Principles of taxation for business and investment planning

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Hauptverfasser:	Jones, Sally M. (VerfasserIn), Rhoades-Catanach, Shelley C. (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Boston, Mass. [u.a.] McGraw Hill/Irwin 2008
Ausgabe:	2008 ed.
Schlagworte:	Besteuerungsverfahren USA
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Datensatz im Suchindex

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adam_text	A Note from the Authors xiv Introduction to Students xxiv PART ONE EXPLORING THE TAX ENVIRONMENT Chapter 1 Types of Taxes and the Jurisdictions That Use Them 3 Some Basic Terminology 4 The Relationship between Base, Rate, and Revenue 5 Transaction or Activity-Based Taxes 6 Earmarked Taxes 6 The Pervasive Nature of Taxation 6 Local Taxes 7 State Taxes 8 Federal Taxes 10 Taxes Imposed by Foreign Jurisdictions 12 Jurisdictional Competition 12 Dynamic Nature of Taxation 13 Tax Base Changes 13 Taxes and the Political Process 14 Sources of Federal Tax Law 14 Statutory Authority 15 Administrative Authority 15 Judicial Authority 16 Conclusion 16 Key Terms 16 Questions and Problems for Discussion 17 Application Problems 18 Issue Recognition Problems 19 Research Problems 20 Tax Planning Cases 20 Chapter 2 Tax Policy Issues: Standards for a Good Tax 21 Standards for a Good Tax 22 Taxes Should Be Sufficient 22 The National Debt 23 How to Increase Tax Revenues 23 Static versus Dynamic Forecasting 24 Behavioral Responses to Rate Changes 25 Taxes Should Be Convenient 28 Taxes Should Be Efficient 28 The Classical Standard of Efficiency 29 Taxes as an Instrument of Fiscal Policy 29 Taxes and Behavior Modification 30 Taxes Should Be Fair 32 Ability to Pay 32 Horizontal Equity 32 Vertical Equity 33 Distributive Justice 36 The Perception of Inequity 37 Conclusion 38 Key Terms 39 Questions and Problems for Discussion 39 Application Problems 40 Issue Recognition Problems 42 Research Problems 43 Tax Planning Case 43 PART TWO FUNDAMENTALS OF TAX PLANNING Chapter 3 Taxes as Transaction Costs 47 The Role of Net Present Value in Decision Making 48 Quantifying Cash Flows 48 The Concept of Present Value 48 The Issue of Risk 50 A Net Present Value Example 51 Taxes and Cash Flows 51 The Significance of Marginal Tax Rate 52 Net Present Value Example Revisited 53 The Uncertainty of Tax Consequences 55 Structuring Transactions to Reduce Taxes 57 An Important Caveat 58 Transactional Markets 58 Conclusion 62 Key Terms 63 Questions and Problems for Discussion 63 Application Problems 63 Issue Recognition Problems 67 Tax Planning Cases 68 Chapter 4 Maxims of Income Tax Planning 69 Tax Avoidance—Not Evasion 70 What Makes Income Tax Planning Possible? 70 The Entity Variable 71 Income Shifting 72 Deduction Shifting 72 Constraints on Income Shifting 73 The Time Period Variable 73 Income Deferral and Opportunity Costs 75 Income Deferral and Rate Changes 76 The Jurisdiction Variable 77 The Character Variable 77 Determining the Value of Preferential Rates 78 Constraints on Conversion 79 Implicit Taxes 79 Developing Tax Planning Strategies 80 Additional Strategic Considerations 81 Tax Legal Doctrines 83 Conclusion 84 Key Terms 84 Questions and Problems for Discussion 85 Application Problems 86 Issue Recognition Problems 89 Research Problems 90 Tax Planning Cases 90 Chapter 5 Tax Research 93 Developing Tax Research Skills 93 The Tax Research Process 94 Step 1: Get the Facts 95 Step 2: Identify the Issues 96 Step 3: Locate Authority 97 Primary Authorities 97 Secondary A uthorities 99 Strategies for Locating Relevant Authority 100 Step 4: Analyze Authority 102 Step 5: Repeat Steps 1 through 4 105 Step 6: Communicate Your Conclusions 106 Conclusion 108 Key Terms 108 Questions and Problems for Discussion 108 Application Problems 109 Issue Recognition Problems 111 Research Problems 111 Tax Planning Cases 112 PART THREE THE MEASUREMENT OF TAXABLE INCOME Chapter 6 Taxable Income from Business Operations 115 Business Profit as Taxable Income 116 The Taxable Year 116 Changing a Taxable Year 117 Annualizing Income on a Short-Period Return 117 Methods of Accounting 119 Tax Policy Objectives 120 The Cash Method 122 Constructive Receipt 123 Prepaid