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Overview

Help your students master all aspects of federal taxation with the distinctive, balanced, conceptual approach found only in Murphy/Higgins' CONCEPTS IN FEDERAL TAXATION 2016. This unique text presents taxation as a small number of unifying concepts. Students master these concepts before applying them to specific tax rules and everyday economics. This edition presents today's latest tax laws and changes for the most recent tax year in a clear, straightforward manner without overwhelming technical detail. For further clarity the text introduces individual taxation before addressing more complex business entities. The book's small, manageable segments with Concept Checks are ideal for CPA Exam review. This text balances tax concepts with the Internal Revenue Code to prepare students for success on CPA Exam tax simulations and within their careers. Frequent examples relate tax concepts to familiar contemporary business scenarios. This edition provides more practice exercises than any other book of its kind with additional tax planning problems in the Test Bank. The CengageNOW online course solution optimizes learning, while H&R Block™ software and Checkpoint® Student Edition from Thomson Reuters provide experience using professional research and taxation tools. CONCEPTS IN FEDERAL TAXATION 2016 will provide a conceptual understanding of taxation like no other text.

Kevin E. Murphy, Oklahoma State University

A professor emeritus at Oklahoma State University, Dr. Kevin E. Murphy earned his Ph.D. at the University of Wisconsin-Madison and his B.S. and M.S. in Accounting at Utah State University. He has published articles in the Journal of the American Taxation Association and The Journal of Accounting Education. Dr. Murphy is a member of the American Accounting Association and the American Taxation Association.

Mark Higgins, University of Rhode Island

Dr. Mark Higgins is Dean of the John Cook School of Business at Saint Louis University. He earned his Ph.D. at the University of Tennessee and his B.S. and M.S. in Accounting at the University of South Carolina. He has articles published in Accounting Historians Journal, Journal of Accounting Education, Taxation for Accountants, Critical Perspectives in Accounting, Journal of Legal Tax Research, The CPA Journal, and The Tax Adviser. He is also a Certified Public Accountant (inactive).
  • Leading Professional Software Provides Invaluable Hands-On Experience. Each new copy of this text includes H&R Block™ software as well as Checkpoint® by Thomson Reuters (Student Edition) to provide students with additional professional experience. H&R Block™ guides users through the tax return process. Checkpoint® Student Edition from Thomson Reuters helps students succeed in tax research with a comprehensive collection of primary tax laws, cases, and rulings. Analytical insights and built-in productivity tools make research more efficient.
  • Latest Updates Reflect Today's Most Recent Tax Laws and Changes. The authors update this text each year to ensure all content reflects the very latest tax laws and up-to-the-minute changes to tax codes and regulations to keep your course as current as possible. This revision incorporates all changes for the recent tax year.
  • Strong End-Of-Chapter Applications Provide Important Practice. Approximately 1,300 end-of-chapter applications in this edition provide more practice opportunities than any other text on the market. You can choose from this large quantity of practice choices to offer more varied exercises, problems, and cases for hands-on reinforcement.
  • Online Study Tools Strengthen Student Understanding. The book's companion website, at www.cengagebrain.com, provides a wealth of interactive hands-on quizzes and other helpful learning resources to reinforce all of the concepts covered in each chapter.
  • CengageNOW Gives You More Control In Less Time And Delivers Better Student Outcomes. This powerful online course management system and online homework tool allows you to optimize the learning experience and meet desired outcomes with book-specific resources and numerous multimedia tools for students. Flexible assignments and automatic grading save you time. The Personalized Study Plan diagnostic tool enables students to master concepts, prepare for exams, and become more involved in class. An integrated eBook provides flexibility in price.
  • Strong Consistency Between Problem Parts Eliminates Confusion. The authors clearly identify all separate question parts within a problem to avoid any reader confusion and ensure readers are able to easily problem solve.
  • Tax Planning Problems In Test Bank Ensure Comprehension. This edition's revised Test Bank includes more tax planning problems to ensure your students understand these important principles and have ample practice opportunities.
  • End-Of-Chapter Homework Clearly Corresponds To Learning Objectives. All of the end-of-chapter homework references specific Learning Objectives from the book so students can more easily refer to pertinent sections of this edition for help in completing homework assignments.
  • Concept Checks Reinforce Student Comprehension. Concept Checks, integrated throughout each chapter, separate the text material into manageable segments while reinforcing the concepts of tax law and emphasizing the underlying principles that drive today's tax rules and regulations.
  • Tax Simulation Cases Sharpen Skills. Students refine the research and writing skills that are most critical for completing tax simulations on the CPA exam with this edition's Tax Simulation Cases. Students can complete these Simulation Cases using only the Code and Regulations.
  • Tax Form Preparation Problems Connect Concepts To Actual Common Tax Situations. Proven Tax Form Preparation Problems in each chapter link the concepts being discussed to actual examples of tax preparation from today's business world.
PART I: CONCEPTUAL FOUNDATIONS OF THE TAX LAW.
1. Federal Income Taxation-An Overview.
2. Income Tax Concepts.
PART II: GROSS INCOME.
3. Income Sources.
4. Income Exclusions.
PART III: DEDUCTIONS.
5. Introduction to Business Expenses.
6. Business Expenses.
7. Losses-Deductions and Limitations.
8. Taxation of Individuals.
PART IV: PROPERTY TRANSACTIONS.
9. Acquisitions of Property.
10. Cost Recovery on Property: Depreciation, Depletion, and Amortization.
11. Property Dispositions.
12. Non-recognition Transactions.
PART V: INCOME TAX ENTITIES.
13. Choice of Business Entity-General Tax and Nontax Factors/Formation.
14. Choice of Business Entity-Operations and Distributions.
15. Choice of Business Entity-Other Considerations.
PART VI: TAX RESEARCH.
16. Tax Research.
Appendix A. Tax Return Problem.
Appendix B. Tax Rate Schedules and Tax Tables.
Appendix C. Statements on Standards for Tax Service (available online)
Glossary.
CengageNOW
CengageNOWv2 combines the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course in a digital world.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

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