자료유형 | 단행본 |
---|---|
서명/저자사항 | Prentice Hall's federal taxation, 2004 - individuals / editors, Thomas R. Pope, Kenneth E. Anderson, John L. Kramer |
개인저자 | Pope, Thomas R./ Kramer, John L./ Anderson, Kenneth E. |
발행사항 | Upper Saddle River : Prentice Hall, 2004 |
형태사항 | l v. (various pagings) : ill. ; 29 cm |
ISBN | 0130082228 |
서지주기 | Includes index |
비통제주제어 | Income tax/,소득세 |
분류기호 | 329.4042 |
언어 | 영어 |
캠퍼스간대출 소재불명도서 자료배달서비스 인쇄
No. | 등록번호 | 청구기호 | 소장처 | 도서상태 | 반납예정일 | 예약 | 서비스 | 매체정보 |
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1 | M0290583 | 329.4042 P927 -2004,1 | 삼성캠퍼스/종합자료실/ | 대출가능 | false|true|true|false |true|true |
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CONTENTS
PREFACE ... xiii
CHAPTER 1 AN INTRODUCTION TO TAXATION ... 1-1
History of Taxation in the United States ... 1-2
Early Periods ... 1-2
Revenue Acts From 1913 to the Present ... ...
CONTENTS
PREFACE ... xiii
CHAPTER 1 AN INTRODUCTION TO TAXATION ... 1-1
History of Taxation in the United States ... 1-2
Early Periods ... 1-2
Revenue Acts From 1913 to the Present ... 1-3
Revenue Sources ... 1-3
Types of Tax Rate Structures ... 1-4
The Structure of Individual Income Tax Rates ... 1-4
The Structure of Corporate Tax Rates ... 1-5
Marginal, Average, and Effective Tax Rates for Taxpayers ... 1-5
Determination of Taxable Income and Tax Due ... 1-7
Other Types of Taxes ... 1-7
State and Local Income and Franchise Taxes ... 1-7
Wealth Transfer Taxes ... 1-8
Other Types of Taxes ... 1-11
Criteria for a Tax Structure ... 1-12
Equity ... 1-12
Certainty ... 1-13
Convenience ... 1-13
Economy ... 1-13
Objectives of the Federal Income Tax Law ... 1-14
Economic Objectives ... 1-14
Encouragement of Certain Activities and Industries ... 1-14
Social Objectives ... 1-15
Entities in the Federal Income Tax System ... 1-15
Taxpaying Entities ... 1-15
Flow-Through Entities ... 1-16
Tax Law Sources ... 1-18
Enactment of A Tax Law ... 1-18
Steps in the Legislative process ... 1-18
Administration of the Tax Law and Tax Practice Issues ... 1-20
Organization of the Internal Revenue Service ... 1-20
Enforcement Procedures ... 1-21
Selection of Returns for Audit ... 1-21
Statute of Limitations ... 1-22
Interest ... 1-22
Penalties ... 1-22
Administrative Appeal Procedures ... 1-23
Components of A Tax Practice ... 1-23
Tax Compliance and Procedure ... 1-23
Tax Research ... 1-23
Tax Planning and Consulting ... 1-24
Financial Planning ... 1-24
Computer Applications in Tax Practice ... 1-25
Tax Return Preparation ... 1-25
Tax Planning Applications ... 1-25
Tax Research Applications ... 1-25
Problem Materials ... 1-26
Discussion Questions ... 1-26
Problems ... 1-28
Tax Strategy Problem ... 1-29
Case Study Problem ... 1-30
Research Problem ... 1-30
CHAPTER 2 DETERMINATION OF TAX ... 2-1
Formula for Individual Income Tax ... 2-2
Basic Formula ... 2-2
Definitions ... 2-3
Tax Formula Illustrated ... 2-6
Deductions from Adjusted Gross Income ... 2-7
Itemized Deductions ... 2-7
Standard Deduction ... 2-10
Personal Exemptions ... 2-12
Dependency Exemptions ... 2-13
Child Credit ... 2-18
Determining The Amount of Tax ... 2-19
Filing Status ... 2-19
Joint Return ... 2-20
Surviving Spouse ... 2-20
Head of Household ... 2-21
Single Taxpayer ... 2-22
Married Filing a Separate Return ... 2-22
Abandoned Spouse ... 2-22
Dependents with Unearned Income ... 2-23
Business Income and Business Entities ... 2-25
Treatment of Capital Gains and Losses ... 2-27
Definition of Capital Assets ... 2-28
