Federal Taxation: Comprehensive Topics 2018 edition

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Ephraim P. Smith, Philip J. Harmelink, and James R. Hasselback
Publisher: Wolters Kluwer Tax & Accounting

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  • Chapter 1: Introduction to Federal Taxation and Understanding the Federal Tax Law
    • 1.1: Fundamental Aspects of Federal Taxation
    • 1.2: Underlying Rationale of the Federal Income Tax
    • 1.3: Basic Tax Concepts
    • 1: True-False Questions (27)
    • 1: Multiple Choice Questions (16)

  • Chapter 2: Tax Research, Practice, and Procedure
    • 2.1: Tax Reference Materials
    • 2.2: Primary Source Materials
    • 2.3: Secondary Source Materials
    • 2.4: Research Methodology
    • 2.5: Tax Administration
    • 2.6: Tax Practice and Procedure
    • 2: True-False Questions (64)
    • 2: Multiple Choice Questions (54)

  • Chapter 3: Individual Taxation–An Overview
    • 3.1: Individual Taxation–An Overview
    • 3.2: Personal Exemptions
    • 3.3: Filing Status and Requirements
    • 3: True-False Questions (31)
    • 3: Multiple Choice Questions (19)

  • Chapter 4: Gross Income
    • 4.1: The Concept of Income
    • 4.2: Economic Benefit, Constructive Receipt, and Assignment of Income Doctrines
    • 4.3: Items Included in Gross Income
    • 4.4: Stock Option Plans
    • 4: True-False Questions (39)
    • 4: Multiple Choice Questions (40)

  • Chapter 5: Gross Income–Exclusions
    • 5.1: Common Exclusions from Gross Income
    • 5.2: Employee Benefits
    • 5: True-False Questions (21)
    • 5: Multiple Choice Questions (40)

  • Chapter 6: Deductions: General Concepts and Trade or Business Deductions
    • 6.1: Categories of Allowable Deductions
    • 6.2: Trade or Business Deductions
    • 6.3: Expenses Incurred for the Production of Income
    • 6.4: Deductions for Losses
    • 6.5: Other Allowable Deductions For AGI
    • 6.6: Employee Business Expenses
    • 6.7: Limitations on the Deductibility of Expenses
    • 6.8: Business Deductions Related to Capital Expenditures
    • 6: True-False Questions (50)
    • 6: Multiple Choice Questions (60)

  • Chapter 7: Deductions: Business/Investment Losses and Passive Activity Losses
    • 7.1: Tax Shelters and At-Risk Rules
    • 7.2: Passive Activity Loss Rules
    • 7.3: Business and Investment Losses
    • 7: True-False Questions (30)
    • 7: Multiple Choice Questions (30)

  • Chapter 8: Deductions: Itemized Deductions
    • 8.1: Medical Expenses
    • 8.2: Taxes
    • 8.3: Interest
    • 8.4: Charitable Contributions
    • 8.5: Personal Casualty and Theft Losses
    • 8.6: Miscellaneous Itemized Deductions
    • 8.7: Investment Expenses
    • 8: True-False Questions (41)
    • 8: Multiple Choice Questions (31)

  • Chapter 9: Tax Credits, Prepayments, and Alternate Minimum Tax
    • 9.1: Nonrefundable Tax Credits
    • 9.2: Refundable Tax Credits
    • 9.3: Alternate Minimum Tax
    • 9: True-False Questions (47)
    • 9: Multiple Choice Questions (35)

  • Chapter 10: Property Transactions: Determination of Basis and Gains and Losses
    • 10.1: Factors in Determining Gain or Loss
    • 10.2: Determination of Basis
    • 10: True-False Questions (35)
    • 10: Multiple Choice Questions (44)

  • Chapter 11: Property Transactions: Nonrecognition of Gains and Losses
    • 11.1: Sale of a Personal Residence
    • 11.2: Like-Kind Exchanges
    • 11.3: Involuntary Conversions
    • 11.4: Other Transactions Involving Nonrecognition
    • 11: True-False Questions (40)
    • 11: Multiple Choice Questions (50)

  • Chapter 12: Property Transactions: Treatment of Capital and Section 1231 Assets
    • 12.1: Special Rules and Limitations on Transactions
    • 12.2: Special Situations in Capital v. Ordinary Treatment
    • 12.3: Holding Period
    • 12.4: Individual Taxpayers
    • 12.5: Special Provisions for Certain Investments
    • 12.6: Section 1231 Assets and Procedure
    • 12.7: Depreciation Recapture–Section 1245
    • 12.8: Depreciation Recapture–Section 1250
    • 12.9: Recapture Rules in Other Events
    • 12: True-False Questions (56)
    • 12: Multiple Choice Questions (52)

