Federal Taxation 2012, 6th Edition

  • includes H&R BLOCK At Home™ Tax Preparation Software CD-ROM, CPAexcel 2012 Printed Access Card
  • James W. Pratt University of Houston
  • William N. Kulsrud Indiana University
  • ISBN-10: 1111824118
  • ISBN-13: 9781111824112
  • 1616 Pages Hardcover 
  • Previous Editions: 2011, 2010, 2009
  • © 2012 | Published
  • College Bookstore Wholesale Price = $173.75 
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About The Solution

Overview

For more than 25 years, the Pratt & Kulsrud Taxation series has provided educators, students and professionals an engaging and clear presentation of tax law. In 1984, the series began with Federal Taxation, a first-of-its-kind textbook exploring issues related to the taxation of individuals and businesses. The success of that text and the demand for additional topics led to the creation of two separate texts: CORPORATE, PARTNERSHIP, ESTATE AND GIFT TAXATION AND INDIVIDUAL TAXATION. Through each edition, the series has consistently held to the principle that the key to learning taxation is to understand the underlying purpose behind every rule. For this reason, the authors and editors have made a concerted effort to provide the conceptual background and the historical foundation they believe are essential for comprehension. This edition continues the tradition of excellence with timely updates reflecting the latest in tax laws, the integration of H&R BLOCK At Home® software, and rich online resources for instructors.


Additional Product Information

Features/Benefits

  • H&R BLOCK At Home® Software* comes with each new copy of this text to provide students and additional tax-preparation tool.
  • LEARNING OBJECTIVES: A summary of key points can be found at the beginning of each chapter. The summary outlines what students should understand after reading the chapter.
  • PROBLEM MATERIALS: Available at the end of each chapter, a variety of assessment tools are offered to gauge comprehension. These include discussion questions and computational problems, as well as tax-return problems that highlight topics discussed in the chapter.
  • YOU MAKE THE CALL: Students are challenged by hypothetical situations that require reasoning and judgment in resolving practical tax examples.
  • CHECK YOUR KNOWLEDGE: Throughout the text, objective and short-answer review questions are provided that address key concepts. These review questions ensure that students grasp the critical aspects of each topic.

What's New

  • The Pratt 2012 Tax Series has been thoroughly updated to make it as current and accurate as possible, including: The revision of all inflation adjusted numbers; Adjustments to cost-of-living increases; Updates to all references to I.R.S. Publications as necessary; Other annual changes that impact the exemption deduction, the standard deduction, the tax rates, etc.
  • The Pratt 2012 Tax Series also incorporates the most important developments from the previous year that impact Title 26 Internal Revenue Laws, including new legislation, judicial decisions and administrative pronouncements by the Treasury Department and the Internal Revenue Service. The continuing impact of the Affordable Health Care Act and American Recovery and Reinvestment Act of 2009 has been incorporated throughout, as well as the latest changes to the laws known collectively as the Bush Tax Cuts and how they affect the tax rates on ordinary income, capital gains and dividends, etc.
  • The text has been updated to include legislation affecting individual tax payer such as the Homebuyer Assistance Act of 2010 which extends tax credits to first time home buyers and the Worker, Homeownership, and Business Assistance Act of 2009.
  • Legislation affecting health care with tax implications such as the Health Care Correction Act of 2010 which makes several changes to Medicare, Medicaid, and CHIP, Health Care and Education Reconciliation Act of 2010, and the Children's Health Insurance Program Reauthorization Act of 2009.
  • Tax return problems, test bank problems and tax return examples have been updated and revised to reflect the most recent legislation.
  • Learning Objectives Highlighted--All chapters now begin with a list Learning Objectives that help instructors and students focus on the key material covered in the chapter, which now includes margin pointing out the objectives’ appearances in the text.
  • The text has been updated to include legislation affecting business taxation such as the Small Business Act of 2010 offering lending support, tax cuts, and other opportunities for entrepreneurs and small business owners, 2010 HIRE which gives tax breaks for small businesses hiring the unemployed, Worker, Homeownership, and Business Assistance Act of 2009, and the 2010 Temporary Extension Act which extends the COBRA subsidy eligibility.

Table of Contents

Part I: INTRODUCTION TO THE FEDERAL TAX SYSTEM.
1. An Overview of Federal Taxation.
2. Tax Practice and Research.
3. Taxable Entities, Tax Formula, Introduction to Property Transactions.
4. Personal and Dependency Exemptions; Filing Status; Determination of Tax for an Individual; Filing Requirements.
Part II: GROSS INCOME.
5. Gross Income.
6. Gross Income: Inclusions and Exclusions.
Part III: DEDUCTIONS AND LOSSES.
7. Overview of Deductions and Losses.
8. Employee Business Expenses.
9. Capital Recovery: Depreciation, Amortization, and Depletion.
10. Certain Business Deductions and Losses.
11. Itemized Deductions.
12. Deductions for Certain Investment Expenses and Losses.
Part IV: ALTERNATIVE MINIMUM TAX AND TAX CREDITS.
13. The Alternative Minimum Tax and Tax Credits.
Part V: PROPERTY TRANSACTIONS.
14. Property Transactions: Basis Determination and Recognition of Gain or Loss.
15. Nontaxable Exchanges.
16. Property Transactions: Capital Gains and Losses.
17. Property Transactions: Dispositions of Trade or Business Property.
Part VI: EMPLOYEE COMPENSATION AND RETIREMENT PLANS.
18. Employee Compensation and Retirement Plans.
Part VII: CORPORATE TAXATION.
19. Corporations: Formation and Operation.
20. Corporate Distributions, Redemptions and Liquidations.
21. Taxation of Corporate Accumulations.
Part VIII: FLOW-THROUGH ENTITIES.
22. Taxation of Partnerships and Partners.
23. S Corporations.
Part IX: FAMILY TAX PLANNING.
24. The Federal Transfer Taxes.
25. Income Taxation of Estates and Trusts.
26. Family Tax Planning.
Appendices:
Appendix A. Tax Rate Schedules and Tables.
Appendix B. Tax Forms.
Appendix C. Modified ACRS Tables.
Appendix D. Continuous Individual Tax Return Problems and Two Comprehensive Individual Tax Return Problems for 2008.
Appendix E. Glossary of Tax Terms.

