Taxation for Decision Makers, 2017 Edition is designed for a one-semester, introductory tax course focused on decision-making at either the undergraduate or graduate level. This text introduces all relevant tax topics covered on the CPA exam, and strikes the perfect balance between concepts and details. Tax concepts and applications are presented in a clear, concise, student-friendly writing style with sufficient technical detail to provide a foundation for future practice in taxation and consulting while not overwhelming the student with seldom-encountered minutia.
About the Authors xxvi
PART I INTRODUCTION TO TAXATION AND ITS ENVIRONMENT
1 An Introduction to Taxation 2
2 The Tax Practice Environment 43
PART II INCOME, EXPENSES, AND INDIVIDUAL TAXES
3 Determining Gross Income 104
4 Employee Compensation 150
5 Deductions and Completing the Individual Tax Return 208
PART III BUSINESS AND PROPERTY CONCEPTS
6 Business Expenses 272
7 Property Acquisitions and Cost Recovery Deductions 322
PART IV PROPERTY DISPOSITIONS
8 Property Dispositions 364
9 Tax-Deferred Exchanges 412
PART V BUSINESS TAXATION
10 Taxation of Corporations 466
11 Sole Proprietorships and Flow-Through Entities 515
PART VI WEALTH TAXATION
12 Estates, Gifts, and Trusts 568
Appendix Selected Tax Tables for 2016 611
- All chapters have been updated for all recent legislation and IRS pronouncements available as of April 2016.
- References to pending legislation that could affect text material have been made where appropriate.
- Additional questions and problems have been added to each chapter including new comprehensive problems that integrate material from several chapters.
- Balanced Approach: This text strikes a balance between concepts and details by including sufficient technical detail to provide a foundation for future practice in taxation and consulting while not overwhelming the student with seldom-encountered technicalities. The importance of tax planning is woven into each chapter with margin icons highlighting planning opportunities.
- Promotion of Critical Analysis and Decision-Making Skills: The chapter-opening case introduces key concepts which emphasize the most important topics that students need to master. These cases are then revisited at the end of each chapter for greater reinforcement.
- Comprehensive and Flexible: Chapter arrangement and topic presentation make it easy to change the sequence of chapters, while the Expanded Topics section included at the end of several chapters contain more advanced topics allowing instructors to achieve the level of rigor appropriate for each particular class.