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Concepts in Federal Taxation 2018 25th Edition

Kevin E. Murphy, Mark Higgins

  • Published
  • Previous Editions 2017
  • 936 Pages
Starting At 160.00 See pricing and ISBN options


Help students master federal taxation today with the balanced, conceptual approach found only in Murphy/Higgins' CONCEPTS IN FEDERAL TAXATION 2018. This unique text presents taxation as a small number of unifying concepts that students learn and apply to tax rules and everyday economics. The authors present the latest tax laws and changes in manageable segments with Concept Checks, ideal for CPA Exam review. The presentation reviews tax concepts with the Internal Revenue Code to prepare students for CPA Exam tax simulations. Frequent examples relate tax concepts to current business scenarios. You'll find more practice exercises than any other book of this kind with additional tax planning problems in the Test Bank. CengageNOWv2™ online optimizes learning, while H&R Block™ software and RIA Checkpoint® Student Edition from Thomson Reuters provide experience using professional taxation tools. This edition provides a conceptual understanding of taxation like no other text.

Kevin E. Murphy, Oklahoma State University

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, University of Rhode Island

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).
  • 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 federal tax laws and up-to-the-minute changes to tax codes and regulations. Keep your course as current as possible with all of the latest changes for this most recent tax year.
  • UPDATED EXERCISES PROVIDE HANDS-ON PRACTICE WORKING WITH THE LATEST TAX DEVELOPMENTS. All of the practical problems in this edition have been revised, where needed, to reflect the latest changes in today's tax code.
  • CENGAGENOWV2™ ADAPTIVE STUDY PLAN CUSTOMIZES LEARNING TO EACH STUDENT'S UNIQUE NEEDS. The unique CengageNOWv2 Adaptive Study Plan provides an assignable and gradable study center that adapts to each of your student's unique needs. This helpful remediation pathway keeps students progressing.
  • NEW MINI TAX RETURN PROBLEMS PROVIDE ADDITIONAL PRACTICE IN CENGAGENOWV2™. With even more practice opportunities and independent study resources than ever before, this edition's wealth of CengageNOWv2™ online resources helps ensure that your students have the practice and learning tools they need to succeed.
  • 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 helpful 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.
  • The 2018 Tax Media Pack includes a 1 term (6 months) printed access card for RIA Checkpoint and a printed access card for H&R Block Premium & Business, Filing Year 2016. Checkpoint is a leading Tax research tool used by top U.S. CPA firms. It integrates comprehensive, authoritative content from experts, well-known third-party content, primary source materials, news, online learning, and more—allowing you to do your research in one place. H&R Block features basic and complex problems that allow students to prepare returns for individuals, C and S corporations, partnerships, estates, and trusts.
  • LEADING PROFESSIONAL SOFTWARE PROVIDES INVALUABLE HANDS-ON EXPERIENCE. Each new copy of this text includes access to 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.
  • CENGAGENOWV2™ ENSURES MORE CONTROL WITH MORE EFFICIENCY AND 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 your 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 while an integrated eBook provides flexibility in price.
  • STRONG CONSISTENCY WITHIN THIS EDITION’S PRACTICE ELIMINATES CONFUSION. The authors clearly identify all separate question parts within a problem to avoid any reader confusion and to ensure readers are able to easily problem-solve.
  • TAX PLANNING PROBLEMS IN THIS EDITION’S TEST BANK ENSURE COMPREHENSION. This edition's timely 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. Each exercise or problem within this edition’s end-of-chapter homework references specific Learning Objectives from the book so students can easily locate the related sections of this edition's content for help in completing homework assignments.
1. Federal Income Taxation-An Overview.
2. Income Tax Concepts.
3. Income Sources.
4. Income Exclusions.
5. Introduction to Business Expenses.
6. Business Expenses.
7. Losses-Deductions and Limitations.
8. Taxation of Individuals.
9. Acquisitions of Property.
10. Cost Recovery on Property: Depreciation, Depletion, and Amortization.
11. Property Dispositions.
12. Non-recognition Transactions.
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.
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)
CengageNOWv2 combines the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course in a digital world.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

Standalone Digital Access — Ultimate Value

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  • ISBN-10: 1337389943
  • ISBN-13: 9781337389945
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Digital Access + Print — Flexible Value

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Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.


Instructor's Companion Website (with PowerPoint®, Testbank, Instructor's Manual, Solutions Manual)

ISBN: 9781337389853
This website provides valuable study resources for your students. They can access chapter-by-chapter study material. Instructor support material is also housed at this site. You'll find convenient online access to the Test Bank, PowerPoint® slides, Solutions Manual, and Instructor's Manual, all password-protected.

Cengage Learning Testing, powered by Cognero® Instant Access

ISBN: 9781337389877
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.