South-Western Federal Taxation 2012: Comprehensive, 35th Edition

  • includes H&R Block @ Home Tax Preparation Software, RIA Checkpoint 12-month Printed Access Card for 2012 Tax Titles, CPA Excel
  • William H. Hoffman, Jr. University of Houston
  • David M. Maloney University of Virginia
  • William A. Raabe University of Wisconsin - Whitewater
  • James C. Young Northern Illinois University
  • ISBN-10: 1111221707  |  ISBN-13: 9781111221706
  • 1504 Pages
  • Previous Editions: 2011, 2010, 2009
  • © 2012 | Published
  • Newer Edition Available
  • Instructor Companion Site
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    About

    Overview

    Packed with NEW "Financial Disclosure Insights" boxes, "Big Picture" tax scenarios, "What-If?" case variations, and more new or revised end-of-chapter homework and test bank items than ever before, SOUTH-WESTERN FEDERAL TAXATION 2012: COMPREHENSIVE VOLUME remains the most effective text for helping students master complex tax concepts and the ever-changing tax legislation. Renowned for its accessible, comprehensive, and time-tested presentation, the text provides thorough coverage of individual taxation, C Corporations, Taxes on the Financial Statements, Flow-Through Entities, Family Tax Planning, and more, while highlighting materials of critical interest to the tax practitioner. Preparing students for the long term, SOUTH-WESTERN FEDERAL TAXATION 2012: COMPREHENSIVE VOLUME offers readers many opportunities to sharpen critical-thinking and writing skills. Internet exercises tied directly to chapter research cases give students hands-on experience using online resources to solve tax issues. H&R Block At Home® tax preparation software, Checkpoint® from Thomson Reuters, and CPAexcel's online CPA Exam study tool come with each new copy of this text to give your students professional experience with leading software! The 2012 edition has been fully updated to include the latest tax legislation at press time for individual taxpayers, and new updates are posted online as soon as the relevant tax law changes are in effect.


    Additional Product Information

    Features/Benefits

    • Aplia(TM). Aplia online interactive homework solution improves learning by increasing student interaction and engagement. Aplia for SWFT ensures that students stay on top of their coursework with regularly scheduled homework assignments. The Aplia assignments are derived from select end-of-chapter problems from the textbook, encouraging students to apply what they learn. The structure of tax problems within Aplia are presented in a way that walks students through the thought process a true tax professional would experience, fostering problem-solving and critical thinking skills. To explore the benefits Aplia offers, visit www.aplia.com/cengage.
    • Enhanced Solutions Manual and Test Bank with Outcomes-Based Planning Tools. All Questions and Problems in the text and all Test Bank items are listed by Learning Objective, Estimated Difficulty, and Estimated Completion Time. Each of these items is linked to specific core competencies from the AACSB and the AICPA to assist your course planning and assessment needs. Up to 50 percent of items in these supplements are new or revised.
    • The Big Picture. Taxation comes alive in this chapter-opening vignette. The Big Picture is a glimpse into the lives of individual taxpayers highlighting their families, occupations, and tax situations. Each Big Picture case asks students to develop a reasonable tax reporting solution for everyday dilemmas.
    • Refocus on the Big Picture. This end-of-chapter feature recalls "The Big Picture" scenario and presents a professional solution using the concepts covered in the chapter. A "What If?" section follows to demonstrate how tax reporting might change with different variables. Students learn how to apply tax planning skills.
    • Homework Linked to Learning Objectives. Each end-of-chapter Question and Problem is labeled with the Learning Objective(s) that appears beside key topics in the text margins. Students can easily go back to the section of the text to study a specific concept--saving them time as they complete homework and helping them organize the chapter information.
    • The text's unique Global Tax Issues features clearly explain how taxation is affected by international concerns, as well as the impact of tax law across the world--equipping students with valuable insight into critical issues given the ever-increasing global concerns in today's marketplace.
    • Multi-Issue Problems in the margins appear in selected chapters. These multi-faceted exercises challenge students to integrate material across chapters and make better use of the content for a richer learning experience.
    • Developed to support the AICPA curriculum, end-of-chapter Communication Assignments and Decision-Making Problems help students develop the essential analytical and writing skills they will need throughout their careers. In addition, Issue Identification Questions--marked by marginal "Issue ID" tags--enhance critical-thinking skills throughout the text by identifying the tax issues at hand. These enriching discussion questions are multifaceted and generally are not limited to one right answer.
    • Adding maximum value, flexibility, and research scope, SOUTH-WESTERN FEDERAL TAXATION's extensive appendices make it the most thorough, time-tested tax text on the market. Comprehensive coverage includes tax rate schedules, tax forms, an extensive glossary of tax terms, tables of code sections, regulations, revenue procedures and revenue rulings cited, and Comprehensive Tax Return Problems (with solutions found in the Instructor's Guide).
    • CPAexcel: An access code for CPAexcel is packaged with every new copy of the textbook at no additional cost. This online resource gives students access to the same tax content from the CPA Review course that thousands of CPA candidates use annually to prepare for the CPA Exam. This includes access to hundreds of past exam questions and simulations using the AICPA exam-identical formats. Students can follow along with video lectures on individual tax topics, view practice exam results, and track their progress.
    • Checkpoint® by Thomson Reuters (Student Edition), now automatically comes with each new copy of the text. The intuitive Web-based design makes it fast and simple to find what you need. There is a comprehensive collection of primary tax law, cases, and rulings, along with analytical insight you simply can't find anywhere else. Checkpoint has built-in productivity tools such as calculators to make research more efficient--a resource more tax pros use than any other. Checkpoint® by Thomson Reuters (Student Edition) is automatically packaged with new texts and may be used for tax research.
    • H&R Block At Home® tax preparation software comes with each new copy of this text.

