South-Western Federal Taxation 2022,
1st Edition

PART I: INTRODUCTION AND BASIC TAX MODEL.
1. An Introduction to Taxation and Understanding the Federal Tax Law.
2. Working with the Tax Law.
3. Tax Formula and Tax Determination: An Overview of Property Transactions.
PART II: GROSS INCOME.
4. Gross Income: Concepts and Inclusions.
5. Gross Income: Exclusions.
PART III: DEDUCTIONS.
6. Deductions and Losses: In General.
7. Deductions and Losses: Certain Business Expenses and Losses.
8. Depreciation, Cost Recovery, Amortization, and Depletion.
9. Deductions: Employee and Self-Employed-Related Expenses.
10. Deductions and Losses: Certain Itemized Deductions.
11. Investor Losses.
PART IV: SPECIAL TAX COMPUTATIONS METHODS, TAX CREDITS, AND PAYMENT PROCEDURES.
12. Alternative Minimum Tax.
13. Tax Credits and Payment Procedures.
PART V: PROPERTY TRANSACTIONS.
14. Property Transactions: Determination of Gain or Loss, and Basis Considerations.
15. Property Transactions: Nontaxable Exchanges.
16. Property Transactions: Capital Gains and Losses.
17. Property Transactions: Section 1231, and Recapture Provisions.
Part VI: ACCOUNTING PERIODS, ACCOUNTING METHODS, AND DEFERRED COMPENSATION.
18. Accounting Periods and Methods.
19. Deferred Compensation.
Part VII: CORPORATIONS AND PARTNERSHIPS.
20. Corporations and Partnerships.
APPENDICES.
Appendix A: Tax Formulas, Tax Rate Schedules, and Tables.
Appendix B: Tax Forms.
Appendix C: Glossary.
Appendix D: Table of Code Sections Cited.
Appendix E: Present Value and Future Value Tables.
Appendix F: Practice Set Assignments – Comprehensive Tax Return Problems.
Index.

• James C. Young

  James C. Young, Ph.D., C.P.A., is the PricewaterhouseCoopers Professor of Accountancy at Northern Illinois University. He earned his B.S. from Ferris State University and his M.B.A. and Ph.D. from Michigan State University. Dr. Young's research focuses on taxpayer responses to the income tax, using archival data. His dissertation received the PricewaterhouseCoopers/American Taxation Association Dissertation Award and his subsequent research has received funding from a number of organizations, including the Ernst & Young Foundation Tax Research Grant Program. His work has been published in a variety of academic and professional journals, including the National Tax Journal, The Journal of the American Taxation Association and Tax Notes. Honored as a Northern Illinois University Distinguished Professor, Dr. Young received the Illinois C.P.A. Society Outstanding Accounting Educator Award in 2012. In addition, he has received numerous university teaching awards from Northern Illinois University, George Mason University and Michigan State University.

• Annette Nellen

  Annette Nellen, C.P.A., C.G.M.A., Esquire, directs San José State University’s graduate tax program (M.S.T.) and teaches courses in tax research, tax fundamentals, accounting methods, property transactions, employment tax, ethics and tax policy. Professor Nellen is a graduate of CSU Northridge, Pepperdine (M.B.A.) and Loyola Law School. Prior to joining San José State University (SJSU) in 1990, she worked with a Big Four firm and the IRS. At SJSU, Professor Nellen has been recognized with the Outstanding Professor and Distinguished Service awards. She is an active member of the tax sections of the AICPA, American Bar Association and California Lawyers Association. She chaired the AICPA Tax Executive Committee from October 2016 to May 2019. In 2013, she received the AICPA Arthur J. Dixon Memorial Award -- the highest award given by the accounting profession in the area of taxation. Professor Nellen is the author of Bloomberg Tax Portfolio, Amortization of Intangibles. She has published numerous articles in the AICPA Tax Insider, The Tax Adviser, State Tax Notes and The Journal of Accountancy. She has testified before the House Ways & Means and Senate Finance Committees and other committees on federal and state tax reform. Professor Nellen maintains the 21st Century Taxation website and blog (www.21stcenturytaxation.com) as well as websites on tax reform and state tax issues (www.sjsu.edu/people/annette.nellen/).

