations
- Equity Considerations
- Political Considerations
- Influence of the Internal Revenue Service
- Influence of the Courts
- Summary
- Refocus on The Big Picture: A Typical Tax Year For a Modern Family
- Chapter 2: Working With the Tax Law
- The Big Picture: Researching Tax Questions
- Tax Law Sources
- Statutory Sources of the Tax Law
- Tax Fact: Scope of the U.S. Tax System
- Administrative Sources of the Tax Law
- Judicial Sources of the Tax Law
- Concept Summary: Federal Judicial System: Trial Courts
- Bridge Discipline: Bridge to Public Policy
- Working With the Tax Law—Tax Research
- Identifying the Problem
- Refining the Problem
- Locating the Appropriate Tax Law Sources
- Bridge Discipline: Bridge to Business Law
- Assessing Tax Law Sources
- Arriving At the Solution or At Alternative Solutions
- Communicating Tax Research
- Updates
- Tax Research Best Practices
- Financial Disclosure Insights: Where Does Gaap Come From?
- Tax Research on the CPA Examination
- Bridge Discipline: Bridge to Regulation and Oversight
- Refocus on The Big Picture: Researching Tax Questions
- Chapter 3: Taxes on the Financial Statements
- The Big Picture: Taxes on the Financial Statements
- Book-Tax Differences
- Different Reporting Entities
- Different Taxes
- Different Methods
- Financial Disclosure Insights: Supersized Goodwill
- Tax Return Disclosures
- Concept Summary: Income Reporting: Book versus Tax
- Income Taxes in the Financial Statements
- GAAP Principles
- Financial Disclosure Insights: The Book-Tax Income Gap
- Global Tax Issues: Accounting For Income Taxes in International Standards
- Valuation Allowance
- Tax Planning Strategies: Releasing Valuation Allowances
- Tax Disclosures in the Financial Statements
- Financial Disclosure Insights: Tax Losses and the Deferred Tax Asset
- Tax Fact: Effective Tax Rates For Fortune 100 Companies
- Special Issues
- Tax Planning Strategies: Tax Savings Are Not Always Created Equal
- Concept Summary: Disclosures Under ASC 740-10 (FIN 48)
- Financial Disclosure Insights: Corporate Tax Rate Cuts: Be Careful What You Wish For
- Tax Planning Strategies: Reducing Effective Tax Rates With Asc 740-30 (APB 23)
- Global Tax Issues: Cash Stashed Overseas
- Summary
- Benchmarking
- Refining the Analysis
- Bridge Discipline: Bridge to Financial Analysis
- Sustaining the Tax Rate
- Uses of Benchmarking Analysis
- Concept Summary: Benchmarking Analysis
- Refocus on The Big Picture: Taxes on the Financial Statements
- Part 2: Structure of the Federal Income Tax
- Chapter 4: Gross Income
- The Big Picture: Just What Is Included in Gross Income?
- The Tax Formula
- Components of the Tax Formula
- Global Tax Issues: From “All Sources” Is a Broad Definition
- Gross Income—What Is It?
- Concepts of Income
- Financial Disclosure Insights: What Does “income” Mean to You?
- Comparing Accounting and Tax Concepts of Income
- Form of Receipt
- Concept Summary: Gross Income Concepts
- Year of Inclusion
- Taxable Year
- Accounting Methods
- Tax Planning Strategies: Cash Receipts Method
- Bridge Discipline: Bridge to Economics and Finance
- Special Rules For Cash Basis Taxpayers
- Special Rules For Accrual Basis Taxpayers
- Tax Planning Strategies: Prepaid Income
- Income Sources
- Personal Services
- Income From Property
- Tax Fact: How Much and What Type of Income?
- Global Tax Issues: Which Foreign Dividends Get the Discounted Rate?