    Table of Contents

    Part I: INTRODUCTION AND BASIC TAX MODEL.
    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 Recapture Provisions.
    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.
    21. Partnerships.
    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.
    Index.

    What's New

    • New "Financial Disclosure Insights" Features-- These features are now included in selected chapters, to better illustrate how taxation impacts a company's financial statements. This real-company context coupled with SWFT's best-of-class commentary better prepares students to understand this relationship while also introducing students to tax issues surrounding international financial reporting standards (IFRS).
    • Heavily Updated Homework and Test Materials-- The number of new and revised end-of-chapter homework and test bank items provide instructors with more tools for instructors to teach and assess students' progress in the course. Up to 50 percent of the homework and test bank items in the 2012 Edition are new or revised.
    • Examples Tied to "Big Picture" Tax Scenarios-- Selected Examples in each chapter are now tied to the tax client case that begins in the chapter-opening Big Picture feature and ends with the closing "Refocus on the Big Picture." These enhanced Examples give instructors and students an ongoing "tax case storyline" that spans the chapter's topics, providing context and continuity by linking the examples into a chapter-long tax case narrative.
    • Chapter Outlines Included-- All chapters now contain Chapter Outlines that help instructors and students preview upcoming topics before reading the chapters and locate topics for further review. This feature, available in some previous editions of the text, is being restored by popular demand.
    • Providing the Latest Legislative Updates-- Thoroughly updated to include the most recent tax law changes at time of publication. The authors will also be providing legislative updates online at www.cengage.com/community/taxation.

    Alternate Formats

    Choose the Format that Best Fits Your Student's Budget and Course Goals

    To customize your learning solution, contact your Cengage Learning representative for more information.


    • Looseleaf Edition
      ISBN-10: 1111825211  | ISBN-13: 9781111825218
    • Non-Media Edition
      ISBN-10:  1111221715 | ISBN-13:  9781111221713

    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.

    South-Western Federal Taxation 2012: Comprehensive, Professional Edition (Text Only)  (ISBN-10: 1111221715 | ISBN-13: 9781111221713)


    South-Western Federal Taxation 2012: Comprehensive, Professional Edition  (ISBN-10: 111182519X | ISBN-13: 9781111825195)

    This book is the same as the academic version of the Comprehensive Volume without RIA Checkpoint and CPAexcel software.


