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Solution Manual for Pearson’s Federal Taxation 2019 Corporations, Partnerships, Estates and Trusts, 32nd Edition, Timothy J. Rupert, Kenneth E. Anderson,

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Product Details:

  • ISBN-10 ‏ : ‎ 0134739698
  • ISBN-13 ‏ : ‎ 978-0134739694
  • Author: Timothy J. Rupert, Kenneth E. Anderson

The Rupert/Anderson series is unsurpassed in blending technical aspects of the most recent federal taxation mandates with maximum readability and relevance for students. Containing strong pedagogical tools that enable readers to apply tax principles within the text to real-life situations, and tax information from 2017 and early 2018,Pearson’s Federal Taxation 2019 Corporations, Partnerships, Estates & Trusts, 32nd Edition provides an up-to-date resource and better teaching and learning experience — for instructors and students.

 

Table of Content:

  1. Instructor Teaching Resources
  2. Chapter 1 Tax Research
  3. Learning Objectives
  4. Chapter Outline
  5. Overview of Tax Research
  6. Objective 1
  7. Steps in the Tax Research Process
  8. Objective 2
  9. Importance of the Facts to the Tax Consequences
  10. Objective 3
  11. Creating a Factual Situation Favorable to the Taxpayer
  12. The Sources of Tax Law
  13. Objective 4
  14. The Legislative Process
  15. The Internal Revenue Code
  16. Treasury Regulations
  17. Proposed, Temporary, and Final Regulations
  18. Interpretative and Legislative Regulations
  19. Authoritative Weight
  20. Citations
  21. Administrative Pronouncements
  22. Revenue Rulings
  23. Revenue Procedures
  24. Letter Rulings
  25. Other Interpretations
  26. Technical Advice Memoranda
  27. News Releases
  28. Announcements and Notices
  29. Judicial Decisions
  30. Overview of the Court System
  31. The U.S. Tax Court
  32. Small Cases Procedure
  33. Acquiescence Policy
  34. Published Opinions and Citations
  35. U.S. District Courts
  36. U.S. Court of Federal Claims
  37. Circuit Courts of Appeals
  38. U.S. Supreme Court
  39. Precedential Value of Various Decisions
  40. Tax Court
  41. U.S. District Court
  42. U.S. Court of Federal Claims
  43. Circuit Courts of Appeals
  44. Forum Shopping
  45. Dictum
  46. Tax Treaties
  47. Tax Periodicals
  48. Tax Services
  49. Objective 5
  50. The Internet as a Research Tool
  51. Objective 6
  52. Keyword Searches
  53. Search by Citation
  54. Noncommercial Internet Services
  55. Citators
  56. Objective 7
  57. Using the Citator
  58. Professional Guidelines for Tax Services
  59. Objective 8
  60. Treasury Department Circular 230
  61. AICPA’s Statements on Tax Standards
  62. Sample Work Papers and Client Letter
  63. Objective 9
  64. Problem Materials
  65. Discussion Questions
  66. Problems
  67. Comprehensive Problem
  68. Tax Strategy Problem
  69. Case Study Problem
  70. Tax Research Problems
  71. Chapter 2 Corporate Formations and Capital Structure
  72. Learning Objectives
  73. Chapter Outline
  74. Organization Forms Available
  75. Objective 1
  76. Sole Proprietorships
  77. Tax Advantages
  78. Tax Disadvantages
  79. Partnerships
  80. Tax Advantages
  81. Tax Disadvantages
  82. Corporations
  83. C Corporations
  84. Tax Advantages
  85. Tax Disadvantages
  86. S Corporations
  87. Tax Advantages
  88. Tax Disadvantages
  89. Limited Liability Companies
  90. Limited Liability Partnerships
  91. Check-the-Box Regulations
  92. Objective 2
  93. Legal Requirements and Tax Considerations Related to Forming a Corporation
  94. Objective 3
  95. Legal Requirements
  96. Tax Considerations
  97. Section 351: Deferring Gain or Loss Upon Incorporation
  98. Objective 4
  99. The Property Requirement
  100. The Control Requirement
  101. Transferors of Both Property and Services
  102. Transfers to Existing Corporations
  103. Disproportionate Exchanges of Property and Stock
  104. Immediately After the Exchange
  105. The Stock Requirement
  106. Effect of Sec. 351 on the Transferors
  107. Receipt of Boot
  108. Computing Gain When Several Assets Are Transferred
  109. Computing a Shareholder’s Basis
  110. Boot Property
  111. Stock
  112. Transferor’s Holding Period
  113. Tax Consequences to Transferee Corporation
  114. Gain or Loss Recognized by the Transferee Corporation
  115. Transferee Corporation’s Basis for Property Received
  116. Reduction for Loss Property
  117. Assumption of the Transferor’s Liabilities
  118. General Rule—Sec. 357(a)
  119. Tax Avoidance or No Bona Fide Business Purpose—Sec. 357(b)
  120. Liabilities in Excess of Basis—Sec. 357(c)
  121. Liabilities of a Cash Method Taxpayer—Sec. 357(c)(3)
  122. Other Considerations in a Sec. 351 Exchange
  123. Recapture of Depreciation
  124. Computing Depreciation
  125. Assignment of Income Doctrine
  126. Choice of Capital Structure
  127. Objective 5
  128. Characterization of Obligations as Debt or Equity
  129. Debt Capital
  130. Issuance of Debt
  131. Payment of Interest
  132. Extinguishment of Debt
  133. Equity Capital
  134. Capital Contributions by Shareholders
  135. Capital Contributions by Nonshareholders
  136. Worthlessness of Stock or Debt Obligations
  137. Objective 6
  138. Securities
  139. Unsecured Debt Obligations
  140. Tax Planning Considerations
  141. Objective 7
  142. Avoiding Sec. 351
  143. Avoiding Nonrecognition of Losses Under Sec. 351
  144. Avoiding Nonrecognition of Gain Under Sec. 351
  145. Compliance and Procedural Considerations
  146. Objective 8
  147. Reporting Requirements Under Sec. 351
  148. Problem Materials
  149. Discussion Questions
  150. Issue Identification Questions
  151. Problems
  152. Comprehensive Problems
  153. Tax Strategy Problems
  154. Case Study Problems
  155. Tax Research Problems
  156. Chapter 3 The Corporate Income Tax
  157. Learning Objectives
  158. Chapter Outline
  159. Corporate Elections
  160. Objective 1
  161. Choosing a Calendar or Fiscal Year
  162. Short Tax Period
  163. Restrictions on Adopting a Tax Year
  164. Changing the Annual Accounting Period
  165. Accounting Methods
  166. Accrual Method
  167. Cash Method
  168. Hybrid Method
  169. Determining a Corporation’s Taxable Income and Tax Liability
  170. Objective 2
  171. Corporate Tax Rate
  172. Sales and Exchanges of Property
  173. Capital Gains and Losses
  174. Net Capital Gain
  175. Net Capital Losses
  176. Sec. 291: Tax Benefit Recapture Rule
  177. Business Expenses
  178. Organizational Expenditures
  179. Start-Up Expenditures
  180. Limitation on Deductions for Accrued Compensation
  181. Limitation on Net Business Interest
  182. Entertainment Expenses
  183. Executive Compensation
  184. Charitable Contributions
