South-Western Federal Taxation 2012: Corporations, Partnerships, Estates and Trusts, 35th Edition

  • includes H&R Block @ Home, RIA Checkpoint 6-months Printed Access Card, CPA Excel®
  • William H. Hoffman, Jr. University of Houston
  • William A. Raabe University of Wisconsin - Whitewater
  • James E. Smith College of William and Mary
  • David M. Maloney University of Virginia
  • ISBN-10: 1111221723
  • ISBN-13: 9781111221720
  • 1104 Pages Hardcover 
  • Previous Editions: 2011, 2010, 2009
  • © 2012 | Published
 

About The Solution

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: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS 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 C Corporations, Flow-Through Entities, Family Tax Planning, Taxes on the Financial Statements, and more, while highlighting materials of critical interest to the tax practitioner. Preparing students for the long term, CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS 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, CPAexcel's online CPA exam study tool, and Checkpoint® from Thomson Reuters 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, 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.
  • Chapter 14, "Taxes on the Financial Statements," outlines book-tax differences, discusses principles of FAS 109, the valuation allowance, tax disclosures in the financial statements, and benchmarking a company's tax position--key topics in a corporations-based taxation course.
  • 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 items.
  • 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, a citator example, Comprehensive Tax Return Problems (with solutions found in the Instructor's Guide), and an appendix on depreciation.
  • CPAexcel: An access code for CPAexcel will be 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.

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: More new and revised end-of-chapter homework and test bank items than ever before 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

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  • Looseleaf Edition
    ISBN-10: 1111825351 | ISBN-13: 9781111825355

Table of Contents

Part I: INTRODUCTION.
1. Understanding and Working with the Federal Tax Law.
Part II: CORPORATIONS.
2. Corporations: Introduction and Operating Rules.
3. Corporations: Special Situations.
4. Corporations: Organization and Capital Structure.
5. Corporations: Earnings & Profits and Dividend Distributions.
6. Corporations: Redemptions and Liquidations.
7. Corporations: Reorganizations.
8. Consolidated Tax Returns.
9. Taxation of International Transactions.
Part III: FLOW-THROUGH ENTITIES.
10. Partnerships: Formation, Operation, and Basis.
11. Partnerships: Distributions, Transfer of Interests, and Terminations.
12. S Corporations.
13. Comparative Forms of Doing Business
Part IV: ADVANCED TAX PRACTICE CONSIDERATIONS.
14. Taxes on the Financial Statements
15. Exempt Entities.
16. Multistate Corporate Taxation.
17. Tax Practice and Ethics.
Part V: FAMILY TAX PLANNING.
18. The Federal Gift and Estate Taxes.
19. Family Tax Planning.
20. 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 Codes Sections Cited, Table of Regulations Cited, and Table of Revenue Procedures and Revenue Rulings Cited.
Appendix E: Table of Cases Cited.
Subject Index.

Products Included

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: Corporations, Partnerships, Estates and Trusts, Professional Version  (ISBN-10: 1111825335 | ISBN-13: 9781111825331)

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: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS 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 C Corporations, Flow-Through Entities, Family Tax Planning, Taxes on the Financial Statements, and more, while highlighting materials of critical interest to the tax practitioner. Preparing students for the long term, CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS 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, CPAexcel's online CPA exam study tool, and Checkpoint® from Thomson Reuters 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, and new updates are posted online as soon as the relevant tax law changes are in effect.


South-Western Federal Taxation 2012: Corporations, Partnerships, Estates and Trusts  (ISBN-10: 1111825351 | ISBN-13: 9781111825355)

This version provides all the pages of the text in an unbound, three-hole punched format for portability, affordability, and ease of use. H & R Block at Home® is included with every new textbook as well as Checkpoint®, Student Edition.


Study Guide  (ISBN-10: 1111824681 | ISBN-13: 9781111824686)

Study more effectively and improve your performance at exam time with this comprehensive guide. Written to work hand-in hand with SOUTH-WESTERN FEDERAL TAXATION 2012: CORPORATIONS, PARTNERSHIPS, ESTATES AND TRUSTS, 35th Edition, this user-friendly guide includes a wide variety of learning tools to help you master the key concepts of the course.


Solutions Manual  (ISBN-10: 111182469X | ISBN-13: 9781111824693)


Instructor's Resource CD-ROM  (ISBN-10: 1111824703 | ISBN-13: 9781111824709)


Practice Sets  (ISBN-10: 1111824754 | ISBN-13: 9781111824754)

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 H & R Block at Home®. Complete with tax forms and instructions, they provide a realistic and challenging experience to accompany the text. Solutions are available to instructors only.


CPA Excel® Instant Access Code  (ISBN-10: 1111957134 | ISBN-13: 9781111957131)


WebTutor™ on Blackboard® 1-Semester Instant Access Code  (ISBN-10: 1111944938 | ISBN-13: 9781111944933)

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


WebTutor™ on WebCT™ 1-Semester Instant Access Code  (ISBN-10: 1111944954 | ISBN-13: 9781111944957)

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


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: Corporations, Partnerships, Estates and Trusts, Professional Version  (ISBN-10: 1111825335 | ISBN-13: 9781111825331)

Packed with NEW "Financial Disclosure Insights" boxes, "Big Picture" tax scenarios, "What-If?" case variations, and more new end-of-chapter homework and test bank items than ever before, SOUTH-WESTERN FEDERAL TAXATION 2012: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS 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 C Corporations, Flow-Through Entities, Family Tax Planning, Taxes on the Financial Statements, and more, while highlighting materials of critical interest to the tax practitioner. Preparing you for the long term, CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS 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, CPAexcel's online CPA exam study tool, and Checkpoint® from Thomson Reuters 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, and new updates are posted online as soon as the relevant tax law changes are in effect.


South-Western Federal Taxation 2012: Corporations, Partnerships, Estates and Trusts  (ISBN-10: 1111825351 | ISBN-13: 9781111825355)

This version provides all the pages of the text in an unbound, three-hole punched format for portability, affordability, and ease of use. H & R Block at Home® is included with every new textbook as well as Checkpoint®, Student Edition.


Aplia Instant Access  (ISBN-10: 1133049249 | ISBN-13: 9781133049241)

Succeed in your course with Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for SOUTH-WESTERN FEDERAL TAXATION 2012: CORPORATIONS, PARTNERSHIPS, ESTATES AND TRUSTS, 35th Edition. Aplia has already helped more than a million students succeed in college classes.


Study Guide  (ISBN-10: 1111824681 | ISBN-13: 9781111824686)

Study more effectively and improve your performance at exam time with this comprehensive guide. Written to work hand-in hand with SOUTH-WESTERN FEDERAL TAXATION 2012: CORPORATIONS, PARTNERSHIPS, ESTATES AND TRUSTS, 35th Edition, this user-friendly guide includes a wide variety of learning tools to help you master the key concepts of the course.


Practice Sets  (ISBN-10: 1111824754 | ISBN-13: 9781111824754)

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 H & R Block at Home®. Complete with tax forms and instructions, they provide a realistic and challenging experience to accompany the text.


CPA Excel® Instant Access Code  (ISBN-10: 1111957134 | ISBN-13: 9781111957131)


WebTutor™ on Blackboard® 1-Semester Instant Access Code  (ISBN-10: 1111944938 | ISBN-13: 9781111944933)

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


WebTutor™ on WebCT™ 1-Semester Instant Access Code  (ISBN-10: 1111944954 | ISBN-13: 9781111944957)

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


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.

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 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.

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.