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Individual Taxation By Ryan Pace

Individual Taxation by Ryan Pace

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Summary

Designed for undergraduate students engaged in their initial study of the taxation of individuals. The text is intended for use in a single semester course. The purpose of this text is to present the fundamentals of determining gross income, exclusions, deductions, credits, etc.

Individual Taxation Summary

Individual Taxation by Ryan Pace

Individual Taxation is designed for undergraduate students engaged in their initial study of the taxation of individuals. The text is intended for use in a single semester course. The purpose of this text is to present the fundamentals of determining gross income, exclusions, deductions, credits, etc. To accomplish this purpose, the text does not contain a comprehensive coverage of all possible unique exceptions and transactional variations. As a result, students can better understand the core important concepts rather than focusing on memorizing never-ending rules that often change. Straight-forward examples illustrate the impact of tax laws on common situations. Being proficient with the material contained in this text is essential for accounting students looking to advance their careers.

The following features highlight the approach of this text:
  • Reader-friendly language
  • Simple math so the student can focus on the concept, not the math
  • Shorter chapters to enhance retention and minimize reader fatigue
  • Direct quotations from the Internal Revenue Code so the student becomes familiar with it
  • Practical questions and problems
  • Straightforward tax return problems
  • Affordable text that provides enough material to cover a semester of study, but not so much that the instructor cannot effectively cover it all