  185. Timing of the Deduction
  186. Deducting Contributions of Nonmonetary Property
  187. Substantiation Requirements
  188. Maximum Deduction Permitted
  189. Special Deductions
  190. Dividends-Received Deduction
  191. General Rule for Dividends-Received Deduction
  192. Limitation on Dividends-Received Deduction
  193. Exception to the Limitation
  194. Members of an Affiliated Group
  195. Dividends Received from Foreign Corporations
  196. Stock Held 45 Days or Less
  197. Debt-Financed Stock
  198. Net Operating Losses (NOLs)
  199. Sequencing the Deduction Calculations
  200. Exceptions for Closely Held Corporations
  201. Transactions Between a Corporation and Its Shareholders
  202. Gains on Sale or Exchange Transactions
  203. Losses on Sale or Exchange Transactions
  204. Corporation and Controlling Shareholder Using Different Accounting Methods
  205. Loss Limitation Rules
  206. At-Risk Rules
  207. Passive Activity Limitation Rules
  208. Controlled Groups of Corporations
  209. Objective 3
  210. What is a Controlled Group?
  211. Parent-Subsidiary Controlled Groups
  212. Brother-Sister Controlled Groups
  213. Combined Controlled Groups
  214. Application of the Controlled Group Test
  215. Special Rules Applying to Controlled Groups
  216. Consolidated Tax Returns
  217. Who Can File a Consolidated Return
  218. Advantages of Filing a Consolidated Return
  219. Disadvantages of Filing a Consolidated Return
  220. Tax Planning Considerations
  221. Objective 4
  222. Compensation Planning for Shareholder-Employees
  223. Advantage of Salary Payments
  224. Advantage of Fringe Benefits
  225. Compliance and Procedural Considerations
  226. Objective 5
  227. Estimated Taxes
  228. Estimated Tax Payment Dates
  229. Penalties for Underpayment of Estimated Tax
  230. Special Computation Methods
  231. The Annualized Income Method
  232. Adjusted Seasonal Income Method
  233. Reporting the Underpayment
  234. Paying the Remaining Tax Liability
  235. Requirements for Filing and Paying Taxes
  236. When the Return Must be Filed
  237. Tax Return Schedules
  238. Schedule L (of Form 1120): The Balance Sheet
  239. Reconciliation Schedules
  240. Book-Tax Differences
  241. Schedule M-1 (of Form 1120)
  242. Schedule M-3 (of Form 1120)
  243. Schedule M-2 (of Form 1120)
  244. Financial Statement Implications
  245. Objective 6
  246. Scope, Objectives, and Principles of ASC 740
  247. Temporary Differences
  248. Deferred Tax Assets and the Valuation Allowance
  249. Accounting for Uncertain Tax Positions
  250. Balance Sheet Classification
  251. Tax Provision Process
  252. Comprehensive Example – Year 1
  253. Comprehensive Example – Year 2
  254. Other Transactions
  255. Problem Materials
  256. Discussion Questions
  257. Issue Identification Questions
  258. Problems
  259. Comprehensive Problem
  260. Tax Strategy Problem
  261. Tax Form/Return Preparation Problems
  262. Case Study Problems
  263. Tax Research Problems
  264. Chapter 4 Corporate Nonliquidating Distributions
  265. Learning Objectives
  266. Chapter Outline
  267. Nonliquidating Distributions in General
  268. Objective 1
  269. Earnings and Profits (E&P)
  270. Objective 2
  271. Current Earnings and Profits
  272. Computing Current E&P
  273. Income Excluded from Taxable Income but Included in E&P
  274. Income Deferred to a Later Year When Computing Taxable Income but Included in E&P in the Current Year
  275. Income and Deduction Items That Must Be Recomputed for E&P Purposes
  276. Deductions Allowed for Taxable Income Purposes but Denied for E&P Purposes
  277. Expenses and Losses Denied for Taxable Income Purposes but Allowed for E&P Purposes
  278. Distinction Between Current and Accumulated E&P
  279. Nonliquidating Property Distributions
  280. Objective 3
  281. Consequences of Nonliquidating Property Distributions to the Shareholders
  282. Consequences of Property Distributions to The Distributing Corporation
  283. Corporate Gain or Loss on Property Distributions
  284. Effect of Property Distributions on the Distributing Corporation’s E&P
  285. Constructive Dividends
  286. Intentional Efforts to Avoid Dividend Treatment
  287. Unintentional Constructive Dividends
  288. Loans to Shareholders
  289. Excessive Compensation Paid to Shareholder-Employees
  290. Insufficient Salary Amounts
  291. Excessive Compensation Paid to Shareholders for the Use of Shareholder Property
  292. Corporate Payments for the Shareholder’s Benefit
  293. Bargain Purchase of Corporate Property
  294. Shareholder Use of Corporate Property
  295. Stock Dividends and Stock Rights
  296. Objective 4
  297. Nontaxable Stock Dividends
  298. Nontaxable Stock Rights
  299. Effect of Nontaxable Stock Dividends on the Distributing Corporation
  300. Taxable Stock Dividends and Stock Rights
  301. Stock Redemptions
  302. Objective 5
  303. Tax Consequences of the Redemption to the Shareholder
  304. Attribution Rules
  305. Family Attribution
  306. Attribution from Entities
  307. Attribution to Entities
  308. Option Attribution
  309. Substantially Disproportionate Redemptions
  310. Complete Termination of the Shareholder’s Interest
  311. Redemptions not Essentially Equivalent to a Dividend
  312. Partial Liquidations
  313. Determination Made at the Corporate Level
  314. Safe Harbor Rule
  315. Tax Consequences of a Partial Liquidation to the Shareholders
  316. Redemptions to Pay Death Taxes
  317. Effect of Redemptions on the Distributing Corporation
  318. Corporate Gain or Loss on Property Distributions
  319. Effect of Redemptions on E&P
  320. Preferred Stock Bailouts
  321. Objective 6
  322. Sec. 306 Stock Defined
  323. Dispositions of Sec. 306 Stock
  324. Redemptions of Sec. 306 Stock
  325. Exceptions to Sec. 306 Treatment
  326. Stock Redemptions by Related Corporations
  327. Objective 7
  328. Brother-Sister Corporations
  329. Redemption Treated as a Distribution
  330. Redemption Treated as a Sale
  331. Parent-Subsidiary Corporations
  332. Redemption Treated as a Dividend
  333. Redemption Treated as a Sale
  334. Tax Planning Considerations
  335. Objective 8
  336. Avoiding Unreasonable Compensation
  337. Bootstrap Acquisitions
  338. Timing of Distributions
  339. Compliance and Procedural Considerations
  340. Objective 9
  341. Corporate Reporting of Nondividend Distributions
  342. Agreement to Terminate Interest Under Sec. 302(b)(3)
  343. Problem Materials
  344. Discussion Questions
  345. Issue Identification Questions
  346. Problems
  347. Comprehensive Problem
  348. Tax Strategy Problem
  349. Case Study Problems
  350. Tax Research Problems
  351. Chapter 5 Other Corporate Tax Levies
  352. Learning Objectives
  353. Chapter Outline
