South-Western Federal Taxation: Taxation of Business Entities, 12th Edition

  • includes TaxCut® Tax Preparation Software CD-ROM
  • James E. Smith College of William and Mary
  • William A. Raabe University of Wisconsin - Whitewater
  • David M. Maloney University of Virginia
  • ISBN-10: 0324660510
  • ISBN-13: 9780324660517
  • 888 Pages Hardcover 
  • Previous Editions: 2008, 2007, 2006
  • © 2009 | Published
  • College Bookstore Wholesale Price = $170.25 
 

About The Solution

Overview

Offering a wealth of resources, SOUTH-WESTERN FEDERAL TAXATION 2009: TAXATION OF BUSINESS ENTITIES presents the introductory federal taxation course from a business entity perspective -- emphasizing tax concepts and issues, not the details of tax rules. Packed with real-world examples, it equips students with a solid understanding of the Tax Code, as well as hands-on experience putting it into practice. Accessible and authoritative, the authors integrate an innovative tax planning framework throughout the text to effectively demonstrate the relevance of tax planning for businesses and individual taxpayers. This edition helps students understand the impact that careful tax planning strategies can have on today's marketplace. SOUTH-WESTERN FEDERAL TAXATION 2009: TAXATION OF BUSINESS ENTITIES has been designed with the AICPA Model Tax Curriculum recommendations in mind. In addition, H&R Block's TaxCut software comes with each new copy of this text to provide your students with an additional tax preparation tool! Thomson/RIA's Checkpoint®, Student Edition, is an optional bundle item offering six-month access to the leading online tax research database.


Additional Product Information

Features/Benefits

  • SOUTH-WESTERN FEDERAL TAXATION's signature tax planning framework effectively demonstrates the relevance of tax planning for businesses and individual taxpayers. This innovative framework is introduced in the first chapter and then tied to tax planning strategies throughout the remainder of the text.
  • After equipping readers with a solid understanding of tax law, SOUTH-WESTERN FEDERAL TAXATION 2009: TAXATION OF BUSINESS ENTITIES challenges students to put their newfound knowledge into real-world practice. Recognizing the importance of applying tax rules in a business context, each chapter includes tax planning strategies -- which are tied to the tax planning framework introduced in Chapter 1. Tax planning strategies illustrate the practical application of tax law and tax planning in the context of today's dynamic business environment.
  • Drawing in material and concepts from other courses, Bridge-Discipline boxes and questions create a link between the tax concepts students are learning and such disciplines as economics, financial accounting, and finance. This material bridges the gap students experience going from one business course to another.
  • Designed to help students enhance their knowledge of certain topics, more in-depth coverage can be found on the SOUTH-WESTERN FEDERAL TAXATION website, academic.cengage.com/taxation/swft. Icons within the chapters alert students to find more detailed information.
  • Summaries of the concepts integrated at key points in the chapter allow students to focus on learning the larger picture while they study.
  • Identified by an icon, these end-of-chapter Extender Questions test readers' critical-thinking skills and their ability to draw conclusions from topics presented in the text.
  • Ethics and Equity Problems introduce thought-provoking ethical and equitable issues related to the chapter topics. In response to the recommendations of the Accounting Education Change Commission, they also demonstrate that many issues don't have a single correct answer. The ethics and equity problems were selected to provoke discussion and provide opportunities for debate based on the student's value system rather than provide a single defensible answer.

What's New

  • Among the thousands of individual changes in the 2009 Edition listed in the text preface and integrated throughout the chapters are the effect of the following tax legislation: Small Business and Work Opportunity Tax Act of 2007, Energy Independence and Security Act of 2007, Mortgage Forgiveness Debt Relief Act of 2007, Tax Increase Prevention Act of 2007, and Tax Technical Corrections Act of 2007.
  • Keeping instructors and students abreast of the latest developments as they emerge, the text's resourceful companion website (academic.cengage.com/taxation/swft) includes the newest announcements and explanations.
  • Thomson/RIA's Checkpoint®, Student Edition is now an optional bundle item offering six-month access to the leading online tax research database. The bundle for this text with Checkpoint® is 0324611781.

