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Individual Taxation, 2002 Edition

Individual Taxation, 2002 Edition - 01 edition

ISBN13: 978-1929045266

Cover of Individual Taxation, 2002 Edition 01 (ISBN 978-1929045266)
ISBN13: 978-1929045266
ISBN10: 1929045263
Edition: 01
Copyright: 2001
Publisher: ARC Publishing Co., Inc.
Published: 2001
International: No

Individual Taxation, 2002 Edition - 01 edition

ISBN13: 978-1929045266

James W. Pratt and William N. Kulsrud

ISBN13: 978-1929045266
ISBN10: 1929045263
Edition: 01
Copyright: 2001
Publisher: ARC Publishing Co., Inc.
Published: 2001
International: No

This text is designed for use in a first course in Federal taxation for undergraduate or graduate accounting, business, or law students. The numerous examples and computational illustrations used to explain the more complex rules concerning the Federal income taxation of individuals should also make this text suitable for use in a self-study program.

Although the primary emphasis of this text is the income taxation of individuals, the final chapter, "Taxation of Business Forms and Their Owners," provides a comparison of the tax consequences of operating a business as a sole proprietorship, partnership, regular corporation, or "S" corporation. For those students who will not have the opportunity to take another course in Federal taxation, this chapter offers an overview of the tax factors that should be considered in the selection of a particular business form. For others, this chapter provides an introduction to some of the topics generally included in a second course in Federal taxation. This text's companion volume, Corporate, Partnership, Estate and Gift Taxation, is designed for use in such a 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

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 I 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.

Author Bio

Pratt, James W. : University of Houston

Kulsrud, William N. : Indiana University

Table of Contents

An Overview of Federal Taxation
Tax Practice, Procedure, and Research
Taxable Entities, Tax Tormula, Introduction to Property Transactions
Personal and Dependency Exemptions; Filing Status; Determination of Tax for an Individual; Filing Requirements
Gross Income
Gross Income: Inclusions and Exclusions
Overview of Deductions and Losses
Employee Business Expenses
Capital Recovery: Depreciation, Amortization, and Depletion
Certain Business Deductions and Losses
Itemized Deductions
Deductions for Certain Investment Expenses and Losses
The Alternative Minimum Tax and Tax Credits
Property Transactions: Basis Determination and Recognition of Gain or Loss
Nontaxable Exchanges
Property Transactions: Capital Gains and Losses
Property Transactions: Dispositions of Trade or Business Property
Employee Compensation and Retirement Plans
Taxation of Business Forms and Their Owners

Tax Rate Schedules and Tables
Tax Forms
Modified ACRS and Original ACRS Tables
Table of Cases Cited
Table of Code Sections Cited
Table of Regulations Cited
Table of Revenue Procedures and Revenue Rulings Cited
Two Individual Comprehensive Tax Return Problems for 2000
Glossary of Tax Terms

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