  354. Use of C Corporation to Avoid Income Taxes
  355. Objective  1
  356. Personal Holding Company Tax
  357. Objective 2
  358. Personal Holding Company Defined
  359. Stock Ownership Requirement
  360. Passive Income Requirement
  361. Adjusted Ordinary Gross Income Defined
  362. Reduction by Rental Income Expenses
  363. Personal Holding Company Income Defined
  364. Exclusion for Rents
  365. Exclusion for Personal Service Contracts
  366. Calculating the PHC Tax
  367. Calculating UPHCI
  368. Positive Adjustments to Taxable Income
  369. Negative Adjustments to Taxable Income
  370. Avoiding the PHC Designation and Tax Liability by Making Dividend Distributions
  371. PHC Tax Calculation
  372. Accumulated Earnings Tax
  373. Objective 3
  374. Corporations Subject to The Penalty Tax
  375. Proving a Tax-Avoidance Purpose
  376. Evidence Concerning the Reasonableness of an Earnings Accumulation
  377. Evidence of a Tax-Avoidance Purpose
  378. Reasonable Needs of the Business
  379. Reasonably Anticipated Needs of the Business
  380. Need for Accumulation
  381. Specific, Definite, and Feasible Plans
  382. No Specific Time Limitations
  383. Impact of Subsequent Events
  384. Working Capital: The Bardahl Formula
  385. Calculating the Accumulated Earnings Tax
  386. Accumulated Taxable Income
  387. Positive Adjustments to Regular Taxable Income
  388. Negative Adjustments to Taxable Income
  389. Dividends-Paid Deduction
  390. Accumulated Earnings Credit
  391. Comprehensive Example
  392. Tax Planning Considerations
  393. Objective 4
  394. Avoiding the Personal Holding Company Tax
  395. Changes in the Corporation’s Stock Ownership
  396. Changing the Amount and Type of Income Earned by the Corporation
  397. Dividend Distributions
  398. Making an S Corporation Election
  399. Liquidating the Corporation
  400. Avoiding the Accumulated Earnings Tax
  401. Compliance and Procedural Considerations
  402. Objective 5
  403. Personal Holding Company Tax
  404. Filing Requirements for Tax Returns
  405. Payment of the Tax, Interest, and Penalties
  406. Accumulated Earnings Tax
  407. Problem Materials
  408. Discussion Questions
  409. Issue Identification Questions
  410. Problems
  411. Comprehensive Problem
  412. Tax Strategy Problems
  413. Case Study Problems
  414. Tax Research Problems
  415. Chapter 6 Corporate Liquidating Distributions
  416. Learning Objectives
  417. Chapter Outline
  418. Overview of Corporate Liquidations
  419. Objective 1
  420. The Shareholder
  421. The Corporation
  422. Definition of a Complete Liquidation
  423. General Liquidation Rules
  424. Objective 2
  425. Effects of Liquidating on the Shareholders
  426. Amount of Recognized Gain or Loss
  427. Impact of Accounting Method
  428. When Stock Is Acquired
  429. Character of the Recognized Gain or Loss
  430. Basis and Holding Period of Property Received in the Liquidation
  431. Effects of Liquidating on the Liquidating Corporation
  432. Recognition of Gain or Loss When Corporation Distributes Property in Redemption of Stock
  433. Liabilities Assumed or Acquired by the Shareholders
  434. Exceptions to the General Gain or Loss Recognition Rule
  435. Distributions to Related Persons
  436. Sales Having a Tax-Avoidance Purpose
  437. Liquidation of a Controlled Subsidiary
  438. Objective 3
  439. Overview
  440. Requirements
  441. Stock Ownership
  442. Cancellation of the Stock
  443. Timing of the Distributions
  444. Effects of Liquidating on the Shareholders
  445. Recognition of Gain or Loss to Parent Corporation
  446. Treatment of Minority Shareholders
  447. Basis of Property Received
  448. Effects of Liquidating on the Subsidiary Corporation
  449. Recognition of Gain or Loss
  450. Tax Attribute Carryovers
  451. Special Reporting Issues
  452. Objective 4
  453. Pertaining to Shareholders
  454. Partially Liquidating Distributions
  455. Subsequent Assessments
  456. Open Versus Closed Transactions
  457. Installment Obligations
  458. Pertaining to the Liquidating Corporation
  459. Expenses of the Liquidation
  460. Treatment of Net Operating Losses
  461. Recognition of Gain or Loss When Property is Distributed in Retirement of Debt
  462. Objective 5
  463. General Rule
  464. Satisfaction of the Subsidiary’s Debt Obligations
  465. Tax Planning Considerations
  466. Objective 6
  467. Timing the Liquidation Transaction
  468. Recognition of Ordinary Losses when a Liquidation Occurs
  469. Obtaining 80% Ownership to Achieve Sec. 332 Benefits
  470. Avoiding Sec. 332 to Recognize Losses
  471. Compliance and Procedural Considerations
  472. Objective 7
  473. General Liquidation Procedures
  474. Section 332 Liquidations
  475. Plan of Liquidation
  476. Problem Materials
  477. Discussion Questions
  478. Issue Identification Questions
  479. Problems
  480. Comprehensive Problem
  481. Tax Strategy Problems
  482. Case Study Problems
  483. Tax Research Problems
  484. Chapter 7 Corporate Acquisitions and Reorganizations
  485. Learning Objectives
  486. Chapter Outline
  487. Taxable Acquisition Transactions
  488. Objective 1
  489. Asset Acquisitions
  490. Stock Acquisitions
  491. Stock Acquisition with No Liquidation
  492. Stock Acquisition Followed by a Liquidation
  493. Section 338 Deemed Sale Election
  494. Eligible Stock Acquisitions
  495. The Election
  496. Deemed Sale Transaction
  497. Tax Basis of the Assets After the Deemed Sale
  498. Allocation of Basis to Individual Assets
  499. Section 336(e) Deemed Sale Election
  500. Comparison of Taxable and Nontaxable Acquisitions
  501. Objective 2
  502. Taxable and Nontaxable Asset Acquisitions
  503. Tax Consequences to the Target Corporation
  504. Tax Consequences to the Acquiring Corporation
  505. Tax Consequences to the Target Corporation Shareholders
  506. Accounting for the Acquisition
  507. Comparison of Taxable and Nontaxable Stock Acquisitions
  508. Tax Consequences to the Target Corporation
  509. Tax Consequences to the Acquiring Corporation
  510. Tax Consequences to the Target Corporation Shareholders
  511. Types of Reorganizations and Their Tax Consequences
  512. Objective 3
  513. The Target or Transferor Corporation
  514. Recognition of Gain or Loss on Asset Transfer
  515. Depreciation Recapture
  516. Assumption of Liabilities
  517. Recognition of Gain or Loss on Distribution of Stock and Securities
  518. The Acquiring or Transferee Corporation
  519. Amount of Gain or Loss Recognized
  520. Basis of Acquired Property
  521. Holding Period of Acquired Property
  522. Shareholders and Security Holders
  523. Amount of Gain or Loss Recognized
  524. Character of the Recognized Gain
  525. Basis of Stock and Securities Received
