Higher Education

South-Western Federal Taxation 2015: Individual Income Taxes, 38th Edition

  • Includes H&R Block™ CD-ROM, RIA Checkpoint® 1 term (6 months) Printed Access Card.
  • William H. Hoffman, Jr. University of Houston
  • James E. Smith College of William and Mary
  • ISBN-10: 1285438841  |  ISBN-13: 9781285438849
  • 1104 Pages
  • Previous Editions: 2014, 2013, 2012
  • © 2015 | Published
  • College Bookstore Wholesale Price = $282.75
  • Newer Edition Available
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About

Overview

Introduce your students to individual income tax concepts and today's ever-changing tax legislation with Hoffman/Smith's SOUTH-WESTERN FEDERAL TAXATION 2015: INDIVIDUAL INCOME TAXES, 38E. Renowned for its understandable, time-tested presentation, this book remains the most effective solution for helping students thoroughly grasp individual taxation concepts. This book reflects the latest tax legislation for individual taxpayers at the time of publication, while continuous online updates keep your course current with additional tax law changes as they take effect. Proven learning features, such as "Big Picture" examples and tax scenarios, help clarify concepts and provide opportunities to sharpen students' critical-thinking, writing skills, and online research skills. The chapter-opening feature "Framework 1040: Tax Formula for Individuals" shows how topics relate to the 1040 form. In addition to complete instructor support, each new book provides leading professional software, including H&R Block® software and Checkpoint® (Student Edition) from Thomson Reuters. CengageNOW is available as an optional online homework solution. Trust SOUTH-WESTERN FEDERAL TAXATION 2015: INDIVIDUAL INCOME TAXES for the most thorough coverage of individual income taxation available today.

Features and Benefits

  • CHAPTER OUTLINES HELP STUDENTS AND INSTRUCTORS PREPARE FOR CLASS. Each chapter begins with a chapter outline that allows students and instructors to find the right topics to 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 cases asks students to apply what they will learn in the upcoming chapter to develop the best tax solution to these real-life dilemmas.
  • BIG PICTURE EXAMPLES HELP STUDENTS FOLLOW CLIENTS THROUGH THE CHAPTER. Among the many numbered examples in every chapter, there are an average of four examples per chapter based on the "Big Picture" tax situation that begins the chapter. These examples help students understand new topics by bringing a more consistent application of data and practical tax stories that span the whole chapter.
  • PRACTICAL CONCLUSIONS REINFORCE THE TAX SCENARIOS INTRODUCED IN THE BIG PICUTRE EXAMPLES. Returning to the client situations introduced in the chapter-opening "Big Picture," end-of-chapter "Refocus on the Big Picture" summaries and tax planning scenarios apply concepts and topics from the chapter in a reasonable and professional solution. A "What If?" section then demonstrates how tax treatments might vary as a result of a potential change in the filer's situation-making "What If?" a valuable consideration in tax planning.
  • FITTING IT ALL TOGETHER FRAMEWORK HELPS STUDENTS NAVIGATE TOPICS BY EXPLANING 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 topics to see how they relate to the basic tax formula. Then, students learn to identify where these items are reported on Form 1040.
  • REAL-WORLD FEATURES HELP STUDENTS DISCOVER THE MODERN TAX ENVIRONMENT. "Financial Disclosure Insights," appearing throughout the text, use current data about existing taxpayers to highlight book-tax reporting differences, effective tax rates, and trends in reporting conventions. 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. Over 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.
  • ADDITIONAL FEATURES HELP STUDENTS DEVELOP CRUCIAL PROFESSIONAL SKILLS. The "Ethics and Equity" features spark critical thinking and invite classroom discussion, enticing students to evaluate their own value system as they review the ethical scenarios presented. Most chapters include a separate section, with its own Learning Objective, calling attention to how the tax law can be applied to reach the taxpayer's goals. Tax planning applications and suggestions also appear throughout each chapter. The "Global Tax Issues" feature gives insight into the ways in which taxation is affected by international concerns and also illustrates the impact of tax law across the globe. Students can develop their decision-making and analytical skills and judgment by answering the Decision-Making Problems provided at the end of every chapter.
  • CENGAGENOW IS A POWERFUL COURSE MANAGEMENT AND ONLINE LEARNING TOOL THAT PROVIDES CONTROL AND CUSTOMIZATION TO OPTIMIZE THE STUDENT LEARNING EXPERIENCE AND PRODUCE DESIRED OUTCOMES. 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. The CengageNOW questions and features for Hoffman/Smith's SOUTH-WESTERN FEDERAL TAXATION 2015: INDIVIDUAL INCOME TAXES, 38E were specifically designed to create a complete learning system for students, taking them from the introduction of a topic through mastery of the concept.
  • H&R BLOCK® TAX PREPARATION SOFTWARE ACCOMPANIES EACH TEXT. One of today's most popular tax preparation software choices, H&R Block® 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.
  • CHECKPOINT® BY THOMAS REUTERS (STUDENT EDITION) PROVIDES INDUSTRY-LEADING, HANDS-ON PROFESSIONAL EXPERIENCE. The industry-leader for online information that tax and accounting professionals trust, Checkpoint® provides a comprehensive collection of tax law, cases, and rulings with exclusive analytical insights and built-in productivity tools to make research more efficient. An intuitive web-based design makes it fast and simple for students to locate what they need. Checkpoint® Student Edition accompanies each new edition.