Table of Contents

  • Preface
  • About the Author
  • PART 1 INTRODUCTION TO INDIVIDUAL TAXATION
  • Chapter 1 Tax Law in General
  • A. Constitutional Authority of Congress to Impose a Tax
  • B. Organization of the Internal Revenue Code
  • C. Other Sources of Tax Law
  • D. Types of Taxes
  • E. The IRS
  • Chapter 2 Individual Income Tax Formula and Tax Rates
  • A. Individual Income Tax Formula
  • 1. Income from Whatever Source Derived
  • 2. Exclusions
  • 3. Gross Income
  • 4. Deductions for Adjusted Gross Income
  • 5. Adjusted Gross Income
  • 6. Deductions from Adjusted Gross Income
  • 7. Taxable Income
  • 8. Tax Rate
  • 9. Gross Tax Liability
  • 10. Tax Credits and Prepaid Taxes
  • 11. Net Tax Liability or Refund
  • B. Income Tax Rates for Individuals
  • C. IRS Form 1040
  • PART 2 FILING STATUS, PERSONAL AND DEPENDENCY EXEMPTIONS STANDARD DEDUCTION, AND FILING REQUIREMENTS
  • Chapter 3 Filing Status
  • A. Single
  • B. Head of Household
  • C. Married Filing Jointly and Married Filing Separately
  • D. Surviving Spouse
  • E. Tax Rate Schedules Based on Filing Status
  • 1. Single
  • 2. Head of Household
  • 3. Married Filing Jointly and Surviving Spouses (Qualifying Widow(er))
  • 4. Married Filing Separately
  • F. Kiddie Tax
  • Chapter 4 Exemptions and the Standard Deduction
  • A. Personal Exemption
  • B. Dependency Exemption
  • 1. Qualifying Child
  • i. Relationship Test
  • ii. Principal Place of Abode Test
  • iii. Age Test
  • iv. Support Test
  • 2. Qualifying Relative
  • i. Relationship Test
  • ii. Gross Income Test
  • iii. Support Test
  • C. Standard Deduction
  • Chapter 5 Filing Requirements, Interest and Penalties
  • A. Filing Requirements
  • 1. Who Must File?
  • 2. What Form Is Filed?
  • 3. When Is the Tax Return Due?
  • B. Interest
  • C. Civil Penalties
  • 1. Failure to File and Failure to Pay Penalties
  • 2. Accuracy-Related Penalties
  • 3. Other Civil Penalties
  • D. Criminal Penalties
  • PART 3 INCLUSIONS IN GROSS INCOME
  • Chapter 6 Gross Income Defined, Wages, Salaries, Tips, Business Income, Unemployment Compensation, and Social Security Benefits
  • A. Assignment of Income Doctrine and Wherewithal to Pay Concept
  • 1. Assignment of Income Doctrine
  • 2. Wherewithal-to-Pay Concept
  • B. Gross Income Defined
  • C. Wages, Salaries, Tips, and Business Income
  • 1. Employee v. Independent Contractor
  • 2. Reporting Requirements
  • D. Unemployment Compensation
  • E. Social Security Benefits
  • Chapter 7 Interest, Dividends, Capital Gains, Rental, and Royalty Income
  • A. Interest
  • B. Dividends
  • C. Capital Gains and Losses
  • D. Rental Income
  • E. Royalty Income
  • F. Medicare Tax on Net Investment Income
  • Chapter 8 Prizes, Awards, Tax Refunds, Alimony, and Other Income
  • A. Prizes and Awards
  • B. Income Tax Refunds
  • C. Alimony
  • D. Gambling and Lottery Winnings
  • E. Cancellation of Indebtedness
  • F. Income From Pass-Through Entities
  • G. Treasure Finds
  • Chapter 9 Transactions in Property
  • A. Terminology
  • B. Classification of Assets
  • 1. Capital Assets
  • 2. Ordinary Assets
  • 3. Section 1231 Assets
  • PART 4 EXCLUSIONS FROM GROSS INCOME
  • Chapter 10 Common Exclusions from Gross Income
  • A. Gifts and Inheritances
  • B. Life Insurance Proceeds
  • C. Tax-Exempt Interest
  • D. Scholarships
  • E. Payment on Account of Injury and Sickness
  • 1. Workers' Compensation
  • 2. Other Payments on Account of Personal Injury or Sickness
  • F. Income from the Discharge of Debt
  • 1. Bankruptcy
  • 2. Insolvency
  • 3. Student Loans
  • G. Foreign Earned Income Exclusion
  • H. Sale of a Personal Residence
  • Chapter 11 Exclusion of Employer-Provided Employee Benefits
  • A. Accident and Health Plans
  • B. Cafeteria Plans
  • C. Dependent Care Assistance
  • D. Educational Assistance
  • E. Adoption Assistance
  • F. Retirement Plan Contributions
  • G. Meals and Lodging
  • H. Section 132 Fringe Benefits
  • 1. No-Additional-Cost Service
  • 2. Qualified Employee Discount
  • 3. Working Condition Fringe
  • 4. De Minimis Fringe
  • 5. Qualified Transportation Fringe
  • 6. Qualified Moving Expense Reimbursement
  • 7. Qualified Retirement Planning Services
  • I. Employee Achievement Awards
  • J. Group Term Life Insurance Premiums
  • PART 5 DEDUCTIONS IN ARRIVING AT ADJUSTED GROSS INCOME (DEDUCTIONS FOR AGI)
  • Chapter 12 Common Business Deductions
  • A. Ordinary and Necessary Business Expenses
  • B. Travel and Transportation Expenses
  • 1. Travel
  • 2. Transportation
  • C. Depreciation and Amortization
  • 1. Depreciation Methods
  • i. Tangible Personal Property
  • ii. Real Property
  • 2. Recovery Periods
  • i. Tangible Personal Property
  • ii. Real Property
  • 3. Conventions
  • i. Tangible Personal Property
  • ii. Real Property
  • 4. Other Depreciation Issues
  • i. Property That Cannot Be Depreciated
  • ii. The Section 179 Election
  • iii. Bonus Depreciation
  • iv. Listed Property
  • v. Other Terminology and Special Rules
  • 5. Amortization
  • 6. IRS Form 4562
  • D. Other Common Business Expenses
  • E. Home Office Expenses
  • 1. In General
  • 2. Safe Harbor
  • Chapter 13 Losses and Bad Debts
  • A. Losses on Personal-Use Assets
  • B. Net Operating Losses
  • C. Bad Debts
  • D. Hobby Losses
  • E. At-Risk Losses
  • F. Passive Losses
  • G. Losses on Transactions with a Related Party
  • H. Other Losses
  • Chapter 14 Alimony, Moving Expenses, Educational Expenses, Student Loan Interest, and Tuition and Fees
  • A. Alimony
  • B. Moving Expenses