  526. Holding Period
  527. Acquisitive Reorganizations
  528. Objective 4
  529. Type a Reorganization
  530. Merger or Consolidation
  531. Requirements for Mergers and Consolidations
  532. Advantages and Disadvantages of a Type A Reorganization
  533. Tax Consequences of a Merger
  534. Drop-Down Type A Reorganization
  535. Triangular Mergers
  536. The “Substantially All” Requirement
  537. Advantages of a Triangular Merger
  538. Reverse Triangular Mergers
  539. Type C Reorganization
  540. Consideration Used to Effect the Reorganization
  541. Advantages and Disadvantages of a Type C Reorganization
  542. Tax Consequences of a Type C Reorganization
  543. Drop-Down and Triangular Type C Reorganizations
  544. Type D Reorganization
  545. Control Requirements
  546. Tax Consequences of a Type D Reorganization
  547. Type B Reorganization
  548. Solely-for-Voting-Stock Requirement
  549. Exceptions
  550. Control
  551. Timing of the Transaction
  552. Tax Consequences of a Type B Reorganization
  553. Advantages of a Type B Reorganization
  554. Disadvantages of a Type B Reorganization
  555. Drop-Down and Triangular Type B Reorganizations
  556. Type G Reorganization
  557. Divisive Reorganizations
  558. Objective 5
  559. Divisive Type D Reorganization
  560. Forms of Divisive Type D Reorganizations
  561. Asset Transfer
  562. Distribution of Stock and Securities
  563. The Sec. 355 Requirements
  564. Divisive Type G Reorganization
  565. Other Reorganizations
  566. Objective 6
  567. Type E Reorganization
  568. Stock-for-Stock Exchange
  569. Bond-for-Stock Exchange
  570. Bond-for-Bond Exchange
  571. Type F Reorganization
  572. Judicial Restrictions on the Use of Corporate Reorganizations
  573. Objective 7
  574. Continuity of Interest
  575. Continuity of Business Enterprise
  576. Business Purpose Requirement
  577. Step Transaction Doctrine
  578. Tax Attributes
  579. Objective 8
  580. Assumption of Tax Attributes
  581. Limitation on Use of Tax Attributes
  582. Section 382
  583. Stock Ownership Change
  584. Loss Limitation
  585. Section 383
  586. Section 384
  587. Section 269
  588. Tax Planning Considerations
  589. Objective 9
  590. Why Use a Reorganization Instead of a Taxable Transaction?
  591. Avoiding the Reorganization Provisions
  592. Compliance and Procedural Considerations
  593. Objective 10
  594. Section 338 Election
  595. Plan of Reorganization
  596. Party to a Reorganization
  597. Ruling Requests
  598. Financial Statement Implications
  599. Objective 11
  600. Taxable Asset Acquisition
  601. Nontaxable Asset Acquisition
  602. Stock Acquisition
  603. Pricing The Acquisition
  604. Net Operating Losses
  605. Problem Materials
  606. Discussion Questions
  607. Issue Identification Questions
  608. Problems
  609. Comprehensive Problem
  610. Tax Strategy Problems
  611. Case Study Problems
  612. Tax Research Problems
  613. Chapter 8 Consolidated Tax Returns
  614. Learning Objectives
  615. Chapter Outline
  616. Definition of an Affiliated Group
  617. Objective 1
  618. Requirements
  619. Stock Ownership Requirements
  620. Includible Corporation Requirement
  621. Comparison with Controlled Group Definitions
  622. Consolidated Tax Return Election
  623. Objective 2
  624. Consolidated Return Regulations
  625. Terminology
  626. Termination of Consolidated Tax Return Filing
  627. Termination of the Affiliated Group
  628. Good Cause Request to Discontinue Consolidation
  629. Effects on Former Members
  630. Consolidated Taxable Income
  631. Objective 3
  632. Accounting Periods and Methods
  633. Accounting Periods
  634. Accounting Methods
  635. Income Included in the Consolidated Tax Return
  636. Calculation of Consolidated Taxable Income and Tax
  637. Intercompany Transactions
  638. Objective 4
  639. Basic Concepts
  640. Matching and Acceleration Rules
  641. Matching Rule
  642. Acceleration Rule
  643. Applications of Matching and Acceleration Rules
  644. Installment Sale of Property from Buyer to Third Party
  645. Performance of Services
  646. Intercompany Sale of Inventory
  647. Relevance of Matching and Acceleration Rules
  648. Items Computed on a Consolidated Basis
  649. Objective 5
  650. Charitable Contribution Deduction
  651. Net Sec. 1231 Gain or Loss
  652. Capital Gains and Losses
  653. Departing Group Members’ Capital Losses
  654. SRLY Limitation
  655. Dividends-Received Deduction
  656. Dividends Received from Non-Group Members
  657. Dividends Received from Group Members
  658. Regular Tax Liability
  659. Tax Credits
  660. General Business Credit
  661. Foreign Tax Credit
  662. Estimated Tax Payments
  663. Large Corporation Rule
  664. Consolidated or Separate Basis
  665. Short-Period Return
  666. Net Operating Losses (NOLs)
  667. Objective 6
  668. Current Year NOL
  669. Carryovers of Consolidated NOLs
  670. General Rule
  671. Special Loss Limitations
  672. Separate Return Limitation Year Rules
  673. Consolidated Sec. 382 Rules
  674. SRLY-Sec. 382 Overlap
  675. Stock Basis Adjustments
  676. Objective 7
  677. Tiering up of Stock Basis Adjustments
  678. Excess Loss Account
  679. Tax Planning Considerations
  680. Objective 8
  681. Advantages of Filing a Consolidated Tax Return
  682. Disadvantages of Filing a Consolidated Tax Return
  683. Compliance and Procedural Considerations
  684. Objective 9
  685. The Basic Election and Return
  686. Parent Corporation as Agent for the Consolidated Group
  687. Separate Entity Treatment of Intercompany Transactions
  688. Liability for Taxes Due
  689. Financial Statement Implications
  690. Objective 10
  691. Intercompany Transactions
  692. SRLY Losses
  693. Problem Materials
  694. Discussion Questions
  695. Issue Identification Questions
  696. Problems
  697. Comprehensive Problems
  698. Tax Strategy Problem
  699. Tax Form/Return Preparation Problem
  700. Case Study Problem
  701. Tax Research Problems
  702. Chapter 9 Partnership Formation and Operation
  703. Learning Objectives
  704. Chapter Outline
  705. Definition of a Partnership
  706. Objective 1
  707. General and Limited Partnerships
  708. General Partnerships
  709. Limited Partnerships
  710. Limited Liability Limited Partnerships (LLLPs)
  711. Limited Liability Companies (LLCs)
  712. Limited Liability Partnerships (LLPs)
  713. Overview of Taxation of Partnership Income
  714. Objective 2
  715. Partnership Profits and Losses
  716. The Partner’s Basis
  717. Partnership Distributions
  718. Tax Implications of Formation of a Partnership
  719. Objective 3
  720. Contribution of Property
  721. Nonrecognition of Gain or Loss
  722. Recognition of Gain or Loss
  723. Effects of Liabilities