Expenses and Interest 124 Merchandise Inventories 125 Limitations on Use of the Cash Method by Corporations 125 The Accrual Method 126 Contrasting Perspectives on Income Measurement 127 Permanent versus Temporary Differences 127 Tax Expense versus Tax Payable 129 Temporary Book/Tax Accounting Differences 130 Net Operating Losses 134 The Problem of Excess Deductions 134 Solution: The NOL Deduction 135 Valuing an NOL Deduction 136 Giving Up an NOL Carryback 137 Accounting for NOLs 138 Conclusion 138 Sources of Book/Tax Differences 139 Key Terms 139 Questions and Problems for Discussion 139 Application Problems 140 Issue Recognition Problems 146 Research Problems 148 Tax Planning Cases 148 Chapter 7 Property Acquisitions and Cost Recovery Deductions 151 Deductible Expense or Capitalized Cost? 152 Repairs and Cleanup Costs 153 Deductions of Capital Expenditures as Subsidies 154 The Critical Role of Tax Basis 155 Basis, Cost Recovery, and Cash Flow 156 Cost Basis 157 Introduction to Cost Recovery Methods 158 Inventories and Cost of Goods Sold 158 The Unicap Rules 159 Computing Cost of Goods Sold 160 Depreciation of Tangible Business Assets 160 Book and Tax Concepts of Depreciation 160 The MACRS Framework 161 Limited Depreciation for Passenger Automobiles 167 Section 179 Expensing Election 168 Purchase versus Leasing Decision 169 Amortization of Intangible Assets 170 Organizational and Start- Up Costs 171 Leasehold Costs and Improvements 172 Purchased Intangibles 173 Comprehensive Example of a Lump-Sum Purchase 175 Depletion of Natural Resources 175 Percentage Depletion 176 Conclusion 177 Sources of Book/Tax Differences 178 Key Terms 178 Questions and Problems for Discussion 178 Application Problems 179 Issue Recognition Problems 184 Research Problems 185 Tax Planning Cases 186 Appendix 7-A Midquarter Convention Tables 188 Chapter 8 Property Dispositions 191 Computation of Gain or Loss Recognized 191 Sales and Exchanges 193 Seller-Financed Sales 195 Disallowed Losses on Related Party Sales 198 Tax Character of Gains and Losses 199 Capital Asset Defined 200 Capital Loss Limitation 200 Taxation of Capital Gains 202 Capital Asset Definition Revisited 203 Dispositions of Noncapital Assets 203 Inventory 204 Business Accounts Receivable and Supplies 204 Section 1231 Assets 205 Depreciation Recapture 207 Comprehensive Example 210 Other Property Dispositions 211 Abandonment and Worthlessness 212 Foreclosures 213 Casualties and Thefts 213 Conclusion 214 Sources of Book/Tax Differences 214 Key Terms 214 Questions and Problems for Discussion 214 Application Problems 215 Issue Recognition Problems 224 Research Problems 225 Tax Planning Cases 225 Chapter 9 Nontaxable Exchanges 227 Tax Neutrality for Asset Exchanges 227 A Generic Nontaxable Exchange 228 Exchanges of Qualifying Property 228 The Substituted Basis Rule 229 The Effect of Boot 230 Book/Tax Difference from Nontaxable Exchange 231 Summary 232 Like-Kind Exchanges 232 Exchanges of Mortgaged Properties 235 Involuntary Conversions 236 Formations of Business Entities 237 Corporate Formations 238 Partnership Formations 240 Wash Sales 240 Conclusion 241 Sources of Book/Tax Differences 241 Key Terms 241 Questions and Problems for Discussion 241 Application Problems 242 Issue Recognition Problems 248 Research Problems 250 Tax Planning Cases 250 Comprehensive Problems for Part Three 251 PART FOUR THE TAXATION OF BUSINESS INCOME Chapter 10 Sole Proprietorships, Partnerships, LLCs, and S Corporations 255 Sole Proprietorships 256 Overview of Schedule C 256 Employment Taxes 260 Self-Employment Tax 262 Partnerships 263 Forming a Partnership 263 Partnership Reporting Requirements 265 Tax Consequences to Partners 268 Adjusting the Basis of a Partnership Interest 271 Limited Liability Companies 274 Subchapter S Corporations 275 Eligible Corporations 277 Tax Consequences to Shareholders 279 Adjusting the Basis ofS Corporation Stock 281 Conclusion 282 Key Terms 282 Questions and Problems for Discussion 283 Application Problems 284 Issue Recognition Problems 288 Research Problems 290 Tax Planning Cases 290 Chapter 11 The Corporate Taxpayer 293 Legal Characteristics of Corporations 294 Affiliated Groups 294 Nonprofit Corporations 296 Computing Corporate