• William A. Raabe

  William A. Raabe, Ph.D., C.P.A., was the University of Wisconsin Distinguished Professor of Taxation. He taught at Ohio State, Arizona State, the Capital University (Ohio) Law School and the Universities of Wisconsin – Milwaukee and Whitewater. A graduate of Carroll University (Wisconsin) and the University of Illinois, Dr. Raabe’s teaching and research interests have included international and multistate taxation, technology in tax education, personal financial planning and the economic impact of sports teams and fine arts groups. Dr. Raabe has also written the PricewaterhouseCoopers Tax Case Studies and has written extensively about book-tax differences in financial reporting. Dr. Raabe has served as a visiting tax faculty member for a number of public accounting firms, bar associations and C.P.A. societies. He has received numerous teaching awards, including the Accounting Educator of the Year award from the Wisconsin Institute of C.P.A.s. He has been the faculty adviser for student teams in the Deloitte Tax Case Competition (coaching national finalists at three different schools) as well as the PricewaterhouseCoopers Extreme Tax policy competition (coaching a national finalist).

• Mark Persellin

  Mark B. Persellin, Ph.D., C.P.A., C.F.P.®, is the Ray and Dorothy Berend Professor of Accounting at St. Mary’s University. He earned his B.S. from the University of Arizona, his M.P.A. in taxation from the University of Texas at Austin and his Ph.D. from the University of Houston. Today, Dr. Persellin teaches personal income tax, business income tax and research in federal taxation. Prior to joining St. Mary’s University, Dr. Persellin taught at Florida Atlantic University and Southwest Texas University (Texas State University). He also worked on the tax staff of a Big Four firm. Dr. Persellin's research has been published in numerous academic and professional journals, including The Journal of American Taxation Association, The Accounting Educators’ Journal, The Tax Adviser, The CPA Journal, Journal of Taxation, Corporate Taxation, The Tax Executive, TAXES – The Tax Magazine, Journal of International Taxation and Practical Tax Strategies. In 2003, Dr. Persellin established the St. Mary’s University Volunteer Income Tax Assistance (VITA) site, and he continues to serve as a trainer and reviewer for the site.

• William H. Hoffman

  Dr. William H. Hoffman, Jr., earned his B.A. and J.D. degrees from the University of Michigan before serving in the Korean War as an officer in the U.S. Army’s Judge Advocate General Corps. Following his return from military service, he completed his M.B.A. and Ph.D. degrees from The University of Texas at Austin. Dr. Hoffman was a licensed C.P.A. and attorney in Texas. Recognized for his teaching excellence, Dr. Hoffman's academic experience included working with The University of Texas, Louisiana State University and the University of Houston. During his time in Houston, Dr. Hoffman served as a professor, mentor and doctoral adviser to countless students and colleagues. Between 1977 and 1980, he established what is now the SOUTH-WESTERN FEDERAL TAXATION SERIES. A frequently requested professional speaker, Dr. Hoffman addressed many tax institutes and conferences and published extensively in academic and professional journals. His articles have appeared in The Journal of Taxation, The Tax Adviser, Taxes–The Tax Magazine, The Journal of Accountancy, The Accounting Review and Taxation for Accountants.

• NEW TAX FORM PROBLEMS HIGHLIGHT THE LATEST CHALLENGES AND REINFORCE KEY SKILLS. This edition's new and updated problems reflect today's most current challenges in income tax preparation. These new problems also help students refine critical thinking skills, provide focused opportunities for additional practice and broaden your choices for assigning homework.

• FULLY UPDATED, REVISED CONTENT REFLECTS TODAY'S LATEST TAX CHANGES AND EMERGING DEVELOPMENTS. Up-to-date coverage and extensive revisions detail the most current tax legislation for individual taxpayers, as of the time of publication. Revisions reflect 2021 tax law changes and complete coverage of the Tax Cuts and Jobs Act of 2017.

• CURRENT PROFESSIONAL TAX SOFTWARE AND TOP C.P.A. REVIEW TOOLS PREPARE STUDENTS FOR SUCCESS IN WORKING WITH TAXES. This edition offers access to and content that corresponds with the most current professional tax software from Intuit® ProConnect. Students also work with invaluable interactive C.P.A. review questions from Becker Professional Education.®

• NEW, EXPANDED PRACTICE OPPORTUNITIES AND ADDITIONAL INDEPENDENT STUDY RESOURCES PROVIDE UPDATED TOOLS FOR MASTERING CONCEPTS. This edition's printed and digital resources, including the latest CNOWv2 online tools, work seamlessly to introduce and reinforce the tax skills and mastery of current tax concepts that students need to succeed. Students can even use these print and digital tools to practice and learn independently.

• MEMORABLE LEARNING VIDEOS HELP STUDENTS ABSORB AND APPLY TAX CONCEPTS. Engaging learning videos with practical applications strengthen your students' comprehension and ensure they understand how to complete end-of-chapter homework successfully.

