Higher Education

Concepts in Federal Taxation 2016, 23rd Edition

  • includes H&R Block™ Tax Preparation Software CD-ROM and RIA Checkpoint® 1 term (6 months) Printed Access Card
  • Kevin E. Murphy Oklahoma State University
  • Mark Higgins University of Rhode Island
  • ISBN-10: 1305585135  |  ISBN-13: 9781305585133
  • 928 Pages
  • Previous Editions: 2015, 2014, 2013
  • © 2016 | Published
  • College Bookstore Wholesale Price = $277.50
  • Newer Edition Available
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About

Overview

Help your students master all aspects of federal taxation with the distinctive, balanced, conceptual approach found only in Murphy/Higgins' CONCEPTS IN FEDERAL TAXATION 2016. This unique text presents taxation as a small number of unifying concepts. Students master these concepts before applying them to specific tax rules and everyday economics. This edition presents today's latest tax laws and changes for the most recent tax year in a clear, straightforward manner without overwhelming technical detail. For further clarity the text introduces individual taxation before addressing more complex business entities. The book's small, manageable segments with Concept Checks are ideal for CPA Exam review. This text balances tax concepts with the Internal Revenue Code to prepare students for success on CPA Exam tax simulations and within their careers. Frequent examples relate tax concepts to familiar contemporary business scenarios. This edition provides more practice exercises than any other book of its kind with additional tax planning problems in the Test Bank. The CengageNOW online course solution optimizes learning, while H&R Block™ software and Checkpoint® Student Edition from Thomson Reuters provide experience using professional research and taxation tools. CONCEPTS IN FEDERAL TAXATION 2016 will provide a conceptual understanding of taxation like no other text.

Features and Benefits

  • Latest Updates Reflect Today's Most Recent Tax Laws and Changes. The authors update this text each year to ensure all content reflects the very latest tax laws and up-to-the-minute changes to tax codes and regulations to keep your course as current as possible. This revision incorporates all changes for the recent tax year.
  • CengageNOW Gives You More Control In Less Time And Delivers Better Student Outcomes. This powerful online course management system and online homework tool allows you to optimize the learning experience and meet desired outcomes with book-specific resources and numerous multimedia tools for students. Flexible assignments and automatic grading save you time. The Personalized Study Plan diagnostic tool enables students to master concepts, prepare for exams, and become more involved in class. An integrated eBook provides flexibility in price.
  • Strong Consistency Between Problem Parts Eliminates Confusion. The authors clearly identify all separate question parts within a problem to avoid any reader confusion and ensure readers are able to easily problem solve.
  • Tax Planning Problems In Test Bank Ensure Comprehension. This edition's revised Test Bank includes more tax planning problems to ensure your students understand these important principles and have ample practice opportunities.
  • End-Of-Chapter Homework Clearly Corresponds To Learning Objectives. All of the end-of-chapter homework references specific Learning Objectives from the book so students can more easily refer to pertinent sections of this edition for help in completing homework assignments.
  • Concept Checks Reinforce Student Comprehension. Concept Checks, integrated throughout each chapter, separate the text material into manageable segments while reinforcing the concepts of tax law and emphasizing the underlying principles that drive today's tax rules and regulations.
  • Tax Simulation Cases Sharpen Skills. Students refine the research and writing skills that are most critical for completing tax simulations on the CPA exam with this edition's Tax Simulation Cases. Students can complete these Simulation Cases using only the Code and Regulations.
  • Tax Form Preparation Problems Connect Concepts To Actual Common Tax Situations. Proven Tax Form Preparation Problems in each chapter link the concepts being discussed to actual examples of tax preparation from today's business world.
  • Strong End-Of-Chapter Applications Provide Important Practice. Approximately 1,300 end-of-chapter applications in this edition provide more practice opportunities than any other text on the market. You can choose from this large quantity of practice choices to offer more varied exercises, problems, and cases for hands-on reinforcement.
  • Online Study Tools Strengthen Student Understanding. The book's companion website, at www.cengagebrain.com, provides a wealth of interactive hands-on quizzes and other helpful learning resources to reinforce all of the concepts covered in each chapter.

Table of Contents

PART I: CONCEPTUAL FOUNDATIONS OF THE TAX LAW.
1. Federal Income Taxation-An Overview.
2. Income Tax Concepts.
PART II: GROSS INCOME.
3. Income Sources.
4. Income Exclusions.
PART III: DEDUCTIONS.
5. Introduction to Business Expenses.
6. Business Expenses.
7. Losses-Deductions and Limitations.
8. Taxation of Individuals.
PART IV: PROPERTY TRANSACTIONS.
9. Acquisitions of Property.
10. Cost Recovery on Property: Depreciation, Depletion, and Amortization.
11. Property Dispositions.
12. Non-recognition Transactions.
PART V: INCOME TAX ENTITIES.
13. Choice of Business Entity-General Tax and Nontax Factors/Formation.
14. Choice of Business Entity-Operations and Distributions.
15. Choice of Business Entity-Other Considerations.
PART VI: TAX RESEARCH.
16. Tax Research.
Appendix A. Tax Return Problem.
Appendix B. Tax Rate Schedules and Tax Tables.
Appendix C. Statements on Standards for Tax Service (available online)
Glossary.

What's New

  • Leading Professional Software Provides Invaluable Hands-On Experience. Each new copy of this text includes H&R Block™ software as well as Checkpoint® by Thomson Reuters (Student Edition) to provide students with additional professional experience. H&R Block™ guides users through the tax return process. Checkpoint® Student Edition from Thomson Reuters helps students succeed in tax research with a comprehensive collection of primary tax laws, cases, and rulings. Analytical insights and built-in productivity tools make research more efficient.

