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Solution Manual For South-Western Federal Taxation 2019: Corporations, Partnerships, Estates And Trusts 42nd Edition

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Solution Manual For South-Western Federal Taxation 2019: Corporations, Partnerships, Estates And Trusts 42nd Edition

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Gain a thorough understanding of today’s tax concepts and ever-changing tax legislation with SOUTH-WESTERN FEDERAL TAXATION 2019: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS, 42E. This reader-friendly presentation provides the most effective solution to help you master tax concepts impacting contemporary corporations, partnerships, estates and trusts. You examine the most current tax legislation at the time of publication, including the Tax Cuts and Jobs Act of 2017. Extensive examples, summaries and meaningful tax scenarios clarify concepts and sharpen your critical-thinking, writing and research skills. The book’s framework effectively demonstrates how topics relate to one another and to the big picture. To ensure thorough coverage, each new book includes instant access to Intuit ProConnect tax software, Checkpoint (Student Edition) from Thomson Reuters and CengageNOWv2 optional online homework solution.

 

Table of Content:

  1. Part 1: Introduction
  2. CHAPTER 1 Understanding and Working with the Federal Tax Law
  3. The Big Picture: Importance of Tax Research
  4. THE WHYS OF THE TAX LAW
  5. Revenue Needs
  6. Economic Considerations
  7. Social Considerations
  8. Equity Considerations
  9. Political Considerations
  10. Influence of the Internal Revenue Service
  11. Influence of the Courts
  12. SUMMARY
  13. RECONCILING ACCOUNTING CONCEPTS
  14. WORKING WITH THE TAX LAW—TAX SOURCES
  15. Statutory Sources of the Tax Law
  16. Administrative Sources of the Tax Law
  17. Judicial Sources of the Tax Law
  18. Concept Summary: Federal Judicial System
  19. Concept Summary: Judicial Sources
  20. Other Sources of the Tax Law
  21. WORKING WITH THE TAX LAW—LOCATING AND USING TAX SOURCES
  22. Commercial Tax Services
  23. Financial Disclosure Insights: Where Does GAAP Come From?
  24. Using Electronic (Online) Tax Services
  25. Noncommercial Electronic (Online) Tax Sources
  26. WORKING WITH THE TAX LAW—TAX RESEARCH
  27. Identifying the Problem
  28. Locating the Appropriate Tax Law Sources
  29. Assessing the Validity of Tax Law Sources
  30. Ethics & Equity: Choosing Cases for Appeal
  31. Arriving at the Solution or at Alternative Solutions
  32. Communicating Tax Research
  33. WORKING WITH THE TAX LAW—TAX PLANNING
  34. Nontax Considerations
  35. Components of Tax Planning
  36. Follow-Up Procedures
  37. Tax Planning—A Practical Application
  38. TAXATION ON THE CPA EXAMINATION
  39. Preparation Blueprints
  40. Regulation Section
  41. CHAPTER 2 The Deduction for ­Qualified Business Income for Pass-Through Entities
  42. The Big Picture: Entrepreneurial Pursuits
  43. TAX TREATMENT OF VARIOUS BUSINESS FORMS
  44. Sole Proprietorships
  45. Partnerships
  46. Corporations
  47. Concept Summary: Tax Treatment of Business Forms Compared
  48. Global Tax Issues: U.S. Corporate Taxes and International Business Competitiveness
  49. Limited Liability Companies
  50. THE TAX CUTS AND JOBS ACT (TCJA) OF 2017 AND ENTITY TAX RATES
  51. Challenges of Lowering Tax Rates
  52. Lowering Tax Rates for Different Business Forms
  53. THE DEDUCTION FOR QUALIFIED BUSINESS INCOME
  54. General Rule
  55. The Overall Limitation: Modified Taxable Income
  56. Definition of Qualified Business Income
  57. Definition of a Qualified Trade or Business
  58. Limitations on the QBI Deduction
  59. Limitation Based on Wages and Capital Investment
  60. Concept Summary: An Overview of the Qualified Business Income Deduction
  61. Limitation for “Specified Services” Businesses
  62. Treatment of Losses
