Federal Taxation: Basic Principles (2021) (U.S.)
A popular first-level tax course textbook that provides a clear concise explanation of the fundamental tax concepts covering both tax planning and compliance.
Authors: Ephraim P. Smith; Philip J. Harmelink; James R. Hasselback
A popular first-level tax course textbook that provides a clear concise explanation of the fundamental tax concepts covering both tax planning and compliance. Basic Principles strikes a perfect balance between the AICPA model curriculum (focusing on business tax) and the demands favored by most teachers (covering the fundamentals and building toward the complex). The book is also a favorite in distant learning, because of its clarity and direct approach - and it is also used in special programs like CFP courses.
Basic Principles covers the core tax concepts and principles, including individual taxation, gross income, deductions, credits, property transactions, accounting methods and periods, deferred compensation, retirement plans, partnerships, corporations, trusts and estates, and tax planning for individuals.
- Chapter 1 Introduction to Federal Taxation and Understanding the Federal Tax Law
- Chapter 2 Tax Research, Practice and Procedure
- Chapter 3 Individual Taxation -An Overview
- Chapter 4 Gross Income
- Chapter 5 Gross Income - Exclusions
- Chapter 6 Deductions: General Concepts and Trade or Business Deductions
- Chapter 7 Deductions: Business/Investment Losses and Passive Activity Losses
- Chapter 8 Deductions: Itemized Deductions
- Chapter 9 Tax Credits, Prepayments and Special Methods
- Chapter 10 Property Transactions: Determination of Basis and Gains and Losses
- Chapter 11 Property Transactions: Nonrecognition of Gains and Losses
- Chapter 12 Property Transactions: Treatment of Capital and Section 1231 Assets
- Chapter 13 Tax Accounting
- Chapter 14 Deferred Compensation and Education Savings Plans
- Chapter 15 Tax Planning for Individuals
- Chapter 16 Partnerships, Corporations and S Corporations
- Chapter 17 Federal Estate Tax, Federal Gift Tax and Generation-Skipping Transfer Tax
- Chapter 18 Income Taxation of Trusts and Estates
March 31, 2020 888 pages 9780808054078