Taxable Income 296 The Dividends-Received Deduction 298 Reconciling Book Income and Taxable Income 299 Computing the Regular Corporate Tax 300 Personal Service Corporations 301 Reduced Tax Burden on Domestic Manufacturers 302 Tax Credits 303 Rehabilitation Credit 304 Alternative Minimum Tax 305 Alternative Minimum Taxable Income 306 Calculating AMT 308 Minimum Tax Credit 309 Payment and Filing Requirements 310 Distributions of Profits to Investors 311 Alternatives to Double Taxation 312 Incidence of the Corporate Tax 313 Conclusion 314 Sources of Book/Tax Differences 314 Key Terms 314 Questions and Problems for Discussion 314 Application Problems 315 Issue Recognition Problems 320 Research Problems 321 Tax Planning Problems 322 CPA Exam Simulation 323 Appendix 11-A Schedule M-3 for Reconciling Book and Taxable Income 324 Chapter 12 The Choice of Business Entity 329 Tax Planning with Passthrough Entities 330 Tax Benefit of Start-Up Losses 330 Avoiding a Double Tax on Business Income 331 Income Shifting among Family Members 332 Partnership or S Corporation? 335 Contrasting Characteristics 335 Two Planning Cases 33 7 Tax Planning with Closely Held Corporations 338 Getting Cash out of the Corporation 338 Decline of the Corporate Tax Shelter 341 Penalty Taxes on Corporate Accumulations 342 Controlled Corporate Groups 344 Conclusion 345 Key Terms 345 Questions and Problems for Discussion 345 Application Problems 347 Issue Recognition Problems 350 Research Problems 351 Tax Planning Cases 352 CPA Exam Simulation 353 Chapter 13 Jurisdictional Issues in Business Taxation 355 State and Local Taxation 356 Constitutional Restrictions on State Jurisdiction 356 Apportionment of Business Income 358 Tax Planning Implications 360 Tax Consequences of International Business Operations 361 Income Tax Treaties 362 U.S. Jurisdiction to Tax Global Income 362 Foreign Tax Credit 363 Limitation on the Annual Credit 364 Organizational Forms for Overseas Operations 366 Branch Offices and Foreign Partnerships 366 Domestic Subsidiaries 367 Foreign Subsidiaries 367 Deferral of U.S. Tax on Foreign Source Income 369 Controlled Foreign Corporations 371 Transfer Pricing and Section 482 374 Conclusion 375 Sources of Book/Tax Differences 375 Key Terms 375 Questions and Problems for Discussion 376 Application Problems 377 Issue Recognition Problems 382 Research Problems 383 Tax Planning Cases 384 Comprehensive Problems for Part Four 385 PART FIVE THE INDIVIDUAL TAXPAYER Chapter 14 The Individual Tax Formula 389 Filing Status for Individuals 390 Married Individuals and Surviving Spouses 390 Unmarried Individuals 391 Overview of the Taxable Income Computation 391 The Four-Step Procedure 391 Step 1: Calculate Total Income 392 Step 2: Calculate Adjusted Gross Income 392 Step 3: Subtract Standard Deduction or Itemized Deductions 392 Step 4: Subtract Exemption Amount 397 The Taxable Income Formula 400 Computing Individual Tax 401 The Marriage Penalty Dilemma 403 The Elusive Marginal Tax Rate 404 Individual Tax Credits 405 Child Credit 405 Dependent Care Credit 406 Earned Income Credit 406 Excess Payroll Tax Withholding 407 Alternative Minimum Tax 408 The AMI Trap 410 Payment and Filing Requirements 411 Conclusion 413 Key Terms 413 Questions and Problems for Discussion 413 Application Problems 414 Issue Recognition Problems 419 Research Problems 420 Tax Planning Cases 421 Appendix 14-A Itemized Deduction Worksheet 422 Appendix 14—B Exemption Amount Worksheet 423 Chapter 15 Compensation and Retirement Planning 425 The Compensation Transaction 426 Employee or Independent Contractor? 426 Tax Consequences of Worker Classification 426 Worker Classification Controversy 427 Wage and Salary Payments 429 Reasonable Compensation 430 Foreign Earned Income Exclusion 432 Employee Fringe Benefits 433 Fringe Benefits and Self-Employed Individuals 434 Compensation Planning with Fringe Benefits 435 Employee Stock Options 437 Book/Tax Difference 438 Incentive Stock Options 438 Employment-Related Expenses 440 Moving Expenses 441 Retirement Planning 441 Tax Advantages of Qualified Retirement Plans 442 Premature Withdrawals 443 Types of Qualified Plans 443 Employer-Provided Plans 444 Keogh Plans for Self-Employed Individuals 447 