  724. Partner’s Basis in the Partnership Interest (Commonly Called Outside Basis)
  725. Holding Period for Partnership Interest
  726. Partnership’s Basis in Property
  727. Unrealized Receivables
  728. Inventory
  729. Capital Loss Property
  730. Partnership’s Holding Period
  731. Section 1245 and 1250 Property Rules
  732. Contribution of Property After Formation
  733. Contribution of Services
  734. Consequences to the Partnership
  735. Allocating the Expense Deduction
  736. Partnership Gain or Loss
  737. Organizational and Syndication Expenditures
  738. Partnership Elections
  739. Objective 4
  740. Partnership Tax Year
  741. Section 706 Restrictions
  742. Other Partnership Elections
  743. Partnership Reporting of Income
  744. Objective 5
  745. Partnership Taxable Income
  746. Separately Stated Items
  747. Partnership Ordinary Income
  748. Special Deductions and Limitations
  749. Qualified Business Income Deduction
  750. Limitation on Net Business Interest
  751. Partner Reporting of Income
  752. Objective 6
  753. Partner’s Distributive Share
  754. Partnership Agreement
  755. Varying Interest Rule
  756. Special Allocations
  757. Allocations Related to Contributed Property
  758. Substantial Economic Effect
  759. Basis for Partnership Interest
  760. Objective 7
  761. Beginning Basis
  762. Effects of Liabilities
  763. Increases and Decreases in Liabilities
  764. A Partner’s Share of Liabilities
  765. Recourse and Nonrecourse Loans
  766. General and Limited Partners
  767. Effects of Operations
  768. Loss Limitation Pertaining to Outside Basis
  769. Special Loss Limitations
  770. Objective 8
  771. At-Risk Loss Limitation
  772. Passive Activity Limitations
  773. Limitation on Excess Business Losses
  774. Transactions Between a Partner and the Partnership
  775. Objective 9
  776. Sales of Property
  777. Loss Sales
  778. Gain Sales
  779. Guaranteed Payments
  780. Determining the Guaranteed Payment
  781. Tax Impact of Guaranteed Payments
  782. Family Partnerships
  783. Objective 10
  784. Capital Ownership
  785. Donor Retained Control
  786. Minor Donees
  787. Donor-Donee Allocations of Income
  788. Tax Planning Considerations
  789. Objective 11
  790. Timing of Loss Recognition
  791. Guaranteed Payments
  792. Compliance and Procedural Considerations
  793. Objective 12
  794. Reporting to the IRS and the Partners
  795. Forms
  796. Schedule M-3
  797. Section 444 Election and Required Payments
  798. Estimated Taxes
  799. Self-Employment Income
  800. IRS Audit Procedures
  801. Problem Materials
  802. Discussion Questions
  803. Issue Identification Questions
  804. Problems
  805. Comprehensive Problems
  806. Tax Strategy Problem
  807. Tax Form/Return Preparation Problems
  808. Case Study Problems
  809. Tax Research Problems
  810. Chapter 10 Special Partnership Issues
  811. Learning Objectives
  812. Chapter Outline
  813. Nonliquidating Distributions
  814. Objective 1
  815. Recognition of Gain
  816. Basis Effects of Distributions
  817. Holding Period and Character of Distributed Property
  818. Nonliquidating Distributions with Sec. 751
  819. Objective 2
  820. Section 751 Assets Defined
  821. Unrealized Receivables
  822. Inventory
  823. Exchange of Sec. 751 Assets and Other Property
  824. Liquidating or Selling a Partnership Interest
  825. Objective 3
  826. Liquidating Distributions
  827. Gain or Loss Recognition by the Partner
  828. Basis in Assets Received
  829. Holding Period in Distributed Assets
  830. Effects of Sec. 751
  831. Effects of Distribution on the Partnership
  832. Sale of a Partnership Interest
  833. Section 751 Property
  834. Liabilities
  835. Impact on the Partnership
  836. Other Partnership Termination Issues
  837. Objective 4
  838. Retirement or Death of a Partner
  839. Payments for Partnership Property
  840. Other Payments
  841. Exchange of a Partnership interest
  842. Exchange for Another Partnership Interest
  843. Exchange for Corporate Stock
  844. Incorporation
  845. Formation of an LLC, LLP, or LLLP
  846. Income Recognition and Transfers of a Partnership Interest
  847. Termination of a Partnership
  848. Events Causing a Termination to Occur
  849. No Business Operated as a Partnership
  850. Effects of Termination
  851. Importance of Timing
  852. Liquidating Distributions and Contributions
  853. Mergers and Consolidations
  854. Division of a Partnership
  855. Optional and Mandatory Basis Adjustments
  856. Objective 5
  857. Adjustments on Transfers
  858. Optional Adjustment
  859. Amount of the Adjustment
  860. Mandatory Adjustment
  861. Other Issues
  862. Adjustments on Distributions
  863. Optional Adjustment
  864. Mandatory Adjustment
  865. Special Forms of Partnerships
  866. Objective 6
  867. Tax Shelters and Limited Partnerships
  868. Publicly Traded Partnerships
  869. Limited Liability Companies
  870. Limited Liability Partnerships
  871. Limited Liability Limited Partnership
  872. Tax Planning Considerations
  873. Objective 7
  874. Liquidating Distribution or Sale to Partners
  875. Problem Materials
  876. Discussion Questions
  877. Issue Identification Questions
  878. Problems
  879. Comprehensive Problems
  880. Tax Strategy Problem
  881. Case Study Problem
  882. Tax Research Problems
  883. Chapter 11 S Corporations
  884. Learning Objectives
  885. Chapter Outline
  886. Should an S Election Be Made?
  887. Objective 1
  888. Advantages of S Corporation Treatment
  889. Disadvantages of S Corporation Treatment
  890. S Corporation Requirements
  891. Objective 2
  892. Shareholder-Related Requirements
  893. 100-Shareholder Rule
  894. Eligible Shareholders
  895. Alien Individuals
  896. Corporation-Related Requirements
  897. General Rules
  898. Debt Instruments
  899. Election of S Corporation Status
  900. Objective 3
  901. Making the Election
  902. Consent of Shareholders
  903. Termination of the Election
  904. Revocation of the Election
  905. Termination of the Election
  906. Allocation of Income
  907. Inadvertent Termination
  908. Other IRS Waivers
  909. New Election Following a Termination
  910. Avoiding Termination of an S Election
  911. S Corporation Operations
  912. Objective 4
  913. Taxable Year
  914. Accounting Method Elections
  915. Ordinary Income or Loss and Separately Stated Items
  916. Deductions That Cannot Be Claimed
  917. Similarity to C Corporation Treatment
  918. Carryovers When Status Changes
  919. Special S Corporation Taxes
  920. Excess Net Passive Income Tax
  921. Built-in Gains Tax
  922. LIFO Recapture Tax
  923. Taxation of the Shareholder
  924. Objective 5
  925. Income Allocation Procedures
  926. Income Pass-Though To Shareholders