• PRACTICAL TAX SCENARIOS BEGIN AND CONCLUDE EACH CHAPTER. "Big Picture: Tax Solutions for the Real World" scenarios examine lives, careers and tax situations facing typical tax filers. Each "Big Picture" case asks students to develop the best tax solution for a real dilemma. Four examples in the chapter relate to the "Big Picture" tax situation. End-of-chapter "Refocus on the Big Picture" summaries and tax planning scenarios apply chapter concepts to professional solutions. A "What If?" section also demonstrates how tax treatments can vary as the filer's situation changes.

• DISTINCTIVE "FRAMEWORK 1040" HELPS STUDENTS NAVIGATE CRITICAL TOPICS. The book's unique framework demonstrates how tax concepts are organized. The "Framework 1040" uses the Income Tax Formula for Individuals to help students organize their understanding of each chapter's concepts and see how the topics they have learned relate to today's basic tax formula. Students learn where various items are reported on Form 1040.

• DIVERSE CHOICE OF LEARNING FEATURES HELPS READERS DEVELOP PROFESSIONAL SKILLS. "Ethics and Equity" features spark critical thinking and discussion as students evaluate their own value systems while reviewing current ethical scenarios. A helpful section in most chapters demonstrates how to apply tax law to reach taxpayer's goals. Tax planning applications also appear throughout each chapter. "Global Tax Issues" illustrate international tax laws and highlight how global concerns impact taxation. In addition, "Decision-Making Problems" help students refine analytical skills.

• END-OF-CHAPTER COMPUTATIONAL EXERCISES PROVIDE CRITICAL HANDS-ON PRACTICE. Your students gain significant hands-on experience as they work with Computational Exercises in most chapters. These practical exercises encourage students to apply what they've learned while reinforcing the chapter's Learning Objectives.

• CUMULATIVE TAX RETURN PROBLEMS CHALLENGE STUDENTS TO APPLY TAX KNOWLEDGE FROM PREVIOUS SECTIONS. Students apply the concepts they've mastered as they complete actual tax forms. Professional tax software from Intuit® ProConnect provides an authentic and professional tax preparation experience.

• CNOWv2 ONLINE TOOLS OPTIMIZE LEARNING AND ENGAGEMENT. CNOWv2 digital resources are built around the way today's students learn, study and complete homework. Updated end-of-chapter assignments, "What If" versions of problems, algorithmic problems, detailed feedback, test bank questions, thorough tagging and student video resources create an effective learning environment. An adaptive study plan and an assignable, gradable study center adjust to each student's unique needs, providing a remediation pathway to keep every individual on track.

• END-OF-CHAPTER C.P.A. REVIEW QUESTIONS FROM BECKER PREPARE STUDENTS FOR SUCCESS ON THE CURRENT C.P.A. EXAM. Students review key concepts using proven questions from Becker Professional Education® -- one of the industry's most effective tools to prepare for the C.P.A. Exam.

• CURRENT PROFESSIONAL TAX SOFTWARE PREPARES STUDENTS FOR REAL WORK IN TODAY'S TAX ENVIRONMENT. Students gain experience using professional software from Intuit® ProConnect. They also interact with C.P.A. review questions from Becker Professional Education® -- one of today's top C.P.A. review tools -- as they prepare for success.

• ADDITIONAL PRACTICE OPPORTUNITIES AND INDEPENDENT STUDY RESOURCES PROVIDE TOOLS FOR MASTERING CONCEPTS. This edition's printed and digital resources, including CNOWv2 online tools, work seamlessly to introduce and reinforce the tax skills and mastery of current tax concepts that students need to succeed. Students can even use these print and digital tools to practice and learn independently.

• PROVEN TAX RETURN FORM PROBLEMS PROVIDE ADDITIONAL ONLINE PRACTICE. Your students gain important practice in working with tax return forms. They refine the specific income taxation skills they need today with a variety of current practice opportunities and independent study resources in CNOWv2.

• EMPHASIS ON CRITICAL THINKING EQUIPS STUDENTS TO MEET TODAY'S TAX CHALLENGES. This edition's end-of-chapter homework assignments focus on critical thinking to help students develop this and other crucial skills needed in taxation and business today.

• IN-CHAPTER "EXAMPLES" IMMEDIATELY CLARIFY AND REINFORCE CONCEPTS. This book's unique "Example" presentation uses memorable, clear taxation examples that make it easy for students to read and quickly understand even complex taxation concepts.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

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