- Tax Fact: Business Income and Loss
- Income Received By An Agent
- Tax Planning Strategies: Techniques For Reducing Investment Income
- Specific Items of Gross Income
- Gains and Losses From Property Transactions
- Interest on Certain State and Local Government Obligations
- Bridge Discipline: Bridge to Public Economics
- Life Insurance Proceeds
- Tax Planning Strategies: Life Insurance
- Income From Discharge of Indebtedness
- Tax Benefit Rule
- Imputed Interest on Below-market Loans
- Financial Disclosure Insights: Loans to Executives Prohibited
- Improvements on Leased Property
- Concept Summary: Income Recognition Rules
- Refocus on The Big Picture: Just What Is Included in Gross Income?
- Chapter 5: Business Deductions
- The Big Picture: Calculating Deductible Expenses
- Overview of Business Deductions
- Ordinary and Necessary Requirement
- Reasonableness Requirement
- Common Business Deductions
- Tax Planning Strategies: Unreasonable Compensation
- The Timing of Expense Recognition
- Cash Method Requirements
- Tax Planning Strategies: Time Value of Tax Deductions
- Accrual Method Requirements
- Expenses Accrued to Related Parties
- Disallowance Possibilities
- Public Policy Limitations
- Global Tax Issues: Overseas Gun Sales Result in Large Fines
- Political Contributions and Lobbying Activities
- Excessive Executive Compensation
- Investigation of a Business
- Transactions Between Related Parties
- Expenses and Interest Related to Tax-Exempt Income
- Other Disallowance Possibilities
- Research and Experimental Expenditures
- Expense Method
- Deferral and Amortization Method
- Domestic Production Activities Deduction
- Calculation of the Domestic Production Activities Deduction
- Qualified Production Activities Income
- Other Business Expenses
- Interest Expense
- Taxes
- Charitable Contributions
- Property Contributions
- Limitations Imposed on Charitable Contribution Deductions
- Cost Recovery Allowances
- Overview
- Cost Recovery: In General
- Bridge Discipline: Bridge to Finance
- Modified Accelerated Cost Recovery System (MACRS)
- Concept Summary: MACRS: Class Lives, Methods, and Conventions
- MACRS For Personal Property
- MACRS For Real Estate
- Straight-Line Election
- Election to Expense Certain Depreciable Assets (§ 179)
- Financial Disclosure Insights: Tax and Book Depreciation
- Additional First-year Depreciation (bonus Depreciation)
- Using § 179 and Bonus Depreciation Effectively
- Bridge Discipline: Bridge to Economics and the Business Cycle
- Business and Personal Use of Automobiles and Other Listed Property
- Concept Summary: Listed Property Cost Recovery
- Bridge Discipline: Bridge to Finance and Economics
- Alternative Depreciation System (ADS)
- Amortization
- Tax Planning Strategies: Structuring the Sale of a Business
- Depletion
- Intangible Drilling and Development Costs (ICS)
- Depletion Methods
- Tax Planning Strategies: Switching Depletion Methods
- Cost Recovery Tables
- Refocus on The Big Picture: Calculating Deductible Expenses
- Chapter 6: Losses and Loss Limitations
- The Big Picture: Receiving Tax Benefits From Losses
- Bad Debts
- Specific Charge-off Method
- Tax Fact: Just How Good Is Your Credit?