    South-Western Federal Taxation 2012: Comprehensive  (ISBN-10: 1111825211 | ISBN-13: 9781111825218)

    Packed with NEW "Financial Disclosure Insights" boxes, "Big Picture" tax scenarios, "What-If?" case variations, and more new or revised end-of-chapter homework and test bank items than ever before, SOUTH-WESTERN FEDERAL TAXATION 2012: COMPREHENSIVE VOLUME remains the most effective text for helping students master complex tax concepts and the ever-changing tax legislation. Renowned for its accessible, comprehensive, and time-tested presentation, the text provides thorough coverage of individual taxation, C Corporations, Taxes on the Financial Statements, Flow-Through Entities, Family Tax Planning, and more, while highlighting materials of critical interest to the tax practitioner. Preparing students for the long term, SOUTH-WESTERN FEDERAL TAXATION 2012: COMPREHENSIVE VOLUME offers readers many opportunities to sharpen critical-thinking and writing skills. Internet exercises tied directly to chapter research cases give students hands-on experience using online resources to solve tax issues. H&R Block At Home® tax preparation software, Checkpoint® from Thomson Reuters, and CPAexcel's online CPA Exam study tool come with each new copy of this text to give your students professional experience with leading software! The 2012 edition has been fully updated to include the latest tax legislation at press time for individual taxpayers, and new updates are posted online as soon as the relevant tax law changes are in effect.


    Aplia 1-Semester Instant Access  (ISBN-10: 1133049206 | ISBN-13: 9781133049203)


    Study Guide  (ISBN-10: 1111824800 | ISBN-13: 9781111824808)


    Solutions Manual  (ISBN-10: 1111824819 | ISBN-13: 9781111824815)


    Instructor's Resource CD-ROM  (ISBN-10: 1111824827 | ISBN-13: 9781111824822)


    WebTutor™ on WebCT™, 2 terms (12 months) Instant Access  (ISBN-10: 1111945039 | ISBN-13: 9781111945039)

    WebTutor offers online study tools including QuizBowl, glossary flashcards, crossword puzzles, PowerPoints, practice quizzes, and Web links.


    WebTutor™ on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 1111945012 | ISBN-13: 9781111945015)

    WebTutor offers online study tools including QuizBowl, glossary flashcards, crossword puzzles, PowerPoints, practice quizzes, and Web links.


    CPA Excel® Instant Access Code  (ISBN-10: 1111956839 | ISBN-13: 9781111956837)


    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.

    South-Western Federal Taxation 2012: Comprehensive, Professional Edition (Text Only)  (ISBN-10: 1111221715 | ISBN-13: 9781111221713)


    South-Western Federal Taxation 2012: Comprehensive, Professional Edition  (ISBN-10: 111182519X | ISBN-13: 9781111825195)

    This book is the same as the academic version of the Comprehensive Volume without RIA Checkpoint and CPAexcel software.


    South-Western Federal Taxation 2012: Comprehensive  (ISBN-10: 1111825211 | ISBN-13: 9781111825218)

    Packed with NEW "Financial Disclosure Insights" boxes, "Big Picture" tax scenarios, "What-If?" case variations, and more new or revised end-of-chapter homework and test bank items than ever before, SOUTH-WESTERN FEDERAL TAXATION 2012: COMPREHENSIVE VOLUME remains the most effective text for helping you master complex tax concepts and the ever-changing tax legislation. Renowned for its accessible, comprehensive, and time-tested presentation, the text provides thorough coverage of individual taxation, C Corporations, Taxes on the Financial Statements, Flow-Through Entities, Family Tax Planning, and more, while highlighting materials of critical interest to the tax practitioner. Preparing you for the long term, SOUTH-WESTERN FEDERAL TAXATION 2012: COMPREHENSIVE VOLUME offers many opportunities to sharpen critical-thinking and writing skills. Internet exercises tied directly to chapter research cases give you hands-on experience using online resources to solve tax issues. H&R Block At Home® tax preparation software, Checkpoint® from Thomson Reuters, and CPAexcel's online CPA Exam study tool come with each new copy of this text to give your students professional experience with leading software! The 2012 edition has been fully updated to include the latest tax legislation at press time for individual taxpayers, and new updates are posted online as soon as the relevant tax law changes are in effect.