Shifting Income Between Family Members ... 2-28
Tax Treatment of Gains and Losses ... 2-28
Tax Planning Considerations ... 2-28
Splitting Income ... 2-29
Maximizing Itemized Deductions ... 2-29
Filing Joint or Separate Returns ... 2-29
Compliance and Procedural ... 2-31
Who Must File ... 2-31
Due Dates for Filing Return ... 2-32
Use of Forms 1040, 1040ez, And 1040a ... 2-32
System for Reporting Income ... 2-32
Problem Materials ... 2-33
Discussion Questions ... 2-33
Issue Identification Questions ... 2-33
Problems ... 2-34
Tax Strategy Problems ... 2-38
Tax Form/Return Preparation Problems ... 2-39
Case Study Problems ... 2-39
Tax Research Problems ... 2-40
CHAPTER 3 GROSS INCOME : INCLUSIONS ... 3-1
Economic and Accounting Concepts of Income ... 3-2
Economic Concept ... 3-2
Accounting Concept ... 3-2
Tax Concept of Income ... 3-3
Administrative Convenience ... 3-3
Wherewithal to Pay ... 3-4
Gross Income Defined ... 3-4
To Whom Is Income Taxable? ... 3-6
Assignment of Income ... 3-6
Allocating Income Between Married People ... 3-6
Income of Minor Children ... 3-8
When Is Income Taxable? ... 3-8
Cash Method ... 3-8
Accrual Method ... 3-11
Hybrid Method ... 3-12
Items of Gross Income : Sec. 61(a) ... 3-13
Compensation ... 3-13
Business Income ... 3-13
Gains from Dealings in Property ... 3-13
Interest ... 3-13
Rents and Royalties ... 3-15
Dividends ... 3-16
Alimony and Separate Maintenance Payments ... 3-17
Pensions and Annuities ... 3-19
Income from Life Insurance and Endowment Contracts ... 3-21
Income from Discharge of Indebtedness ... 3-22
Income Passed Through to Taxpayer ... 3-22
Other Items of Gross Income ... 3-22
Prizes, Awards, Gambling Winnings, and Treasure Finds ... 3-22
Illegal Income ... 3-23
Unemployment Compensation ... 3-23
Social Security Benefits ... 3-23
Insurance Proceeds and Court Awards ... 3-24
Recovery of Previously Deducted Amounts ... 3-25
Claim of Right ... 3-26
Tax Planning Considerations ... 3-27
Shifting Income ... 3-27
Alimony ... 3-27
Prepaid Income ... 3-27
Taxable, Tax-Exempt, or Tax-Deferred Bonds ... 3-28
Reporting Savings Bond Interest ... 3-28
Deferred Compensation Arrangements ... 3-29
Compliance and Procedural Considerations ... 3-29
Problem Materials ... 3-30
Discussion Questions ... 3-30
Issue Identification Questions ... 3-33
Problems ... 3-34
Comprehensive Problems ... 3-37
Tax Strategy Problems ... 3-37
Tax Form/Return Preparation Problems ... 3-37
Case Study Problems ... 3-38
Tax Research Problem ... 3-38
CHAPTER 4 GROSS INCOME : EXCLUSIONS ... 4-1
Items that are not Income ... 4-2
Unrealized Income ... 4-2
Self-Help Income ... 4-3
Rental Value of Personal-use Property ... 4-3
Selling Price of Property ... 4-3
Major Statutory Exclusions ... 4-4
Gifts and Inheritances ... 4-4
Life Insurance Proceeds ... 4-5
Adoption Expenses ... 4-6
Awards for Meritorious Achievement ... 4-7
Scholarships and Fellowships ... 4-7
Distributions from Qualified Tuition Programs ... 4-8
Payments for Injury and Sickness ... 4-8
Employee Fringe Benefits ... 4-10
Foreign-Earned Income Exclusion ... 4-18
Income from The Discharge of a Debt ... 4-19
Exclusion for Gain from Small Business Stock ... 4-20
Other Exclusions ... 4-21
Tax Planning Considerations ... 4-21
Employee Fringe Benefits ... 4-21
Self-Help and Use of personally Owned Property ... 4-23
Compliance and Procedural Considerations ... 4-23
Problem Materials ... 4-24
Discussion Questions ... 4-24
Issue Identification Questions ... 4-25