- Concept Summary: The Tax Treatment of Bad Debts Using the Specific Charge-Off Method
- Business Versus Nonbusiness Bad Debts
- Loans Between Related Parties
- Worthless Securities and Small Business Stock Losses
- Worthless Securities
- Small Business Stock (§ 1244 Stock) Losses
- Tax Planning Strategies: Maximizing the Benefits of Small Business (§ 1244 Stock) Losses
- Casualty and Theft Losses
- Definition of Casualty
- Deduction of Casualty Losses
- Tax Planning Strategies: Documentation of Related-Taxpayer Loans, Casualty Losses, and Theft Losses
- Definition of Theft
- Loss Measurement
- Casualty and Theft Losses of Individuals
- Concept Summary: Casualty Gains and Losses
- Net Operating Losses
- Introduction
- Carryback and Carryover Periods
- The Tax Shelter Problem
- Bridge Discipline: Bridge to Finance
- At-Risk Limitations
- Concept Summary: Calculation of At-Risk Amount
- Passive Activity Loss Limits
- Classification and Impact of Passive Activity Income and Loss
- Taxpayers Subject to the Passive Activity Loss Rules
- Rules For Determining Passive Activities
- Material Participation
- Concept Summary: Tests to Determine Material Participation
- Rental Activities
- Interaction of At-Risk and Passive Activity Loss Limits
- Concept Summary: Passive Activity Loss Rules: Key Issues and Answers
- Concept Summary: Treatment of Losses Subject to the At-Risk and Passive Activity Loss Limitations
- Special Rules For Real Estate
- Disposition of Passive Activities
- Tax Planning Strategies: Utilizing Passive Activity Losses
- Refocus on The Big Picture: Receiving Tax Benefits From Losses
- Part 3: Property Transactions
- Chapter 7: Property Transactions: Basis, Gain and Loss, and NonTaxable Exchanges
- The Big Picture: Calculating Basis and Recognized Gain For Property Transactions
- Determination of Gain or Loss
- Realized Gain or Loss
- Concept Summary: Realized Gain or Loss
- Bridge Discipline: Bridge to Financial Accounting
- Recognized Gain or Loss
- Concept Summary: Realized and Recognized Gain or Loss
- Nonrecognition of Gain or Loss
- Basis Considerations
- Determination of Cost Basis
- Gift Basis
- Tax Planning Strategies: Gift Planning
- Inherited Property
- Tax Planning Strategies: Inherited Property
- Disallowed Losses
- Concept Summary: Wash Sale Rules
- Tax Planning Strategies: Avoiding Wash Sales
- Conversion of Property From Personal Use to Business or Income-producing Use
- Summary of Basis Adjustments
- Concept Summary: Adjustments to Basis
- General Concept of a NonTaxable Exchange
- Like-Kind Exchanges—§ 1031
- Tax Planning Strategies: Like-Kind Exchanges
- Like-Kind Property
- Exchange Requirement
- Boot
- Basis and Holding Period of Property Received
- Bridge Discipline: Bridge to Economics
- Involuntary Conversions—§ 1033
- Involuntary Conversion Defined
- Replacement Property
- Concept Summary: Involuntary Conversions: Replacement Property Tests
- Time Limitation on Replacement
- Nonrecognition of Gain
- Tax Planning Strategies: Recognizing Involuntary Conversion Gains
- Other Nonrecognition Provisions
- Transfer of Assets to Business Entity—§§ 351 and 721
- Sale of a Principal Residence—§ 121
- Refocus on The Big Picture: Calculating Basis and Recognized Gain For Property Transactions
- Chapter 8: Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions
- The Big Picture: Capital Gains and Losses, § 1231gains and Losses, and Recapture
- General Scheme of Taxation
- Concept Summary: Recognized Gain or Loss Characteristics
- Capital Assets
- Definition of a Capital Asset
- Statutory Expansions
- Sale or Exchange
- Worthless Securities and § 1244 Stock
- Retirement of Corporate Obligations
- Options
- Concept Summary: Options: Consequences to the Grantor and Grantee
- Patents
- Franchises, Trademarks, and Trade Names
- Lease Cancellation Payments
- Concept Summary: Franchises: Consequences to the Franchisor and Franchisee
- Holding Period
- General Rules
- Special Holding Period Rules
- Short Sales
- Tax Planning Strategies: Timing Capital Gains
- Tax Treatment of Capital Gains and Losses of Noncorporate Taxpayers
- Capital Gains
- Tax Planning Strategies: Gifts of Appreciated Securities
- Global Tax Issues: Capital Gain Treatment in the United States and Other Countries
- Concept Summary: Capital Gains of Noncorporate Taxpayers
- Capital Losses
- Capital Gain and Loss Netting Process
- Tax Planning Strategies: Matching Gains With Losses
- Small Business Stock
- Tax Treatment of Capital Gains and Losses of Corporate Taxpayers
- Section 1231 Assets
- Tax Fact: Capital Gains For the Wealthy?