  63. Coordination with Other Rules
  64. Considerations for Partnerships and S Corporations
  65. Open Issues
  66. TAX PLANNING
  67. Corporate versus Noncorporate Forms of Business Organization
  68. Optimizing the Deduction for Qualified Business Income
  69. Refocus on the Big Picture: Entrepreneurial Pursuits
  70. Part 2: Corporations
  71. CHAPTER 3 Corporations: Introduction and Operating Rules
  72. The Big Picture: A Half-Baked Idea?
  73. AN INTRODUCTION TO THE INCOME TAXATION OF CORPORATIONS
  74. An Overview of Corporate versus Individual Income Tax Treatment
  75. Specific Provisions Compared
  76. Accounting Periods and Methods
  77. Capital Gains and Losses
  78. Recapture of Depreciation
  79. Business Interest Expense Limitation
  80. Passive Activity Losses
  81. Concept Summary: Special Rules Applicable to Personal Service Corporations (PSCs)
  82. Charitable Contributions
  83. Excessive Executive Compensation
  84. Net Operating Losses
  85. Deductions Available Only to Corporations
  86. Ethics & Equity: Pushing the Envelope on Year-End Planning
  87. Concept Summary: Income Taxation of Individuals and Corporations Compared
  88. DETERMINING THE CORPORATE INCOME TAX LIABILITY
  89. Corporate Income Tax Rates
  90. Alternative Minimum Tax
  91. Restrictions on Corporate Accumulations
  92. PROCEDURAL MATTERS
  93. Filing Requirements for Corporations
  94. Estimated Tax Payments
  95. Schedule M–1—Reconciliation of Income (Loss) per Books with Income per Return
  96. Concept Summary: Conceptual Diagram of Schedule M–1 (Form 1120)
  97. Schedule M–2—Analysis of Unappropriated Retained Earnings per Books
  98. Schedule M–3—Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million
  99. Effect of Taxes on the Financial Statements
  100. Form 1120 Illustrated
  101. Consolidated Returns
  102. TAX PLANNING
  103. Corporate versus Noncorporate Forms of Business Organization
  104. Operating the Corporation
  105. Refocus on the Big Picture: Cooked to Perfection
  106. CHAPTER 4 Corporations: Organization and Capital Structure
  107. The Big Picture: The Vehicle for Business Growth Is the Corporate Form
  108. ORGANIZATION OF AND TRANSFERS TO ­CONTROLLED CORPORATIONS
  109. Section 351 Rationale and General Rules
  110. Global Tax Issues: Tax Reform Adds a New Wrinkle to the Choice of Organizational Form When Operating
  111. Concept Summary: Shareholder Consequences: Taxable Corporate Formation versus Tax-Deferred § 351 Tr
  112. Property Defined
  113. Stock Transferred
  114. Control of the Corporation
  115. Assumption of Liabilities—§ 357
  116. Basis Determination and Related Issues
  117. Concept Summary: Tax Consequences of Liability Assumption
  118. Concept Summary: Tax Consequences to the Shareholders and Corporation: With and Without the Applicat
  119. CAPITAL STRUCTURE OF A CORPORATION
  120. Capital Contributions
  121. Debt in the Capital Structure
  122. INVESTOR LOSSES
  123. Stock and Security Losses
  124. Ethics & Equity: Can a Loss Produce a Double Benefit?
  125. Business versus Nonbusiness Bad Debts
  126. Section 1244 Stock
  127. GAIN FROM QUALIFIED SMALL BUSINESS STOCK
  128. TAX PLANNING
  129. Working with § 351
  130. Selecting Assets to Transfer
  131. Debt in the Capital Structure
  132. Investor Losses
  133. Refocus on the Big Picture: The Vehicle for Business Growth Is the Corporate Form
  134. CHAPTER 5 Corporations: Earnings & Profits and Dividend Distributions
  135. The Big Picture: Taxing Corporate Distributions
  136. CORPORATE DISTRIBUTIONS—OVERVIEW
  137. EARNINGS AND PROFITS (E & P)—§ 312
  138. Computation of E & P
  139. Summary of E & P Adjustments
  140. Concept Summary: E & P Adjustments
  141. Current versus Accumulated E & P
  142. Allocating E & P to Distributions
  143. Concept Summary: Allocating E & P to Distributions
  144. Ethics & Equity: Shifting E & P
  145. DIVIDENDS
  146. Rationale for Reduced Tax Rates on Dividends