Problems ... 4-25
Comprehensive Problem ... 4-29
Tax Strategy Problems ... 4-29
Tax Form/Return Preparation Problems ... 4-30
Case Study Problems ... 4-30
Tax Research Problem ... 4-31
CHAPTER 5 PROPERTY TRANSACTIONS : CAPITAL GAINS AND LOSSES ... 5-1
Determination of Gain or Loss ... 5-2
Realized Gain or Loss ... 5-2
Recognized Gain or Loss ... 5-4
Basis Considerations ... 5-5
Cost of Acquired Property ... 5-5
Property Received as a Gift : Gifts After 1921 ... 5-6
Property Received from A Decedent ... 5-8
Property Converted from Personal Use to Business Use ... 5-9
Allocation of Basis ... 5-10
Definition of A Capital Asset ... 5-13
Influence of the Courts ... 5-13
Other IRC Provisions Relevant to Capital Gains and Losses ... 5-14
Tax Treatment for Capital Gains and Losses of Noncorporate Taxpayers ... 5-16
Capital Gins ... 5-16
Adjusted Net Capital Gains(ANCG) ... 5-17
Capital Losses ... 5-18
Tax Treatment of Capital Gains and Losses : Corporate Taxpayers ... 5-20
Sale or Exchange ... 5-21
Retirement of Debt Instruments ... 5-22
Worthless Securities ... 5-22
Options ... 5-25
Patents ... 5-26
Franchises, Trademarks, and Trade Names ... 5-27
Lease Cancellation Payments ... 5-27
Holding Period ... 5-28
Property Received as a Gift ... 5-29
Property Received from A Decedent ... 5-29
Nontaxable Exchanges ... 5-29
Receipt of Nontaxable Stock Dividends and Stock Rights ... 5-29
Preferential Treatment for Net Capital Gains ... 5-30
Mobility of Capital ... 5-30
Mitigation of the Effects of Inflation and The Progressive Tax System ... 5-31
Lower the Cost of Capital ... 5-31
Tax Planning Considerations ... 5-31
Selection of Property to Transfer By Gift ... 5-31
Selection of Property to Transfer at Time of Death ... 5-32
Compliance and Procedural Considerations ... 5-33
Documentation of Basis ... 5-33
Reporting of Capital Gains and Losses on Schedule D ... 5-33
Problem Materials ... 5-36
Discussion Questions ... 5-36
Issue Identification Questions ... 5-37
Problems ... 5-38
Comprehensive Problem ... 5-42
Tax Strategy Problems ... 5-43
Tax Form/Return Preparation Problems ... 5-43
Case Study Problems ... 5-44
Tax Research Problems ... 5-45
CHAPTER 6 DEDUCTIONS AND LOSSES ... 6-1
For Versus from Adjusted Gross Income(AGI) Classification ... 6-3
Criteria for Deducting Business and Investment Expenses ... 6-4
Business or Investment Requirement ... 6-5
Ordinary Expense ... 6-7
Necessary Expense ... 6-8
Reasonable Expense ... 6-8
Expenses and Losses must be Incurred By the Taxpayer ... 6-9
General Restrictions on The Deductibility of Expenses ... 6-10
Capitalization Versus Expense Deduction ... 6-10
Expenses Related to Exempt Income ... 6-12
Expenditures That Are Contrary to Public Policy ... 6-12
Other Expenditures That Are Contrary to Public Policy ... 6-14
Proper Substantiation Requirement ... 6-17
When an Expense Is Deductible ... 6-18
Cash Method ... 6-18
Accrual Method ... 6-21
Special Disallowance Rules ... 6-23
Wash Sales ... 6-23
Transactions Between Related Parties ... 6-26
Hobby Losses ... 6-29
Vacation Home ... 6-31
Expenses of An Office in the Home ... 6-34
Tax Planning Considerations ... 6-34
Hobby Losses ... 6-34
Unreasonable Compensation ... 6-35
Timing of Deductions ... 6-36
Compliance and Procedural Considerations ... 6-36
Proper Classification of Deductions ... 6-36
Proper Substantiation ... 6-37
Business Versus Hobby ... 6-37
Problem Materials ... 6-37
Discussion Questions ... 6-37
Issue Identification Questions ... 6-39