    Aplia 1-Semester Instant Access  (ISBN-10: 1133049206 | ISBN-13: 9781133049203)

    Succeed in your course with 1 semester of access to Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for SOUTH-WESTERN FEDERAL TAXATION 2012: COMPREHENSIVE, 35th Edition, including step-by-step explanations that help you improve your reasoning and skills, interactive assignments that help you understand difficult or counterintuitive concepts, and more. Aplia has already helped more than a million students succeed in college classes.


    Study Guide  (ISBN-10: 1111824800 | ISBN-13: 9781111824808)


    WebTutor™ on WebCT™, 2 terms (12 months) Instant Access  (ISBN-10: 1111945039 | ISBN-13: 9781111945039)

    WebTutor offers online study tools including QuizBowl, glossary flashcards, crossword puzzles, PowerPoints, practice quizzes, and Web links.


    WebTutor™ on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 1111945012 | ISBN-13: 9781111945015)

    WebTutor offers online study tools including QuizBowl, glossary flashcards, crossword puzzles, PowerPoints, practice quizzes, and Web links.


    CPA Excel® Instant Access Code  (ISBN-10: 1111956839 | ISBN-13: 9781111956837)


    Meet the Author

    About the Author

    William H. Hoffman, Jr.

    Dr. William H. Hoffman, Jr., earned B.A. and J.D. degrees from the University of Michigan and M.B.A. and Ph.D. degrees from The University of Texas. He is a licensed CPA and attorney in Texas. His teaching experience includes The University of Texas (1957-1961), Louisiana State University (1961-1967), and the University of Houston (1967-1999). Dr. Hoffman has addressed many tax institutes and conferences and has published extensively in academic and professional journals. His articles appear in THE JOURNAL OF TAXATION, THE TAX ADVISER, TAXES − THE TAX MAGAZINE, THE JOURNAL OF ACCOUNTANCY, THE ACCOUNTING REVIEW, and TAXATION FOR ACCOUNTANTS.

    David M. Maloney

    David M. Maloney, Ph.D., CPA, is the Carman G. Blough Professor of Accounting Emeritus 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. Upon joining the Virginia faculty in January 1984, Dr. Maloney taught federal taxation in the graduate and undergraduate programs and was a recipient of major research grants from the Ernst & Young and KPMG Foundations. Dr. Maloney has published work in numerous professional journals, including JOURNAL OF TAXATION, THE TAX ADVISER, TAX NOTES, CORPORATE TAXATION, ACCOUNTING HORIZONS, JOURNAL OF TAXATION OF INVESTMENTS, and JOURNAL OF ACCOUNTANCY.

    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.

    James C. Young

    Dr. James C. Young is the Crowe Horwath Professor of Accountancy at Northern Illinois University. A graduate of Ferris State University (B.S.) and Michigan State University (M.B.A. and Ph.D.), Dr. Young’s research focuses on taxpayer responses to the income tax using archival data. His dissertation received the PricewaterhouseCoopers/American Taxation Association Dissertation Award and his subsequent research has received funding from a number of organizations, including the Ernst & Young Foundation Tax Research Grant Program. His work has been published in a variety of academic and professional journals, including the NATIONAL TAX JOURNAL, THE JOURNAL OF THE AMERICAN TAXATION ASSOCIATION, and TAX NOTES. Dr. Young is a Northern Illinois University Presidential Teaching Professor. A respected educator, he has received the Illinois CPA Society Distinguished Accounting Educator Award in 2012 as well as outstanding teaching awards from George Mason University and Michigan State University.