  927. Loss and Deduction Pass-Through to Shareholders
  928. Allocation of the Loss
  929. Shareholder Loss Limitations
  930. Special Shareholder Loss and Deduction Limitations
  931. Post-Termination Loss Carryovers
  932. Family S Corporations
  933. Basis Adjustments
  934. Objective 6
  935. Basis Adjustments to S Corporation Stock
  936. Basis Adjustments to Shareholder Debt
  937. S Corporation Distributions
  938. Objective 7
  939. Corporations Having No Earnings and Profits
  940. Corporations Having Accumulated Earnings and Profits
  941. Prior Rules
  942. Current Rules
  943. Money Distributions
  944. Property Distributions
  945. Distribution Ordering Elections
  946. Post-Termination Transition Period
  947. Other Rules
  948. Objective 8
  949. Tax Preference Items and Other AMT Adjustments
  950. Transactions Involving Shareholders and Other Related Parties
  951. Fringe Benefits Paid to a Shareholder-Employee
  952. Tax Planning Considerations
  953. Objective 9
  954. Election to Allocate Income Based on the S Corporation’s Accounting Methods
  955. Increasing the Benefits from S Corporation Losses
  956. Salary Levels
  957. Passive Income Requirements
  958. Compliance and Procedural Considerations
  959. Objective 10
  960. Making the Election
  961. Filing the Corporate Tax Return
  962. Estimated Tax Payments
  963. Consistency Rules
  964. Sample S Corporation Tax Return
  965. Problem Materials
  966. Discussion Questions
  967. Issue Identification Questions
  968. Problems
  969. Comprehensive Problems
  970. Tax Strategy Problems
  971. Tax Form/Return Preparation Problems
  972. Case Study Problem
  973. Tax Research Problems
  974. Chapter 12 The Gift Tax
  975. Learning Objectives
  976. Chapter Outline
  977. The Unified Transfer Tax System
  978. Objective 1
  979. History and Purpose of Transfer Taxes
  980. Unified Rate Schedule
  981. Impact of Taxable Gifts on Death Tax Base
  982. Unified Credit
  983. Gift Tax Formula
  984. Objective 2
  985. Determination of Gifts
  986. Exclusions and Deductions
  987. Gift-Splitting Election
  988. Cumulative Nature of Gift Tax
  989. Unified Credit
  990. Transfers Subject to the Gift Tax
  991. Objective 3
  992. Transfers for Inadequate Consideration
  993. Bargain Sales
  994. Transfers in Normal Course of Business
  995. Statutory Exemptions from the Gift Tax
  996. Payment of Medical Expenses or Tuition
  997. Transfers to Political Organizations
  998. Property Settlements in Conjunction with Divorce
  999. Qualified Disclaimers
  1000. Cessation of Donor’s Dominion and Control
  1001. Revocable Trusts
  1002. Other Retained Powers
  1003. Valuation of Gifts
  1004. General Rules
  1005. Life Estates and Remainder Interests
  1006. Special Valuation Rules: Estate Freezes
  1007. Gift Tax Consequences of Certain Transfers
  1008. Creation of Joint Bank Accounts
  1009. Creation of Other Joint Tenancies
  1010. Transfer of Life Insurance Policies
  1011. Exercise of a General Power of Appointment
  1012. Net Gifts
  1013. Exclusions
  1014. Objective 4
  1015. Amount of the Exclusion
  1016. Present Interest Requirement
  1017. Definition of Present Interest
  1018. Definition of Future Interest
  1019. Special Rule for Trusts for Minors
  1020. Crummey Trust
  1021. Gift Tax Deductions
  1022. Objective 5
  1023. Marital Deduction
  1024. Unlimited Amount
  1025. Gifts of Terminable Interests: General Rule
  1026. Nondeductible Terminable Interests
  1027. QTIP Provisions
  1028. Charitable Contribution Deduction
  1029. Transfers Eligible for the Deduction
  1030. Split-Interest Transfers
  1031. The Gift-Splitting Election
  1032. Objective 6
  1033. Computation of the Gift Tax Liability
  1034. Objective 7
  1035. Effect of Previous Taxable Gifts
  1036. Unified Credit Available
  1037. Comprehensive Illustration
  1038. Background Data
  1039. Calculation of Tax Liability
  1040. Basis Considerations for a Lifetime Giving Plan
  1041. Objective 8
  1042. Property Received by Gift
  1043. Property Received at Death
  1044. Below-Market Loans: Gift and Income Tax Consequences
  1045. Objective 9
  1046. General Rules
  1047. De Minimis Rules
  1048. Tax Planning Considerations
  1049. Objective 10
  1050. Tax-Saving Features of Inter Vivos Gifts
  1051. Use of Annual Exclusion
  1052. Removal of Post-Gift Appreciation from Tax Base
  1053. Removal of Gift Tax Amount from Transfer Tax Base
  1054. Income Shifting
  1055. Gift in Contemplation of Donee-Spouse’s Death
  1056. Lessening State Transfer Tax Costs
  1057. Income Tax Savings from Charitable Gifts
  1058. Negative Aspects of Gifts
  1059. Loss of Step-Up in Basis
  1060. Prepayment of Estate Tax
  1061. Compliance and Procedural Considerations
  1062. Objective 11
  1063. Filing Requirements
  1064. Due Date
  1065. Gift-Splitting Election
  1066. Liability for Tax
  1067. Determination of Value
  1068. Penalty for Undervaluation
  1069. Statute of Limitations
  1070. Problem Materials
  1071. Discussion Questions
  1072. Issue Identification Questions
  1073. Problems
  1074. Comprehensive Problem
  1075. Tax Strategy Problems
  1076. Tax Form/Return Preparation Problems
  1077. Case Study Problems
  1078. Tax Research Problems
  1079. Chapter 13 The Estate Tax
  1080. Learning Objectives
  1081. Chapter Outline
  1082. Estate Tax Formula
  1083. Objective 1
  1084. Gross Estate
  1085. Deductions
  1086. Adjusted Taxable Gifts and Tax Base
  1087. Tentative Tax on Estate Tax Base
  1088. Reduction for Post-1976 Gift Taxes
  1089. Unified Credit
  1090. The Gross Estate: Valuation
  1091. Objective 2
  1092. Date-of-Death Valuation
  1093. Listed Stocks
  1094. Interests in Firms Whose Stock Is Not Publicly Traded
  1095. Real Estate
  1096. Annuities, Interests for Life or a Term of Years, Reversions, Remainders
  1097. Alternate Valuation Date
  1098. The Gross Estate: Inclusions
  1099. Objective 3
  1100. Comparison of Gross Estate With Probate Estate
  1101. Property in Which the Decedent had an Interest
  1102. Dower or Curtesy Rights
  1103. Transferor Provisions
  1104. Gifts Made Within Three Years of Death
  1105. Gross-Up Rule
  1106. Transfers with Retained Life Estate
  1107. Reversionary Interests
  1108. Revocable Transfers
  1109. Annuities and Other Retirement Benefits
  1110. Annuities Not Related to Employment
  1111. Employment-Related Retirement Benefits
  1112. Jointly Owned Property
  1113. Ownership Involving Persons Other than Spouses
  1114. Ownership Involving Only Spouses
  1115. General Powers of Appointment
  1116. Life Insurance
  1117. Consideration Offset
  1118. Recipient Spouse’s Interest in QTIP Trust
  1119. Deductions
  1120. Objective 4