Problems ... 6-39
Comprehensive Problem ... 6-45
Tax Strategy Problems ... 6-45
Tax Form/Return Preparation Problems ... 6-46
Case Study Problems ... 6-48
Tax Research Problem ... 6-48
CHAPTER 7 ITEMIZED DEDUCTIONS ... 7-1
Medical Expenses ... 7-2
Qualified Individuals ... 7-2
Qualified Medical Expenses ... 7-3
Amount and Timing of Deduction ... 7-6
Taxes ... 7-9
Definition of A Tax ... 7-9
Deductible Taxes ... 7-9
Nondeductible Taxes ... 7-9
State and Local Income Taxes ... 7-10
Personal Property Taxes ... 7-10
Real Estate Taxes ... 7-10
General Sales Tax ... 7-11
Self-Employment Tax ... 7-11
Interest ... 7-12
Definition of Interest ... 7-12
Classification of Interest Expense ... 7-12
Timing of the Interest Deduction ... 7-19
Charitable Contributions ... 7-21
Qualifying Organization ... 7-21
Type of Property Contributed ... 7-22
Deduction Limitations ... 7-24
Application of Carryovers ... 7-25
Special Rules for Charitable Contributions Made By Corporations ... 7-26
Summary of Deduction Limitations ... 7-26
Casualty and Theft Losses ... 7-28
Miscellaneous Itemized Deductions ... 7-28
Certain Employee Expenses ... 7-28
Expenses to Produce Income ... 7-28
Cost of Tax Advice ... 7-28
Reduction of Certain Itemized Deductions ... 7-29
Tax Planning Considerations ... 7-30
Medical Expense Deduction ... 7-30
Interest Expense Deduction ... 7-31
Deduction for Charitable Contributions ... 7-32
Compliance and Procedural Considerations ... 7-33
Medical Expenses ... 7-33
Contribution of Property ... 7-33
Charitable Contributions ... 7-33
Taxes ... 7-36
Problem Materials ... 7-37
Discussion Questions ... 7-37
Issue Identification Questions ... 7-38
Problems ... 7-38
Comprehensive Problem ... 7-42
Tax Strategy Problems ... 7-43
Tax Form/Return Preparation Problems ... 7-43
Case Study Problems ... 7-45
Tax Research Problem ... 7-45
CHAPTER 8 LOSSES AND BAD DEBTS ... 8-1
Transactions that may Result in Losses ... 8-2
Sale or Exchange of Property ... 8-2
Expropriated, Seized, or Confiscated Property ... 8-3
Abandoned Property ... 8-3
Worthless Securities ... 8-3
Demolition of Property ... 8-4
Classifying the Loss on The Taxpayer's Tax Return ... 8-4
Ordinary Versus Capital Loss ... 8-5
Disallowance Possibilities ... 8-6
Passive Losses ... 8-7
Computation of Passive Losses and Credits ... 8-7
Carryovers ... 8-8
Definition of A Passive Activity ... 8-10
Taxpayers Subject to passive Loss Rules ... 8-12
Publicly Traded Partnerships ... 8-13
Rental Real Estate Trade or Business ... 8-14
Other Rental Real Estate Activities ... 8-15
Casualty and Theft Losses ... 8-17
Casualty Defined ... 8-17
Theft Defined ... 8-19
Deductible Amount of Casualty Loss ... 8-19
Limitations on Personal-use Property ... 8-20
Netting Casualty Gains and Losses on Personal-use Property ... 8-21
Casualty Gains and Losses Attributable to Business and Investment property ... 8-22
When Losses Are Deductible ... 8-22
Bad Debts ... 8-24
Bona Fide Debtor-Creditor Relationship ... 8-24
Taxpayer's Basis in the Debt ... 8-25
Debt must be Worthless ... 8-26
Nonbusiness Bad Debts ... 8-26
Business Bad Debts ... 8-28
Accounting for the Business Bad Debt ... 8-28
Recovery of Bad Debts ... 8-28
Deposits in Insolvent Financial Institutions ... 8-28
Net Operating Losses ... 8-29
Computing the Net Operating Loss ... 8-30
Carryback and Carryover Periods ... 8-32
Recomputation of Taxable Income in the Carryover Year ... 8-33
Tax Planning Considerations ... 8-34