Table of Contents

Part I: THE WORLD OF TAXATION.
1. Introduction to Taxation.
2. Working with the Tax Law.
3. Taxes on the Financial Statements.
Part II: STRUCTURE OF THE FEDERAL INCOME TAX.
4. Gross Income.
5. Business Deductions.
6. Losses and Loss Limitations.
Part III: PROPERTY TRANSACTIONS.
7. Property Transactions: Basis, Gain and Loss, and Nontaxable Exchanges.
8. Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions.
Part IV: BUSINESS ENTITIES.
9. Corporations: Organization, Capital Structure, and Operating Rules.
10. Corporations: Earnings & Profits and Distributions.
11. Partnerships and Limited Liability Entities.
12. S Corporations.
Part V: SPECIAL BUSINESS TOPICS.
13. Multijurisdictional Taxation.
14. Business Tax Credits and Corporate Alternative Minimum Tax.
15. Comparative Forms of Doing Business.
Part VI: TAXATION OF INDIVIDUALS.
16. Introduction to the Taxation of Individuals.
17. Individuals as Employees and Proprietors.
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: Table of Cases Cited.
Appendix F: Present Value and Future Value Tables.
Index.

Supplements

Instructor Supplements

Instructor Supplements

All supplements have been updated in coordination with the main title. Select the main title’s "About the Solution" tab, then select "What's New" for updates specific to title's edition. For more information about these supplements, or to obtain them, contact your Learning Consultant.

Solutions Manual  (ISBN-10: 0324662211 | ISBN-13: 9780324662214)

Written by the South-Western Federal Taxation editors and authors, and prepared by Donald R. Trippeer (SUNY College at Oneonta), the Solutions Manual features solutions arranged in accordance with the sequence of chapter material. A matrix labels the problems by topical coverage, denotes which problems are new, modified, or unchanged from the prior edition, and indicates with an asterisk those solutions selected as transparency masters. This matrix also references the prior edition's problem number for the unchanged and modified problems. The solutions are referenced to the relevant pages in the text. Available in print, on the Instructor's Resource CD-ROM, and on the Instructor's Resources page of the product website.


WebTutor™ on WebCT™ 1-Semester Instant Access Code  (ISBN-10: 0324662297 | ISBN-13: 9780324662290)

Improve your grades with WebTutor™ online review and test prep tools.

List Price = $38.00  | CengageBrain Price = $38.00  | College Bookstore Wholesale Price = $38.00


Instructor's Resource CD-ROM, Reprint  (ISBN-10: 0324788568 | ISBN-13: 9780324788563)

Key instructor ancillaries (Solutions Manual, Instructor's Guide, Test Bank, Additional Test Items and Solutions, Solutions to the Individual Practice Sets, Solutions Transparency Masters, and PowerPoint® Presentation Slides) are provided on CD-ROM -- giving instructors the ultimate tool for customizing lectures and presentations. Solutions are in both Word format and Acrobat PDF format. The Test Bank files on the CD are provided in ExamView® format and in MS-Word. ExamView is an easy-to-use test creation software compatible with Microsoft® Windows. Instructors can add or edit questions, instructions, and answers, and select questions (randomly or numerically) by previewing them on the screen. Instructors also can create and administer quizzes online, whether over the Internet, a local area network, or a wide area network.

List Price = $69.95  | College Bookstore Wholesale Price = $51.75


Teaching Transparency Masters (Instructor's Resource CD-ROM and Web Only), Vol. 4  (ISBN-10: 032466222X | ISBN-13: 9780324662221)


Study Guide  (ISBN-10: 0324662203 | ISBN-13: 9780324662207)

Prepared by Timothy R. Koski (Middle Tennessee State University), the Study Guide encourages learners to review the chapter's main focus, key concepts, and key terms, and brush up on homework and test-taking skills. Using the available answers and solutions to its quizzes and problems, users can prepare for tests and quizzes in their course or use the Study Guide as a self-paced quiz when preparing to take the CPA exam.

