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Concepts in Federal Taxation 2018 25th Edition

Kevin E. Murphy | Mark Higgins

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Overview

Help students master federal taxation today with the balanced, conceptual approach found only in Murphy/Higgins' CONCEPTS IN FEDERAL TAXATION 2018. This unique text presents taxation as a small number of unifying concepts that students learn and apply to

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).

With its engaging learning and assessment tools, CengageNOWv2™ supports the entire student workflow, from motivation to mastery. For instructors, CengageNOWv2 provides control and customization with the opportunity to tailor the learning experience to improve outcomes.

  • 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 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 helpful Tax Simulation Cases. Students can complete these Simulation Cases using
  • 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.
  • 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 choic
  • The 2018 Tax Media Pack includes a 1 term (6 months) printed access card for RIA Checkpoint and a printed access card for H&R Block Premium & Business, Filing Year 2016. Checkpoint is a leading Tax research tool used by top U.S. CPA firms. It integrates comprehensive, authoritative content from experts, well-known third-party content, primary source materials, news, online learning, and more—allowing you to do your research in one place. H&R Block features basic and complex problems that allow students to prepare returns for individuals, C and S corporations, partnerships, estates, and trusts.
  • LEADING PROFESSIONAL SOFTWARE PROVIDES INVALUABLE HANDS-ON EXPERIENCE. Each new copy of this text includes access to H&R Block™ software as well as Checkpoint® by Thomson Reuters (Student Edition) to provide students with additional professional experienc
  • CENGAGENOWV2™ ENSURES MORE CONTROL WITH MORE EFFICIENCY AND 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 resourc
  • STRONG CONSISTENCY WITHIN THIS EDITION’S PRACTICE ELIMINATES CONFUSION. The authors clearly identify all separate question parts within a problem to avoid any reader confusion and to ensure readers are able to easily problem-solve.
  • TAX PLANNING PROBLEMS IN THIS EDITION’S TEST BANK ENSURE COMPREHENSION. This edition's timely 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. Each exercise or problem within this edition’s end-of-chapter homework references specific Learning Objectives from the book so students can easily locate the related sections of this edi

Concepts in Federal Taxation 2018

TABLE OF CONTENTS

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.

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