Understanding federal income taxation / by J. Martin Burke, Michael K. Friel.
2023
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Items
Details
Author
Title
Understanding federal income taxation / by J. Martin Burke, Michael K. Friel.
Added Author
Edition
Seventh edition.
Imprint
Durham, North Carolina : Carolina Academic Press, LLC, [2023]
Description
1 online resource.
Series
Understanding series (New York, N.Y.)
LexisNexis digital library.
LexisNexis digital library.
Formatted Contents Note
Introduction to federal income tax
Gross income concepts and limitations
The effect of an obligation to repay
Gains derived from dealings in property
Gifts, bequests and inheritance
Sale of a principal residence
Scholarships and prizes
Life insurance, annuities, and individual retirement accounts
Discharge of indebtedness
Compensation for personal physical injury and physical sickness
Fringe benefits
Business and profit seeking expenses
Deduction for qualified business income : Section 199A
Capital expenditures
Depreciation
Losses and bad debts
Travel expenses and business meals
Educational expenses
Dual use property : home offices, vacation homes, and passenger automobiles
The interest deduction
The deduction for taxes
Casualty losses
Medical expenses
Charitable deductions
Limitations on deductions
Cash method accounting
Accrual method accounting
Annual accounting
Capital gains and losses
Quasi-capital assets : Section 1231
Depreciation recapture
Assignment of income and kiddie tax
Below-market loans
Effect of debt on basis and amount realized
Transfers between spouses and incident to divorce
Like-kind exchanges of real property
Involuntary conversions
Installment sales
Sale of a business and sale-leasebacks
An introduction to original issue discount
Limitations on tax shelters
The alternative minimum tax.
Gross income concepts and limitations
The effect of an obligation to repay
Gains derived from dealings in property
Gifts, bequests and inheritance
Sale of a principal residence
Scholarships and prizes
Life insurance, annuities, and individual retirement accounts
Discharge of indebtedness
Compensation for personal physical injury and physical sickness
Fringe benefits
Business and profit seeking expenses
Deduction for qualified business income : Section 199A
Capital expenditures
Depreciation
Losses and bad debts
Travel expenses and business meals
Educational expenses
Dual use property : home offices, vacation homes, and passenger automobiles
The interest deduction
The deduction for taxes
Casualty losses
Medical expenses
Charitable deductions
Limitations on deductions
Cash method accounting
Accrual method accounting
Annual accounting
Capital gains and losses
Quasi-capital assets : Section 1231
Depreciation recapture
Assignment of income and kiddie tax
Below-market loans
Effect of debt on basis and amount realized
Transfers between spouses and incident to divorce
Like-kind exchanges of real property
Involuntary conversions
Installment sales
Sale of a business and sale-leasebacks
An introduction to original issue discount
Limitations on tax shelters
The alternative minimum tax.
Summary
"The seventh edition of Understanding Federal Income Taxation is a guide for students studying federal individual income taxation. Adopting material from the authors' casebook Taxation of Individual Income, thirteenth edition, the book is specifically designed for law students using other casebooks who seek supplemental material to assist them in their study of federal individual income taxation. The book consists of forty-two chapters with each chapter addressing a basic topic in individual income taxation, e.g., the taxation of personal physical injury award, gifts, devises and inheritances, the taxation of gains from the sale or exchange of property, and the tax consequences of divorce. Each chapter provides a detailed explanation of the interpretation and application of relevant Internal Revenue Code provision(s) and Treasury Regulations as well as summaries of leading cases and administrative rulings. The practical application of these authorities is illustrated in the numerous examples contained in each chapter. Because the provisions of the Internal Revenue Code are necessarily at the heart of tax study, each chapter also includes a part or all of the Code section(s) pertinent to the chapter topic. In summary, the book provides a detailed overview of the principles, policies and law underlying federal individual income taxation"-- Provided by publisher.
Note
Includes index.
Source of Description
Description based on print version record and CIP data provided by publisher; resource not viewed.
Available in Other Form
Linked Resources
Language
English
ISBN
9781531026493 (ebook)
1531026494
9781531026486 (paperback)
1531026494
9781531026486 (paperback)
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