  147. Qualified Dividends
  148. Property Dividends
  149. Concept Summary: Noncash Property Distributions
  150. Constructive Dividends
  151. Stock Dividends and Stock Rights
  152. TAX PLANNING
  153. Corporate Distributions
  154. Planning for Qualified Dividends
  155. Constructive Dividends
  156. Refocus on the Big Picture: Taxing Corporate Distributions
  157. CHAPTER 6 Corporations: Redemptions and Liquidations
  158. The Big Picture: Family Corporations and Stock Redemptions
  159. STOCK REDEMPTIONS—IN GENERAL
  160. STOCK REDEMPTIONS—SALE OR EXCHANGE TREATMENT
  161. Global Tax Issues: Foreign Shareholders Prefer Sale or Exchange Treatment in Stock Redemptions
  162. Concept Summary: Tax Consequences of Stock Redemptions to Shareholders
  163. Historical Background and Overview
  164. Stock Attribution Rules
  165. Not Essentially Equivalent Redemptions
  166. Disproportionate Redemptions
  167. Complete Termination Redemptions
  168. Partial Liquidations
  169. Redemptions to Pay Death Taxes
  170. Concept Summary: Summary of the Qualifying Stock Redemption Rules
  171. STOCK REDEMPTIONS—EFFECT ON THE CORPORATION
  172. Recognition of Gain or Loss
  173. Effect on Earnings and Profits
  174. Redemption Expenditures
  175. STOCK REDEMPTIONS—PREFERRED STOCK BAILOUTS
  176. Background
  177. Tax Consequences
  178. Section 306 Stock
  179. LIQUIDATIONS—IN GENERAL
  180. The Liquidation Process
  181. Liquidating and Nonliquidating Distributions Compared
  182. LIQUIDATIONS—EFFECT ON THE DISTRIBUTING CORPORATION
  183. The General Rule
  184. Antistuffing Rules
  185. Concept Summary: Summary of Antistuffing Loss Disallowance Rules
  186. LIQUIDATIONS—EFFECT ON THE SHAREHOLDER
  187. Ethics & Equity: Transferee Liability for Tax Deficiency of ­Liquidated Corporation
  188. LIQUIDATIONS—PARENT-SUBSIDIARY SITUATIONS
  189. Minority Shareholder Interests
  190. Global Tax Issues: Basis Rules for Liquidations of Foreign Subsidiaries
  191. Indebtedness of the Subsidiary to the Parent
  192. Basis of Property Received by the Parent ­Corporation—The General Rule
  193. Basis of Property Received by the Parent Corporation—§ 338 Election
  194. Concept Summary: Summary of Liquidation Rules
  195. TAX PLANNING
  196. Stock Redemptions
  197. Corporate Liquidations
  198. Parent-Subsidiary Liquidations
  199. Asset Purchase versus Stock Purchase
  200. Refocus on the Big Picture: A Family Attribution Waiver Is a Valuable Tool in Succession Planning
  201. CHAPTER 7 Corporations: Reorganizations
  202. The Big Picture: Structuring Acquisitions
  203. REORGANIZATIONS—IN GENERAL
  204. Summary of the Different Types of Reorganizations
  205. Summary of Tax Consequences in a Tax-Free Reorganization
  206. Concept Summary: Gain and Basis Rules for Nontaxable Exchanges
  207. Concept Summary: Basis to Acquiring Corporation of Property Received
  208. TYPES OF TAX-FREE REORGANIZATIONS
  209. Type A
  210. Type B
  211. Type C
  212. Type D
  213. Type E
  214. Concept Summary: Summary of Type A Through Type D Reorganizations: Advantages and Disadvantages
  215. Type F
  216. Type G
  217. JUDICIAL DOCTRINES
  218. Sound Business Purpose
  219. Continuity of Interest
  220. Continuity of Business Enterprise
  221. Global Tax Issues: Acquisition Prescription to Lower Taxes Has Expired
  222. Step Transaction
  223. Ethics & Equity: Voicing Ethical Values
  224. Financial Disclosure Insights: When an Acquisition Fails
  225. TAX ATTRIBUTE CARRYOVERS
  226. Assumption of Liabilities
  227. Allowance of Carryovers
  228. Net Operating Loss Carryovers
  229. Earnings and Profits
  230. Other Carryovers
  231. Concept Summary: Treatment of E & P Carried to Successor
  232. TAX PLANNING
  233. Assessing the Possible Benefits of Restructuring Options
  234. Concept Summary: Summary of Carryover Rules
  235. Concept Summary: Comprehensive Summary of Corporate Reorganizations