Individual Retirement Accounts 448 Conclusion 453 Sources of Book/Tax Differences 453 Key Terms 453 Questions and Problems for Discussion 453 Application Problems 454 Issue Recognition Problems 460 Research Problems 462 Tax Planning Cases 462 Chapter 16 Investment and Personal Financial Planning 465 Business versus Investment Activities 466 Investments in Financial Assets 466 Dividend and Interest Income 466 Tax-Exempt Interest 468 Deferred Interest Income 4 70 Life Insurance Policies and Annuity Contracts 471 Gains and Losses from Security Transactions 473 Computing Gains and Losses 473 Tax Consequences of Capital Gains and Losses 476 Netting Capital Gains and Losses 476 Preferential Rates on Long-Term Capital Gains 478 Policy Reasons for a Preferential Rate 480 Capital Loss Limitation 480 Investments in Small Corporate Businesses 481 Qualified Small Business Stock 481 Section 1244 Stock 482 Investment Expenses 483 Investment Interest Expense 483 Investments in Real Property 484 Undeveloped Land 484 Rental Real Estate 485 Investments in Passive Activities 487 Passive Activity Loss Limitation 487 Planning with Passive Activity Losses 489 Wealth Transfer Planning 490 The Transfer Tax System 490 Structure of the Gift and Estate Taxes 490 Annual Gift Tax Exclusion 491 Lifetime Gift Tax Exclusion 492 Income Tax Consequences of Gifted Property 492 The Taxable Estate 494 Conclusion 496 Key Terms 496 Questions and Problems for Discussion 497 Application Problems 498 Issue Recognition Problems 503 Research Problems 504 Tax Planning Cases 505 Appendix 16-A Comprehensive Schedule D Problem 507 Appendix 16-B Federal Transfer Tax Rates (2007) 510 Chapter 17 Tax Consequences of Personal Activities 511 Gross Income from Whatever Source Derived 511 Personal Receipts 512 Legal Settlements 513 Government Transfer Payments 514 Gains on Sales of Personal Assets 515 Personal Expenses 516 Medical Expenses 517 Local, State, and Foreign Tax Payments 517 Charitable Contributions 518 Tax Subsidies for Education 519 Personal Losses 520 Losses on Sales of Personal Assets 520 Casualty and Theft Losses 521 Hobby and Gambling Losses 522 Tax Consequences of Home Ownership 523 Home Mortgage Interest Deduction 524 Vacation Homes 525 Exclusion of Gain on Sale of Principal Residence 525 Itemized Deductions as AMT Adjustments 526 Conclusion 528 Key Terms 528 Questions and Problems for Discussion 528 Application Problems 529 Issue Recognition Problems 535 Research Problems 536 Tax Planning Cases 537 Comprehensive Problems for Part Five 538 CPA Exam Simulations 539 Appendix 17-A Social Security Worksheet 542 PART SIX THE TAX COMPLIANCE PROCESS Chapter 18 The Tax Compliance Process 545 Filing and Payment Requirements 545 Late-Filing and Late-Payment Penalty 546 Return Processing 547 The Audit Process 548 Your Rights as a Taxpayer 550 Noncompliance Penalties 550 Tax Return Preparer Penalties 552 Contesting the Result of an Audit 553 Litigation 553 A Case History: Lori Williams v. United States 555 Making the Legal System More Taxpayer Friendly 556 IRS Collection Procedures 557 The Innocent Spouse Rule 557 Conclusion 558 Key Terms 558 Questions and Problems for Discussion 558 Application Problems 560 Issue Recognition Problems 562 Research Problems 563 Tax Planning Problems 563 Glossary 564 Appendix A Present Value of $1 577 Appendix B Present Value of Annuity of $1 578 Index 579
adam_txt	A Note from the Authors xiv Introduction to Students xxiv PART ONE EXPLORING THE TAX ENVIRONMENT Chapter 1 Types of Taxes and the Jurisdictions That Use Them 3 Some Basic Terminology 4 The Relationship between Base, Rate, and Revenue 5 Transaction or Activity-Based Taxes 6 Earmarked Taxes 6 The Pervasive Nature of Taxation 6 Local Taxes 7 State Taxes 8 Federal Taxes 10 Taxes Imposed by Foreign Jurisdictions 12 Jurisdictional Competition 12 Dynamic Nature of Taxation 13 Tax Base Changes 13 Taxes and the Political Process 14 Sources of Federal Tax Law 14 Statutory Authority 15 Administrative Authority 15 Judicial Authority 16 Conclusion 16 Key Terms 16 Questions and Problems for Discussion 17 Application Problems 18 Issue Recognition Problems 19 Research Problems 20 Tax Planning Cases 20 Chapter 2 Tax Policy Issues: Standards