  • Chapter 13: Tax Accounting
    • 13.1: Taxable Income and Tax Liability for Various Entities
    • 13.2: Accounting Periods
    • 13.3: Change of Accounting Periods
    • 13.4: Accounting Methods
    • 13.5: Change of Accounting Methods
    • 13.6: Inventories
    • 13.7: Long-term Contracts
    • 13.8: Installment Sales
    • 13: True-False Questions (30)
    • 13: Multiple Choice Questions (61)

  • Chapter 14: Taxation of Corporations–Basic Concepts
    • 14.1: Entity Choice
    • 14.2: Organization Of and Transfers to a Corporation
    • 14.3: Corporate Capital Structure
    • 14.4: Determination of Corporate Taxable Income
    • 14.5: Determination of Corporate Income Tax Liability
    • 14: True-False Questions (35)
    • 14: Multiple Choice Questions (62)

  • Chapter 15: Corporate Nonliquidating Distributions
    • 15.1: Distributions With Respect to Stock
    • 15.2: Stock Redemptions
    • 15: True-False Questions (30)
    • 15: Multiple Choice Questions (43)

  • Chapter 16: Corporate Distributions in Complete Liquidations
    • 16.1: Complete Liquidations
    • 16.2: Effect of Complete Liquidation on Corporations
    • 16.3: Effect of Complete Liquidation on Shareholders
    • 16.4: Liquidation of Subsidiaries
    • 16.5: Stock Purchases Treated as Asset Acquisitions
    • 16: True-False Questions (20)
    • 16: Multiple Choice Questions (25)

  • Chapter 17: Corporate Reorganizations
    • 17.1: Types of Corporate Reorganizations
    • 17.2: Considerations for Nonrecognition Treatment
    • 17.3: Carryover of Tax Attributes
    • 17.4: Judicial Requirements
    • 17: True-False Questions (20)
    • 17: Multiple Choice Questions (25)

  • Chapter 18: Accumulated Earnings and Personal Holding Company Taxes
    • 18.1: Accumulated Earnings Tax
    • 18.2: Personal Holding Company Tax
    • 18: True-False Questions (10)
    • 18: Multiple Choice Questions (26)

  • Chapter 19: Partnerships–Formation and Operation
    • 19.1: Definition of a Partnership
    • 19.2: Partnership Reporting
    • 19.3: Partnership Accounting Concepts
    • 19.4: Formation of a Partnership–Contributions Requiring Special Consideration
    • 19.5: Formation of a Partnership–Recognition of Gain or Loss
    • 19.6: Taxable Year of Partner and Partnership
    • 19.7: Operation of the Partnership
    • 19.8: Partner-Partnership Transactions
    • 19.9: Deductibility of Losses
    • 19.10: Termination of Partnership
    • 19.11: Family Partnerships
    • 19: True-False Questions (27)
    • 19: Multiple Choice Questions (49)

  • Chapter 20: Partnerships–Distribution, Sales, and Exchanges
    • 20.1: Partnership Distributions
    • 20.2: Partnership Current Distributions
    • 20.3: Partnership Liquidating Distributions
    • 20.4: Effect of Liabilities
    • 20.5: Disproportionate Distributions–Distribution of Hot Assets
    • 20.6: Sale of a Partner's Interest in the Partnership
    • 20.7: Partnership Basis Adjustments
    • 20.8: Retirement or Death of a Partner
    • 20: True-False Questions (20)
    • 20: Multiple Choice Questions (40)

  • Chapter 21: S Corporations
    • 21.1: Selecting the Subchapter S Form
    • 21.2: S Corporation Taxation
    • 21.3: Treatment of Income, Deductions, and Credits
    • 21.4: Treatment of Corporate Distributions
    • 21.5: Termination of Election
    • 21.6: Operational Rules
    • 21: True-False Questions (40)
    • 21: Multiple Choice Questions (49)

  • Chapter 22: Federal Estate Tax, Federal Gift Tax, and Generation-Skipping Transfer Tax
    • 22.1: Impact of Economic Growth and Tax Relief Reconciliation Act of 2001, Tax Relief Act of 2010, and American Taxpayer Relief Act of 2012
    • 22.2: Assessment of the 2010 Tax Relief Act
    • 22.3: Legal Terms Common to Estates and Trusts
    • 22.4: Computation and Payment of Estate Tax
    • 22.5: Gross Estate
    • 22.6: Conservation Easement
    • 22.7: Valuation of Gross Estate
    • 22.8: Deductions from the Gross Estate
    • 22.9: Federal Gift Tax
    • 22.10: Exclusions
    • 22.11: Generation-Skipping Transfer (GST) Tax
    • 22: True-False Questions (25)
    • 22: Multiple Choice Questions (35)