  236. Refocus on the Big Picture: Structuring Acquisitions
  237. CHAPTER 8 Consolidated Tax Returns
  238. The Big Picture: A Corporation Contemplates a Merger
  239. THE CONSOLIDATED RETURN RULES
  240. Motivations to Consolidate
  241. Source and Philosophy of Consolidated Return Rules
  242. Ethics & Equity: Delegating Authority to the Nonelected
  243. ASSESSING CONSOLIDATED RETURN STATUS
  244. Financial Disclosure Insights: GAAP and Tax Treatment of Consolidations
  245. ELECTING CONSOLIDATED RETURN STATUS
  246. Concept Summary: The Consolidated Return Election
  247. Affiliated Group
  248. Affiliated versus Controlled Group
  249. Eligibility for the Consolidation Election
  250. Compliance Requirements
  251. State Tax Effects
  252. Concept Summary: The Consolidated Tax Return
  253. STOCK BASIS OF SUBSIDIARY
  254. COMPUTING CONSOLIDATED TAXABLE INCOME
  255. Computational Procedure
  256. Typical Intercompany Transactions
  257. Global Tax Issues: Consolidated Returns and NOLs
  258. Computation of Group Items
  259. The Matching Rule
  260. Concept Summary: The Consolidated Taxable Income
  261. TAX PLANNING
  262. Choosing Consolidated Return Partners
  263. Consolidation versus 100 Percent Dividends Received Deduction
  264. Protecting the Group Members’ Liability for Tax Payments
  265. Documentation Requirements
  266. Refocus on the Big Picture: Should the Affiliated Group File a Consolidated Return?
  267. CHAPTER 9 Taxation of International Transactions
  268. The Big Picture: Going International
  269. OVERVIEW OF INTERNATIONAL TAXATION
  270. Global Tax Issues: Tax Reform Can Make Strange Bedfellows
  271. TAX TREATIES
  272. SOURCING OF INCOME AND DEDUCTIONS
  273. U.S.-Source Income
  274. Foreign-Source Income
  275. Allocation and Apportionment of Deductions
  276. Concept Summary: The Sourcing Rules
  277. Transfer Pricing
  278. Ethics & Equity: The Costs of Good Tax Planning
  279. FOREIGN CURRENCY TRANSACTIONS
  280. Tax Issues
  281. Concept Summary: Recognition of Foreign Exchange Gain or Loss
  282. Functional Currency
  283. Branch Operations
  284. Distributions from Foreign Corporations
  285. Foreign Taxes
  286. U.S. PERSONS WITH OFFSHORE INCOME
  287. Export Property, Licenses, Foreign Branches
  288. Financial Disclosure Insights: Overseas Operations and Book-Tax Differences
  289. Concept Summary: The Foreign Tax Credit
  290. Creating a Cross-Border Business Entity
  291. Tax Havens
  292. Offshore (Foreign) Corporations Controlled by U.S. Persons
  293. Concept Summary: Subpart F Income and a CFC
  294. Movement Toward a Territorial System
  295. Concept Summary: Income of a CFC That Is Included in Gross Income of a U.S. Shareholder, Selected
  296. U.S. TAXATION OF NONRESIDENT ALIENS AND FOREIGN CORPORATIONS
  297. Nonresident Alien Individuals
  298. Foreign Corporations
  299. Foreign Investment in Real Property Tax Act
  300. Expatriation to Avoid U.S. Taxation
  301. REPORTING REQUIREMENTS
  302. TAX PLANNING
  303. The Foreign Tax Credit Limitation and Sourcing Provisions
  304. Transfer Pricing
  305. Refocus on the Big Picture: Going International
  306. Part 3: Flow-Through Entities
  307. CHAPTER 10 Partnerships: Formation, Operation, and Basis
  308. The Big Picture: Why Use a Partnership, Anyway?
  309. OVERVIEW OF PARTNERSHIP TAXATION
  310. What Is a Partnership?
  311. Concept Summary: Comparison of Partnership Types
  312. Key Concepts in Taxation of Partnership Income
  313. FORMATION OF A PARTNERSHIP: TAX EFFECTS
  314. Contributions to the Partnership
  315. Exceptions to the General Rule of § 721
  316. Other Issues Related to Contributed Property
  317. Concept Summary: Partnership Formation and Initial Basis Computation
  318. Tax Accounting Elections
  319. Initial Costs of a Partnership
  320. Method of Accounting
  321. Taxable Year of the Partnership
  322. OPERATIONS OF THE PARTNERSHIP
  323. Measuring and Reporting Partnership Income