for a Good Tax 21 Standards for a Good Tax 22 Taxes Should Be Sufficient 22 The National Debt 23 How to Increase Tax Revenues 23 Static versus Dynamic Forecasting 24 Behavioral Responses to Rate Changes 25 Taxes Should Be Convenient 28 Taxes Should Be Efficient 28 The Classical Standard of Efficiency 29 Taxes as an Instrument of Fiscal Policy 29 Taxes and Behavior Modification 30 Taxes Should Be Fair 32 Ability to Pay 32 Horizontal Equity 32 Vertical Equity 33 Distributive Justice 36 The Perception of Inequity 37 Conclusion 38 Key Terms 39 Questions and Problems for Discussion 39 Application Problems 40 Issue Recognition Problems 42 Research Problems 43 Tax Planning Case 43 PART TWO FUNDAMENTALS OF TAX PLANNING Chapter 3 Taxes as Transaction Costs 47 The Role of Net Present Value in Decision Making 48 Quantifying Cash Flows 48 The Concept of Present Value 48 The Issue of Risk 50 A Net Present Value Example 51 Taxes and Cash Flows 51 The Significance of Marginal Tax Rate 52 Net Present Value Example Revisited 53 The Uncertainty of Tax Consequences 55 Structuring Transactions to Reduce Taxes 57 An Important Caveat 58 Transactional Markets 58 Conclusion 62 Key Terms 63 Questions and Problems for Discussion 63 Application Problems 63 Issue Recognition Problems 67 Tax Planning Cases 68 Chapter 4 Maxims of Income Tax Planning 69 Tax Avoidance—Not Evasion 70 What Makes Income Tax Planning Possible? 70 The Entity Variable 71 Income Shifting 72 Deduction Shifting 72 Constraints on Income Shifting 73 The Time Period Variable 73 Income Deferral and Opportunity Costs 75 Income Deferral and Rate Changes 76 The Jurisdiction Variable 77 The Character Variable 77 Determining the Value of Preferential Rates 78 Constraints on Conversion 79 Implicit Taxes 79 Developing Tax Planning Strategies 80 Additional Strategic Considerations 81 Tax Legal Doctrines 83 Conclusion 84 Key Terms 84 Questions and Problems for Discussion 85 Application Problems 86 Issue Recognition Problems 89 Research Problems 90 Tax Planning Cases 90 Chapter 5 Tax Research 93 Developing Tax Research Skills 93 The Tax Research Process 94 Step 1: Get the Facts 95 Step 2: Identify the Issues 96 Step 3: Locate Authority 97 Primary Authorities 97 Secondary A uthorities 99 Strategies for Locating Relevant Authority 100 Step 4: Analyze Authority 102 Step 5: Repeat Steps 1 through 4 105 Step 6: Communicate Your Conclusions 106 Conclusion 108 Key Terms 108 Questions and Problems for Discussion 108 Application Problems 109 Issue Recognition Problems 111 Research Problems 111 Tax Planning Cases 112 PART THREE THE MEASUREMENT OF TAXABLE INCOME Chapter 6 Taxable Income from Business Operations 115 Business Profit as Taxable Income 116 The Taxable Year 116 Changing a Taxable Year 117 Annualizing Income on a Short-Period Return 117 Methods of Accounting 119 Tax Policy Objectives 120 The Cash Method 122 Constructive Receipt 123 Prepaid Expenses and Interest 124 Merchandise Inventories 125 Limitations on Use of the Cash Method by Corporations 125 The Accrual Method 126 Contrasting Perspectives on Income Measurement 127 Permanent versus Temporary Differences 127 Tax Expense versus Tax Payable 129 Temporary Book/Tax Accounting Differences 130 Net Operating Losses 134 The Problem of Excess Deductions 134 Solution: The NOL Deduction 135 Valuing an NOL Deduction 136 Giving Up an NOL Carryback 137 Accounting for NOLs 138 Conclusion 138 Sources of Book/Tax Differences 139 Key Terms 139 Questions and Problems for Discussion 139 Application Problems 140 Issue Recognition Problems 146 Research Problems 148 Tax Planning Cases 148 Chapter 7 Property Acquisitions and Cost Recovery Deductions 151 Deductible Expense or Capitalized Cost? 152 Repairs and Cleanup Costs 153 Deductions of Capital Expenditures as Subsidies 154 The Critical Role of Tax Basis 155 Basis, Cost Recovery, and Cash Flow 156 Cost Basis 157 Introduction to Cost Recovery Methods 158 Inventories and Cost of Goods Sold 158 The Unicap Rules 159 Computing Cost of Goods Sold 160 Depreciation of Tangible Business Assets 160 Book and Tax Concepts of Depreciation 160 The MACRS Framework 161 Limited Depreciation for Passenger Automobiles 167 Section 179 Expensing Election 168 Purchase versus