- Relationship to Capital Assets
- Property Included
- Property Excluded
- Casualty or Theft and Nonpersonal-use Capital Assets
- General Procedure For § 1231 Computation
- Concept Summary: Section 1231 Netting Procedure
- Section 1245 Recapture
- Bridge Discipline: Bridge to Financial Accounting
- Section 1245 Property
- Observations on § 1245
- Section 1250 Recapture
- Unrecaptured § 1250 Gain (real Estate 25% Gain)
- Concept Summary: Comparison of § 1245 and § 1250 Depreciation Recapture
- Additional Recapture For Corporations
- Tax Planning Strategies: Selling Depreciable Real Estate
- Exceptions to §§ 1245 and 1250
- Gifts
- Death
- Charitable Transfers
- Certain NonTaxable Transactions
- Like-Kind Exchanges and Involuntary Conversions
- Reporting Procedures
- Tax Planning Strategies: Timing of Recapture
- Refocus on The Big Picture: Capital Gains and Losses, § 1231 Gains and Losses, and Recapture
- Part 4: Taxation of Individuals
- Chapter 9: Individuals As the Taxpayer
- The Big Picture: A Divided Household
- The Individual Tax Formula
- Concept Summary: Individual Income Tax Formula
- Components of the Tax Formula
- Standard Deduction
- Basic and Additional Standard Deduction
- Special Limitations on the Standard Deduction For Dependents
- Personal Exemptions
- Dependency Exemptions
- Qualifying Child
- Concept Summary: Tiebreaker Rules for Claiming Qualifying Child
- Qualifying Relative
- Tax Planning Strategies: Multiple Support Agreements and the Medical Expense Deduction
- Other Rules For Dependency Exemptions
- Tax Planning Strategies: Problems With a Joint Return
- Comparison of Categories For Dependency Exemptions
- Phaseout of Exemptions
- Concept Summary: Tests for Dependency Exemption
- Filing Status and Filing Requirements
- Filing Status
- Bridge Discipline: Bridge to Equity or Fairness
- Global Tax Issues: Filing a Joint Return
- Filing Requirements
- Tax Determination
- Tax Table Method
- Tax Rate Schedule Method
- Tax Planning Strategies: Shifting Income and Deductions Across Time
- Computation of Net Taxes Payable or Refund Due
- Additional Taxes For Certain Individuals
- Kiddie Tax—unearned Income of Children Taxed At Parents’ Rate
- Tax Planning Strategies: Income of Certain Children
- Tax Return Filing Procedures
- Selecting the Proper Form
- Tax Fact: What Form of Tax Compliance Is Right For You?
- The E-file Approach
- When and Where to File
- Modes of Payment
- Refocus on The Big Picture: A Divided Household
- Chapter 10: Individuals: Income, Deductions, and Credits
- The Big Picture: The Tax Implications of Life!
- Overview of Income Provisions Applicable to Individuals
- Specific Inclusions Applicable to Individuals
- Bridge Discipline: Bridge to Economics and Finance
- Alimony and Separate Maintenance Payments
- Prizes and Awards
- Unemployment Compensation
- Social Security Benefits
- Specific Exclusions Applicable to Individuals
- Gifts and Inheritances
- Scholarships
- Damages
- Concept Summary: Taxation of Damages
- Workers’ Compensation
- Accident and Health Insurance Benefits
- Educational Savings Bonds
- Itemized Deductions
- Medical Expenses
- Taxes
- Tax Planning Strategies: Timing the Payment of Deductible Taxes
- Interest
- Concept Summary: Deductibility of Personal, Student Loan, Investment, and Mortgage Interest
- Charitable Contributions
- Global Tax Issues: Choose the Charity Wisely
- Concept Summary: Determining the Deduction for Contributions of Appreciated Property by Individuals
- Miscellaneous Itemized Deductions Subject to 2 Percent Floor
- Other Miscellaneous Deductions
- Overall Limitation on Certain Itemized Deductions
- Tax Planning Strategies: Effective Utilization of Itemized Deductions
- Individual Tax Credits
- Adoption Expenses Credit
- Child Tax Credit
- Credit For Child and Dependent Care Expenses
- Education Tax Credits
- Earned Income Credit
- Affordable Care Act Provisions
- Individual Shared Responsibility Payment
- Premium Tax Credit
- Refocus on The Big Picture: The Tax Implications of Life!