  324. Global Tax Issues: Withholding Requirements for non-U.S. Partners
  325. Partner Allocations and Reporting
  326. Concept Summary: Tax Reporting of Partnership Items
  327. Ethics & Equity: Built-In Appreciation on Contributed Property
  328. Partner’s Basis
  329. Partner’s Capital Account
  330. Loss Limitations
  331. OTHER ISSUES
  332. Self-Employment and Net Investment Income Tax
  333. Transactions between a Partner and a Partnership
  334. TAX PLANNING
  335. Choosing Partnership Taxation
  336. Concept Summary: Major Advantages and Disadvantages of the Partnership Form
  337. Formation and Operation of a Partnership
  338. Basis Considerations and Loss Deduction Limitations
  339. Partnership Reporting Requirements
  340. Transactions between Partners and Partnerships
  341. Drafting the Partnership Agreement
  342. Refocus on the Big Picture: Why Use a Partnership, Anyway?
  343. CHAPTER 11 Partnerships: Distributions, Transfer of Interests, and Terminations
  344. The Big Picture: The Life Cycle of a Partnership
  345. DISTRIBUTIONS FROM A PARTNERSHIP
  346. Distributions in General
  347. Proportionate Current Distributions
  348. Ethics & Equity: Arranging Tax-Advantaged Distributions
  349. Proportionate Liquidating Distributions
  350. Concept Summary: Proportionate Current Distributions (General Rules)
  351. Property Distributions with Special Tax Treatment
  352. Concept Summary: Proportionate Liquidating Distributions When the Partnership Also Liquidates (Gener
  353. Disproportionate Distributions
  354. SECTION 736—LIQUIDATING DISTRIBUTIONS TO RETIRING OR DECEASED PARTNERS
  355. Treatment of Property/Income Payments
  356. Property Payments
  357. Income Payments
  358. Concept Summary: Liquidating Distributions of Cash When the Partnership Continues
  359. SALE OF A PARTNERSHIP INTEREST
  360. General Rules
  361. Hot Assets and Carried Interests
  362. Concept Summary: Sale of a Partnership Interest
  363. OTHER DISPOSITIONS OF PARTNERSHIP INTERESTS
  364. Transfers to a Corporation
  365. Like-Kind Exchanges
  366. Death of a Partner
  367. Gifts
  368. SECTION 754—OPTIONAL ADJUSTMENTS TO PROPERTY BASIS
  369. Adjustment: Sale or Exchange of an Interest
  370. Adjustment: Partnership Distributions
  371. Concept Summary: Basis Adjustments under § 754
  372. TERMINATION OF A PARTNERSHIP
  373. OTHER ISSUES
  374. Family Partnerships
  375. Global Tax Issues: Sale of Global Partnership Interests
  376. Limited Liability Companies
  377. Limited Liability Partnerships
  378. Partnership Administration and Anti-Abuse
  379. TAX PLANNING
  380. Planning Partnership Distributions
  381. Sales and Exchanges of Partnership Interests
  382. Comparing Sales to Liquidations
  383. Other Partnership Issues
  384. Refocus on the Big Picture: The Life Cycle of a Partnership
  385. CHAPTER 12 S Corporations
  386. The Big Picture: Deductibility of Losses and the Choice of Business Entity
  387. CHOICE OF BUSINESS ENTITY
  388. Concept Summary: Making an S Election
  389. An Overview of S Corporations
  390. QUALIFYING FOR S CORPORATION STATUS
  391. Definition of a Small Business Corporation
  392. Making the Election
  393. Shareholder Consent
  394. Loss of the Election
  395. OPERATIONAL RULES
  396. Computation of Taxable Income
  397. Qualified Business Income Deduction
  398. Allocation of Income and Loss
  399. Tax Treatment of Distributions to Shareholders
  400. Concept Summary: Classification Procedures for Distributions from an S Corporation
  401. Tax Treatment of Noncash Property Distributions by the Corporation
  402. Concept Summary: Consequences of Noncash Distributions
  403. Shareholder’s Basis in S Stock
  404. Treatment of Losses
  405. Tax on Pre-Election Built-In Gain
  406. Passive Investment Income Penalty Tax
  407. Other Operational Rules
  408. TAX PLANNING
  409. When the Election Is Advisable
  410. Making a Proper Election
