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South Western Essentials of Taxation Individuals and Business Entities 2018 21e Raabe Young Nellen EBOOK PDF Instant Download

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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