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South-Western Federal Taxation 2026: Essentials of Taxation: Individuals and Business Entities

By Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

29th Edition © 2026
Discipline:Taxation
Course:Taxation
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Nellen/Cuccia/Persellin/Young’s "South-Western Federal Taxation 2026: Essentials of Taxation: Individuals and Business Entities," 29th Edition, introduces today's most recent and important tax laws as well as critical underlying concepts and policies. This edition explains the taxation of individuals and corporations as well as taxes for income earned by flow-through entities, including partnerships, S corporations, estates and trusts. Revisions highlight the latest 2025 tax laws and reforms while current examples, updated summaries and recent tax scenarios clarify concepts and sharpen skills. Practice questions from Becker C.P.A. Exam Review further prepare students. In addition to complete instructor support, this brief edition provides online access to Intuit® ProConnect tax software, Checkpoint® Edge (Student Edition) from Thomson Reuters and the online learning platform CNOWv2.

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About this product

Nellen/Cuccia/Persellin/Young’s "South-Western Federal Taxation 2026: Essentials of Taxation: Individuals and Business Entities," 29th Edition, introduces today's most recent and important tax laws as well as critical underlying concepts and policies. This edition explains the taxation of individuals and corporations as well as taxes for income earned by flow-through entities, including partnerships, S corporations, estates and trusts. Revisions highlight the latest 2025 tax laws and reforms while current examples, updated summaries and recent tax scenarios clarify concepts and sharpen skills. Practice questions from Becker C.P.A. Exam Review further prepare students. In addition to complete instructor support, this brief edition provides online access to Intuit® ProConnect tax software, Checkpoint® Edge (Student Edition) from Thomson Reuters and the online learning platform CNOWv2.

This edition's unique presentation integrates memorable, clear taxation examples throughout, making it easy for students to read and quickly understand even complex taxation concepts.

Memorable learning videos correspond with practical applications to strengthen students' comprehension and ensure they understand how to complete end-of-chapter homework successfully.

Explore practical tax scenarios at the start and end of each chapter. Big Picture: Tax Solutions for the Real World scenarios examine lives, careers and tax situations facing typical tax filers.

Numerous proven learning features such as Ethics and Equity features, Global Tax Issues and Decision-Making Problems help readers strengthen professional skills.

Table of contents

Chapters

Cover Page
Title Page
Copyright Page
General Editors
Contributing Authors
SWFT Series Authors
Section Content
Section Content
Preface
Acknowledgments
Special Thanks
The South-Western Federal Taxation Series
About the Editors
Part 1. The World of Taxation
Part 2. Structure of the Federal Income Tax
Part 3. Property Transactions
Part 4. Taxation of Individuals
Part 5. Business Entities
Part 6. Additional Tax Topics
Appendix A. Tax Formulas, Tax Rate Schedules, and Tables
Appendix B. Tax Forms
Appendix D. Table of Code Sections Cited
Appendix E. Present Value and Future Value Tables
Appendix. Depreciation and the Accelerated Cost Recovery System (ACRS)
Appendix. Affordable Care Act Provisions
Endsheets
Show more

Part 1. The World of Taxation

Chapter 1. Introduction to Taxation
Preview this section ↗
1-1. Taxes in Our Lives ↗
1-1a. The Relevance of Taxation to Accounting and Finance Professionals ↗
1-1b. Studying Taxation ↗
1-1c. Individuals and Taxes ↗
1-2. The Structure of Tax Systems ↗
1-2a. Tax Bases ↗
1-2b. Tax Rates ↗
1-2c. Incidence of Taxation ↗
1-3. Types of Taxes ↗
1-3a. Transaction Taxes ↗
1-3b. Valuation and Wealth Transfer Taxes ↗
1-3c. Income Taxes ↗
1-4. Income Taxation of Business Entities ↗
1-4a. Proprietorships ↗
1-4b. C Corporations ↗
1-4c. Partnerships ↗
1-4d. S Corporations ↗
1-4e. Limited Liability Companies and Limited Liability Partnerships ↗
1-4f. Dealings Between Individuals and Their Business Entities ↗
1-5. Understanding the Federal Tax Law ↗
1-5a. Revenue Needs ↗
1-5b. Economic Considerations ↗
1-5c. Social Considerations ↗
1-5d. Equity Considerations ↗
1-5e. Political Influence ↗
1-5f. Compliance Considerations ↗
1-5g. Influence of the Internal Revenue Service ↗
1-5h. Influence of the Courts ↗
1-5i. The Increasing Use of Temporary Tax Provisions ↗
1-6. Tax Planning Fundamentals ↗
1-6a. Overview of Tax Planning and Ethics ↗
1-6b. A General Framework for Income Tax Planning ↗
1-6c. Tax Minimization Strategies Related to Income ↗
1-6d. Tax Minimization Strategies Related to Deductions ↗
1-6e. Tax Minimization Strategies Related to Tax Rates ↗
1-6f. Tax Minimization Strategies Related to Tax Credits ↗
1-7. Summary ↗
Suggested Readings ↗
Key Terms ↗
Problems ↗
Research Problems ↗
Becker CPA Review Questions ↗
Chapter 2. Working with the Tax Law
2-1. Tax Law Sources
2-1a. Statutory Sources of the Tax Law
2-1b. Administrative Sources of the Tax Law
2-1c. Judicial Sources of the Tax Law
2-2. Working with the Tax Law—Tax Research
2-2a. Identifying the Problem
2-2b. Refining the Problem
2-2c. Locating the Appropriate Tax Law Sources
2-2d. Assessing Tax Law Sources
2-2e. Arriving at the Solution or at Alternative Solutions
2-2f. Communicating Tax Research
2-2g. Use of Generative AI for Tax Research
2-2h. Updates
2-2i. Tax Research Best Practices
2-3. Taxation on the CPA Examination
Suggested Readings
Key Terms
Problems
Research Problems

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