Supplements

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.

Study Guide  (ISBN-10: 111196856X | ISBN-13: 9781111968564)

Printed Study Guide. The Study Guide provides chapter reviews, study exercises, true-false and multiple-choice questions.

List Price = $73.95  | CengageBrain Price = $73.49  | College Bookstore Wholesale Price = $54.75


CPA Excel 2012 eResources 1 Semester Instant Access Code  (ISBN-10: 1111866260 | ISBN-13: 9781111866266)

List Price = $1.75  | CengageBrain Price = $1.75  | College Bookstore Wholesale Price = $1.75


Instructor's Resource CD-ROM with ExamView®  (ISBN-10: 1111826595 | ISBN-13: 9781111826598)

Have all of your key resources in one place. This CD includes the Instructor's Resource Guide and Testbank (with Examview Testing Software for easy test creation), PowerPoint slides, Lecture Outlines, and Solution Manual. Instructor's Resource Guide and Testbank: This guide includes solutions to comprehensive and tax research problems, tax-return problems, and a test bank containing more than 750 objective questions (true-false and multiple choice), with answers that reference specific pages and examples in the text. Solutions Manual: This manual contains solutions to the discussion questions and computation problems at the end of each chapter. These solutions reference specific pages and examples from the text, and supporting statutory or administrative authorities, where appropriate.


Study Guide  (ISBN-10: 1133496253 | ISBN-13: 9781133496250)

Give your students the additional tools and resources to master federal tax concepts and succeed in class. This edition's Study Guide provides chapter reviews, study exercises, true-false and multiple-choice questions.

List Price = $67.95  | CengageBrain Price = $67.49  | College Bookstore Wholesale Price = $50.00


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.

Study Guide  (ISBN-10: 111196856X | ISBN-13: 9781111968564)

Printed Study Guide. The Study Guide provides chapter reviews, study exercises, true-false and multiple-choice questions.

List Price = $73.95  | CengageBrain Price = $73.49  | College Bookstore Wholesale Price = $54.75


CPA Excel 2012 eResources 1 Semester Instant Access Code  (ISBN-10: 1111866260 | ISBN-13: 9781111866266)

List Price = $1.75  | CengageBrain Price = $1.75  | College Bookstore Wholesale Price = $1.75


Study Guide  (ISBN-10: 1133496253 | ISBN-13: 9781133496250)

Discover the study tools and resources to master federal tax concepts and succeed in class. This edition's Study Guide provides chapter reviews, study exercises, true-false and multiple-choice questions.

List Price = $67.95  | CengageBrain Price = $67.49  | College Bookstore Wholesale Price = $50.00


Meet the Author

About the Author

James W. Pratt

James W. (Jim) Pratt is the PriceWaterhouse Coopers Professor of Accountancy & Taxation at the University of Houston's C.T. Bauer College of Business. Dr. Pratt joined the faculty in 1972 after receiving his doctorate degree from the University of Southern California. He has published articles in leading professional journals, such as the Journal of Accountancy, Journal of Taxation, Journal of Corporate Taxation, Journal of Partnership Taxation, and The Tax Adviser. In addition to his contributions as an author and editor, Dr. Pratt has received several awards for outstanding teaching. He has also taught in continuing professional education programs for more than 30 years and has served as a tax training consultant for several national and local accounting firms.

William N. Kulsrud

William N. (Bill) Kulsrud is an Associate Professor of Accounting at the Kelley School of Business of Indiana University, Indianapolis/Bloomington, and serves as Chair of the Master of Science in Accounting and Master of Science in Taxation programs. Dr. Kulsrud joined the faculty in 1979 after receiving his Ph.D. from the University of Texas. He has published numerous articles, which have appeared in leading professional journals such as the Journal of Taxation, Journal of Corporate Taxation, The Tax Adviser, Taxation for Accountants, and Taxes—The Tax Magazine. He has also served as an editorial adviser to The Tax Adviser, Journal of Accountancy and Journal of the American Taxation Association. In addition to his contributions as an author and editor, Dr. Kulsrud has received many awards for outstanding teaching. In 1990 he was named Accounting Educator of the Year by the Indiana C.P.A. Society. He has also taught hundreds of professional education programs for national and local accounting firms and has developed materials used in their continuing education programs. Dr. Kulsrud is currently the co-coordinator of the National Tax Education Program sponsored by the AICPA.

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