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Tables of Contents for Income Tax Fundamentals 2004
Chapter/Section Title
Page #
Page Count
Preface
ix
As We Go to Press
xi
How to Use This Text
xii
The Individual Income Tax Return
History and Objectives of the Tax System
1
1
Reporting and Taxable Entities
2
3
The Tax Formula for Individuals
5
3
Who Must File and Where to File
8
3
Filing Status and Tax Computation
11
5
Personal and Dependency Exemptions
16
5
The Standard Deduction
21
1
Limitation on Total Itemized Deductions
22
2
Gains and Losses
24
2
Tax and the Internet
26
1
Electronic Filing (e-Filing)
27
1
Questions and Problems
28
Gross Income and Exclusions
The Nature of Gross Income
1
3
Interest and Dividend Income
4
2
Alimony
6
4
Prizes and Awards
10
1
Annuities
11
3
Life Insurance
14
2
Gifts and Inheritances
16
1
Scholarships
16
1
Accident and Health Insurance
17
1
Meals and Lodging
18
1
Municipal Bond Interest
18
1
Social Security Benefits
19
2
Unemployment Compensation
21
1
Employee Fringe Benefits
21
3
Questions and Problems
24
Business Expenses and Retirement Plans
Rental Income and Expenses
1
3
Passive Loss Limitations
4
3
Bad Debts
7
4
Inventories
11
1
Net Operating Losses
12
2
Individual Retirement Accounts
14
4
Keogh (H.R. 10) Plans
18
1
Qualified Retirement Plans Including Section 401(k) Plans
18
4
Rollovers
22
1
Simple Plans
23
3
Questions and Problems
26
Self-Employed and Employee Expenses
Classification of Deductions
1
1
Travel Expenses
2
3
Transportation
5
3
Office in the Home
8
4
Entertainment
12
1
Educational Expenses
13
2
Dues, Subscriptions, and Publications
15
1
Special Clothing and Uniforms
16
1
Business Gifts
17
1
Schedule C
18
2
Questions and Problems
20
Itemized Deductions and Other Incentives
Medical Expenses
1
4
Taxes
5
3
Interest
8
3
Contributions
11
4
Casualty and Theft Losses
15
2
Miscellaneous Deductions
17
4
Moving Expenses
21
1
Hobby Losses
22
3
Educational Incentives
25
4
Questions and Problems
29
Credits and Special Taxes
Tax Credit for the Elderly and Disabled
1
1
Child Tax Credit
2
3
Earned Income Credit
5
3
Child and Dependent Care Credit
8
1
Education Tax Credits
9
4
Foreign Tax Credit
13
1
Work Credits
14
1
Disabled Access Credit
15
2
Adoption Expenses
17
2
The Individual Alternative Minimum Tax (AMT)
19
5
Unearned Income of Minor Children
24
4
Community Property
28
4
Questions and Problems
32
Accounting Periods and Methods and Depreciation
Accounting Periods
1
3
Accounting Methods
4
2
Depreciation
6
1
Modified Accelerated Cost Recovery System (MACRS)
7
6
Election to Expense
13
4
Listed Property
17
1
Limitation on Depreciation of Luxury Automobiles
18
3
Intangibles
21
1
Related Parties (§267)
22
2
Questions and Problems
24
Capital Gains and Losses
What Is a Capital Asset?
1
1
Holding Period
2
1
Calculation of Gain or Loss
3
3
Net Capital Gains
6
4
Net Capital Losses
10
1
Section 1231 Gains and Losses
11
1
Depreciation Recapture
12
6
Capital Gains and Casualty Gains and Losses
18
3
Installment Sales
21
4
Like-Kind Exchanges
25
1
Involuntary Conversions
26
1
Sale of a Personal Residence
27
2
Questions and Problems
29
Withholding, Estimated Payments, and Payroll Taxes
Withholding Methods
1
7
Estimated Payments
8
1
The FICA Tax
9
2
Federal Tax Deposit System
11
1
Employer Reporting Requirements
12
5
Self-Employment Tax
17
1
The FUTA Tax
18
2
The Nanny Tax
20
9
Questions and Problems
29
Partnership Taxation
Nature of Partnership Taxation
1
1
Partnership Formation
2
2
Partnership Income Reporting
4
1
Current Distributions and Guaranteed Payments
5
1
Tax Years
6
7
Transactions between Partners and the Partnership
13
1
The At-Risk Rule
14
1
Limited Liability Companies
15
2
Questions and Problems
17
The Corporate Income Tax
Corporate Tax Rates
1
1
Corporate Capital Gains and Losses
2
1
Special Deductions and Limitations
3
2
Schedule M-1
5
1
Filing Requirements and Estimated Tax
6
2
S Corporations
8
4
Corporate Formation
12
8
Corporate Accumulations
20
1
The Corporate Alternative Minimum Tax
20
2
Questions and Problems
22
Tax Administration and Tax Planning
The Internal Revenue Service
1
3
The Audit Process
4
1
Interest and Penalties
5
6
Statute of Limitations
11
1
Preparers, Proof, and Privilege
12
2
The Taxpayer Bill of Rights
14
1
Tax Planning
15
6
Questions and Problems
21
Appendices
Appendix A Tax Rate Schedules and Tax Tables
1
1
Appendix B Earned Income Credit Table
1
1
Appendix C Withholding Tables
1
1
Appendix D Additional Comprehensive Tax Return Problems
1
1
Glossary of Tax Terms
1
1
Solutions to Self-Study Problems
1
1
Index
1