Bad Debts ... 8-34
Casualties ... 8-34
Net Operating Losses ... 8-34
Compliance and Procedural Considerations ... 8-34
Worthless Securities ... 8-34
Problem Materials ... 8-35
Discussion Questions ... 8-35
Issue Identification Questions ... 8-35
Problems ... 8-37
Tax Strategy Problems ... 8-41
Tax Form/Return Preparation Problems ... 8-42
Case Study Problems ... 8-44
Tax Research Problem ... 8-44
CHAPTER 9 EMPLOYEE EXPENSES AND DEFERRED COMPENSATION ... 9-1
Classification of Employee Expenses ... 9-2
Nature of the Employment Relationship ... 9-2
Limitations on Unreimbursed Employee Expenses ... 9-3
Travel Expenses ... 9-4
Deductibility of Travel Expenses ... 9-4
Definition of Travel Expenses ... 9-5
General Qualification Requirements ... 9-6
Business Versus pleasure ... 9-7
Foreign Travel ... 9-8
Additional Limitations on Travel Expenses ... 9-8
Transportation Expenses ... 9-9
Definition and Classification ... 9-9
Treatment of Automobile Expenses ... 9-10
Reimbursement of Automobile Expenses ... 9-12
Entertainment Expenses ... 9-12
50% Disallowance for Meal and Entertainment Expenses ... 9-12
Classification of Expenses ... 9-13
Business Meals ... 9-14
Entertainment Facilities and Club Dues ... 9-15
Business Gifts ... 9-15
Limitations on Entertainment Tickets ... 9-16
Reimbursed Employee Business Expenses ... 9-16
Moving Expenses ... 9-18
Expense Classification ... 9-19
Definition of Moving Expenses ... 9-19
Treatment of Employer Reimbursements ... 9-20
Education Expenses ... 9-20
Classification of Education Expenses ... 9-21
General Requirements for a Deduction ... 9-21
Office in Home Expenses ... 9-24
General Requirements for a Deduction ... 9-24
Deduction and Limitations ... 9-25
Deferred Compensation ... 9-27
Qualified Pension and Profit-Sharing Plans ... 9-27
Qualification Requirements for a Qualified Plan ... 9-28
Tax Treatment to Employees and Employers ... 9-29
Nonqualified Plans ... 9-30
Employee Stock Options ... 9-33
Plans for Self-employed Individuals ... 9-36
Individual Retirement Accounts(IRAs) ... 9-36
Traditional IRA ... 9-36
Roth IRA ... 9-38
Coverdell Education Savings Account ... 9-40
Simplified Employee Pensions ... 9-41
Simple Retirement Plans ... 9-42
Tax Planning Considerations ... 9-42
Moving Expenses ... 9-42
Providing Nontaxable Compensation to Employees ... 9-43
Rollover of Traditional IRA to Roth IRA ... 9-43
Compliance and Procedural Considerations ... 9-44
Stantiating Travel and Entertainment Expenses ... 9-44
Reporting Employee Business Expenses ... 9-44
Reporting Moving Expenses ... 9-47
Reporting Office in Home Expenses ... 9-47
Qualification of Pension and Profit-sharing Plans ... 9-47
Problem Materials ... 9-48
Discussion Questions ... 9-48
Issue Identification Questions ... 9-51
Problems ... 9-51
Comprehensive Problem ... 9-58
Tax Strategy Problems ... 9-59
Tax Form/Return Preparation Problems ... 9-60
Case Study Problems ... 9-61
Tax Research Problem ... 9-62
CHAPTER 10 DEPRECIATION, COST RECOVERY, AMORTIAZATION, AND DEPLETION ... 10-1
Depreciation and Cost Recovery ... 10-2
General Considerations ... 10-2
Depreciation Methods ... 10-4
Calculation of depreciation ... 10-5
MACRS Restrictions ... 10-1
Amortization ... 10-1
Sec. 197 Intangibles ... 10-1
Research and Experimental Expenditures ... 10-1
Computer Software ... 10-1
Depletion, Intangible Drilling and Development Costa ... 10-2
Depletion Methods ... 10-2
Treatment of Intangible Drilling and Development Costs ... 10-2
