Individual Taxation

ISBN-13: 9781524985790 / Angielski / Miękka / 2019

Pace

Spis treści

• 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