South-Western Federal Taxation 2024,
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. Computing the Tax.
Part II: GROSS INCOME.
4. Gross Income: Concepts and Inclusions.
5. Gross Income: Exclusions.
Part III: DEDUCTIONS AND CREDITS.
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.
12. Tax Credits and Payments.
Part IV: PROPERTY TRANSACTIONS.
13. Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges.
14. Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions.
Part V: SPECIAL TAX COMPUTATIONS AND ACCOUNTING PERIODS AND METHODS.
15. The Deduction for Qualified Business Income for Noncorporate Taxpayers.
16. Accounting Periods and Methods.
Part VI: CORPORATIONS.
17. Corporations: Introduction and Operating Rules.
18. Corporations: Organization and Capital Structure.
19. Corporations: Distributions Not in Complete Liquidation.
20. Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations.
Part VII: FLOW-THROUGH ENTITIES.
21. Partnerships.
22. S Corporations.
Part VIII: ADVANCE TAX PRACTICE CONSIDERATIONS.
23. Exempt Entities.
24. Multistate Corporate Taxation.
25. Taxation of International Transactions.
26. Tax Practice and Ethics.
Part IX: FAMILY TAX PLANNING.
27. The Federal Gift and Estate Taxes.
28. Income Taxation of Trusts and Estates.
Appendix A: Tax Rate Schedules, Tax Formulas, and Tables.
Appendix B: Tax Forms.
Appendix C: Glossary.
Appendix D: IRC citations.
Appendix E: PV/FV tables.
Appendix F: Comprehensive Tax Return problems.
Index.
Online Appendices.
Depreciation and the Accelerated Cost Recovery System (ACRS).
Affordable Care Act Provisions.

• 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.

• 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.

• 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/).

• David M. Maloney

  David M. Maloney, Ph.D., C.P.A., is the Carman G. Blough Professor of Accounting Emeritus at the University of Virginia’s McIntire School of Commerce. He completed his undergraduate work at the University of Richmond and his graduate work at the University of Illinois at Urbana-Champaign. Upon joining the University of Virginia faculty, Dr. Maloney taught federal taxation in the graduate and undergraduate programs and was a recipient of major research grants from the Ernst & Young and KPMG Foundations. Dr. Maloney has published work in numerous professional journals, including Journal of Taxation, The Tax Adviser, Tax Notes, Corporate Taxation, Accounting Horizons, Journal of Taxation of Investments and Journal of Accountancy.

• Andrew D. Cuccia

  Andrew D. Cuccia, Ph.D., C.P.A., is the Steed Professor of Accounting at the University of Oklahoma. He is a graduate of Loyola University, New Orleans (B.B.A.) and the University of Florida (Ph.D.). Prior to entering academia, Dr. Cuccia practiced as a C.P.A. at a Big Four accounting firm. Before joining the University of Oklahoma, he served on the faculties at Louisiana State University and the University of Illinois. His research focuses on taxpayer and tax professional judgment and decision making and has been published in several journals, including The Accounting Review, Journal of Accounting Research, The Journal of the American Taxation Association, The Journal of Economic Psychology and Tax Notes. He has taught undergraduate and graduate courses in income tax fundamentals as well as graduate courses in corporate tax, tax policy and tax research. Dr. Cuccia is a past president of the American Taxation Association and is a member of the American Accounting Association and the AICPA.

• Sharon Lassar

  Sharon Lassar, Ph.D., C.P.A. (Florida), is the John J. Gilbert Professor and director of the School of Accountancy at The University of Denver. Dr. Lassar earned her Ph.D. at the University of Southern California, her M.S.T. at Bentley University and her B.S.B.A. from West Virginia University. Prior to joining the University of Denver, Dr. Lassar was the director of the School of Accounting at Florida International University. She also previously served on the faculties of Florida Atlantic University and the University of Arizona. Dr. Lassar began her career with a Big 4 firm and has served the profession in many ways, most recently as a member of AICPA Council. Dr. Lassar is a past president of the Accounting Programs Leadership Group and past chair of the Colorado Society of C.P.A.s. Dr. Lassar also served on the Accounting Accreditation Task Force of AACSB International whose work resulted in new standards for accreditation--the hallmark of them being fully engaging practitioners in the accreditation process.