  411. Preserving the Election
  412. Planning for the Operation of the Corporation
  413. Refocus on the Big Picture: Using a Pass-Through Entity to Achieve Deductibility of Losses
  414. Part 4: Advanced Tax Practice Considerations
  415. CHAPTER 13 Comparative Forms of Doing Business
  416. The Big Picture: Selection of a Tax Entity Form
  417. FORMS OF DOING BUSINESS
  418. NONTAX FACTORS
  419. Capital Formation
  420. Limited Liability
  421. Other Factors
  422. SINGLE VERSUS DOUBLE TAXATION
  423. Overall Effect on Entity and Owners
  424. Alternative Minimum Tax
  425. State Taxation
  426. Global Tax Issues: Tax Rates and Economic Activity
  427. CONTROLLING THE ENTITY TAX
  428. Favorable Treatment of Certain Fringe Benefits
  429. Minimizing Double Taxation
  430. Considering the Qualified Business Income Deduction
  431. CONDUIT VERSUS ENTITY TREATMENT
  432. Effect on Recognition at Time of Contribution to the Entity
  433. Effect on Basis of Ownership Interest
  434. Ethics & Equity: Income Tax Basis That Does Not Change?
  435. Effect on Results of Operations
  436. Effect on Recognition at Time of Distribution
  437. Effect on Passive Activity Losses
  438. Effect of At-Risk Rules
  439. Effect of Special Allocations
  440. FICA, SELF-EMPLOYMENT TAXES, AND NIIT
  441. FICA
  442. Self-Employment Tax
  443. Net Investment Income Tax (NIIT)
  444. Effect on the Entity and Its Owners
  445. DISPOSITION OF A BUSINESS OR AN ­OWNERSHIP INTEREST
  446. Sole Proprietorship
  447. Partnership and Limited Liability Company
  448. C Corporation
  449. S Corporation
  450. CONVERTING TO OTHER ENTITY TYPES
  451. Sole Proprietorship
  452. C Corporation
  453. Partnership or LLC
  454. OVERALL COMPARISON OF FORMS OF DOING BUSINESS
  455. Concept Summary: Tax Attributes of Different Forms of Business (Assume That Partners and Shareholder
  456. TAX PLANNING
  457. Refocus on the Big Picture: Selection of a Tax Entity Form
  458. CHAPTER 14 Taxes on the Financial Statements
  459. The Big Picture: Taxes on the Financial Statements
  460. BOOK-TAX DIFFERENCES
  461. Different Reporting Entities
  462. Different Taxes
  463. Different Methods
  464. Tax Return Disclosures
  465. Financial Disclosure Insights: Supersized Goodwill
  466. Concept Summary: Income Amounts—Book versus Tax
  467. INCOME TAXES IN THE FINANCIAL STATEMENTS
  468. GAAP Principles
  469. Global Tax Issues: Accounting for Income Taxes in International Standards
  470. Financial Disclosure Insights: The Book-Tax Income Gap
  471. Valuation Allowance
  472. Global Tax Issues: Tax Losses and the Deferred Tax Asset
  473. Tax Disclosures in the Financial Statements
  474. Concept Summary: Steps in Determining the Book Tax Expense
  475. Special Issues
  476. Concept Summary: Disclosures Under ASC 740-10
  477. Ethics & Equity: Disclosing Aggressive Tax Positions
  478. Summary
  479. BENCHMARKING
  480. Refining the Analysis
  481. Sustaining the Tax Rate
  482. Uses of Benchmarking Analysis
  483. Concept Summary: Benchmarking Analysis
  484. TAX PLANNING
  485. Releasing Valuation Allowances
  486. Comparing Tax Savings
  487. Refocus on the Big Picture: Taxes on the Financial Statements
  488. CHAPTER 15 Exempt Entities
  489. The Big Picture: Effect of a For-Profit Business on a Tax-Exempt Entity
  490. TYPES OF EXEMPT ORGANIZATIONS
  491. REQUIREMENTS FOR EXEMPT STATUS
  492. Serving the Common Good
  493. Not-for-Profit Entity
  494. Net Earnings and Members of the Organization
  495. TAXES ON EXEMPT ENTITIES
  496. Prohibited Transactions
  497. Feeder Organizations
  498. Concept Summary: Consequences of Exempt Status
  499. PRIVATE FOUNDATIONS
  500. Tax Consequences of Private Foundation Status
  501. Concept Summary: Exempt Organizations: Classification
  502. Taxes Imposed on Private Foundations
  503. UNRELATED BUSINESS INCOME TAX
  504. Unrelated Trade or Business
  505. Unrelated Business Taxable Income