- Chapter 11: Individuals As Employees and Proprietors
- The Big Picture: Self-Employed Versus Employee—what’s the Difference?
- Employee Versus Self-Employed
- Factors Considered in Classification
- Bridge Discipline: Bridge to Equity or Fairness and Business Law
- Tax Planning Strategies: Self-Employed Individuals
- Exclusions Available to Employees
- Employer-sponsored Accident and Health Plans
- Medical Reimbursement Plans
- Bridge Discipline: Bridge to Economic and Societal Needs
- Long-term Care Insurance Benefits
- Meals and Lodging Furnished For the Convenience of the Employer
- Group Term Life Insurance
- Qualified Tuition Reduction Plans
- Other Employee Fringe Benefits
- Cafeteria Plans
- Flexible Spending Plans
- Concept Summary: Employee Fringe Benefits
- General Classes of Excluded Benefits
- Concept Summary: General Classes of Fringe Benefits
- Foreign Earned Income
- Employee Expenses
- Transportation Expenses
- Travel Expenses
- Moving Expenses
- Tax Planning Strategies: Transportation and Travel Expenses
- Concept Summary: Meeting and Not Meeting the Distance Test
- Global Tax Issues: Expatriates and the Moving Expense Deduction
- Tax Planning Strategies: Moving Expenses
- Education Expenses
- Tax Planning Strategies: Education Expenses
- Targeted Tuition Deduction
- Entertainment Expenses
- Tax Planning Strategies: Entertainment Expenses
- Other Employee Expenses
- Classification of Employee Expenses
- Tax Planning Strategies: Unreimbursed Employee Business Expenses
- Contributions to Individual Retirement Accounts
- Concept Summary: Traditional IRAs and Roth IRAs Compared
- Individuals As Proprietors
- Income of a Proprietorship
- Deductions Related to a Proprietorship
- Retirement Plans For Self-Employed Individuals
- Tax Planning Strategies: Important Dates Related to Iras and Keogh Plans
- Tax Planning Strategies: Factors Affecting Retirement Plan Choices
- Accounting Periods and Methods
- Estimated Tax Payments
- Hobby Losses
- General Rules
- Presumptive Rule of Profit-seeking
- The Deductible Amount
- Refocus on The Big Picture: Self-Employed Versus Employee—what’s the Difference?
- Part 5: Business Entities
- Chapter 12: Corporations: Organization, Capital Structure, and Operating Rules
- The Big Picture: Growing Into the Corporate Form
- An Introduction to Corporate Tax
- Double Taxation of Corporate Income
- Global Tax Issues: Choice of Organizational Form When Operating Overseas
- Comparison of Corporations and Other Forms of Doing Business
- Tax Fact: Corporations’ Reporting Responsibilities
- Bridge Discipline: Bridge to Finance
- Concept Summary: Tax Treatment of Business Forms Compared
- NonTax Considerations
- Limited Liability Companies
- Entity Classification
- Organization of and Transfers to Controlled Corporations
- Section 351 Rationale and General Rules
- Concept Summary: Shareholder Consequences: Taxable Corporate Formation versus Tax-Deferred § 351 Tr
- Transfer of Property
- Stock
- Control of the Corporation
- Tax Planning Strategies: Utilizing § 351
- Assumption of Liabilities—§ 357
- Global Tax Issues: Does § 351 Cover the Incorporation of a Foreign Business?
