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Clearly introduce today’s most complex tax concepts and ever-changing tax legislation with SOUTH-WESTERN FEDERAL TAXATION 2016: COMPREHENSIVE VOLUME, 39E. Renowned for its understandable, time-tested presentation, this comprehensive book remains the most effective solution for helping students thoroughly grasp individual taxation, C corporations, taxes on financial statements, and flow-through entities. This 2016 edition offers even more coverage of tax planning. You’ll find the latest tax legislation for both individual taxpayers and corporations. New and proven learning features, such as additional “Big Picture” examples, memorable tax scenarios, and “What If?” case variations, help clarify concepts while providing opportunities to sharpen students’ skills in critical thinking, writing, and online research. In addition to comprehensive instructor support, each new book offers H&R Block® software, and the professional tax research tool, Checkpoint® (Student Edition) from Thomson Reuters. CengageNOW™ online homework solution and MindTap® Reader are also available. Trust SOUTH-WESTERN FEDERAL TAXATION 2016: COMPREHENSIVE VOLUME for the most thorough tax coverage available for your students’ career success.
- New End-Of-Chapter Computational Exercises Provide Essential Practice. Students gain critical hands-on experience and practice with new Computational Exercises in most chapters that connect directly to chapter Learning Objectives.
- New Clear Design for This Edition’s Examples Clarifies and Reinforces Concepts. Enhancements to this edition’s design make it easier for students to read, practice, and quickly understand the concepts.
- Additional Concept Summaries Assist In Review and Ensure Understanding. At least three fresh new Concept Summaries per chapter recap key points and demonstrate the value of what readers are learning.
- More CengageNOW Algorithmic Problems Provide Significant Hands-On Practice. Additional algorithmic problems within the CengageNOW online resource reinforce tax content in each chapter.
- Engaging New Interior Design and Distinctive Learning Features Capture And Direct Readers’ Attention. New full-color interior design with streamlined coverage and clear labeling of chapter learning features enhance a thorough understanding of each chapter’s concepts.
- Streamlined Ancillary Resources Place Support at Your Fingertips. Quickly find the support you need for this edition with PowerPoint® slides and other helpful resources now included in the Instructor’s Guide for your convenience.
- Practical Conclusions Reinforce Tax Scenarios Introduced In Big Picture Examples. Returning to the client situations introduced in the chapter opening, end-of-chapter “Refocus on the Big Picture” summaries and tax planning scenarios apply concepts and chapter topics with professional solutions. A “What If?” section demonstrates how tax treatments can vary as a result of potential changes in the filer’s situation, further preparing readers for tax planning.
- Fitting It All Together Framework Helps Students Navigate Topics By Explaining How Tax Concepts Are Organized. The “Fitting it all Together: Framework 1040” uses the Income Tax Formula for Individuals to help students organize their understanding of the chapters and see how topics relate to the basic tax formula. Students learn to identify where various items are reported on Form 1040.
- Real-World Features Help Students Understand Today’s Modern Tax Environment. Drawn from today’s business and popular press, “Tax in the News” features enliven class discussions by presenting current issues that illustrate the chapter material and applying them to real life. The examples in each chapter use realistic situations to illustrate the complexities of the tax law and allow students to integrate chapter concepts with illustrations and examples.
- Learning Features Help Students Develop Professional Skills. “Ethics and Equity” features spark critical thinking and discussion as students evaluate their own value systems while reviewing ethical scenarios. Most chapters include a separate section that details how the tax law can be applied to reach taxpayer’s goals. Tax planning applications also appear throughout each chapter. “Global Tax Issues” highlight how taxation is affected by international concerns and illustrate tax laws across the globe. Students develop decision-making and analytical skills with Decision-Making Problems.
- CengageNOW Optimizes Student Learning And Produces Desired Outcomes. CengageNOW is a powerful course management system and online learning tool that provides control and customization for your course. CengageNOW includes end-of-chapter homework from the text, “What If” versions of problems, algorithms, detailed feedback, test bank questions, student personalized study plan, superior tagging, and more.
- H&R Block® Tax Preparation Software Accompanies Each Text. One of today’s most popular tax preparation software choices, H&R Block® software is available with each new copy of this edition and provides an ideal tool for guiding students through the tax return process with a dependable, user-friendly approach.
- Chapter Outlines Help You And Your Students Prepare for Class. Each chapter begins with a chapter outline that directs your students to the right topics for study or reference.
- Practical Tax Scenarios Start Every Chapter. The “Big Picture: Tax Solutions for the Real World” feature gives a glimpse into the lives, families, careers and tax situations of typical individual filers. Each Big Picture case asks students to apply what they will learn in the upcoming chapter to develop the best tax solution for these real-life dilemmas.
- Big Picture Examples Help Students Follow Clients Through The Chapter. Approximately four examples out of the many in every chapter are based on the “Big Picture” tax situation that opens the chapter. These examples help students understand new topics as they bring a more consistent application of data and practical tax stories that span the whole chapter.
1. An Introduction to Taxation and Understanding the Federal Tax Law.
2. Working with the Tax Law.
3. Tax Determination; Personal and Dependency Exemptions; An Overview of Property Transactions.
Part II: GROSS INCOME.
4. Gross Income: Concepts and Inclusions.
5. Gross Income: Exclusions.
Part III: DEDUCTIONS AND CREDITS.
6. Deductions and Losses: In General.
7. Deductions and Losses: Certain Business Expenses and Losses.
8. Depreciation, Cost Recovery, Amortization, and Depletion.
9. Deductions: Employee and Self-Employed-Related Expenses.
10. Deductions and Losses: Certain Itemized Deductions.
11. Investor Losses.
12. Tax Credits and Payments.
Part IV: PROPERTY TRANSACTIONS.
13. Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges.
14. Property Transactions: Capital Gains and Losses, Section 1231, and
Part V: SPECIAL TAX COMPUTATIONS AND ACCOUNTING PERIODS AND METHODS.
15. Alternative Minimum Tax.
16. Accounting Periods and Methods.
Part VI: CORPORATIONS.
17. Corporations: Introduction and Operating Rules.
18. Corporations: Organization and Capital Structure.
19. Corporations: Distributions Not in Complete Liquidation.
20. Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations.
Part VII: FLOW-THROUGH ENTITIES.
22. S Corporations.
Part VIII: ADVANCE TAX PRACTICE CONSIDERATIONS.
23. Exempt Entities.
24. Multistate Corporate Taxation.
25. Taxation of International Transactions.
26. Tax Practice and Ethics.
Part IX: FAMILY TAX PLANNING.
27. The Federal Gift and Estate Taxes.
28. Income Taxation of Trusts and Estates.
Appendix A: Tax Rate Schedules and Tables.
Appendix B: Tax Forms.
Appendix C: Glossary of Tax Terms.
Appendix D: Table of Code Sections Cited, Table of Regulations Cited,
Table of Revenue Procedures and Revenue Rulings Cited.
Appendix E: Comprehensive Tax Return Problems.