List Price = $39.95  | College Bookstore Wholesale Price = $29.75


WebTutor™ on Blackboard 1-Semester Instant Access Code  (ISBN-10: 0324662289 | ISBN-13: 9780324662283)

Improve your grades with WebTutor™ online review and test prep tools.

List Price = $38.00  | CengageBrain Price = $38.00  | College Bookstore Wholesale Price = $38.00


Individual Practice Set  (ISBN-10: 0324661207 | ISBN-13: 9780324661200)

These print practice sets, by Raymond F. Wacker (Southern Illinois University), are comprehensive and designed to be completed near the end of the course using tax preparation software such as TaxCut®. Complete with tax forms. (Solutions are available to instructors separately.).

List Price = $60.95  | College Bookstore Wholesale Price = $45.00


WebTutor™ ToolBox on Blackboard® Printed Access Card  (ISBN-10: 0534274897 | ISBN-13: 9780534274894)

WebTutor™ Toolbox offers basic online study tools including learning objectives, flashcards, and practice quizzes.

List Price = $24.95  | College Bookstore Wholesale Price = $18.75


Corporations Practice Sets  (ISBN-10: 0324661657 | ISBN-13: 9780324661651)

These practice sets, by Donald R. Trippeer (SUNY College at Oneonta), are comprehensive and designed to be completed after the related materials have been covered using tax preparation software such as TaxCut®. Complete with tax forms and instructions, they provide a realistic and challenging experience to accompany the text. Solutions are available to instructors only.

List Price = $57.95  | College Bookstore Wholesale Price = $43.25


WebTutor™ ToolBox on WebCT™ Printed Access Card  (ISBN-10: 0534274889 | ISBN-13: 9780534274887)

WebTutor™ Toolbox offers basic online study tools including learning objectives, flashcards, and practice quizzes.

List Price = $24.95  | College Bookstore Wholesale Price = $18.75


Student Supplements

Student Supplements

All supplements have been updated in coordination with the main title. Select the main title’s "About the Solution" tab, then select "What's New" for updates specific to title's edition. For more information about these supplements, or to obtain them, contact your Learning Consultant.

WebTutor™ on WebCT™ 1-Semester Instant Access Code  (ISBN-10: 0324662297 | ISBN-13: 9780324662290)

Improve your grades with WebTutor™ online review and test prep tools.

List Price = $38.00  | CengageBrain Price = $38.00  | College Bookstore Wholesale Price = $38.00


Study Guide  (ISBN-10: 0324662203 | ISBN-13: 9780324662207)

Prepared by Timothy R. Koski (Middle Tennessee State University), the Study Guide encourages you to review the chapter's main focus,key concepts, and key terms, and brush up on homework and test-taking skills. Using the available answers and solutions to its quizzes and problems, you can prepare for tests and quizzes in your course or use the Study Guide as a self-paced quiz when preparing to take the CPA exam.

List Price = $39.95  | College Bookstore Wholesale Price = $29.75


WebTutor™ on Blackboard 1-Semester Instant Access Code  (ISBN-10: 0324662289 | ISBN-13: 9780324662283)

Improve your grades with WebTutor™ online review and test prep tools.

List Price = $38.00  | CengageBrain Price = $38.00  | College Bookstore Wholesale Price = $38.00


Individual Practice Set  (ISBN-10: 0324661207 | ISBN-13: 9780324661200)

These print practice sets, by Raymond F. Wacker (Southern Illinois University), are comprehensive and designed to be completed near the end of the course using tax preparation software such as TaxCut®. Complete with tax forms. (Solutions are available to instructors separately.).