- Concept Summary: Tax Consequences of Liability Assumption
- Tax Planning Strategies: Avoiding § 351
- Basis Determination and Other Issues
- Recapture Considerations
- Tax Planning Strategies: Other Considerations When Incorporating a Business
- Capital Structure of a Corporation
- Capital Contributions
- Debt in the Capital Structure
- Corporate Operations
- Deductions Available Only to Corporations
- Tax Planning Strategies: Organizational Expenditures
- Determining the Corporate Income Tax Liability
- Tax Liability of Related Corporations
- Controlled Groups
- Procedural Matters
- Filing Requirements For Corporations
- Estimated Tax Payments
- Schedule M–1—Reconciliation of Income (Loss) Per Books With Income Per Return
- Concept Summary: Conceptual Diagram of Schedule M–1 (Form 1120)
- Schedule M–2—analysis of Unappropriated Retained Earnings Per Books
- Bridge Discipline: Bridge to Financial Accounting
- Schedule M–3—net Income (loss) Reconciliation For Corporations With Total Assets of $10 Million
- Effect of Taxes on Financial Statements
- Refocus on The Big Picture: Growing Into the Corporate Form
- Chapter 13: Corporations: Earnings & Profits and Distributions
- The Big Picture: Taxing Corporate Distributions
- Corporate Distributions—overview
- Earnings and Profits (E & P)
- Tax Fact: Who Pays Dividends?
- Computation of E & P
- Summary of E & P Adjustments
- Allocating E & P to Distributions
- Concept Summary: Computing E & P
- Bridge Discipline: Bridge to Finance
- Tax Planning Strategies: Corporate Distributions
- Bridge Discipline: Bridge to Investments
- Noncash Dividends
- Noncash Dividends—Effect on the Shareholder
- Noncash Dividends—Effect on the Corporation
- Bridge Discipline: Bridge to Finance
- Constructive Dividends
- Types of Constructive Dividends
- Global Tax Issues: A Worldwide View of Dividends
- Tax Treatment of Constructive Dividends
- Tax Planning Strategies: Constructive Dividends
- Stock Dividends
- Stock Redemptions
- Bridge Discipline: Bridge to Finance
- Global Tax Issues: Non-U.S. Shareholders Prefer Capital Gain Treatment in Stock Redemptions
- Tax Planning Strategies: Stock Redemptions
- Corporate Liquidations
- The Liquidation Process
- Liquidating and Nonliquidating Distributions Compared
- Tax Planning Strategies: Corporate Liquidations
- Restrictions on Corporate Accumulations
- Refocus on The Big Picture: Taxing Corporate Distributions
- Chapter 14: Partnerships and Limited Liability Entities
- The Big Picture: The Tax Consequences of Partnership Formation and Operations
- Overview of Partnership Taxation
- Forms of Doing Business—federal Tax Consequences
- Tax Fact: Partnership Power
- Definition of a Partnership
- Bridge Discipline: Bridge to Finance
- Partnership Taxation and Reporting
- Partner’s Ownership Interest in a Partnership
- Bridge Discipline: Bridge to Business Law
- Formation of a Partnership: Tax Effects
- Gain or Loss on Contributions to the Partnership
- Concept Summary: Partnership/LLC Taxation
- Exceptions to Nonrecognition
- Tax Issues Related to Contributed Property
- Inside and Outside Bases
- Tax Accounting Elections
- Initial Costs of a Partnership
- Operations of the Partnership
- Schedules K and K–1
- Global Tax Issues: Withholding Procedures Apply to Foreign Partners
- Partnership Allocations
- Concept Summary: Tax Reporting of Partnership Activities
- Basis of a Partnership Interest
- Bridge Discipline: Bridge to Financial Accounting
- Tax Fact: What Do Partnerships Do?