Leasing Decision 169 Amortization of Intangible Assets 170 Organizational and Start- Up Costs 171 Leasehold Costs and Improvements 172 Purchased Intangibles 173 Comprehensive Example of a Lump-Sum Purchase 175 Depletion of Natural Resources 175 Percentage Depletion 176 Conclusion 177 Sources of Book/Tax Differences 178 Key Terms 178 Questions and Problems for Discussion 178 Application Problems 179 Issue Recognition Problems 184 Research Problems 185 Tax Planning Cases 186 Appendix 7-A Midquarter Convention Tables 188 Chapter 8 Property Dispositions 191 Computation of Gain or Loss Recognized 191 Sales and Exchanges 193 Seller-Financed Sales 195 Disallowed Losses on Related Party Sales 198 Tax Character of Gains and Losses 199 Capital Asset Defined 200 Capital Loss Limitation 200 Taxation of Capital Gains 202 Capital Asset Definition Revisited 203 Dispositions of Noncapital Assets 203 Inventory 204 Business Accounts Receivable and Supplies 204 Section 1231 Assets 205 Depreciation Recapture 207 Comprehensive Example 210 Other Property Dispositions 211 Abandonment and Worthlessness 212 Foreclosures 213 Casualties and Thefts 213 Conclusion 214 Sources of Book/Tax Differences 214 Key Terms 214 Questions and Problems for Discussion 214 Application Problems 215 Issue Recognition Problems 224 Research Problems 225 Tax Planning Cases 225 Chapter 9 Nontaxable Exchanges 227 Tax Neutrality for Asset Exchanges 227 A Generic Nontaxable Exchange 228 Exchanges of Qualifying Property 228 The Substituted Basis Rule 229 The Effect of Boot 230 Book/Tax Difference from Nontaxable Exchange 231 Summary 232 Like-Kind Exchanges 232 Exchanges of Mortgaged Properties 235 Involuntary Conversions 236 Formations of Business Entities 237 Corporate Formations 238 Partnership Formations 240 Wash Sales 240 Conclusion 241 Sources of Book/Tax Differences 241 Key Terms 241 Questions and Problems for Discussion 241 Application Problems 242 Issue Recognition Problems 248 Research Problems 250 Tax Planning Cases 250 Comprehensive Problems for Part Three 251 PART FOUR THE TAXATION OF BUSINESS INCOME Chapter 10 Sole Proprietorships, Partnerships, LLCs, and S Corporations 255 Sole Proprietorships 256 Overview of Schedule C 256 Employment Taxes 260 Self-Employment Tax 262 Partnerships 263 Forming a Partnership 263 Partnership Reporting Requirements 265 Tax Consequences to Partners 268 Adjusting the Basis of a Partnership Interest 271 Limited Liability Companies 274 Subchapter S Corporations 275 Eligible Corporations 277 Tax Consequences to Shareholders 279 Adjusting the Basis ofS Corporation Stock 281 Conclusion 282 Key Terms 282 Questions and Problems for Discussion 283 Application Problems 284 Issue Recognition Problems 288 Research Problems 290 Tax Planning Cases 290 Chapter 11 The Corporate Taxpayer 293 Legal Characteristics of Corporations 294 Affiliated Groups 294 Nonprofit Corporations 296 Computing Corporate Taxable Income 296 The Dividends-Received Deduction 298 Reconciling Book Income and Taxable Income 299 Computing the Regular Corporate Tax 300 Personal Service Corporations 301 Reduced Tax Burden on Domestic Manufacturers 302 Tax Credits 303 Rehabilitation Credit 304 Alternative Minimum Tax 305 Alternative Minimum Taxable Income 306 Calculating AMT 308 Minimum Tax Credit 309 Payment and Filing Requirements 310 Distributions of Profits to Investors 311 Alternatives to Double Taxation 312 Incidence of the Corporate Tax 313 Conclusion 314 Sources of Book/Tax Differences 314 Key Terms 314 Questions and Problems for Discussion 314 Application Problems 315 Issue Recognition Problems 320 Research Problems 321 Tax Planning Problems 322 CPA Exam Simulation 323 Appendix 11-A Schedule M-3 for Reconciling Book and Taxable Income 324 Chapter 12 The Choice of Business Entity 329 Tax Planning with Passthrough Entities 330 Tax Benefit of Start-Up Losses 330 Avoiding a Double Tax on Business Income 331 Income Shifting among Family Members 332 Partnership or S Corporation? 