  1121. Debts and Funeral and Administration Expenses
  1122. Losses
  1123. Charitable Contribution Deduction
  1124. Computing the Deduction
  1125. Split-Interest Transfers
  1126. Marital Deduction
  1127. Test 1: Inclusion in the Gross Estate
  1128. Test 2: The Passing Requirement
  1129. Test 3: The Terminable Interest Rule
  1130. QTIP Transfers
  1131. State Death Taxes
  1132. Computation of Tax Liability
  1133. Objective 5
  1134. Taxable Estate and Tax Base
  1135. Tentative Tax and Reduction for Post-1976 Gift Taxes
  1136. Unified Credit
  1137. Portability Between Spouses of Exemption Amount
  1138. Other Credits
  1139. Pre-2005 State Death Tax Credit
  1140. Credit for Pre-1977 Gift Taxes
  1141. Credit for Tax on Prior Transfers
  1142. Foreign Death Tax Credit
  1143. Comprehensive Illustration
  1144. Background Data
  1145. Calculation of Tax Liability
  1146. Liquidity Concerns
  1147. Objective 6
  1148. Deferral of Payment of Estate Taxes
  1149. Reasonable Cause
  1150. Remainder or Reversionary Interests
  1151. Interests in Closely Held Businesses
  1152. Stock Redemptions to Pay Death Taxes
  1153. Special Use Valuation of Farm Real Property
  1154. Generation-Skipping Transfer Tax
  1155. Objective 7
  1156. Tax Planning Considerations
  1157. Objective 8
  1158. Use of Inter Vivos Gifts
  1159. Use of Basic Exclusion Amount
  1160. What Size Marital Deduction Is Best?
  1161. Use of Disclaimers
  1162. Role of Life Insurance
  1163. Qualifying the Estate for Installment Payments
  1164. Where to Deduct Administration Expenses
  1165. Compliance and Procedural Considerations
  1166. Objective 9
  1167. Filing Requirements
  1168. Due Date
  1169. Valuation
  1170. Election of Alternate Valuation Date
  1171. Problem Materials
  1172. Discussion Questions
  1173. Issue Identification Questions
  1174. Problems
  1175. Comprehensive Problems
  1176. Tax Strategy Problems
  1177. Tax Form/Return Preparation Problems
  1178. Case Study Problems
  1179. Tax Research Problems
  1180. Chapter 14 Income Taxation of Trusts and Estates
  1181. Learning Objectives
  1182. Chapter Outline
  1183. Basic Concepts
  1184. Objective 1
  1185. Inception of Trusts
  1186. Inception of Estates
  1187. Reasons for Creating Trusts
  1188. Tax Saving Aspects of Trusts
  1189. Nontax Aspects of Trusts
  1190. Basic Principles of Fiduciary Taxation
  1191. Trusts and Estates as Separate Taxpayers
  1192. No Double Taxation
  1193. Conduit Approach
  1194. Similarity to Rules for Individuals
  1195. Principles of Fiduciary Accounting
  1196. Objective 2
  1197. The Importance of Identifying Income and Principal
  1198. Principal and Income: The Uniform Act
  1199. Income Receipts
  1200. Principal Receipts
  1201. Expenditures
  1202. Categorization of Depreciation
  1203. Formula for Taxable Income and Tax Liability
  1204. Objective 3
  1205. Gross Income
  1206. Deductions for Expenses
  1207. Distribution Deduction
  1208. Simple Trusts.
  1209. Complex Trusts
  1210. Personal Exemption
  1211. Credits
  1212. Distributable Net Income
  1213. Objective 4
  1214. Significance of DNI
  1215. Definition of DNI
  1216. Manner of Computing DNI
  1217. Determining a Simple Trust’s Taxable Income
  1218. Objective 5
  1219. Allocation of Expenses to Tax-Exempt Income
  1220. Determination of DNI and the Distribution Deduction
  1221. Tax Treatment for Beneficiary
  1222. Shortcut Approach to Proving Correctness of Taxable Income
  1223. Effect of a Net Operating Loss
  1224. Effect of a Net Capital Loss
  1225. Comprehensive Illustration: Determining a Simple Trust’s Taxable Income
  1226. Background Data
  1227. Trustee’s Fee
  1228. Distribution Deduction and DNI
  1229. Trust’s Taxable Income and Tax
  1230. Categorizing a Beneficiary’s Income
  1231. Determining Taxable Income for Complex Trusts and Estates
  1232. Objective 6
  1233. Determination of DNI and the Distribution Deduction
  1234. Tax Treatment for Beneficiary
  1235. General Rules
  1236. Exception—The Tier System
  1237. Exception—Separate Share Rule
  1238. Exception—Specific Bequests
  1239. Effect of a Net Operating Loss
  1240. Effect of a Net Capital Loss
  1241. Comprehensive Illustration: Determining a Complex Trust’s Taxable Income
  1242. Background Data
  1243. Trustee’s Fee
  1244. Distribution Deduction and DNI
  1245. Trust’s Taxable Income
  1246. Additional Observations
  1247. Income in Respect of a Decedent
  1248. Objective 7
  1249. Definition and Common Examples
  1250. Significance of IRD
  1251. Double Taxation
  1252. Deductions in Respect of a Decedent
  1253. Section 691(c) Deduction
  1254. No Step-Up in Basis
  1255. Grantor Trust Provisions
  1256. Objective 8
  1257. Purpose and Effect
  1258. Revocable Trusts
  1259. Post-1986 Reversionary Interest Trusts
  1260. Retention of Administrative Powers
  1261. Retention of Economic Benefits
  1262. Control of Others’ Enjoyment
  1263. Tax Planning Considerations
  1264. Objective 9
  1265. Ability to Shift Income
  1266. Timing of Distributions
  1267. Property Distributions
  1268. Choice of Year-End for Estates
  1269. Deduction of Administration Expenses
  1270. Compliance and Procedural Considerations
  1271. Objective 10
  1272. Filing Requirements
  1273. General Rule
  1274. Due Date for Return and Tax
  1275. Documents to be Furnished to IRS
  1276. Sample Simple and Complex Trust Returns
  1277. Problem Materials
  1278. Discussion Questions
  1279. Issue Identification Questions
  1280. Problems
  1281. Comprehensive Problem
  1282. Tax Strategy Problems
  1283. Tax Form/Return Preparation Problems
  1284. Case Study Problems
  1285. Tax Research Problems
  1286. Chapter 15 Administrative Procedures
  1287. Learning Objectives
  1288. Chapter Outline
  1289. Role of the Internal Revenue Service
  1290. Objective 1
  1291. Enforcement and Collection
  1292. Interpretation of the Statute
  1293. Audits of Tax Returns
  1294. Objective 2
  1295. Percentage of Returns Examined
  1296. Selection of Returns for Audit
  1297. Other Methods
  1298. Disclosure of Uncertain Tax Positions
  1299. Alternatives for a Taxpayer Whose Return is Audited
  1300. Special Relief Rule
  1301. Meeting with a Revenue Agent
  1302. Technical Advice Memoranda
  1303. Appeal to Appeals Division
  1304. 90-Day Letter
  1305. Litigation
  1306. U.S. Tax Court
  1307. U.S. District Court or U.S. Court of Federal Claims
  1308. Appeal of a Lower Court’s Decision
  1309. Burden of Proof
  1310. Requests for Rulings
  1311. Objective 3
  1312. Information to be Included in Taxpayer’s Request
  1313. Will the IRS Rule?
  1314. When Rulings are Desirable
  1315. Due Dates
  1316. Objective 4
  1317. Due Dates for Returns
  1318. Extensions