  506. Concept Summary: Unrelated Business Income Tax
  507. REPORTING REQUIREMENTS
  508. Obtaining Exempt Organization Status
  509. Annual Filing Requirements
  510. Disclosure Requirements
  511. TAX PLANNING
  512. General Considerations
  513. Maintaining Exempt Status
  514. Private Foundation Status
  515. Unrelated Business Income Tax
  516. Refocus on the Big Picture: Effect of a For-Profit Business on a Tax-Exempt Entity
  517. CHAPTER 16 Multistate Corporate Taxation
  518. The Big Picture: Making a Multistate Location Decision
  519. OVERVIEW OF CORPORATE STATE INCOME TAXATION
  520. Computing State Income Tax
  521. State Modifications
  522. The UDITPA and the Multistate Tax Commission
  523. Jurisdiction to Impose Tax: Nexus and Public Law 86–272
  524. Nexus beyond P.L. 86–272
  525. Concept Summary: Multistate Taxation
  526. ALLOCATION AND APPORTIONMENT OF INCOME
  527. The Apportionment Procedure
  528. Apportionable Income
  529. Apportionment Factors: Elements and Planning
  530. Concept Summary: Apportionable Income
  531. The Sales Factor
  532. The Payroll Factor
  533. The Property Factor
  534. Financial Disclosure Insights: State/Local Taxes and the Tax Expense
  535. THE UNITARY THEORY
  536. What Is a Unitary Business?
  537. Tax Effects of the Unitary Theory
  538. Consolidated and Combined Returns
  539. Concept Summary: Using Apportionment Formulas
  540. Global Tax Issues: Water’s Edge Is Not a Day at the Beach
  541. TAXATION OF S CORPORATIONS
  542. Eligibility
  543. State Tax Filing Requirements
  544. TAXATION OF PARTNERSHIPS AND LLCS
  545. OTHER STATE AND LOCAL TAXES
  546. State and Local Sales and Use Taxes
  547. Local Property Taxes
  548. Other Taxes
  549. Ethics & Equity: Encouraging Economic Development through Tax Concessions
  550. TAX PLANNING
  551. Selecting the Optimal State in Which to Operate
  552. Restructuring Corporate Entities
  553. Subjecting the Corporation’s Income to Apportionment
  554. Ethics & Equity: Can You Be a Nowhere Adviser?
  555. Planning with Apportionment Factors
  556. Sales/Use Tax Compliance
  557. Sales/Use Taxes on Capital Changes
  558. Capital Stock Taxation
  559. Refocus on the Big Picture: Making a Multistate Location Decision
  560. CHAPTER 17 Tax Practice and Ethics
  561. The Big Picture: A Tax Adviser’s Dilemma
  562. TAX ADMINISTRATION
  563. Organizational Structure of the IRS
  564. IRS Procedure—Letter Rulings
  565. IRS Procedure—Other Issuances
  566. Ethics & Equity: Tax Compliance Costs
  567. Administrative Powers of the IRS
  568. The Audit Process
  569. Ethics & Equity: Can the IRS Pretend to Be Your Friend?
  570. The Taxpayer Appeal Process
  571. Offers in Compromise and Closing Agreements
  572. Ethics & Equity: Our Taxing System of Self-Assessment
  573. Interest
  574. Concept Summary: Working with the IRS
  575. Taxpayer Penalties
  576. Ethics & Equity: First-Time Tax Violators Can Get Off with Just a Warning
  577. Statute of Limitations
  578. THE TAX PROFESSION AND TAX ETHICS
  579. The Tax Professional
  580. Regulating Tax Preparers
  581. IRS Rules Governing Tax Practice
  582. Preparer Penalties
  583. Privileged Communications
  584. AICPA Statements on Standards for Tax Services
  585. Concept Summary: Tax Profession and Ethics
  586. TAX PLANNING
  587. Strategies in Seeking a Letter Ruling
  588. Considerations in Handling an IRS Audit
  589. Statute of Limitations
  590. Litigation Considerations
  591. Penalties
  592. Privileged Communications
  593. Refocus on the Big Picture: A Tax Adviser’s Dilemma
  594. Part 5: Family Tax Planning
  595. CHAPTER 18 The Federal Gift and Estate Taxes
  596. The Big Picture: An Eventful and Final Year
  597. TRANSFER TAXES—IN GENERAL
  598. Nature of the Taxes
  599. Global Tax Issues: U.S. Transfer Taxes and NRAs
  600. Concept Summary: Formula for the Federal Gift Tax
  601. Concept Summary: Formula for the Federal Estate Tax