335 Contrasting Characteristics 335 Two Planning Cases 33 7 Tax Planning with Closely Held Corporations 338 Getting Cash out of the Corporation 338 Decline of the Corporate Tax Shelter 341 Penalty Taxes on Corporate Accumulations 342 Controlled Corporate Groups 344 Conclusion 345 Key Terms 345 Questions and Problems for Discussion 345 Application Problems 347 Issue Recognition Problems 350 Research Problems 351 Tax Planning Cases 352 CPA Exam Simulation 353 Chapter 13 Jurisdictional Issues in Business Taxation 355 State and Local Taxation 356 Constitutional Restrictions on State Jurisdiction 356 Apportionment of Business Income 358 Tax Planning Implications 360 Tax Consequences of International Business Operations 361 Income Tax Treaties 362 U.S. Jurisdiction to Tax Global Income 362 Foreign Tax Credit 363 Limitation on the Annual Credit 364 Organizational Forms for Overseas Operations 366 Branch Offices and Foreign Partnerships 366 Domestic Subsidiaries 367 Foreign Subsidiaries 367 Deferral of U.S. Tax on Foreign Source Income 369 Controlled Foreign Corporations 371 Transfer Pricing and Section 482 374 Conclusion 375 Sources of Book/Tax Differences 375 Key Terms 375 Questions and Problems for Discussion 376 Application Problems 377 Issue Recognition Problems 382 Research Problems 383 Tax Planning Cases 384 Comprehensive Problems for Part Four 385 PART FIVE THE INDIVIDUAL TAXPAYER Chapter 14 The Individual Tax Formula 389 Filing Status for Individuals 390 Married Individuals and Surviving Spouses 390 Unmarried Individuals 391 Overview of the Taxable Income Computation 391 The Four-Step Procedure 391 Step 1: Calculate Total Income 392 Step 2: Calculate Adjusted Gross Income 392 Step 3: Subtract Standard Deduction or Itemized Deductions 392 Step 4: Subtract Exemption Amount 397 The Taxable Income Formula 400 Computing Individual Tax 401 The Marriage Penalty Dilemma 403 The Elusive Marginal Tax Rate 404 Individual Tax Credits 405 Child Credit 405 Dependent Care Credit 406 Earned Income Credit 406 Excess Payroll Tax Withholding 407 Alternative Minimum Tax 408 The AMI Trap 410 Payment and Filing Requirements 411 Conclusion 413 Key Terms 413 Questions and Problems for Discussion 413 Application Problems 414 Issue Recognition Problems 419 Research Problems 420 Tax Planning Cases 421 Appendix 14-A Itemized Deduction Worksheet 422 Appendix 14—B Exemption Amount Worksheet 423 Chapter 15 Compensation and Retirement Planning 425 The Compensation Transaction 426 Employee or Independent Contractor? 426 Tax Consequences of Worker Classification 426 Worker Classification Controversy 427 Wage and Salary Payments 429 Reasonable Compensation 430 Foreign Earned Income Exclusion 432 Employee Fringe Benefits 433 Fringe Benefits and Self-Employed Individuals 434 Compensation Planning with Fringe Benefits 435 Employee Stock Options 437 Book/Tax Difference 438 Incentive Stock Options 438 Employment-Related Expenses 440 Moving Expenses 441 Retirement Planning 441 Tax Advantages of Qualified Retirement Plans 442 Premature Withdrawals 443 Types of Qualified Plans 443 Employer-Provided Plans 444 Keogh Plans for Self-Employed Individuals 447 Individual Retirement Accounts 448 Conclusion 453 Sources of Book/Tax Differences 453 Key Terms 453 Questions and Problems for Discussion 453 Application Problems 454 Issue Recognition Problems 460 Research Problems 462 Tax Planning Cases 462 Chapter 16 Investment and Personal Financial Planning 465 Business versus Investment Activities 466 Investments in Financial Assets 466 Dividend and Interest Income 466 Tax-Exempt Interest 468 Deferred Interest Income 4 70 Life Insurance Policies and Annuity Contracts 471 Gains and Losses from Security Transactions 473 Computing Gains and Losses 473 Tax Consequences of Capital Gains and Losses 476 Netting Capital Gains and Losses 476 Preferential Rates on Long-Term Capital Gains 478 Policy Reasons for a Preferential Rate 480 Capital Loss Limitation 480 Investments in Small Corporate Businesses 481 Qualified Small Business Stock 481 Section 1244 Stock 482 Investment Expenses 483 Investment Interest Expense 483 Investments in Real Property 484 Undeveloped Land 484 Rental Real Estate 485 Investments in Passive Activities 487 Passive Activity Loss Limitation 487 Planning with Passive Activity Losses 489 Wealth Transfer Planning 490 The Transfer Tax System 490 Structure of the Gift and Estate Taxes 490 Annual Gift Tax Exclusion 491 Lifetime Gift Tax Exclusion 492 Income