  1319. Individuals
  1320. Corporations
  1321. Due Dates for Payment of the Tax
  1322. Interest on Tax not Timely Paid
  1323. Rate Determination
  1324. Daily Compounding
  1325. Accrual Period
  1326. Abatement
  1327. Failure-to-File and Failure-to-Pay Penalties
  1328. Objective 5
  1329. Failure to File
  1330. Failure to Pay
  1331. Estimated Taxes
  1332. Objective 6
  1333. Payment Requirements
  1334. Penalty for Underpaying Estimated Taxes
  1335. Exceptions to the Penalty
  1336. Other More Severe Penalties
  1337. Objective 7
  1338. Negligence
  1339. Substantial Understatement
  1340. Understatement Versus Underpayment
  1341. Concept of Substantial Authority
  1342. Tax Shelters and Reportable Transactions
  1343. Transactions without Economic Substance
  1344. Civil Fraud
  1345. Criminal Fraud
  1346. Criminal Fraud Investigations
  1347. Penalty Provisions
  1348. Section 7201
  1349. Section 7203
  1350. Section 7206
  1351. Statute of Limitations
  1352. Objective 8
  1353. General Three-Year Rule
  1354. Six-Year Rule for Substantial Omissions
  1355. Income Tax Returns
  1356. Gift and Estate Tax Returns
  1357. When no Return is Filed
  1358. Other Exceptions to Three-Year Rule
  1359. Extension of the Three-Year Limitations Period
  1360. NOL Carrybacks
  1361. When Fraud Is Proven
  1362. Deficiency and Civil Fraud Penalty
  1363. Criminal Provisions
  1364. Refund Claims
  1365. Liability for Tax
  1366. Objective 9
  1367. Joint Returns
  1368. Validity of Joint Return
  1369. Innocent Spouse Provision
  1370. Equitable Relief
  1371. The Effect of Community Property Laws
  1372. Transferee Liability
  1373. Tax Practice Issues
  1374. Objective 10
  1375. Statutory Provisions Concerning Tax Return Preparers
  1376. Reportable Transaction Disclosures
  1377. Rules of Circular 230
  1378. Statements on Standards for Tax Services
  1379. Tax Accounting and Tax Law
  1380. Accountant-Client Privilege
  1381. Problem Materials
  1382. Discussion Questions
  1383. Issue Identification Questions
  1384. Problems
  1385. Comprehensive Problem
  1386. Tax Strategy Problem
  1387. Case Study Problem
  1388. Tax Research Problems
  1389. Chapter 16 U.S. Taxation of Foreign-Related Transactions
  1390. Learning Objectives
  1391. Chapter Outline
  1392. The U.S. System of International Taxation
  1393. Objective 1
  1394. Participation Exemption System
  1395. The Lock-Out Effect of Using a Foreign Subsidiary
  1396. Sec. 245A Dividends-Received Deduction
  1397. Stock Basis Reduction
  1398. Taxation of U.S. Citizens and Resident Aliens
  1399. Objective 2
  1400. Foreign Tax Credit
  1401. Creditable Taxes
  1402. Eligibility for the Credit
  1403. Translation of the Foreign Tax Payments
  1404. Foreign Tax Credit Limitation
  1405. Calculating the General Limitation
  1406. Determining the Income Amounts
  1407. Foreign Tax Credit Carrybacks and Carryovers
  1408. Special Foreign Tax Credit Limitations
  1409. Foreign-Earned Income Exclusion
  1410. U.S. Citizens and Resident Aliens Working Abroad
  1411. Bona Fide Residence Test
  1412. Physical Presence Test
  1413. Foreign Earned Income Defined
  1414. Amount of the Exclusion
  1415. Housing Cost Exclusion or Deduction
  1416. Disallowance of Deductions and Credits
  1417. Taxation of Nonresident Aliens
  1418. Objective 3
  1419. Definition of Nonresident Alien
  1420. Investment Income
  1421. Trade or Business Income
  1422. Special Election for Real Estate Investors
  1423. Effectively Connected Tests
  1424. Calculating the Tax
  1425. Taxation of U.S. Businesses Operating Abroad
  1426. Objective 4
  1427. Domestic Subsidiary Corporations
  1428. Foreign Branches
  1429. Foreign Corporations
  1430. Potential Deferral of Tax on Foreign Earnings
  1431. Deferral Privilege
  1432. Exceptions to the Deferral Privilege
  1433. Deemed Repatriation
  1434. Foreign Tax Credit Baskets
  1435. Taxation of a Foreign Corporation’s U.S. Trade or Business Income
  1436. Regular Taxes
  1437. Branch Profits Tax
  1438. Controlled Foreign Corporations
  1439. Pre-Subpart F Rules
  1440. Subpart F Rules
  1441. CFC Defined
  1442. Constructive Distributions of Subpart F Income
  1443. Insuring U.S. and Foreign Risks
  1444. Foreign Base Company Income
  1445. Boycott-Related Income
  1446. Bribes, Kickbacks, and Other Illegal Payments
  1447. Earnings Derived in Certain Foreign Countries
  1448. Related Deductions
  1449. Distributions from a CFC
  1450. Disposition of CFC Stock
  1451. Deemed Paid Foreign Tax Credit
  1452. Deemed Paid Taxes
  1453. Look-Though Rules
  1454. Translating the Subpart F Income and Foreign Taxes into U.S. Dollars
  1455. Passive and Mobile Income
  1456. GILTI and FDII
  1457. Base Erosion Payments
  1458. Transfer pricing
  1459. Section 482 Rules and Tax Avoidance
  1460. Inversions
  1461. Tax Planning Considerations
  1462. Objective 5
  1463. Deduction Versus Credit for Foreign Taxes
  1464. Election to Accrue Foreign Taxes
  1465. Special Earned Income Elections
  1466. Tax Treaties
  1467. Special Resident Alien Elections
  1468. Compliance and Procedural Considerations
  1469. Objective 6
  1470. Foreign Operations of U.S. Corporations
  1471. Reporting the Foreign Tax Credit
  1472. Reporting the Earned Income Exclusion
  1473. Filing Requirements for Aliens and Foreign Corporations
  1474. Financial Statement Implications
  1475. Objective 7
  1476. Foreign Tax Credit
  1477. Problem Materials
  1478. Discussion Questions
  1479. Issue Identification Questions
  1480. Problems
  1481. Comprehensive Problem
  1482. Tax Strategy Problem
  1483. Tax Form/Return Preparation Problems
  1484. Case Study Problems
  1485. Tax Research Problems
  1486. Appendices
  1487. Appendix A Tax Research Working Paper File
  1488. Tax Research File
  1489. Appendix B Tax Forms
  1490. Facts for Sole Proprietorship (Schedule C)
  1491. Facts for C Corporation (Form 1120)
  1492. Facts for General Partnership (Form 1065)
  1493. Facts for S Corporation (Form 1120S)
  1494. Appendix C Macrs Tables
  1495. Appendix D Glossary
  1496. Appendix E AICPA Statements on Standards for Tax Services Nos. 1–7
  1497. Appendix F Comparison of Tax Attributes for C Corporations, Partnerships, and S Corporations
  1498. Appendix G Reserved
  1499. Appendix H Actuarial Tables
  1500. Appendix I Index of Code Sections
  1501. Appendix J Index of Treasury Regulation
  1502. Appendix K Index of Government Promulgations
  1503. Appendix L Index of Court Cases
  1504. Appendix M Subject Index
  1505. 2018 Tax Rate Schedules Individual Taxpayers
  1506. Capital Gains and Dividends
  1507. 2018 Tax Rate Schedules

 

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