- Partner’s Basis, Gain, and Loss
- Loss Limitations
- Tax Planning Strategies: Make Your Own Tax Shelter
- Concept Summary: Partner’s Basis in Partnership Interest
- Transactions Between Partner and Partnership
- Guaranteed Payments
- Other Transactions Between a Partner and a Partnership
- Partners As Employees
- Tax Planning Strategies: Transactions Between Partners and Partnerships
- Concept Summary: Partner-Partnership Transactions
- Limited Liability Companies
- Taxation of LLCs
- Advantages of An LLC
- Disadvantages of An LLC
- Concept Summary: Advantages and Disadvantages of the Partnership Form
- Summary
- Refocus on The Big Picture: The Tax Consequences of Partnership Formation and Operations
- Chapter 15: S Corporations
- The Big Picture: Converting a C Corporation to An S Corporation
- An Overview of S Corporations
- Qualifying For S Corporation Status
- Definition of a Small Business Corporation
- Bridge Discipline: Bridge to Business Law
- Tax Planning Strategies: When to Elect S Corporation Status
- Tax Fact: The Business of S Corporations
- Tax Planning Strategies: Beating the 100-shareholder Limit
- Making the Election
- Shareholder Consent
- Tax Planning Strategies: Making a Proper Election
- Loss of the Election
- Tax Planning Strategies: Preserving the S Election
- Operational Rules
- Computation of Taxable Income
- Allocation of Income and Loss
- Tax Fact: A “Small” Business Corporation
- Tax Treatment of Distributions to Shareholders
- Tax Planning Strategies: Salary Structure
- Tax Planning Strategies: The Accumulated Adjustments Account
- Concept Summary: Distributions from an S Corporation
- Tax Treatment of Noncash Distributions By the Corporation
- Shareholder’s Basis in S Stock
- Concept Summary: Consequences of Noncash Distributions
- Tax Planning Strategies: Working With Suspended Losses
- Treatment of Losses
- Tax Planning Strategies: Loss Considerations
- Concept Summary: Treatment of S Corporation Losses
- Other Operational Rules
- Bridge Discipline: Bridge to Public Finance
- Entity-Level Taxes
- Tax on Pre-Election Built-in Gain
- Tax Planning Strategies: Managing the Built-in Gains Tax
- Tax Fact: No Double Taxation?
- Passive Investment Income Penalty Tax
- Tax Fact: The S Corporation Economy
- Tax Planning Strategies: Avoid Pii Pitfalls
- Summary
- Refocus on The Big Picture: Converting a C Corporation to An S Corporation
- Part 6: Special Business Topics
- Chapter 16: Multijurisdictional Taxation
- The Big Picture: Going International
- The Multijurisdictional Taxpayer
- U.S. Taxation of Multinational Transactions
- Bridge Discipline: Bridge to International Law
- Sources of Law
- Tax Issues
- Tax Fact: U.S. Income Tax Treaties in Force
- Tax Fact: Where Do We Stand?
- Global Tax Issues: Deferral and Repatriation
- Tax Planning Strategies: Sourcing Income From Sales of Inventory
- Tax Fact: Corporate Use of the Foreign Tax Credit
- Tax Planning Strategies: Utilizing the Foreign Tax Credit
- Financial Disclosure Insights: Overseas Operations and Book-Tax Differences
- Tax Planning Strategies: Avoiding Constructive Dividends
- Tax Fact: The Inbound Sector
- Financial Disclosure Insights: Tax Rates in Non-U.S. Jurisdictions
- Concept Summary: U.S. Income Tax Treatment of a Non-U.S. Person’s Income
- Crossing State Lines: State and Local Income Taxation in the United States
- Tax Fact: State Tax Revenue Sources
- Sources of Law
- Tax Issues
- Tax Planning Strategies: Nexus: To Have or Have Not
- Financial Disclosure Insights: State/local Taxes and the Tax Expense
- Concept Summary: Corporate Multistate Income Taxation
- Tax Planning Strategies: Where Should My Income Go?