Tax Consequences of Gifted Property 492 The Taxable Estate 494 Conclusion 496 Key Terms 496 Questions and Problems for Discussion 497 Application Problems 498 Issue Recognition Problems 503 Research Problems 504 Tax Planning Cases 505 Appendix 16-A Comprehensive Schedule D Problem 507 Appendix 16-B Federal Transfer Tax Rates (2007) 510 Chapter 17 Tax Consequences of Personal Activities 511 Gross Income from Whatever Source Derived 511 Personal Receipts 512 Legal Settlements 513 Government Transfer Payments 514 Gains on Sales of Personal Assets 515 Personal Expenses 516 Medical Expenses 517 Local, State, and Foreign Tax Payments 517 Charitable Contributions 518 Tax Subsidies for Education 519 Personal Losses 520 Losses on Sales of Personal Assets 520 Casualty and Theft Losses 521 Hobby and Gambling Losses 522 Tax Consequences of Home Ownership 523 Home Mortgage Interest Deduction 524 Vacation Homes 525 Exclusion of Gain on Sale of Principal Residence 525 Itemized Deductions as AMT Adjustments 526 Conclusion 528 Key Terms 528 Questions and Problems for Discussion 528 Application Problems 529 Issue Recognition Problems 535 Research Problems 536 Tax Planning Cases 537 Comprehensive Problems for Part Five 538 CPA Exam Simulations 539 Appendix 17-A Social Security Worksheet 542 PART SIX THE TAX COMPLIANCE PROCESS Chapter 18 The Tax Compliance Process 545 Filing and Payment Requirements 545 Late-Filing and Late-Payment Penalty 546 Return Processing 547 The Audit Process 548 Your Rights as a Taxpayer 550 Noncompliance Penalties 550 Tax Return Preparer Penalties 552 Contesting the Result of an Audit 553 Litigation 553 A Case History: Lori Williams v. United States 555 Making the Legal System More Taxpayer Friendly 556 IRS Collection Procedures 557 The Innocent Spouse Rule 557 Conclusion 558 Key Terms 558 Questions and Problems for Discussion 558 Application Problems 560 Issue Recognition Problems 562 Research Problems 563 Tax Planning Problems 563 Glossary 564 Appendix A Present Value of $1 577 Appendix B Present Value of Annuity of $1 578 Index 579
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spelling	Jones, Sally M. Verfasser aut Principles of taxation for business and investment planning Sally M. Jones ; Shelley C. Rhoades-Catanach Principles of taxation for business and investment planning 2008 ed. Boston, Mass. [u.a.] McGraw Hill/Irwin 2008 XXVII, 591 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Besteuerungsverfahren (DE-588)4006066-4 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Besteuerungsverfahren (DE-588)4006066-4 s 1\p DE-604 USA (DE-588)4078704-7 g 2\p DE-604 Rhoades-Catanach, Shelley C. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016733074&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk
spellingShingle	Jones, Sally M. Rhoades-Catanach, Shelley C. Principles of taxation for business and investment planning Besteuerungsverfahren (DE-588)4006066-4 gnd
subject_GND	(DE-588)4006066-4 (DE-588)4078704-7
title	Principles of taxation for business and investment planning
title_alt	Principles of taxation for business and investment planning
title_auth	Principles of taxation for business and investment planning
title_exact_search	Principles of taxation for business and investment planning
title_exact_search_txtP	Principles of taxation for business and investment planning
title_full	Principles of taxation for business and investment planning Sally M. Jones ; Shelley C. Rhoades-Catanach
title_fullStr	Principles of taxation for business and investment planning Sally M. Jones ; Shelley C. Rhoades-Catanach
title_full_unstemmed	Principles of taxation for business and investment planning Sally M. Jones ; Shelley C. Rhoades-Catanach
title_short	Principles of taxation
title_sort	principles of taxation for business and investment planning
title_sub	for business and investment planning
topic	Besteuerungsverfahren (DE-588)4006066-4 gnd
topic_facet	Besteuerungsverfahren USA
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016733074&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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Principles of taxation for business and investment planning

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