  • C. Educational Expenses
  • D. Student Loan Interest Deduction
  • Chapter 15 Individual Retirement Account Contributions, One-Half Self-Employment Tax, and Other For AGI Deductions
  • A. Individual Retirement Account Contributions
  • B. Health Savings Accounts
  • C. Certain Retirement Plans for Self-Employed Individuals
  • D. One-Half of Self-Employment Tax
  • E. Penalty on Early Withdrawal of Savings
  • F. Teachers' Classroom Expenses
  • PART 6 ITEMIZED DEDUCTIONS (DEDUCTIONS FROM AGI)
  • Chapter 16 Medical Expenses, Taxes, and Interest Expense
  • A. Medical Expenses
  • B. Taxes
  • C. Interest Expenses
  • 1. Personal Residence Interest
  • 2. Investment Interest
  • 3. Personal Interest
  • Chapter 17 Charitable Contributions
  • A. Charitable Contributions in General
  • B. Public Charities and Private Foundations
  • C. Limitations on Deductibility of Donations to Public Charities
  • D. Limitations on Deductibility of Donations to Private Foundations
  • E. Reporting, Documentation, and Other Special Rules
  • 1. Reporting and Documentation
  • 2. Other Special Rules
  • PART 7 TAX CREDITS
  • Chapter 18 Common Tax Credits for Individuals
  • A. Earned Income Credit
  • B. Child Tax Credit
  • C. American Opportunity Credit and Lifetime Learning Credit
  • 1. American Opportunity Tax Credit
  • 2. Lifetime Learning Credit
  • D. Credit for Child and Dependent Care Expenses
  • E. Adoption Credit
  • F. Foreign Tax Credit
  • Chapter 19 Prepayments of Tax and Other Tax Credits
  • A. Prepayment of Taxes
  • B. Business Credits
  • C. Residential Energy Efficient Property Credit
  • D. Qualified Retirement Savings Contributions Credit (Saver's Credit)
  • E. Other Credits
  • PART 8 TIMING OF RECOGNIZING INCOME AND DEDUCTIONS
  • Chapter 20 Taxable Year and Accounting Methods
  • A. Taxable Year
  • B. Accounting Methods
  • 1. Cash Method
  • 2. Accrual Method
  • 3. Inventories
  • 4. Other Accounting Method and Timing Issues
  • PART 9 SPECIAL TOPICS
  • Chapter 21 Special Issues in Property Transactions
  • A. Depreciation Recapture
  • 1. Depreciation Recapture on Sale of Depreciable Personal Property
  • 2. Depreciation Recapture on Sale of Depreciable Real Property
  • B. Like-Kind Exchanges
  • C. Involuntary Conversions
  • Chapter 22 Qualified Retirement Plans and Deferred Compensation Arrangements
  • A. Qualified Retirement Plans
  • 1. Pension Plans
  • i. Defined Benefit
  • ii. Defined Contribution
  • 2. Profit-sharing Plans, Stock Bonus Plans, etc.
  • B. Deferred Compensation Arrangements
  • 1. Restricted Stock
  • 2. Stock Options
  • i. Incentive Stock Option Plans
  • ii. Nonqualified Stock Option Plans
  • 3. Other Arrangements
  • Chapter 23 Vacation Homes and Sale of a Principal Residence
  • A. Vacation Homes
  • B. Sale of a Principal Residence
  • 1. Ownership and Use Requirements
  • 2. Exceptions to Ownership and Use Requirements
  • 3. Gain Due to Depreciation
  • Chapter 24 Alternative Minimum Tax
  • A. Imposition of the AMT
  • B. Preference Items
  • C. Adjustments
  • D. Exemption Amount
  • Chapter 25 Overview of Partnership Taxation
  • A. Partnerships and Limited Liability Companies in General
  • B. The Check-the-Box Rules
  • C. Transfers of Property to Partnerships and LLCs
  • D. Separately Stated Items
  • E. Guaranteed Payments
  • F. Qualified Business Income Deduction
  • G. Reporting
  • H. Distributions
  • I. Sale of a Partnership Interest
  • J. Conclusion
  • Chapter 26 Overview of Corporate Taxation
  • A. C Corporations
  • 1. Imposition of Income Tax
  • 2. Transfers of Property to a C Corporation
  • 3. Specific Items of Income and Deduction
  • i. Capital Gains and Losses
  • ii. Dividends Received Deduction
  • iii. Net Operating Losses
  • iv. Charitable Contributions
  • 4. Distributions
  • 5. Mergers, Acquisitions, and Consolidations
  • i. Mergers and Acquisitions
  • ii. Consolidations
  • 6. Reporting
  • 7. Sale of C Corporation Stock
  • 8. Liquidation
  • B. S Corporations
  • 1. Qualifying for S Status
  • 2. Transfers of Property to an S Corporation
  • 3. Separately Stated Items
  • 4. Reporting
  • 5. Distributions
  • 6. Sale of S Corporation Stock
  • C. Conclusion
  • Chapter 27 Overview of Other Taxes
  • A. Gift Taxes
  • B. Estate Taxes
  • C. Payroll Taxes
  • D. Income Taxation of Trusts and Estates
  • E. International Taxation
  • F. Excise Taxes
  • G. State and Local Taxation
  • Chapter 28 Tax Audits and Appeals
  • A. IRS Audits and Appeals
  • B. Statute of Limitations
  • C. Burden of Proof
  • D. Privileged Communications
  • E. Regulation of Tax Return Preparers
  • Chapter 29 Overview of Tax Research
  • A. Legislative Branch
  • B. Executive Branch
  • 1. Treasury Regulations
  • 2. Revenue Rulings, Revenue Procedures
  • 3. Private Letter Rulings
  • 4. Determination Letters
  • 5. Technical Advice Memoranda
  • C. Judicial Branch
  • D. Tax Research Resources
  • E. Common Forms of Citation
  • 1. Internal Revenue Code
  • 2. Treasury Regulations
  • 3. Revenue Rulings and Revenue Procedures
  • 4. Private Letter Rulings and Technical Advice Memoranda
  • 5. Court Cases
  • i. Tax Court
  • ii. U.S. District Court
  • iii. U.S. Court of Federal Claims
  • iv. U.S. Circuit Court of Appeals
  • v. United States Supreme Court
  • Appendix of Forms
  • Index

Additional information

NLS9781524985790
9781524985790
1524985791
Individual Taxation by Ryan Pace
New
Paperback
Kendall/Hunt Publishing Co ,U.S.
20190318
277
N/A
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