List Price = $60.95  | College Bookstore Wholesale Price = $45.00


WebTutor™ ToolBox on Blackboard® Printed Access Card  (ISBN-10: 0534274897 | ISBN-13: 9780534274894)

WebTutor™ Toolbox offers basic online study tools including learning objectives, flashcards, and practice quizzes.

List Price = $24.95  | College Bookstore Wholesale Price = $18.75


Corporations Practice Sets  (ISBN-10: 0324661657 | ISBN-13: 9780324661651)

These practice sets, by Donald R. Trippeer (SUNY College at Oneonta), are comprehensive and designed to be completed after the related materials have been covered using tax preparation software such as TaxCut®. Complete with tax forms and instructions, they provide a realistic and challenging experience to accompany the text.

List Price = $57.95  | College Bookstore Wholesale Price = $43.25


WebTutor™ ToolBox on WebCT™ Printed Access Card  (ISBN-10: 0534274889 | ISBN-13: 9780534274887)

WebTutor™ Toolbox offers basic online study tools including learning objectives, flashcards, and practice quizzes.

List Price = $24.95  | College Bookstore Wholesale Price = $18.75


Meet the Author

About the Author

James E. Smith

Dr. James E. Smith is the John S. Quinn Professor of Accounting at the College of William and Mary. He has been a member of the accounting faculty for more than 30 years. He received his Ph.D. from the University of Arizona. Dr. Smith has served as a discussion leader for Continuing Professional Education programs for the American Institute of Certified Public Accountants (AICPA), Federal Tax Workshops, and various state CPA societies. He has conducted programs in more than 40 states for about 25,000 CPAs. He has been the recipient of the AICPA's Outstanding Discussion Leader Award and the American Taxation Association/Arthur Andersen Teaching Innovation Award. Among his other awards are the Virginia Society of CPAs' Outstanding Accounting Educator Award and the James Madison University's Outstanding Accounting Educator Award. He was the president of the Administrators of Accounting Programs Group (AAPG) in 1991-1992. He was the faculty adviser for the William and Mary teams that received first place in the Andersen Tax Challenge for five years and in the Deloitte Tax Case Study Competition for five years.

William A. Raabe

William A. Raabe, Ph.D., CPA, is the Distinguished Professor of Accounting in the College of Business and Economics of the University of Wisconsin - Whitewater. A graduate of Carroll University (Wisconsin) and the University of Illinois, Dr. Raabe's teaching and research interests include international and multistate taxation, technology in tax education, personal financial planning, and the economic impact of sports teams and fine arts groups. Professor Raabe also writes Federal Tax Research and the PricewaterhouseCoopers Tax Case Studies. He has written extensively about book-tax differences in financial reporting. Dr. Raabe has been a visiting tax faculty member for a number of public accounting firms, bar associations, and CPA societies. He has received numerous teaching awards, including the Accounting Educator of the Year award from the Wisconsin Institute of CPAs. He has been the faculty adviser for student teams in the Deloitte Tax Case Competition (national finalists at three different schools) and the PricewaterhouseCoopers Extreme Tax policy competition (national finalist). For more information about Dr. Raabe, visit BillRaabeTax.com and BillRaabeTax on YouTube and Twitter.

David M. Maloney

David M. Maloney, Ph.D., CPA, is the Carman G. Blough Professor of Accounting at the University of Virginia's McIntire School of Commerce. He completed his undergraduate work at the University of Richmond and his graduate work at the University of Illinois at Urbana-Champaign. Since joining the Virginia faculty in January 1984, Professor Maloney has taught federal taxation in the graduate and undergraduate programs and has received major research grants from the Ernst & Young and KPMG Foundations. In addition, his work has been published in numerous professional journals, including THE JOURNAL OF TAXATION, THE TAX ADVISOR, TAX NOTES, CORPORATE TAXATION, ACCOUNTING HORIZONS, JOURNAL OF TAXATION OF INVESTMENTS, and JOURNAL OF ACCOUNTANCY. He is a member of several professional organizations, including the American Accounting Association and the American Taxation Association.

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