South-Western Federal Taxation 2016: Corporations, Partnerships, Estates and Trusts, Professional Edition, 39th Edition

  • includes H&R Block CD
  • William H. Hoffman, Jr. University of Houston
  • William A. Raabe University of Wisconsin - Whitewater
  • David M. Maloney University of Virginia
  • James C. Young Northern Illinois University
  • ISBN-10: 1305399927  |  ISBN-13: 9781305399921
  • 1104 Pages
  • Previous Editions: 2015, 2014, 2013
  • © 2016 | Published
  • List Price = $ 376.95
  • For quantity discounts, Contact your Representative
  • For single copy purchases, visit
  • Newer Edition Available



Master a solid understanding of corporate tax concepts and today’s ever-changing tax legislation with SOUTH-WESTERN FEDERAL TAXATION 2016: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS, 39E. Renowned for its understandable, time-tested presentation, this book remains the most effective solution for helping you thoroughly grasp information critical to the tax preparer, such as C corporations, flow-through entities, taxes on financial statements, and tax planning. This 2016 edition reflects the latest tax legislation at publication with online updates that keep you current by highlighting relevant tax law changes as they take effect. Proven learning features with clearer new examples, more summaries and meaningful tax scenarios that help clarify concepts and provide opportunities to sharpen critical-thinking, writing, and research skills. Trust SOUTH-WESTERN FEDERAL TAXATION 2016: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS, 39E for the most thorough coverage of taxation concepts today.

Features and Benefits

  • Chapter Outlines Help You And Your Students Prepare For Class. Each chapter begins with a chapter outline that directs 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 tax 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.
  • 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.
  • 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 apply them to real life. More than 40 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. CengageNOW questions and features were specifically designed to create a complete learning system for students, taking them from topic introduction through concept mastery.
  • 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.

Table of Contents

1. Understanding and Working with the Federal Tax Law.
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.
10. Partnerships: Formation, Operations, and Basis
11. Partnerships: Distributions, Transfer of Interests, and Terminations.
12. S Corporations.
13. Comparative Forms of Doing Business.
14. Taxes on the Financial Statements.
15. Exempt Entities.
16. Multistate Corporate Taxation.
17. Tax Practice and Ethics.
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.
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 Tables.

What's New

  • 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 tie 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 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 Critical Hands-On Practice. Additional Algorithmic problems in CengageNOW reinforce tax content in each chapter.
  • Engaging New Interior Design and Distinctive Learning Features Capture and Direct Readers’ Attention. New four-color interior design, and streamlined coverage and labeling of chapter pedagogy 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.

Learning Resource Bundles

Choose the textbook packaged with the resources that best meet your course and student needs. Contact your Learning Consultant for more information.

Printed Text + H&R Block CD), 39th + CengageNOW™, 1 term (6 months) Instant Access

ISBN-10: 1337122270 | ISBN-13: 9781337122276

List Price = $388.95  | CengageBrain Price = $388.95


All supplements have been updated in coordination with the main title. Select the main title's "About" 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.

Instructor Supplements

Instructor's Companion Website  (ISBN-10: 130540002X | ISBN-13: 9781305400023)

All instructor resources for South-Western Federal Taxation 2016: Corporations, Partnerships, Estates and Trusts, 39E are now available at your fingertips on the Instructor Companion Website. Resources available for your convenience include the Solutions Manual, Test Bank, and PowerPoint Lectures with Instructor’s Notes.

Instructor's Solutions Manual  (ISBN-10: 1305400038 | ISBN-13: 9781305400030)

Written by the South-Western Federal Taxation editors and authors to ensure the highest quality, the Solutions Manual features solutions arranged in accordance with the sequence of chapter material. Solutions to all homework items are tagged with Level of Difficulty and Learning Objective(s) as well as the AACSB’s and AICPA’s core competencies. You have more control than ever in selecting homework to match the topics covered. The Solutions Manual is available in print and on the Instructor Companion Website.

Cengage Learning Testing, powered by Cognero® Instant Access  (ISBN-10: 1305399994 | ISBN-13: 9781305399990)

Cengage Learning Testing, powered by Cognero, is a flexible, online system that allows you to author, edit, and manage test bank content from multiple Cengage Learning solutions. Create multiple test versions in an instant and deliver tests from your learning management system, your classroom, or wherever you want!

CengageNOW™, 1 term Instant Access  (ISBN-10: 1305399951 | ISBN-13: 9781305399952)

CengageNOW goes beyond memorization and basic homework practice to engage you, the student, in relevant multimedia study tools, detailed feedback, and assessment tools that help you reach true understanding. Activities are carefully constructed and aligned to learning taxonomies with the entire workflow in mind−from basic knowledge and comprehension to application and analysis.

List Price = $162.00  | CengageBrain Price = $162.00  | College Bookstore Wholesale Price = $162.00

Student Supplements

CengageNOW™, 1 term Instant Access  (ISBN-10: 1305399951 | ISBN-13: 9781305399952)

CengageNOW goes beyond memorization and basic homework practice to engage you, the student, in relevant multimedia study tools, detailed feedback, and assessment tools that help you reach true understanding. Activities are carefully constructed and aligned to learning taxonomies with the entire workflow in mind−from basic knowledge and comprehension to application and analysis.

List Price = $162.00  | CengageBrain Price = $162.00  | College Bookstore Wholesale Price = $162.00

Meet the Author

Author Bio

William H. Hoffman, Jr.

Dr. William H. Hoffman, Jr., earned his 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. Recognized for his teaching excellence, Dr. Hoffman's academic experience includes The University of Texas (1957−1961), Louisiana State University (1961−1967), and the University of Houston (1967−1999). A frequently requested professional speaker, 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. Dr. 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 and BillRaabeTax on YouTube and Twitter.

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.

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.