- Common Challenges
- Authority to Tax
- Bridge Discipline: Bridge to Cost Accounting and Executive Compensation
- Division of Income
- Transfer Pricing
- Bridge Discipline: Bridge to Economic Development and Political Science
- Tax Havens
- Interjurisdictional Agreements
- Refocus on The Big Picture: Going International
- Chapter 17: Business Tax Credits and Corporate Alternative Minimum Tax
- The Big Picture: Dealing With Tax Credits and the AMT
- Business-Related Tax Credit Provisions
- General Business Credit
- Tax Fact: Where Have All the Credits Gone?
- Tax Credit For Rehabilitation Expenditures
- Bridge Discipline: Bridge to Finance
- Work Opportunity Tax Credit
- Research Activities Credit
- Energy Credits
- Disabled Access Credit
- Credit For Small Employer Pension Plan Startup Costs
- Credit For Employer-provided Child Care
- Global Tax Issues: Sourcing Income in Cyberspace—getting It Right When Calculating the Foreign Tax
- Foreign Tax Credit
- Small Employer Health Insurance Credit
- Concept Summary: Tax Credits
- Corporate Alternative Minimum Tax
- The AMT Formula
- An Overview of Corporate Adjustments and Preferences
- AMT Adjustments
- AMT Preferences
- Tax Planning Strategies: Avoiding Preferences and Adjustments
- Adjusted Current Earnings (ACE)
- Concept Summary: Determining the ACE Adjustment
- Concept Summary: How Various Transactions Affect ACE and E & P
- Alternative Tax Net Operating Loss Deduction
- Computation of Alternative Minimum Taxable Income
- Tax Planning Strategies: Optimum Use of the AMT and Regular Corporate Income Tax Rate Difference
- Tax Planning Strategies: Controlling the Timing of Preferences and Adjustments
- AMT Rate and Exemption
- Minimum Tax Credit
- Other Aspects of the AMT
- Tax Planning Strategies: the S Corporation Option
- Individual Alternative Minimum Tax
- Refocus on The Big Picture: Dealing With Tax Credits and the AMT
- Chapter 18: Comparative Forms of Doing Business
- The Big Picture: Choosing a Business Form and Other Investments
- Forms of Doing Business
- NonTax Factors Affecting the Choice of Business Form
- Limited Liability
- Tax Fact: Revenue Relevance of Corporate Versus Individual Taxpayers
- Other Factors
- Capital Formation
- The Conduit and Entity Perspectives of Legal Business Forms
- Effect on the Taxation of Business Operations
- Global Tax Issues: Do Corporations Pay Taxes?
- Tax Planning Strategies: Planning For the AMT
- Effect on the Ability to Specially Allocate Income Among Owners
- Effect on the Tax Treatment of Capital Contributions
- Tax Fact: Profitability of Partnerships
- Effect on the Basis of An Ownership Interest
- Bridge Discipline: Bridge to Business Law and Financial Accounting
- Effect on the Application of the At-Risk and Passive Activity Loss Rules
- Effect on the Tax Treatment of Distributions
- Effect on Other Taxes
- Minimizing Double Taxation
- Making Deductible Distributions
- Deferring Distributions
- Making Return-of-capital Distributions
- Electing S Corporation Status
- Tax Fact: Income Tax Returns Filed By Business Entities
- Bridge Discipline: Bridge to Economics
- Disposing of a Business
- Sole Proprietorships
- Partnerships and Limited Liability Companies
- C Corporations
- Tax Planning Strategies: Selling Stock or Assets
- S Corporations
- Concept Summary: Tax Treatment of Disposition of a Business
- Conversion to Other Entity Types
- Sole Proprietorship
- C Corporation
- Partnership
- Overall Comparison of Business Forms
- Concept Summary: Tax Attributes of Different Forms of Doing Business(Assume That Partners and Shareh
- Refocus on The Big Picture: Choosing a Business Form and Other Investments
- Appendixes
- Tax Rate Schedules and Tables
- Tax Forms
- Glossary
- Table of Code Sections Cited
- Table of Regulations Cited
- Table of Revenue Procedures and Revenue Rulings Cited
- Table of Cases Cited
- Present Value and Future Value Tables
- Tax Formulas
- Index
