Federal Income Tax: Examples and Explanations

by Joseph Bankman, T.D. Griffith

Table of Contents Contents An Introductory Note to Students Acknowledgements 1. Introduction A. Introduction to Terminology and Structure B. Time Value of Money and the Value of Deferring Tax C. Tax Administration and Litigation D. Tax Legislation E. Tax Research 2. Some Characteristics of Gross Income A. The Haig-Simons Definition of Income B. Noncash Fringe Benefits C. Imputed Income D. Windfalls, Gifts, Scholarships, Prizes, and Transfer Payments E. Selected Recovery of Capital Partial Sales, Annuities, Insurance Policies, Life Estates, and Remainder Interests F. Annual Accounting G. Personal Injury Recoveries H. Transactions Involving Loans and Income from Discharge of Indebtedness I. Tax-Exempt Bonds J. Gain from the Sale of a Personal Residence 3. Problems of Timing A. Gains and Losses from Investment in Property B. Transfers Incident to Marriage and Divorce C. Installment Sale and Open Transaction Reporting D. Original Issue Discount E. The Cash Method of Accounting F. Section 83 Transfers G. The Accrual Method of Accounting H. Alternative Tax Consumption Tax and Value Added Tax 4. Personal Deductions, Exemptions, and Credits A. Introduction B. Casualty Losses C. Extraordinary Medical Expenses D. Charitable Contributions E. Personal Interest F. Taxes 5. Deductions for the Costs of Earning Income A. The Statutory Framework B. Current Expenses versus Capital Expenditures C. Repair and Maintenance Expenses D. Inventory Accounting E. Rent Payments versus Installment Purchase F. Goodwill and Other Intangible Assets G. 'Ordinary and Necessary'Expenses H. Depreciation and the Accelerated Cost Recovery System I. Depletion Deductions J. Tax Shelters 6. Mixed Personal and Business Expenditures A. Controlling the Abuse of Business Deductions B. Travel and Entertainment Expenses C. Child Care Expenses D. Commuting Expenses E. Clothing Expenses F. Legal Expenses G. Educational Expenses 7. Income Shifting A. Income from Services and Property B. Trusts C. Grantor Trusts D. Family Partnerships E. Below-Market Loans 8. Capital Gains and Losses A. The Tax Treatment of Capital Gains and Losses B. Policy Rationale for the Treatment of Capital Gain and Loss C. The Definition of 'Capital Asset' D. Section 1231 and Depreciation Recapture E. Substitutes for Ordinary Income F. The Sale of a Business G. Connected Current and Prior Transactions Sample Examinations Table of Cases Table of Internal Revenue Code Sections Table of Treasury Regulations Table of Revenue Rulings Table of Revenue Procedures Topical Index

Genres: Law

591 pages, Paperback

First published January 1, 1996

Reviews

[Ed Barton · Rating 5 out of 5]

As tax books go, it is rare to find one that is as useful as this one. Mind you, the edition I finished is not up to date for the TCJA and you should check versioning carefully. Having said that, the format of examples, explanations and coverage of the law is second to none. A great resource and one that will undoubtedly help the tax law student!

[sarah · Rating 4 out of 5]

I thought the explanations really helped me form the answers for my final exam essays.

[Khelani · Rating 4 out of 5]

This is what I should be reading RIGHT NOW!