Summary: This text is designed for use by undergraduate or graduate accounting, business, or law students in their study of Federal taxation. The numerous examples and computational illustrations used to explain the more complex rules concerning the Federal income taxation of individuals, corporations, partnerships, estates, and trusts should also make this text suitable for use in a self-study program.
The primary emphasis of this text is the Federal income t ...show moreaxation of individuals (17 chapters). In addition, abbreviated coverage of the other basic areas of taxation is also provided. Three chapters are devoted to the income taxation of regular corporations and shareholders - from formation to liquidation; and one chapter each is provided for partnerships and S corporations. Federal estate and gift taxation is discussed in one chapter; and two additional chapters contain the related topics of the income taxation of estates, trusts, and beneficiaries and the major aspects of family tax planning. Our goal is covering all these topics in a single volume is to give instructors maximum flexibility in the design of their own courses. It is neither our intention nor our belief that all this material should be covered in a traditional three-hour, one-semester course.
The 2001 Edition has been revised to reflect the changes introduced by the Tax Relief Extension Act of 1999, and all other significant judicial and administrative developments during the past year. In the event that any significant legislative changes in the tax law occur during the year, we will continue our policy of providing users with timely update supplements. Tax updates, new tax forms, and inflation adjustments are also posted on a regular basis to our web site at http://www.pktax.com.
In addition to the standard discussion questions and computational problems contained at the end of every chapter of this text, several chapters contain comprehensive tax return problems and cumulative problems that require an understanding of material presented in earlier chapters and completion of some tax forms. Also, Appendix D contains two comprehensive tax return problems for individual taxpayers. These problems require completion of some of the most common tax forms and are ideal for course projects. Each of these problems requires approximately 6 to 10 hours for completion. These tax return problems are intended to supplement other end-of-chapter problems by requiring students to relate tax rules to actual tax return compliance procedures.
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