Packed with new "Big Picture" tax scenarios and new "What-If?" case variations, SOUTH-WESTERN FEDERAL TAXATION 2011: TAXATION OF BUSINESS ENTITIES remains the most effective text for helping students master complex tax concepts and the ever-changing tax legislation. Renowned for its accessible, comprehensive, and time-tested presentation, the text provides thorough coverage while highlighting materials of critical interest to the tax practitioner. Preparing students for the long term, TAXATION OF BUSINESS ENTITIES offers readers many opportunities to sharpen critical-thinking and writing skills. Internet exercises tied directly to chapter research cases give students hands-on experience using online resources to solve tax issues. H&R Block at Home software comes with each new copy of this text to give your students professional experience with leading software! The 2011 edition has been fully updated to include the latest tax legislation. The Professional Edition is identical to the Student Edition except that it does not include student access to Checkpoint from Thomson/Reuters and CPAexcel.

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South-Western Federal Taxation 2011: Taxation of Business Entities (with H&R Block @ Home Tax Preparation Software CD-ROM)

Smith, James E., Raabe, William A., Maloney, David M.

South-Western College/West

Cengage South-Western

South-Western federal taxation, 2011 annual ed., professional ed. includes HetR block at home, Mason, Ohio, 2010

United States, United States of America

lg820503

producers:
Acrobat Distiller 7.0.5 for Macintosh; modified using iTextSharp 5.1.0 (c) 1T3XT BVBA