Tax Planning Considerations ... 10-2
Alternative Depreciation System Under MACRS ... 10-2
IDCs : Capitalization Versus Expensing Election ... 10-2
Use of Units of Production Depreciation ... 10-2
Structuring a Business Combination ... 10-2
Compliance and Procedural Considerations ... 10-2
IDC Election Procedures ... 10-2
Reporting Cost Recovery, Depreciation, Depletion, and Amortization Deductions ... 10-2
Research and Experimental Expenditures ... 10-2
Problem Materials ... 10-2
Discussion Questions ... 10-2
Issue Identification Questions ... 10-2
Problems ... 10-3
Comprehensive Problem ... 10-3
Tax Strategy Problems ... 10-3
Tax Form/Return Preparation Problems ... 10-3
Case Study Problems ... 10-3
Tax Research Problem ... 10-3
CHAPTER 11 ACCOUNTING PERIODS AND METHODS ... 11-1
Accounting Periods ... 11-2
Required payments and Fiscal Years ... 11-3
Changes in the Accounting Period ... 11-4
Returns for periods of Less Than 12 Months ... 11-5
Overall Accounting Methods ... 11-7
Cash Receipts and Disbursements Method ... 11-7
Accrual Method ... 11-9
Hybrid Method ... 11-1
Inventories ... 11-1
Determination of Inventory Cost ... 11-1
Special Accounting Methods ... 11-1
Long-Term Contracts ... 11-1
Installment Sales Method ... 11-1
Deferred payment Sales ... 11-2
Imputed Interest ... 11-2
Imputed Interest Computation ... 11-2
Accrual of Interest ... 11-2
Gift, Shareholder, and Other Loans ... 11-2
Change in Accounting Methods ... 11-2
Amount of Change ... 11-2
Reporting the Amount of the Change ... 11-2
Obtaining IRS Consent ... 11-2
Tax Planning Considerations ... 11-2
Accounting Periods ... 11-2
Accounting Methods ... 11-2
Installment Sales ... 11-2
Compliance and Procedural Considerations ... 11-2
Reporting Installment Sales on Form 6252 ... 11-2
Procedures for Changing to LIFO ... 11-3
Problem Materials ... 11-3
Discussion Questions ... 11-3
Issue Identification Questions ... 11-3
Problems ... 11-3
Comprehensive Problem ... 11-3
Tax Strategy Problems ... 11-3
Tax Form/Return Preparation Problems ... 11-3
Case Study Problems ... 11-3
Tax Research Problems ... 11-3
CHAPTER 12 PROPERTY TRANSACTIONS : NONTAXABLE EXCHANGES ... 12-1
Like-kind Exchanges ... 12-2
Like-Kind Property Defined ... 12-2
A Direct Exchange Must Occur ... 12-5
Three-Party Exchanges ... 12-5
Receipt of Boot ... 12-6
Basis of Property Received ... 12-7
Exchanges Between Related Parties ... 12-8
Transfer of Non-Like-Kind Property ... 12-9
Holding Period for Property Received ... 12-9
Involuntary Conversions ... 12-1
Involuntary Conversion Defined ... 12-1
Tax Treatment of Gain Due to Involuntary Conversion Into Boot ... 12-1
Tax Treatment of Gain Due to an Involuntary Conversion Directly Into Similar Property ... 12-1
Replacement Property ... 12-1
Obtaining Replacement Property ... 12-1
Time Requirements for Replacement ... 12-1
Sale of Principal Residence ... 12-1
Principal Residence Defined ... 12-1
Sale of More Than One Principal Residence Within a Two-Year Period ... 12-1
Involuntary Conversion of a Principal Residence ... 12-2
Tax Planning Considerations ... 12-2
Avoiding the Like-kind Exchange Provisions ... 12-2
Sale of A Principal Residence ... 12-2
Compliance and Procedural Considerations ... 12-2
Reporting of Involuntary Conversions ... 12-2
Reporting of Sale or Exchange of a Principal Residence ... 12-2
Problem Materials ... 12-2
Discussion Questions ... 12-2
Issue Identification Questions ... 12-2
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