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 Formula and Tax Determination; An Overview of Property Transactions.
Part II: GROSS INCOME.
4. Gross Income: Concepts and Inclusions.
5. Cross Income: Exclusions.
Part III: DEDUCTIONS.
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.
Part IV: SPECIAL TAX COMPUTATION METHODS, PAYMENT PROCEDURES, AND TAX CREDITS.
12. Alternative Minimum Tax.
13. Tax Credits and Payment Procedures.
Part V: PROPERTY TRANSACTIONS.
14. Property Transactions: Determination of Gain or Loss and Basic Considerations.
15. Property Transactions: Nontaxable Exchanges.
16. Property Transactions: Capital Gains and Losses.
17. Property Transactions: Section 1231 and Recapture Provisions.
Part VI: ACCOUNTING PERIODS, ACCOUNTING METHODS, AND DEFERRED COMPENSATION.
18. Accounting Periods and Methods.
19. Deferred Compensation.
Part VII: CORPORATIONS AND PARTNERSHIPS.
20. Corporations and Partnerships.
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: Comprehensive Tax Return Problems.
Appendix F: Table of Cases Cited.
Appendix G: Depreciation.
Index.

What's New

  • ACCESSIBILITY. CLARITY. SUBSTANCE. The text authors and editors have used this mantra as they revised for the 2015 edition. Coverage has been streamlined to make it more accessible to students, and difficult concepts have been clarified, all without losing the substance that makes up the South-Western Federal Taxation series.
  • THE LATEST TAX LAW CHANGES AND UPDATES ENSURE TODAY'S MOST CURRENT COVERAGE. Every tax law change relevant to the introductory taxation course was considered, summarized, and fully integrated into the revision of the text and supplementary materials.
  • NEW AND REVISED TEXT PROBLEMS AND TEST QUESTIONS REFLECT TODAY'S LATEST TAX CHALLENGES. The problem materials in the text and test items (throughout this edition's Test Bank) are revised to reflect the latest tax developments.
  • TEXT FEATURES UPDATED TO REFLECT COVERAGE OF RECENT TAX EVENTS. The Tax in the News, Ethics and Equity, Financial Disclosure Insights, Research Problems, and Big Picture Examples have all been revised as needed to provide an accurate reflection of the current tax scene.
  • CENGAGENOW ENHANCEMENTS TO PROVIDE A MORE ROBUST LEARNING SYSTEM FOR STUDENTS. End-of-chapter homework from the text is expanded and enhanced within CengageNOW to follow a professional's workflow. These homework items have been updated to reflect changes to tax legislation. "What If" versions of problems provide students with additional opportunities to practice key taxation concepts and scenarios. More algorithms have been added to every chapter, to provide additional versions of the questions. New assets have been created to enhance the student learning experience and give them even more opportunities to practice the concepts introduced within the text.
  • ADDITIONAL CHAPTER SPECIFIC UPDATES. Specific chapter-by-chapter changes to the text can be found in the preface.