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Front Cover 1
Title Page 2
Copyright 3
Contents 11
Part 1: The World of Taxation 21
Chapter 1 Introduction to Taxation 22
THE STRUCTURE OF TAXES 23
TYPES OF TAXES 25
INCOME TAXATION OF BUSINESS ENTITIES 38
TAX PLANNING FUNDAMENTALS 40
UNDERSTANDING THE FEDERAL TAX LAW 48
SUMMARY 56
Chapter 2 Working with the Tax Law 61
TAX SOURCES 62
WORKING WITH THE TAX LAW—TAX RESEARCH 78
TAX RESEARCH ON THE CPA EXAMINATION 89
Chapter 3 Taxes on the Financial Statements 99
BOOK-TAX DIFFERENCES 101
INCOME TAXES IN THE FINANCIAL STATEMENTS 107
BENCHMARKING 124
Part 2: Structure of the Federal Income Tax 136
Chapter 4 Gross Income 137
THE TAX FORMULA 139
GROSS INCOME—WHAT IS IT? 140
YEAR OF INCLUSION 143
INCOME SOURCES 149
SPECIFIC ITEMS OF GROSS INCOME 154
Chapter 5 Business Deductions 176
OVERVIEW OF BUSINESS DEDUCTIONS 178
TIMING OF EXPENSE RECOGNITION 180
DISALLOWANCE POSSIBILITIES 182
CHARITABLE CONTRIBUTIONS 189
RESEARCH AND EXPERIMENTAL EXPENDITURES 192
OTHER EXPENSE RULES 193
COST RECOVERY ALLOWANCES 197
AMORTIZATION 211
DEPLETION 212
COST RECOVERY TABLES 215
Chapter 6 Losses and Loss Limitations 228
BAD DEBTS 230
WORTHLESS SECURITIES 233
CASUALTY AND THEFT LOSSES 234
NET OPERATING LOSSES 239
THE TAX SHELTER PROBLEM 241
AT-RISK LIMITATIONS 243
PASSIVE LOSS LIMITS 245
Part 3: Property Transactions 272
Chapter 7 Property Transactions: Basis, Gain and Loss, and Nontaxable Exchanges 273
DETERMINATION OF GAIN OR LOSS 275
BASIS CONSIDERATIONS 280
GENERAL CONCEPT OF A NONTAXABLE EXCHANGE 290
LIKE-KIND EXCHANGES—§ 1031 292
INVOLUNTARY CONVERSIONS—§ 1033 299
OTHER NONRECOGNITION PROVISIONS 303
Chapter 8 Property Transactions: Capital Gains and Losses, Section1231, and Recapture Provisions 315
GENERAL CONSIDERATIONS 317
CAPITAL ASSETS 317
SALE OR EXCHANGE 321
HOLDING PERIOD 327
TAX TREATMENT OF CAPITAL GAINS AND LOSSES OF NONCORPORATE TAXPAYERS 330
TAX TREATMENT OF CAPITAL GAINS AND LOSSES OF CORPORATE TAXPAYERS 338
SECTION 1231 ASSETS 339
SECTION 1245 RECAPTURE 343
SECTION 1250 RECAPTURE 347
EXCEPTIONS TO §§ 1245 AND 1250 349
REPORTING PROCEDURES 352
SUMMARY 352
Part 4: Business Entities 361
Chapter 9 Corporations: Organization, Capital Structure, and Operating Rules 362
AN INTRODUCTION TO CORPORATE TAX 364
ORGANIZATION OF AND TRANSFERS TO CONTROLLED CORPORATIONS 369
CAPITAL STRUCTURE OF A CORPORATION 385
CORPORATE OPERATIONS 389
PROCEDURAL MATTERS 395
SUMMARY 399
Chapter 10 Corporations: Earnings & Profits and Distributions 412
CORPORATE DISTRIBUTIONS—OVERVIEW 413
EARNINGS AND PROFITS (E & P) 414
PROPERTY DIVIDENDS 423
CONSTRUCTIVE DIVIDENDS 426
STOCK DIVIDENDS 431
STOCK REDEMPTIONS 432
CORPORATE LIQUIDATIONS 435
RESTRICTIONS ON CORPORATE ACCUMULATIONS 437
Chapter 11 Partnerships and Limited Liability Entities 447
OVERVIEW OF PARTNERSHIP TAXATION 448
FORMATION OF A PARTNERSHIP: TAX EFFECTS 455
OPERATIONS OF THE PARTNERSHIP 462
TRANSACTIONS BETWEEN PARTNER AND PARTNERSHIP 476
LIMITED LIABILITY ENTITIES 479
SUMMARY 482
Chapter 12 S Corporations 493
AN OVERVIEW OF S CORPORATIONS 495
QUALIFYING FOR S CORPORATION STATUS 496
OPERATIONAL RULES 503
ENTITY-LEVEL TAXES 517
SUMMARY 521
Part 5: Special Business Topics 530
Chapter 13 Multijurisdictional Taxation 531
THE MULTIJURISDICTIONAL TAXPAYER 532
U.S. TAXATION OF MULTINATIONAL TRANSACTIONS 533
CROSSING STATE LINES: STATE AND LOCAL INCOME TAXATION IN THE UNITED STATES 551
COMMON CHALLENGES 559
Chapter 14 Business Tax Credits and Corporate Alternative Minimum Tax 573
TAX POLICY AND TAX CREDITS 574
SPECIFIC BUSINESS-RELATED TAX CREDIT PROVISIONS 575
CORPORATE ALTERNATIVE MINIMUM TAX 585
INDIVIDUAL ALTERNATIVE MINIMUM TAX 601
Chapter 15 Comparative Forms of Doing Business 611
FORMS OF DOING BUSINESS 613
NONTAX FACTORS 615
SINGLE VERSUS DOUBLE TAXATION 617
MINIMIZING DOUBLE TAXATION 621
CONDUIT VERSUS ENTITY TREATMENT 625
DISPOSITION OF A BUSINESS OR AN OWNERSHIP INTEREST 631
OVERALL COMPARISON OF FORMS OF DOING BUSINESS 635
Part 6: Taxation of Individuals 654
Chapter 16 Introduction to the Taxation of Individuals 655
THE INDIVIDUAL TAX FORMULA 657
STANDARD DEDUCTION 662
PERSONAL EXEMPTIONS 664
DEPENDENCY EXEMPTIONS 666
TAX DETERMINATION—FILING CONSIDERATIONS 672
TAX DETERMINATION—COMPUTATION PROCEDURES 677
OVERVIEW OF INCOME PROVISIONS APPLICABLE TO INDIVIDUALS 682
SPECIFIC INCLUSIONS APPLICABLE TO INDIVIDUALS 682
SPECIFIC EXCLUSIONS APPLICABLE TO INDIVIDUALS 685
ITEMIZED DEDUCTIONS 690
INDIVIDUAL TAX CREDITS 707
Chapter 17 Individuals as Employees and Proprietors 727
EMPLOYEE VERSUS SELF-EMPLOYED 729
EXCLUSIONS AVAILABLE TO EMPLOYEES 731
EMPLOYEE EXPENSES 745
INDIVIDUALS AS PROPRIETORS 768
HOBBY LOSSES 776
Appendix 792
TAX RATE SCHEDULES AND TABLES 792
TAX FORMS 815
GLOSSARY 850
TABLE OF CODE SECTIONS CITED 869
TABLE OF REGULATIONS CITED 876
TABLE OF REVENUE PROCEDURES AND REVENUE RULINGS CITED 879
TABLE OF CASES CITED 880
PRESENT VALUE AND FUTURE VALUE TABLES 883
Index 886

2012-03-09