  602. Valuation for Federal Transfer Tax Purposes
  603. Key Property Concepts
  604. THE FEDERAL GIFT TAX
  605. General Considerations
  606. Ethics & Equity: It’s the Thought That Counts
  607. Transfers Subject to the Gift Tax
  608. Annual Exclusion
  609. Deductions
  610. Computing the Federal Gift Tax
  611. Procedural Matters
  612. Concept Summary: Federal Gift Tax Provisions
  613. THE FEDERAL ESTATE TAX
  614. Gross Estate
  615. Concept Summary: Federal Estate Tax Provisions—Gross Estate
  616. Taxable Estate
  617. Estate Tax Credits
  618. Global Tax Issues: Treaty Relief Is Not Abundant!
  619. Procedural Matters
  620. Concept Summary: Federal Estate Tax Provisions—Taxable Estate and Procedural Matters
  621. THE GENERATION-SKIPPING TRANSFER TAX
  622. The Problem
  623. The Solution
  624. TAX PLANNING
  625. Refocus on the Big Picture: An Eventful and Final Year
  626. CHAPTER 19 Family Tax Planning
  627. The Big Picture: Lifetime Giving—the Good and the Bad
  628. VALUATION CONCEPTS
  629. Valuation in General
  630. Valuation of Specific Assets
  631. Ethics & Equity: One Way to Handle Loans to Troublesome In-Laws
  632. Ethics & Equity: Can IRS Valuation Tables Be Disregarded?
  633. Real Estate and the Special Use Valuation Method
  634. Valuation Problems with a Closely Held Business
  635. Concept Summary: Valuation Concepts
  636. INCOME TAX CONCEPTS
  637. Basis of Property Acquired by Gift
  638. Basis of Property Acquired by Death
  639. Concept Summary: Income Tax Concepts
  640. GIFT PLANNING
  641. Minimizing Gift Taxes
  642. Minimizing Estate Taxes
  643. Income Tax Considerations
  644. ESTATE PLANNING
  645. Probate Costs
  646. Proper Handling of Estate Tax Deductions
  647. Providing Estate Liquidity
  648. Concept Summary: Estate and Gift Tax Planning
  649. Refocus on the Big Picture: Lifetime Giving—the Good and the Bad
  650. CHAPTER 20 Income Taxation of Trusts and Estates
  651. The Big Picture: Setting Up a Trust to Protect a Family
  652. AN OVERVIEW OF FIDUCIARY TAXATION
  653. What Is a Trust?
  654. What Is an Estate?
  655. NATURE OF TRUST AND ESTATE TAXATION
  656. Concept Summary: Tax Characteristics of Major Pass-Through Entities
  657. Tax Accounting Periods and Methods
  658. Tax Rates and Personal Exemption
  659. Alternative Minimum Tax
  660. Additional Tax on Net Investment Income
  661. TAXABLE INCOME OF TRUSTS AND ESTATES
  662. Entity Accounting Income
  663. Gross Income
  664. Ethics & Equity: To Whom Can I Trust My Pet?
  665. Ordinary Deductions
  666. Deductions for Losses
  667. Charitable Contributions
  668. Deduction for Distributions to Beneficiaries
  669. Concept Summary: Uses of the DNI Amount
  670. Tax Credits
  671. Concept Summary: Principles of Fiduciary Income Taxation
  672. TAXATION OF BENEFICIARIES
  673. Distributions by Simple Trusts
  674. Distributions by Estates and Complex Trusts
  675. Character of Income
  676. GRANTOR TRUSTS
  677. Reversionary Trusts
  678. Powers Retained by the Grantor
  679. PROCEDURAL MATTERS
  680. TAX PLANNING
  681. A Trust or an Estate as an Income-Shifting Device
  682. Income Tax Planning for Estates
  683. Distributions of In-Kind Property
  684. Ethics & Equity: Who Should Be a Trustee?
  685. Deductibility of Fiduciary Expenses
  686. Duties of an Executor
  687. Additional Taxes on Capital Gains and Net Investment Income
  688. Refocus on the Big Picture: Setting Up a Trust to Protect a Family
  689. Appendix A: Tax Rate Schedules and Tables
  690. Appendix B: Tax Forms
  691. Appendix C: Glossary
  692. Appendix D-1: Table of Code Sections Cited
  693. Appendix D-2: Table of Regulations Cited
  694. Appendix D-3: Table of Revenue Procedures and Revenue Rulings Cited
  695. Appendix E: Table of Cases Cited
  696. Appendix F: Present Value and Future Value Tables
  697. Appendix G: Tax Formulas
  698. Index

 

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