Alternate Formats

Choose the format that best fits your student's budget and course goals

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

  • Loose Leaf Edition

    ISBN-10: 1305585151 | ISBN-13: 9781305585157

    List Price = $267.95  | College Bookstore Wholesale Price = $201.75

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.

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

ISBN-10: 1337062456  | ISBN-13: 9781337062459

List Price = $381.95  | CengageBrain Price = $381.95  | College Bookstore Wholesale Price = $287.50

This Bundle Includes:

  • Concepts in Federal Taxation 2016
    List Price = $368.95  | CengageBrain Price = $368.95  | College Bookstore Wholesale Price = $277.50
  • 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 + RIA Checkpoint®, 1 term (6 months) Printed Access Card + CengageNOW™, 2 terms Instant Access

ISBN-10:  1337081248  | ISBN-13:  9781337081245

List Price = $388.95  | CengageBrain Price = $388.95  | College Bookstore Wholesale Price = $292.50

This Bundle Includes:

  • Concepts in Federal Taxation 2016
    List Price = $368.95  | CengageBrain Price = $368.95  | College Bookstore Wholesale Price = $277.50
  • 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 + RIA Checkpoint®, 1 term (6 months) Printed Access Card + LMS Integrated for CengageNOW™, 1 term Instant Access

ISBN-10:  1337082376  | ISBN-13:  9781337082372

List Price = $381.95  | CengageBrain Price = $381.95  | College Bookstore Wholesale Price = $287.50

This Bundle Includes:

  • Concepts in Federal Taxation 2016
    List Price = $368.95  | CengageBrain Price = $368.95  | College Bookstore Wholesale Price = $277.50
  • LMS Integrated for 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 + RIA Checkpoint®, 1 term (6 months) Printed Access Card + LMS Integrated for CengageNOW™, 2 terms Instant Access

ISBN-10:  1337081604 | ISBN-13:  9781337081603

List Price = $388.95  | College Bookstore Wholesale Price = $292.50

This Bundle Includes:

  • Concepts in Federal Taxation 2016
    List Price = $368.95  | CengageBrain Price = $368.95  | College Bookstore Wholesale Price = $277.50
  • LMS Integrated for CengageNOW™, 2 terms Instant Access
    List Price = $174.00  | College Bookstore Wholesale Price = $174.00


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

Cengage Learning Testing, powered by Cognero® Instant Access  (ISBN-10: 1305858743 | ISBN-13: 9781305858749)

Cengage Learning Testing powered by Cognero® is a flexible, online system that allows you to: import, edit, and manipulate content from the text's test bank or elsewhere, including your own favorite test questions; create multiple test versions in an instant; and deliver tests from your LMS, your classroom, or wherever you want.

CengageNOW™, 1 term Instant Access  (ISBN-10: 1305585224 | ISBN-13: 9781305585225)

With its engaging learning and assessment tools, CengageNOW supports the entire student workflow, from motivation to mastery. For you, the instructor, 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: 1305585208 | ISBN-13: 9781305585201)

With its engaging learning and assessment tools, CengageNOW supports the entire student workflow, from motivation to mastery. For you, the instructor, 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

LMS Integrated for CengageNOW™, 2 terms Instant Access  (ISBN-10: 1305664779 | ISBN-13: 9781305664777)

This access code will provide your students with seamless access to their LMS Integrated for CengageNOW™. Students will be prompted to enter this access code the first time that they click on a link in your course that includes Cengage content.

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

LMS Integrated for CengageNOW™, 1 term Instant Access  (ISBN-10: 130588082X | ISBN-13: 9781305880825)

This access code will provide your students with seamless access to their LMS Integrated for CengageNOW™. Students will be prompted to enter this access code the first time that they click on a link in your course that includes Cengage content.

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

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

Student Supplements

CengageNOW™, 1 term Instant Access  (ISBN-10: 1305585224 | ISBN-13: 9781305585225)

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: 1305585208 | ISBN-13: 9781305585201)

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

LMS Integrated for CengageNOW™, 2 terms Instant Access  (ISBN-10: 1305664779 | ISBN-13: 9781305664777)

This access code will provide you with seamless access to LMS Integrated for CengageNOW™. You will be prompted to enter this access code the first time that you click on a link in your course that includes Cengage content.

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

LMS Integrated for CengageNOW™, 1 term Instant Access  (ISBN-10: 130588082X | ISBN-13: 9781305880825)

This access code will provide you with seamless access to LMS Integrated for CengageNOW™. You will be prompted to enter this access code the first time that you click on a link in your course that includes Cengage content.

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

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

Meet the Author

Author Bio

Kevin E. Murphy

A professor emeritus at Oklahoma State University, Dr. Kevin E. Murphy earned his Ph.D. at the University of Wisconsin-Madison and his B.S. and M.S. in Accounting at Utah State University. He has published articles in the Journal of the American Taxation Association and The Journal of Accounting Education. Dr. Murphy is a member of the American Accounting Association and the American Taxation Association.

Mark Higgins

Dr. Mark Higgins is Dean of the John Cook School of Business at Saint Louis University. He earned his Ph.D. at the University of Tennessee and his B.S. and M.S. in Accounting at the University of South Carolina. He has articles published in Accounting Historians Journal, Journal of Accounting Education, Taxation for Accountants, Critical Perspectives in Accounting, Journal of Legal Tax Research, The CPA Journal, and The Tax Adviser. He is also a Certified Public Accountant (inactive).