• Brad Cripe

  Brad Cripe, Ph.D., C.P.A., is a presidential teaching professor and the Donald E. Kieso Endowed Chair of Accountancy at Northern Illinois University. Dr. Cripe earned a B.A. in economics, a B.C.J. and an M.Acc. from New Mexico State University. He also received his Ph.D. from the University of Nebraska. Dr. Cripe worked for KPMG in Texas. Dr. Cripe has taught taxation of business entities and individuals, tax strategy, corporate taxation and advanced issues in taxation to undergraduate and graduate students. In addition to teaching, Dr. Cripe has published in The Accounting Review, Issues in Accounting Education, Journal of Accountancy, Tax Notes and other academic and practitioner journals. His research investigates issues that make a difference in how professionals use (or should use) information at their disposal to make tax compliance decisions and how financial statements are affected by audit quality and recent FASB reporting changes.

• THE LATEST CONTENT AND THOROUGH UPDATES CLEARLY DEMONSTRATE TODAY'S MOST RECENT 2023 TAX CHANGES AND EMERGING DEVELOPMENTS. Up-to-date coverage and reliable, detailed revisions clearly present the most current tax legislation for business taxpayers, as of the time of publication. All revisions reflect today's latest 2023 tax law changes and reforms.

• CURRENT PROFESSIONAL TAX SOFTWARE AND LEADING C.P.A. REVIEW TOOLS STRENGTHEN STUDENTS' BUSINESS AND TAXATION SKILLS. This edition offers access to current, professional tax software from Intuit® ProConnect. Updated content throughout the text corresponds with the software and gives students hands-on practice using this invaluable tool. Your students also refine their knowledge using the latest interactive C.P.A. review questions from Becker Professional Education®.

• UPDATED AND EXPANDED PRACTICE AND INDEPENDENT STUDY RESOURCES GUIDE STUDENTS IN MASTERING CONCEPTS. This edition's printed and digital resources, including the latest CNOWv2 online tools, work together seamlessly to introduce and reinforce today's tax skills. Students use the printed book and digital tools either independently or as part of the classroom experience as they master current tax concepts.

• IN-CHAPTER EXAMPLES EFFECTIVELY CLARIFY AND REINFORCE CONCEPTS. This edition's unique presentation integrates memorable, clear taxation examples throughout. These notable examples, woven into the book's printed and digital tools, make it easy for students to read and quickly understand even complex taxation concepts.

• ENGAGING, CURRENT LEARNING VIDEOS HELP STUDENTS ABSORB AND APPLY TAX CONCEPTS. This edition's memorable learning videos correspond with practical applications to strengthen your students' comprehension and ensure they understand how to complete end-of-chapter homework successfully.

• PRACTICAL TAX SCENARIOS OPEN 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 vary when the filer's situation changes.

• NUMEROUS PROVEN LEARNING FEATURES HELP READERS STRENGTHEN PROFESSIONAL SKILLS. "Ethics and Equity" features spark critical thinking and discussion as students evaluate their own value systems while reviewing current ethical scenarios. Most chapters offer a helpful section that demonstrates how to apply tax laws 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.

• UPDATED END-OF-CHAPTER COMPUTATIONAL EXERCISES PROVIDE CRITICAL HANDS-ON PRACTICE. Your students gain important 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 each chapter's specific 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. Students also work with genuine professional tax software from Intuit® ProConnect to gain authentic, professional tax preparation experience.

• CNOWV2 OPTIMIZES LEARNING AND STUDENT ENGAGEMENT. The online learning platform CNOWv2 is 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, and clearly identified 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 the individual learner 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 and relevant questions from Becker Professional Education® -- one of the industry's most effective tools in preparing for the C.P.A. Exam.

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

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

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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