  • Chapter 23: Income Taxation of Trusts and Estates
    • 23.1: Taxation of Estates
    • 23.2: Taxation of Trusts
    • 23.3: Federal Income Taxation Scheme–Estates and Trusts
    • 23.4: Taxation of Trusts–Special Rules
    • 23: True-False Questions (25)
    • 23: Multiple Choice Questions (25)

  • Chapter 24: Deferred Compensation and Education Savings Plan
    • 24.1: Employer-Sponsored Deferred Compensation Plans: Qualified and Nonqualified
    • 24.2: Qualified Plan Requirements
    • 24.3: Tax Consequences to Employer and Employee
    • 24.4: Common Retirement Plans for Large Businesses
    • 24.5: Common Retirement Plans for Small Businesses
    • 24.6: Personal Retirement Plans for Working Individuals
    • 24.7: Nonqualified Deferred Compensation Plans
    • 24.8: Education Savings Vehicles
    • 24: True-False Questions (20)
    • 24: Multiple Choice Questions (30)

  • Chapter 25: Multijurisdictional Taxation: International and State and Local Transactions
    • 25.1: State and Local Taxation (SALT)
    • 25.2: Limitations on the Power of States and Local Authorities to Impose Taxes
    • 25.3: Determining Whether a Nonresident is Subject to a State's Taxes
    • 25.4: Types of Taxes Imposed by States
    • 25.5: International Taxation
    • 25.6: Sourcing Income
    • 25.7: Sourcing Deductions
    • 25.8: U.S. Taxation of Foreign Persons
    • 25.9: Taxation of U.S. Shareholders Who Own Foreign Corporation Stock
    • 25.10: U.S. Taxation of Foreign Income
    • 25.11: Corporate Inversions
    • 25: True-False Questions (20)
    • 25: Multiple Choice Questions (45)


Federal Taxation: Comprehensive Topics, 2018 edition, by Smith et al. is a popular teacher-created combination first- and second-level tax course that offers comprehensive one-volume coverage of all the most important tax concepts and principles for a solid grounding in federal taxation. It offers clear and concise explanation of fundamental tax concepts in the framework of today's tax practice. Covering both planning and compliance, the book strikes an effective balance between AICPA model curriculum demands and the favored approaches of the majority of today's top tax teachers. The WebAssign component for this text gives students instant feedback and contains question links to the eBook.

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Chapter 1: Introduction to Federal Taxation and Understanding the Federal Tax Law
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Chapter 2: Tax Research, Practice, and Procedure
2.P 118 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029 030 031 032 033 034 035 036 037 038 039 040 041 042 043 044 045 046 047 048 049 050 051 052 053 054 055 056 057 058 059 060 061 062 063 064 065 066 067 068 069 070 071 072 073 074 075 076 077 078 079 080 081 082 083 084 085 086 087 088 089 090 091 092 093 094 095 096 097 098 099 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118
Chapter 3: Individual Taxation–An Overview
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Chapter 4: Gross Income
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Chapter 5: Gross Income–Exclusions
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Chapter 6: Deductions: General Concepts and Trade or Business Deductions
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Chapter 7: Deductions: Business/Investment Losses and Passive Activity Losses
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Chapter 8: Deductions: Itemized Deductions
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Chapter 9: Tax Credits, Prepayments, and Alternate Minimum Tax
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Chapter 10: Property Transactions: Determination of Basis and Gains and Losses
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Chapter 11: Property Transactions: Nonrecognition of Gains and Losses
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Chapter 12: Property Transactions: Treatment of Capital and Section 1231 Assets
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Chapter 13: Tax Accounting
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Chapter 14: Taxation of Corporations–Basic Concepts
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Chapter 15: Corporate Nonliquidating Distributions
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Chapter 16: Corporate Distributions in Complete Liquidations
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Chapter 17: Corporate Reorganizations
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Chapter 18: Accumulated Earnings and Personal Holding Company Taxes
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Chapter 19: Partnerships–Formation and Operation
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Chapter 20: Partnerships–Distribution, Sales, and Exchanges
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Chapter 21: S Corporations
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Chapter 22: Federal Estate Tax, Federal Gift Tax, and Generation-Skipping Transfer Tax
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Chapter 23: Income Taxation of Trusts and Estates
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Chapter 24: Deferred Compensation and Education Savings Plan
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Chapter 25: Multijurisdictional Taxation: International and State and Local Transactions
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Total 1789