Higher Education

South-Western Federal Taxation 2016: Comprehensive, 39th Edition

  • includes H&R Block™ CD, RIA Checkpoint® 2 terms (12 Months) Printed Access Card
  • 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: 1305395115  |  ISBN-13: 9781305395114
  • 1568 Pages
  • Previous Editions: 2015, 2014, 2013
  • © 2016 | Published
  • College Bookstore Wholesale Price = $279.00
  • Newer Edition Available
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About

Overview

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.

Features and Benefits

  • 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.
  • 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.

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 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.

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.

Bundle: Text + H&R Block™ Premium & Business Software CD-ROM for 2015 and RIA Checkpoint® 2 terms (12 months) Printed Access Card + CengageNOW™, 1 term Printed Access Card

ISBN-10: 1305715888  | ISBN-13: 9781305715882

List Price = $383.95  | College Bookstore Wholesale Price = $289.00

This Bundle Includes:

  • South-Western Federal Taxation 2016: Comprehensive
    List Price = $370.95  | CengageBrain Price = $370.95  | College Bookstore Wholesale Price = $279.00
  • CengageNOW™ 1 term Printed Access Card
    List Price = $162.00  | College Bookstore Wholesale Price = $121.50


ePack: Text + H&R Block™ Premium & Business Software CD-ROM for 2015 and RIA Checkpoint® 2 terms (12 months) Printed Access Card + CengageNOW™, 1 term Instant Access

ISBN-10:  1305777573  | ISBN-13:  9781305777576

List Price = $383.95  | CengageBrain Price = $383.95  | College Bookstore Wholesale Price = $289.00

This Bundle Includes:

  • South-Western Federal Taxation 2016: Comprehensive
    List Price = $370.95  | CengageBrain Price = $370.95  | College Bookstore Wholesale Price = $279.00
  • CengageNOW™, 1 term Instant Access
    List Price = $162.00  | CengageBrain Price = $162.00  | College Bookstore Wholesale Price = $162.00


ePack: Text + H&R Block™ Premium & Business Software CD-ROM for 2015 and RIA Checkpoint® 2 terms (12 months) Printed Access Card + LMS Integrated for CengageNOW™, 2 terms Instant Access

ISBN-10:  130577759X  | ISBN-13:  9781305777590

List Price = $390.95  | CengageBrain Price = $390.95  | College Bookstore Wholesale Price = $294.00

This Bundle Includes:

  • South-Western Federal Taxation 2016: Comprehensive
    List Price = $370.95  | CengageBrain Price = $370.95  | College Bookstore Wholesale Price = $279.00
  • LMS Integrated for CengageNOW™, 2 terms Instant Access
    List Price = $174.00  | CengageBrain Price = $174.00  | College Bookstore Wholesale Price = $174.00


ePack: Text + H&R Block™ Premium & Business Software CD-ROM for 2015 and RIA Checkpoint® 2 terms (12 months) Printed Access Card + CengageNOW™, 2 terms Instant Access

ISBN-10:  1305777557  | ISBN-13:  9781305777552

List Price = $390.95  | CengageBrain Price = $390.95  | College Bookstore Wholesale Price = $294.00

This Bundle Includes:

  • South-Western Federal Taxation 2016: Comprehensive
    List Price = $370.95  | CengageBrain Price = $370.95  | College Bookstore Wholesale Price = $279.00
  • CengageNOW™, 2 terms Instant Access
    List Price = $174.00  | CengageBrain Price = $174.00  | College Bookstore Wholesale Price = $174.00


Bundle: Text + H&R Block™ Premium & Business Software CD-ROM for 2015 and RIA Checkpoint® 2 terms (12 months) Printed Access Card + LMS Integrated for CengageNOW™, 2 terms Printed Access Card

ISBN-10:  1305777603  | ISBN-13:  9781305777606

List Price = $390.95  | College Bookstore Wholesale Price = $294.00

This Bundle Includes:

  • South-Western Federal Taxation 2016: Comprehensive
    List Price = $370.95  | CengageBrain Price = $370.95  | College Bookstore Wholesale Price = $279.00
  • LMS Integrated for CengageNOW™, 2 terms Printed Access Card
    List Price = $174.00  | College Bookstore Wholesale Price = $130.50


Bundle: Text + H&R Block™ Premium & Business Software CD-ROM for 2015 and RIA Checkpoint® 2 terms (12 months) Printed Access Card + CengageNOW™, 2 terms Printed Access Card

ISBN-10:  1305777565  | ISBN-13:  9781305777569

List Price = $390.95  | College Bookstore Wholesale Price = $294.00

This Bundle Includes:

  • South-Western Federal Taxation 2016: Comprehensive
    List Price = $370.95  | CengageBrain Price = $370.95  | College Bookstore Wholesale Price = $279.00
  • CengageNOW™, 2 terms Printed Access Card
    List Price = $174.00  | College Bookstore Wholesale Price = $130.50


Bundle: Text + H&R Block™ Premium & Business Software CD-ROM for 2015 and RIA Checkpoint® 2 terms (12 months) Printed Access Card + CengageNOW™, 1 term Printed Access Card

ISBN-10:  1305777581  | ISBN-13:  9781305777583

List Price = $383.95  | CengageBrain Price = $383.95  | College Bookstore Wholesale Price = $289.00

This Bundle Includes:

  • South-Western Federal Taxation 2016: Comprehensive
    List Price = $370.95  | CengageBrain Price = $370.95  | College Bookstore Wholesale Price = $279.00
  • CengageNOW™ 1 term Printed Access Card
    List Price = $162.00  | College Bookstore Wholesale Price = $121.50


ePack: Text + H&R Block™ Premium & Business Software CD-ROM for 2015 + RIA Checkpoint®, 1 term (6 months) Printed Access Card + LMS Integrated for CengageNOW™, 1 term Instant Access

ISBN-10:  1337081973 | ISBN-13:  9781337081979

List Price = $383.95  | CengageBrain Price = $383.95  | College Bookstore Wholesale Price = $289.00

This Bundle Includes:

  • South-Western Federal Taxation 2016: Comprehensive
    List Price = $370.95  | CengageBrain Price = $370.95  | College Bookstore Wholesale Price = $279.00
  • LMS Integrated for CengageNOW™, 1 term Instant Access
    List Price = $162.00  | CengageBrain Price = $162.00  | College Bookstore Wholesale Price = $162.00


Supplements

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 with Instructor's Guide, Solutions Manual, Test Bank, PowerPoint®  (ISBN-10: 1305395190 | ISBN-13: 9781305395190)

All instructor resources for South-Western FEDERAL TAXATION 2016: COMPREHENSIVE VOLUME are now available instantly through 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: 1305395204 | ISBN-13: 9781305395206)

Written by the South-Western Federal Taxation editors and authors, 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’s Companion Website.

Cengage Learning Testing, powered by Cognero® Instant Access  (ISBN-10: 1305395298 | ISBN-13: 9781305395299)

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: 1305395239 | ISBN-13: 9781305395237)

With its engaging learning and assessment tools, CengageNOW supports the entire student workflow, from motivation to mastery. For instructors, CengageNOW provides control and customization with the opportunity to tailor the learning experience to improve outcomes.

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

CengageNOW™, 2 terms Instant Access  (ISBN-10: 1305395247 | ISBN-13: 9781305395244)

With its engaging learning and assessment tools, CengageNOW supports the entire student workflow, from motivation to mastery. For instructors, CengageNOW provides control and customization with the opportunity to tailor the learning experience to improve outcomes.

List Price = $174.00  | CengageBrain Price = $174.00  | College Bookstore Wholesale Price = $174.00

2016 Tax Media Pack (with H&R Block™ Premium & Business Software CD-ROM for 2015) 1 term (6 months) Printed Access Card  (ISBN-10: 1305396472 | ISBN-13: 9781305396470)

Now students purchasing an e-version of the text can get the software packaged with the printed text. The Tax Media Pack includes H&R Block® tax preparation software and Checkpoint® by Thomson Reuters (student edition). H&R Block tax preparation software, one of today’s most popular tax preparation tools, guides users through the tax return process. Checkpoint, the online industry leader that tax and accounting professionals trust, provides hands-on professional experience with a comprehensive collection of tax laws, cases, and rulings as well as built-in productivity tools.

List Price = $23.00  | CengageBrain Price = $23.00  | College Bookstore Wholesale Price = $17.25

LMS Integrated for CengageNOW™, 2 terms Instant Access  (ISBN-10: 1305665082 | ISBN-13: 9781305665088)

List Price = $174.00  | CengageBrain Price = $174.00  | College Bookstore Wholesale Price = $174.00

LMS Integrated for CengageNOW™, 1 term Instant Access  (ISBN-10: 1305862406 | ISBN-13: 9781305862401)

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

Student Supplements

CengageNOW™, 1 term Instant Access  (ISBN-10: 1305395239 | ISBN-13: 9781305395237)

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

CengageNOW™, 2 terms Instant Access  (ISBN-10: 1305395247 | ISBN-13: 9781305395244)

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 = $174.00  | CengageBrain Price = $174.00  | College Bookstore Wholesale Price = $174.00

2016 Tax Media Pack (with H&R Block™ Premium & Business Software CD-ROM for 2015) 1 term (6 months) Printed Access Card  (ISBN-10: 1305396472 | ISBN-13: 9781305396470)

If you are purchasing an e-version of the text, this Tax Media Pack offers you the software that comes packaged with the printed text, including H&R Block® tax preparation software and Checkpoint® by Thomson Reuters (student edition). H&R Block tax preparation software, one of today’s most popular tax preparation tools, guides users through the tax return process. Checkpoint, the online industry leader that tax and accounting professionals trust, provides hands-on professional experience with a comprehensive collection of tax laws, cases, and rulings as well as built-in productivity tools.

List Price = $23.00  | CengageBrain Price = $23.00  | College Bookstore Wholesale Price = $17.25

LMS Integrated for CengageNOW™, 2 terms Instant Access  (ISBN-10: 1305665082 | ISBN-13: 9781305665088)

List Price = $174.00  | CengageBrain Price = $174.00  | College Bookstore Wholesale Price = $174.00

LMS Integrated for CengageNOW™, 1 term Instant Access  (ISBN-10: 1305862406 | ISBN-13: 9781305862401)

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.

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, was the Wisconsin Distinguished Professor of Taxation. He taught at Ohio State, Arizona State, the Capital University (OH) Law School, and the Universities of Wisconsin--Milwaukee and Whitewater. Dr. Raabe also writes 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.