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: 1285438876 | ISBN-13: 9781285438870

    List Price = $263.95  | CengageBrain Price = $263.95  | College Bookstore Wholesale Price = $198.00

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 + CengageNOW Printed Access Card

ISBN-10: 1305250338  | ISBN-13: 9781305250338

List Price = $388.95  | College Bookstore Wholesale Price = $292.75

This Bundle Includes:

  • South-Western Federal Taxation 2015: Individual Income Taxes
    List Price = $376.95  | CengageBrain Price = $376.95  | College Bookstore Wholesale Price = $282.75
  • CengageNOW™, 1 term (6 months) Printed Access Card
    List Price = $162.00  | College Bookstore Wholesale Price = $121.50


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

ISBN-10:  1305434552  | ISBN-13:  9781305434554

List Price = $388.95  | College Bookstore Wholesale Price = $292.75

This Bundle Includes:

  • South-Western Federal Taxation 2015: Individual Income Taxes
    List Price = $376.95  | CengageBrain Price = $376.95  | College Bookstore Wholesale Price = $282.75
  • LMS Integrated for CengageNOW™, 1 term Printed Access Card
    List Price = $162.00  | College Bookstore Wholesale Price = $121.50


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

ISBN-10:  1305615727  | ISBN-13:  9781305615724

List Price = $388.95  | CengageBrain Price = $388.95  | College Bookstore Wholesale Price = $292.75

This Bundle Includes:

  • South-Western Federal Taxation 2015: Individual Income Taxes
    List Price = $376.95  | CengageBrain Price = $376.95  | College Bookstore Wholesale Price = $282.75
  • LMS Integrated for CengageNOW™, 1 term Instant Access
    List Price = $162.00  | CengageBrain Price = $162.00  | College Bookstore Wholesale Price = $162.00


ePack: Printed Text + CengageNOW Instant Access

ISBN-10:  1305614763 | ISBN-13:  9781305614765

List Price = $388.95  | CengageBrain Price = $388.95  | College Bookstore Wholesale Price = $292.75

This Bundle Includes:

  • South-Western Federal Taxation 2015: Individual Income Taxes
    List Price = $376.95  | CengageBrain Price = $376.95  | College Bookstore Wholesale Price = $282.75
  • CengageNOW™, 1 term (6 months) 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

Solutions Manual  (ISBN-10: 1305086589 | ISBN-13: 9781305086586)

Written by the South-Western Federal Taxation editors and authors, the Solutions Manual features solutions arranged in accordance with the sequence of chapter material. A matrix labels the problems by topical coverage and denotes which problems are new, modified, or unchanged from the prior edition. Solutions to all homework items are now tagged with their Level of Difficulty and Learning Objective(s), as well as the AACSB's and AICPA's core competencies - giving instructors 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: 1285860608 | ISBN-13: 9781285860602)

Written by the text editors and authors, the Test Bank contains approximately 2,200 items and solutions arranged in accordance with the sequence of chapter material. To help the instructor create an exam, a matrix labels the questions by topical coverage - reflecting which are new or modified from the previous edition. Each test item is also tagged with Level of Difficulty and Learning Objective(s), as well as the AACSB's and AICPA's core competencies - for easier instructor planning and test item selection. Cengage Learning Test Banks are now powered by Cognero, a flexible, online system that allows instructors 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 LMS, your classroom, or wherever you want. Test banks are available on the Instructor Companion Website.

CengageNOW™, 1 term (6 months) Instant Access  (ISBN-10: 1285441672 | ISBN-13: 9781285441672)

CengageNOW is a powerful course management and online homework tool that provides robust instructor control and customization to optimize the student learning experience and meet desired outcomes. The end-of-chapter discussion questions and problems are included, expanded, and enhanced to provide a unique educational experience for students that promote learning while addressing cognitive skills. These enhancements better engage students and encourage thinking like a tax professional.

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

Student Supplements

CengageNOW™, 1 term (6 months) Instant Access  (ISBN-10: 1285441672 | ISBN-13: 9781285441672)

CengageNOW is a powerful course management and online homework tool that optimizes your learning experience to help you to be more successful in this course. The end-of-chapter discussion questions and problems are included, expanded, and enhanced to provide a unique educational experience for you that promote learning while addressing cognitive skills. These enhancements will engage you in the material and help teach you to think like a tax professional.

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.

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 approximately 25,000 CPAs. Dr. Smith has received the AICPA's Outstanding Discussion Leader Award and the American Taxation Association/Arthur Andersen Teaching Innovation Award. Other awards include 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. Dr. Smith also served as faculty adviser for the William and Mary teams that received first place in the Andersen Tax Challenge for five years and placed first in the Deloitte Tax Case Study Competition for five years.